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Notes to Accounts of The Indian Card Clothing Company Ltd.
Mar 31, 2025
(i) Provisions & Contingencies
Provisions for legal claims and returns are recognised when the Company has a present legal or
constructive obligation as a result of past events, it is probable that an outflow of resources will be
required to settle the obligation and the amount can be reliably estimated. Provisions are not
recognised for future operating losses.
A Contingent Liability is a possible obligation that arises from past events whose existence will be
confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the
control of the Company or a present obligation that is not recognized because it is not probable that
an outflow of resources will be required to settle the obligation. A contingent liability also arises in
extremely rare cases where there is a liability that cannot be recognized because it cannot be
measured reliably. The Company does not recognize a contingent liability but discloses its existence
in the financial statements. A disclosure for a contingent liability is made where there is a possible
obligation arising out of past events, the existence of which will be confirmed only by the occurrence
or non-occurrence of one or more uncertain future events not wholly within the control of the Company
or a present obligation arising out of a past event where it is either not probable that an outflow of
resources will be required to settle or a reliable estimate of the amount cannot be made.
Contingent asset is not recognised in the financial statements. A contingent asset is disclosed,
where an inflow of economic benefits is probable. Provisions, contingent liabilities and contingent
assets are reviewed at each balance sheet date.
(j) Employee benefit obligations
Short-term employee benefits
Employee benefits payable wholly within twelve months of rendering the service are classified as
short-term employee benefits and are recognised in the period in which the employee renders the
related service.
Post-employment benefits
Defined contribution plans
Contributions to superannuation fund, which are defined contribution schemes, are recognised as
an employee benefit expense in the statement of profit and loss in the period in which the contribution
is due.
Subsequent to the surrender of exemption and transfer of entire provident fund balances of the
employees to the government managed provident fund, the Company''s contributions to the
employees'' provident fund are made in accordance with the provisions of the act as amended from
time to time or such other statute as made applicable. The Company has adopted a policy of charging
Company''s Contributions to provident fund of employees directly to its Statement of Profit and Loss
by recognising it as an expenses in the year when the contributions to the provident fund of the
employees fall due. Accordingly, Company''s contribution to the provident fund of the employee is
paid to the government managed provident fund immediately after the employee becomes entitled
to receive Salary for the required service rendered by him. The employee''s contribution to his own
provident fund is deducted from his salary and paid by the Company to the government managed
provident fund on behalf of the employee.
Defined benefit plans
Gratuity -
The employees'' gratuity scheme is a defined benefit plan. The present value of the obligation under
such defined benefit plans is determined based on actuarial valuation using the projected unit credit
method, which recognises each period of service as giving rise to additional unit of employee benefit
entitlement and measures each unit separately to build up the final obligation. The obligation is
measured at the present value of the estimated future cash flows. The discount rates used for
determining the present value of the obligation under defined benefit plans, is based on the market
yields on government securities as at the reporting date, having maturity periods approximating to
the terms of related obligations.
Re-measurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding
amounts included in net interest on the net defined benefit liability and the return on plan assets
(excluding amounts included in net interest on the net defined benefit liability), are recognised
immediately in the balance sheet with a corresponding debit or credit to retained earnings through
other comprehensive income (OCI) in the period in which they occur. Re-measurements are not
reclassified to the statement of profit and loss in subsequent periods.
In case of funded plans, the fair value of the plan''s assets is reduced from the gross obligation
under the defined benefit plans, to recognise the obligation on net basis.
When the benefits of the plan are changed or when a plan is curtailed, the resulting change in
benefits that relates to past service or the gain or loss on curtailment is recognised immediately in
the statement of profit and loss. Net interest is calculated by applying the discount rate to the net
defined benefit liability or asset. The company recognises gains/ losses on settlement of a defined
plan when the settlement occurs.
Other long-term employee benefits -
The liabilities for earned leave& sick leave are not expected to be settled wholly within twelve
months after the end of the reporting period in which the employees render the related service.
They are therefore measured as the present value of expected future payments to be made in
respect of services provided by employees up to the end of the reporting period using the projected
unit credit method as determined by actuarial valuation. The benefits are discounted using the
market yields at the end of the reporting period that have terms approximating the terms of the
related obligation.
Re-measurements as a result of experience adjustments and change in actuarial assumptions are
recognised in the statement of profit and loss.
The obligations are presented as current liabilities in the balance sheet if the entity does not have
an unconditional right to defer settlement for at least twelve months after the reporting period,
regardless of when the actual settlement is expected to occur.
Termination benefits -
Termination benefits are expensed at the earlier of when the company can no longer withdraw the
offer of those benefits and when the company recognises costs for a restructuring. If benefits are
not expected to be settled wholly within 12 months of the reporting date, then they are discounted.
(k) Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date. The fair value
measurement is based on the presumption that the transaction to sell the asset or transfer the
liability takes place either:
In the principal market for the asset or liability, or
¦ In the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible by the company. The fair
value of an asset or a liability is measured using the assumptions that market participants
would use when pricing the asset or liability, assuming that market participants act in their
economic best interest.
¦ A fair value measurement of a non-financial asset considers a market participant''s ability to
generate economic benefits by using the asset in its highest and best use or by selling it to
another.
¦ The company uses valuation techniques that are appropriate in the circumstances and for
which sufficient data are available to measure fair value, maximizing the use of relevant
observable inputs and minimizing the use of unobservable inputs.
o Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or
liabilities.
o Level 2 - Valuation techniques for which the lowest level input that is significant to the
fair value measurement is directly or indirectly observable.
o Level 3 - Valuation techniques for which the lowest level input that is significant to the
fair value measurement is unobservable.
¦ For assets and liabilities that are recognised in the financial statements on a recurring basis,
the company determines whether transfers have occurred between levels in the hierarchy by
re-assessing categorisation (based on the lowest level input that is significant to the fair
value measurement as a whole) at the end of each reporting period.
¦ For the purpose of fair value disclosures, the company has determined classes of assets and
liabilities based on the nature, characteristics and risks of the asset or liability and the level of
the fair value hierarchy as explained above.
III. Other accounting policies
(a) Cash & Cash Equivalent
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes
cash on hand, deposits held at call with financial institutions, other short-term, highly liquid
investments with original maturities of three months or less that are readily convertible to known
amounts of cash and which are subject to an insignificant risk of changes in value.
(b) Trade Receivables
Trade receivables are recognised initially at fair value and subsequently measured at amortised
cost using the effective interest method, less provision for impairment. The Company applies the
simplified approach permitted by Ind AS 109 Financial Instruments, which requires expected lifetime
losses to be recognised from initial recognition of the receivables for calculation of expected credit
losses on trade receivables.
(c) Trade and other payables
These amounts represent liabilities for goods and services provided to the Company prior to the
end of financial year which are unpaid. Trade and other payables are presented as current liabilities
unless payment is not due within 12 months after the reporting period. They are recognised initially
at their fair value and subsequently measured at amortised cost.
(d) Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are
subsequently measured at amortised cost. Any difference between the proceeds (net of transaction
costs) and the redemption amount is recognised in profit or loss over the period of the borrowings
using the effective interest method. Fees paid on the establishment of loan facilities are recognised
as transaction costs of the loan to the extent that it is probable that some or all of the facility will be
drawn.
(e) Intangible assets
Recognition and measurement
Intangible assets are recognised when the asset is identifiable, is within the control of the company,
it is probable that the future economic benefits that are attributable to the asset will flow to the
company and cost of the asset can be measured reliably. Expenditure on research activities is
recognised in the statement of profit and loss as incurred. Development expenditure is capitalised
only if the expenditure can be measured reliably, the product or process is technically and
commercially feasible, future economic benefits are probable and the company intends to and has
sufficient resources to complete development and to use or sell the asset. Intangible assets acquired
by the company that have finite useful lives are measured at cost less accumulated amortisation
and any accumulated impairment losses. Intangible assets with indefinite useful lives are not
amortised, but are tested for impairment annually, either individually or at the cash-generating unit
level.
Subsequent measurement
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied
in the specific asset to which it relates.
Amortisation
Intangible assets with finite lives are amortised over the useful economic life and assessed for
impairment whenever there is an indication that the intangible asset may be impaired. The
amortisation period and the amortisation method for an intangible asset with a finite useful life are
reviewed at least at the end of each reporting period. Changes in the expected useful life or the
expected pattern of consumption of future economic benefits embodied in the asset are considered
to modify the amortisation period or method, as appropriate, and are treated as changes in accounting
estimates. The amortisation expense on intangible assets with finite lives is recognised in the
Statement of Profit and Loss unless such expenditure forms part of carrying value of another asset.
Amortisation is calculated over the cost of the asset, or other amount substituted for cost, less its
residual value. Amortisation is recognised in statement of profit and loss on a straight-line basis
over the estimated useful lives of intangible assets from the date that they are available for use,
since this most closely reflects the expected pattern of consumption of the future economic benefits
embodied in the asset.
(f) Foreign Currency
On initial recognition, all foreign currency transactions are translated into the functional currency
using the exchange rates prevailing on the date of the transaction. As at the reporting date, foreign
currency monetary assets and liabilities are translated at the exchange rate prevailing on the Balance
Sheet date and the exchange gains or losses are recognised in the Statement of Profit and Loss.
Exchange differences arising on settlement of transactions and translation of monetary items are
recognized in the statement of Profit or Loss as Exchange gain/loss except to the extent, exchange
differences which are regarded as an adjustment to interest costs on foreign currency borrowings,
is expenses out as borrowing costs.
The results and financial position of foreign operations (none of which has the currency of a
hyperinflationary economy) that have a functional currency different from the presentation currency
(i.e. INR) are translated into the presentation currency as follows:
¦ assets and liabilities are translated at the closing rate at the date of that balance sheet
¦ income and expenses are translated at average exchange rates (unless this is not a reasonable
approximation of the cumulative effect of the rates prevailing on the transaction dates, in
which case income and expenses are translated at the dates of the transactions), and
¦ all resulting exchange differences are recognised in other comprehensive income and
accumulated in equity as foreign currency translation reserve for subsequent reclassification
to profit or loss on disposal of such foreign operations.
(g) Cash dividend to equity holders
The company recognises a liability to make cash distributions to equity holders when the distribution
is authorised and the distribution is no longer at the discretion of the company. As per the corporate
laws in India, a distribution is authorised when it is approved by the shareholders. A corresponding
amount is recognised directly in equity.
(h) Earnings per share (EPS)
Basic EPS is calculated by dividing the profit for the year attributable to equity holders of the company
by the weighted average number of equity shares outstanding during the financial year, adjusted for
bonus elements in equity shares issued during the year and excluding treasury shares.
Diluted EPS adjust the figures used in the determination of basic EPS to consider
¦ The after-income tax effect of interest and other financing costs associated with dilutive
potential equity shares, and
¦ The weighted average number of additional equity shares that would have been outstanding
assuming the conversion of all dilutive potential equity shares.
IV. New and Amended Standards
Standards issued but not yet effective
The Ministry of Corporate Affairs (âMCAâ) has vide notification dated May 7, 2025 notified Companies
(Indian Accounting Standards) Amendment Rules, 2025 (the âRules'') which amends certain accounting
standards, and are effective from 1 April 2025 onwards. The summary of amendments is as follows -
¦ Ind AS 21, The Effects of Changes in Foreign Exchange Rates - These amendments provide guidance
on when a currency is considered as exchangeable, application guidance on determining
exchangeability and estimating spot rates, disclosure requirements when the currency is not
exchangeable and references to matters contained in other Indian Accounting Standards.
¦ Ind AS 101, First-time Adoption of Ind AS - Corresponding amendments are made to Ind AS 101 in
line with abovementioned amendments in Ind AS 21 with respect to entity having functional currency
that is subject to severe hyperinflation or lacking exchangeability.
The above amendments are not expected to have material impact on Company''s Financial Statements.
Standards that became effective during the year
New standards and amendments to existing Ind AS that became effective during the year did not have any
material effect.
I) Leave Obligations
The leave obligations cover the Company''s liability for sick and earned leave.
The amount of the provision of Rs. 48.73 (31 March 2024 - Rs 52.76 lakhs) lakhs is presented as current
as well as non current. Though the Company does not have an unconditional right to defer settlement for
any of these obligations, as based on past experience, the Company does not expect all employees to
take the full amount of accrued leave or require payment within the next 12 months. The amounts that
reflect leave that is not expected to be taken or paid within the next 12 months is shown under non current
portion.
II) Defined Contribution Plan
a) Superannuation
The Company provides retirement benefits in the form of contribution to superannuation fund at the
rate of 15% of annual salary. Contribution made during the year Rs. 1.92 Lakhs (1.67 Lakhs).
b) Provident Fund
Amount of Rs. 71.86 Lakhs (31 March 2024: Rs. 61.36 Lakhs) is recognised as expenses and included
in Note No. 25 âEmployee benefit expenseâ
III) Defined Benefit Plan
Gratuity
The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972.
Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of
gratuity payable on retirement/termination is the employees'' last drawn basic salary per month computed
proportionately for 15 days salary multiplied for the number of years of service. The gratuity plan is a
funded plan and the Company makes contributions to recognised funds in India. The cost of providing
benefit under above mentioned defined benefit plan is determined using the projected unit credit method
with actuarial valuation being carried out balance sheet date. The Company does not fully fund the liability
and maintains a target level of funding to be maintained over a period of time based on estimations of
expected gratuity payments.
(ii) Valuation process to determine fair value
The following methods and assumptions were used to estimate the fair values of financial instruments:
i) The carrying amounts of Investment at amortised cost, cash and cash equivalents and other bank
balances, trade receivables, trade payables, ECB loan and other current financial assets and liabilities
measured at amortised cost in the financial statement are reasonable approximation of their fair
value since the company does not anticipate that the carrying amount would be significantly different
from the values that would eventually be received or settled.
ii) The fair values of the equity instruments, mutual fund units and bonds which are quoted, are derived
from quoted market prices in active markets. In the case of the investment measured at fair value
and falling under fair value hierarchy Level 2 and Level 3, value has been considered as an
appropriate estimate of fair value.
(B) Liquidity Risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the
availability of funding through an adequate amount of committed credit facilities to meet obligations when
due and to close out market positions. Due to the dynamic nature of the underlying businesses, treasury
maintains flexibility in funding by maintaining availability under committed credit lines.
Management monitors rolling forecasts of the Company''s liquidity position and cash and cash equivalents
on the basis of expected cash flows. These limits vary by location to take into account the liquidity of the
market in which the entity operates. In addition, the Company''s liquidity management policy involves
projecting cash flows in major currencies and considering the level of liquid assets necessary to meet
these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements and
maintaining debt financing plans.
(i) Financing Arrangements
There are no facilities other than ECB.
The company has availed ECB facility from related party having maturity of 5 years.
i) Wilful Defaulter
The company has not been declared as wilful defaulter by any bank or financial institution or other lender.
ii) Relationship with struck-off companies
As per the information available with the Company, the Company has not entered into any transactions
with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies
Act, 1956.
iii) Details of Crypto Currency or Virtual Currency
The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
iv) Utilization of borrowed funds and share premium
No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any
other sources or kind of funds) by the Company to or in any other person or entity, including foreign
entities (âIntermediariesâ), with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the company (âUltimate Beneficiariesâ) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.
No funds have been received by the company from any person or entity, including foreign entities(â''Funding
Parties''''), with the understanding, whether recorded in writing or otherwise, that the Company shall ,
whether , directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever
by or on behalf of the Funding Party(â''Ultimate Beneficiaries'''') or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries, except as mentioned below,
Out of the proceedings of the Preferential issue of equity shares issued and allotted during the year 2020¬
21 to Multi-Act Industrial Enterprises Limited (âMAIELâ), Mauritius, - Promoters of the Company,
(a) during the year 2021-22, the Company has invested in the Equity Shares of ICC International
Agencies Limited (ICCIAL), Wholly Owned Subsidiary of the Company a sum of Rs. 149.99 Lakh
by subscribing 13,04,300 Equity Shares of face value of Rs.10 each at an issue price of Rs. 11.50
per equity share (including securities premium of Rs. 1.50 per equity share) under Rights Issue of
ICCIAL.
(b) during the year 2022-23, the Company has invested in the Equity Shares of ICCIAL, Wholly Owned
Subsidiary of the Company a sum of Rs. 30.00 Lakh by subscribing 3,00,000 Equity Shares of face
value of Rs.10 each at issue price of Rs. 10 per equity share under Rights Issue of ICCIAL.
(c) during the year 2022-23, the Company has also invested in Equity shares of Garnett Wires Limited
( GWL), subsidiary of the Company, a sum of Rs. 268.80 Lakh comprising (i) Rs. 221.13 Lakh
towards remaining 40% stake in GWL by subscribing 1,40,000 Ordinary Equity shares of face value
GBP 1 each at an issue price of GBP 1.66 per equity share and (ii) transaction cost of Rs 47.67
Lakh incurred in connection with aforesaid acquisition.
v) Details of benami property
No proceeding has been initiated or pending against the company for holding any benami property under
the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
vi) Borrowings obtained on the basis of security of current assets:
The Company has not obtained any borrowings from banks and financial institutions on the basis of
security of current assets.
vii) Registration of charges or satisfaction with Registrar of Companies:
The company does not have any charges for registration or satisfaction which are yet to be register or
satisfied with Registrar of companies(ROC) beyond statutory period.
viii) Revaluation of property, plant and equipment and intangible assets:
The company has not revalued its property, plant and equipment (including right-of-use assets) or intangible
assets or both during the current or previous year.
ix) Tittle deeds of immovable properties:
The title deeds of all the immovable properties (other than properties where the company is the lessee
and the lease agreements are duly executed in favor of the lessee), as disclosed in note 2 to the financial
statements, are held in the name of the company.
x) Undisclosed income:
There is no income surrendered or disclosed as income during the current or previous year in the tax
assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.
xi) Compliance with approved scheme(s) of Arrangements:
The company has not entered into any scheme of arrangement which has an accounting impact on current
or previous financial year.
xii) Utilization of borrowings availed from banks and financial institutions:
The Company has not obtained any borrowings from banks and financial institutions.
a) During the year ended March 31,2024, the Company availed Amnesty scheme announced by the Director
General of Foreign Trade (DGFT) for one time settlement of default in export obligation by advance and
EPCG authorization holders vide Public Notice 02/2023 dated 1 April 2023. As per the final order issued
by DGFT, duty liability and interest payable thereon as initially estimated by the Company was reduced by
Rs. 86.14 Lakh and Rs. 27.03 Lakh respectively. This resulted in further reduction of depreciation charge
recognised till March 31,2023 to the extent of Rs. 75.03 Lakh. Aforesaid reduction in interest liability and
depreciation charge was disclosed as exceptional item.
b) Total investment made by the Company in equity shares of its subsidiary (ICC International Agencies
Limited or ICCIAL) is Rs. 261.28 Lakh. Due to historical financial performance of the ICCIAL and various
macro-economic factors, the management performed annual impairment assessment as per requirement
of Ind AS 36 during the FY 2023-24. Based on the evaluation of external and internal information available,
prolonged woking capital deficiencies and discussion with the ICCIAL management, the Company has
made provision for impairment of Rs. 289.28 Lakh towards total investment in equity shares and outstanding
amount of loan given to ICCIAL amounting to Rs. 28 Lakh as on March 31, 2024. During the year ended
March 31,2025, the Company has made additional provision towards doubful balances amounting to Rs.
112.00 Lakh on account of additional loan of Rs. 112.00 Lakh given to ICCIAL during year ended March
31,2025. The Board of Directors of the Company in its meeting held on January 29, 2025 have approved
the proposal to winding down the operations of ICCIAL by March 31,2025.
c) During the year ended March 31, 2024, the Company incurred total cost of Rs. 107.94 Lakh during the
year in respect of various activities undertaken for revamping of business processes and accounting
software as a part of restructuring its finance and accounts and other supporting functions. Same has
been disclosed as exceptional items due to nature and incidence of the cost so incurred.
d) During the year , the Company had completed sale of its Commercial Buildings together with the land
appurtenant thereto located at Powai, Mumbai (referred to as âthe Commercial Buildings'') after necessary
approval by the Board of Directors in the board meeting held on May 6, 2024. The Company completed
the said transaction by executing and registering a Deed of Conveyance on May 10, 2024 in favour of
Faridabad Management Private Limited for sale of the Commercial Buildings for total consideration of Rs.
9100 lakhs which was received by the Company. Due to nature and incidence of the aforesaid transaction,
profit on sale of the Commercial Building amounting to Rs. 6682.65 lakhs was disclosed as exceptional
item.
Subsequently the Company has entered into leasing arrangement with Faridabad Managment Private
Limited (Buyer-Lessor) for leasing certain part of office space in the said commercial building on lease
with effect from June 1,2024, which has been considered as Sale and Leaseback arrangement under Ind
AS 116. Pursuant to the same, portion of gain on sale of commercial building recognised in June 2024
amounting to Rs. 53.42 Lakh pertaining to office space leased back to the Company is reversed in
September 2024 and adjusted with the Right of Use recognised on account of aforementioned Lease
Agreement.
In the Month of March 2025, the Company sold of its commercial property located at Coimbatore for a
consideration of Rs. 1,101.00 Lakh received in cash. Due to nature and incidence of the aforesaid
transaction, profit on sale of the commercial property amounting to Rs. 1,097.21 Lakh is disclosed as
exceptional item.
a) Investment property comprises commercial property that is leased to third parties.
b) The Company has no restriction on the realisability of its investment property and no contractual
obligations to purchase, construct or develop investment properties or for repairs, maintenance and
enhancements.
c) Though the Company measures investment property using cost based measurement, the fair value
of investment property is based on valuation performed by an accredited independent valuer who
has relevant valuation experience for similar office properties and is a registered valuer as defined
under rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017. The main inputs used
are location and locality, facilities and amenities, quality of construction, residual life of building,
business potential, supply and demand, local nearby enquiry, market feedback of investigation and
Ready Reckoner published by the Government.
d) The Fair valuation of Investment Properties is amounting to Rs. 987.78 lakhs (31st Mar 2024 Rs.
913.34 lakhs). The fair value measurement is categorised in level 3 fair value hierarchy.
Note 44: Audit Trail
The Company uses Oracle ERP accounting software for maintaining its books of accounts which did not have a
feature of recording audit trail (edit log) facility. The Company is in the process of enabling Audit Trail feature in
the accounting software in subsequent financial year. Further due to lack of availability of Service Organisation
Controls (SOC) Type 2 report from the third party payroll processing software operator, availability of audit trail
feature in such third party software could not be established.
Note 45 : Previous year''s figure have been re-grouped wherever necessary to confirm to current year''s grouping.
As per our report attached
P G BHAGWAT LLP Mehul Trivedi Darshan Sheth
Chartered Accountants Director CEO
FRN-101118W/W100682 (DIN: 00030481)
Abhijit Shetye Sanjeevkumar Karkamkar Amogh Barve
Partner Executive Director and CFO Company Secretary
M. No. : 151638 (DIN : 00575970) M. No. : A33080
Date : 30th May, 2025 Date : 30th May, 2025
Place : Pune Place : Pune
Mar 31, 2024
(i) Provisions & Contingencies
Provisions for legal claims and returns are recognised when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognised for future operating losses.
A Contingent Liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements. A disclosure for a contingent liability is made where there is a possible obligation arising out of past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation arising out of a past event where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made.
Contingent asset is not recognised in the financial statements. A contingent asset is disclosed, where an inflow of economic benefits is probable. Provisions, contingent liabilities and contingent assets are reviewed at each balance sheet date.
(j) Employee benefit obligations Short-term employee benefits
Employee benefits payable wholly within twelve months of rendering the service are classified as short-term employee benefits and are recognised in the period in which the employee renders the related service.
Post-employment benefits
Defined contribution plans
Contributions to superannuation fund, which are defined contribution schemes, are recognised as an employee benefit expense in the statement of profit and loss in the period in which the contribution is due.
Subsequent to the surrender of exemption and transfer of entire provident fund balances of the employees to the government managed provident fund, the Company''s contributions to the employees'' provident fund are made in accordance with the provisions of the act as amended from time to time or such other statute as made applicable. The Company has adopted a policy of charging Company''s Contributions to provident fund of employees directly to its Statement of Profit and Loss by recognising it as an expenses in the year when the contributions to the provident fund of the employees fall due. Accordingly, Company''s contribution to the provident fund of the employee is paid to the government managed provident fund immediately after the employee becomes entitled to receive Salary for the required service rendered by him. The employee''s contribution to his own provident fund is deducted from his salary and paid by the Company to the government managed provident fund on behalf of the employee.
Defined benefit plans
Gratuity - The employees'' gratuity scheme is a defined benefit plan. The present value of the obligation under such defined benefit plans is determined based on actuarial valuation using the projected unit credit method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation is measured at the present value of the estimated future cash flows. The discount rates used for determining the present value of the obligation under defined benefit plans, is based on the market yields on government securities as at the reporting date, having maturity periods approximating to the terms of related obligations.
Re-measurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability), are recognised immediately in the balance sheet with a corresponding debit or credit to retained earnings through other comprehensive income (OCI) in the period in which they occur. Remeasurements are not reclassified to the statement of profit and loss in subsequent periods.
In case of funded plans, the fair value of the plan''s assets is reduced from the gross obligation under the defined benefit plans, to recognise the obligation on net basis.
When the benefits of the plan are changed or when a plan is curtailed, the resulting change in benefits that relates to past service or the gain or loss on curtailment is recognised immediately in the statement of profit and loss. Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The company recognises gains/ losses on settlement of a defined plan when the settlement occurs.
Other long-term employee benefits - The liabilities for earned leave& sick leave are not expected to be settled wholly within twelve months after the end of the reporting period in which the employees render the related service. They are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method as determined by actuarial valuation. The benefits are discounted using the market yields at the end of the reporting period that have terms approximating the terms of the related obligation.
Re-measurements as a result of experience adjustments and change in actuarial assumptions are recognised in the statement of profit and loss.
The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur.
Termination benefits - Termination benefits are expensed at the earlier of when the company can no longer withdraw the offer of those benefits and when the company recognises costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date, then they are discounted.
(k) Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:
In the principal market for the asset or liability, or
¦ In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.
¦ A fair value measurement of a non-financial asset considers a market participant''s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another.
¦ The company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.
o Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities. o Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.
o Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
¦ For assets and liabilities that are recognised in the financial statements on a recurring basis, the company determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.
¦ For the purpose of fair value disclosures, the company has determined classes of assets and liabilities based on the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.
III. Other accounting policies
(a) Cash & Cash Equivalent
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
(b) Trade Receivables
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. The Company applies the simplified approach permitted by Ind AS 109 Financial Instruments, which requires expected lifetime losses to be recognised from initial recognition of the receivables for calculation of expected credit losses on trade receivables
(c) Trade and other payables
These amounts represent liabilities for goods and services provided to the Company prior to the end of financial year which are unpaid. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost.
(d) Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn.
(e) Intangible assets Recognition and measurement
Intangible assets are recognised when the asset is identifiable, is within the control of the company, it is probable that the future economic benefits that are attributable to the asset will flow to the company and cost of the asset can be measured reliably. Expenditure on research activities is recognised in the statement of profit and loss as incurred. Development expenditure is capitalised only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the company intends to and has sufficient resources to complete development and to use or sell the asset. Intangible assets acquired by the company that have finite useful lives are measured at cost less accumulated amortisation and any accumulated impairment losses. Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either individually or at the cash-generating unit level.
Subsequent measurement
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates.
Amortisation
Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the Statement of Profit and Loss unless such expenditure forms part of carrying value of another asset.
Amortisation is calculated over the cost of the asset, or other amount substituted for cost, less its residual value. Amortisation is recognised in statement of profit and loss on a straight-line basis over the estimated useful lives of intangible assets from the date that they are available for use, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset.
The estimated useful lives for current and comparative periods are as follows:
(f) Foreign Currency
On initial recognition, all foreign currency transactions are translated into the functional currency using the exchange rates prevailing on the date of the transaction. As at the reporting date, foreign currency monetary assets and liabilities are translated at the exchange rate prevailing on the Balance Sheet date and the exchange gains or losses are recognised in the Statement of Profit and Loss. Exchange differences arising on settlement of transactions and translation of monetary items are recognized in the statement of Profit or Loss as Exchange gain/loss except to the extent, exchange differences which are regarded as an adjustment to interest costs on foreign currency borrowings, is expenses out as borrowing costs.
(g) Cash dividend to equity holders
The company recognises a liability to make cash distributions to equity holders when the distribution is authorised and the distribution is no longer at the discretion of the company. As per the corporate laws in India, a distribution is authorised when it is approved by the shareholders. A corresponding amount is recognised directly in equity.
(h) Earnings per share (EPS)
Basic EPS is calculated by dividing the profit for the year attributable to equity holders of the company by the weighted average number of equity shares outstanding during the financial year, adjusted for bonus elements in equity shares issued during the year and excluding treasury shares.
Diluted EPS adjust the figures used in the determination of basic EPS to consider
¦ The after-income tax effect of interest and other financing costs associated with dilutive potential equity shares, and
¦ The weighted average number of additional equity shares that would have been outstanding assuming the conversion of all dilutive potential equity shares.
IV. New and Amended Standards
Standards issued but not yet effective
Ministry of Corporate Affairs (âMCAâ) notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. During the year ended March 31, 2024, MCA has not notified any new standards or amendments to the existing standards applicable to the Company.
Standards that became effective during the year
There are no new Standards that became effective during the year. Amendments that became effective during the year did not have any material effect.
Total investment made by the Company in its subsidiary (ICC International Agencies Limited or ICCIAL) is Rs. 261 Lakh as on March 31, 2024. Due to historical financial performance of ICCIAL and various macro-economic factors, the management performed annual impairment assessment as per requirement of Ind AS 36. Based on the evaluation of external and internal information available, prolonged woking capital deficiencies and discussion with the ICCIAL management, the Company has made provision for impairment of Rs. 289 Lakh against entire value of its investment in the equity shares of the ICCIAL amounting to Rs. 261 Lakh and loan given to the ICCIAL and outstanding as at year end amounting to Rs. 28 Lakh. This is also reflected as an exceptional item in the P&L.
Investments made by the Company other than those with a maturity of less than one year, are intended to be held for long-term. On an assessment of the expected credit loss due to significant changes in risk profile, no material provisions are required to be made.
The investments have been classified into current to non-current and vice-versa based on Management''s intention to hold the respective investments over a period of 1 year or more and vice-versa. Previous year figures are disclosed under current or non-current as originally shown.
I) Leave Obligations
The leave obligations cover the Company''s liability for sick and earned leave.
The amount of the provision ofRs. 52.76 (31 March 2023 - Rs 55.52 lakhs) lakhs is presented as current as well as non current. Though the Company does not have an unconditional right to defer settlement for any of these obligations, as based on past experience, the Company does not expect all employees to take the full amount of accrued leave or require payment within the next 12 months. The amounts that reflect leave that is not expected to be taken or paid within the next 12 months is shown under non current portion.
II) Defined Contribution Plan
a) Superannuation
The Company provides retirement benefits in the form of contribution to superannuation fund at the rate of 15% of annual salary. Contribution made during the year Rs. 1.67 Lakhs (1.68 Lakhs).
b) Provident Fund
Amount of Rs. 61.36 Lakhs (31 March 2023: Rs. 57.81 Lakhs) is recognised as expenses and included in Note No. 25 "Employee benefit expense"
III) Defined Benefit Plan Gratuity
The Company provides for gratuity for employees in India as per the eligibility criteria mentioned under Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the employees'' last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. The gratuity plan is a funded plan and the Company makes contributions to recognised funds in India. The cost of providing benefit under above mentioned defined benefit plan is determined using the projected unit credit method with actuarial valuation being carried out balance sheet date. The Company does not fully fund the liability and maintains a target level of funding to be maintained over a period of time based on estimations of expected gratuity payments.
(B) Liquidity Risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. Due to the dynamic nature of the underlying businesses, treasury maintains flexibility in funding by maintaining availability under committed credit lines.
Management monitors rolling forecasts of the Company''s liquidity position and cash and cash equivalents on the basis of expected cash flows. These limits vary by location to take into account the liquidity of the market in which the entity operates. In addition, the Company''s liquidity management policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans.
(i) Financing Arrangements
There are no facilities other than External commercial borrowings
The company has availed External commercial borrowings facility from related party having maturity of 5 years.
i) Wilful Defaulter
The company has not been declared as wilful defaulter by any bank or financial institution or other lender.
ii) Relationship with struck-off companies
As per the information available with the Company, the Company has not entered into any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.
iii) Details of Crypto Currency or Virtual Currency
The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
iv) Utilization of borrowed funds and share premium
No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entities (âIntermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (âUltimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
No funds have been received by the company from any person or entity, including foreign entities(''''Funding Parties''''), with the understanding, whether recorded in writing or otherwise, that the Company shall , whether , directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party(''''Ultimate Beneficiaries'''') or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries, except as mentioned below,
Out of the proceedings of the Preferential issue of equity shares issued and allotted during the year 2020-21 to Multi-Act Industrial Enterprises Limited (âMAIEL"), Mauritius, - Promoters of the Company,
(a) during the year 2021-22, the Company has invested in the Equity Shares of ICC International Agencies Limited (ICCIAL), Wholly Owned Subsidiary of the Company a sum of Rs. 149.99 Lakh by subscribing 13,04,300 Equity Shares of face value of Rs.10 each at an issue price of Rs. 11.50 per equity share (including securities premium ofRs. 1.50 per equity share) under Rights Issue of ICCIAL.
(b) during the year 2022-23, the Company has invested in the Equity Shares of ICCIAL, Wholly Owned Subsidiary of the Company a sum of Rs. 30.00 Lakh by subscribing 3,00,000 Equity Shares of face value of Rs.10 each at issue price of Rs. 10 per equity share under Rights Issue of ICCIAL.
(c) during the year 2022-23, the Company has also invested in Equity shares of Garnett Wires Limited ( GWL), subsidiary of the Company, a sum of Rs. 268.80 Lakh comprising (i) Rs. 221.13 Lakh towards remaining 40% stake in GWL by subscribing 1,40,000 Ordinary Equity shares of face value GBP 1 each at an issue price of GBP 1.66 per equity share and (ii) transaction cost of Rs 47.67 Lakh incurred in connection with aforesaid acquisition.
v) Details of benami property
No proceeding has been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
vi) Borrowings obtained on the basis of security of current assets:
The Company has not obtained any borrowings from banks and financial institutions on the basis of security of current assets.
vii) Registration of charges or satisfaction with Registrar of Companies:
The company does not have any charges for registration or satisfaction which are yet to be register or satisfied with Registrar of companies(ROC) beyond statutory period.
viii) Revaluation of property, plant and equipment and intangible assets:
The company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the current or previous year.
ix) Tittle deeds of immovable properties:
(c) The title deeds of immovable properties (other than properties where the company is the lessee and the lease agreements are duly executed in favour of the lessee), as disclosed in Note 2(a) on Property, Plant & Equipment and Investment Property, respectively to the financial statements and Note 13(b) on Assets held for sale, are held in the name of the Company.
x) Undisclosed income:
There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income TaxAct, 1961, that has not been recorded in the books of account.
xi) Compliance with approved scheme(s) of Arrangements:
The company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.
xii) Utilization of borrowings availed from banks and financial institutions:
The Company has not obtained any borrowings from banks and financial institutions.
a) The Company availed EPCG benefit in respect of capital assets imported in the financial year 2012-13. Till March 31, 2023, the Company could not fulfil Export Obligation Commitment as specified under the EPCG scheme. Subsequent to March 31, 2023, the Director General of Foreign Trade (DGFT) announced an Amnesty Scheme for one time settlement of default in export obligation by advance and EPCG authorization holders vide Public Notice 02/2023 dated 1 April 2023. Consequently, the Company made total provision of Rs. 293.79 Lakh, consisting of Rs. 223.62 Lakh towards customs duty and CVD paid on import of capital goods and Rs. 70.17 Lakh towards interest payable on customs duty payable as per the amnesty scheme as on March 31, 2023. The customs duty payable was capitalised in the purchase cost of corresponding original capital asset and depreciation charge, from the date of capitalisation of original capital asset till March 31, 2023, amounting to Rs. 194.72 Lakh and Interest payable, as mentioned above, amounting to Rs. 70.17 lakh was disclosed as exceptional items due to nature and incidence of these items during the quarter and year ended March 31, 2023.
In response to the application made by the Company under aforesaid Amnesty Scheme on 28th June 2023, the DGFT has instructed the Company to pay customs duty of Rs. 137.48 lakhs towards unfulfilled export obligation and Rs. 43.14 Lakh towards interest thereon. Accordingly gross block of original asset is reduced to the extent of reduction in Customs Duty payable by Rs. 86.14 Lakh and depreciation impact on aforesaid reduction taken up to March 31, 2023 amounting to Rs. 75.03 Lakh is credited to profit and loss statement. Further the interest amount payble on customs duty was also reduced by Rs. 27.03 Lakh and same is credited to profit and loss statement. Reduction in both depreciation impact and interest liability are disclosed as exceptional item. The Company received final duty paid regularisation letter dated March 15, 2024 confirming regularisation and closure of the aforesaid EPCG case.
b) Total investment made by the Company in its subsidiary (ICC International Agencies Limited or ICCIAL) is Rs. 261 Lakh as on March 31, 2024. Due to historical financial performance of the ICCIAL and various macro-economic factors, the management performed annual impairment assessment as per requirement of Ind AS 36. Based on the evaluation of external and internal information available, prolonged woking capital deficiencies and discussion with the ICCIAL management, the Company has made provision for impairment of Rs. 289 Lakh against entire value of its investment in the equity shares of the ICCIAL amounting to Rs. 261 Lakh and loan given to the ICCIAL and outstanding as at year end amounting to Rs. 28 Lakh.
c) During current year, the Company has undertaken various activities for revamping of business processes and accounting software as a part of restructuring its finance and accounts and other supporting functions. The Company has incurred total cost of Rs. 107.94 Lakh during current year in respect of aforesaid activities and same has been disclosed as exceptional items due to nature and incidence of the cost so incurred.
Disclosure given in table above is pertaining to investment property as on 31st march 2024 and 31st March 2023 respectively.
a) Investment property comprises commercial properties that are leased to third parties and related parties.
b) The Company has no restriction on the realisability of its investment property and no contractual obligations to purchase, construct or develop investment properties or for repairs, maintenance and enhancements.
c) Though the Company measures investment property using cost based measurement, the fair value of investment property is based on valuation performed by an accredited independent valuer who has relevant valuation experience for similar office properties and is a registered valuer as defined under rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017. The main inputs used are location and locality, facilities and amenities, quality of construction, residual life of building, business potential, supply and demand, local nearby enquiry, market feedback of investigation and Ready Reckoner published by the Government.
d) The Fair valuation of Investment Properties is amounting to Rs. 913.34 lakhs (31st Mar 2023 Rs. 8.987.85 lakhs- Refer note e below). The fair value measurement is categorised in level 3 fair value hierarchy.
e) Pursuant to the report of the Independent Valuer, the Company had disclosed in the Annual Report for the Financial Year 202223 [under Note No. 43 (B) (d)] that the fair value of its Investment Properties amounts to Rs. 12,679 Lakh (Book Value as on 31.03.2023 - Rs. 2,342.13 Lakh). During September 2023, the Company together with the Independent Valuer revisited the applicable Ready Reckoner and the Guidelines for Stamp Duty Valuation issued by the Department of Registration and Stamps, State Government of Maharashtra and recognized the following additional valuation parameters which were not considered before for the purpose of valuation in respect of the Investment Property of the Company situated at Powai - Mumbai:
i) If the area of land is 2,501 sq. mtrs. upto 10,000 sq. mtrs., valuation is to be carried out at 90% of land rate given in the annual table of rates.
ii) Properties within 100 meters of Garbage Depot, Cremation Ground, Burial Ground, Sewage Treatment Plant, Slaughter House etc. should be valued by giving 25% reduction.
After considering the above parameters, the Independent Valuer has issued a revised valuation report in respect of the Investment Properties of the Company according to which the fair value of the Investment Properties of the Company stands revised to Rs. 8,987.85 Lakh.
Note 44: Turkey Earthquake
In the year 2023, there were severe earthquakes in southern and central Turkey causing disruption in day-to-day and business activities. Based on the internal and external information available, the management revisited its detailed impact assessment performed in previous year with respect to the aforesaid event on the business of the Company at its Turkey Branch. Based on assessment of current market scenario and supply chain, discussion with the customers and assessment of physical condition of fixed assets and inventory, the management is confident about realisation of balances due from debtors and subsequent sale of inventory lying as at year end in due course of time. Further based on the cash and bank balances available with the branch and realisation expected from the debtors, the Company do not foresee any challenges in remittance of balances receivable by the Company from its branch against stock transfers made or in transit during the year. Therefore, although the overall business activities in the region are gradually coming back to normal, the management believes that no material adjustment is required to be made to the standalone financial statements for the year ended March 31, 2024.
Note 45: Audit Trail
The Company uses Oracle ERP accounting software for maintaining its books of accounts which did not have a feature of recording audit trail (edit log) facility. The Company is in the process of enabling Audit Trail feature in the accounting software in subsequent financial year. Further due to lack of availability of Service Organisation Controls (SOC) Type 2 report from the third party payroll processing software operator, availability of audit trail feature in such third party software could not be established.
Note 46 : Previous yearâs figure have been re-grouped wherever necessary to confirm to current yearâs grouping.
As per our report attached
P G BHAGWAT LLP Mehul Trivedi Alok Misra
Chartered Accountants Director Whole-time Director & CEO
FRN-101118W/W100682 (DIN: 00030481) (DIN: 09198314)
Abhijit Shetye Sriram Swaminathan Amogh Barve
Partner Chief financial officer Company Secretary
M. No. : 151638 M. No: A33080
Date : 29th May, 2024 Date : 29th May, 2024
Place : Pune Place : Pune
Mar 31, 2023
Terms and rights attached to equity shares
Equity shares have a par value of INR 10 per share. They entitle the holder to participate in dividends, and to share in the proceeds of winding up of the company in proportion to the number of and amounts paid on the shares held. Every holder of equity shares present at a meeting in person, is entitled to one vote for each share held by him.
During the year, the Company paid special interim dividend of Rs. 25 per equity share having face value of Rs. 10 per share, for the financial year 2021-22, declared in the meeting of board of directors held on May 3, 2022. Accordingly, total dividend of Rs. 1485.28 Lakh was distributed during the financial year 2022-23 from Reserves and Surplus towards aforesaid special interim dividend.
During the year, the Company also paid special interim dividend for the financial year 2022-23 amounting Rs. 25 per equity share having face value of Rs. 10 per share, which was declared in the meeting of board of directors held on June 27, 2022. Accordingly, total dividend of Rs. 1485.28 Lakh was distributed during the financial year 2022-23 from Reserves and Surplus towards aforesaid special interim dividend.
The leave obligations cover the Company''s liability for sick and earned leave.
The amount of the provision of Rs. 55.52 lakhs (31st March, 2022 - 58.59 lakhs) is presented as current as well as non current. Though the Company does not have an unconditional right to defer settlement for any of these obligations, as based on past experience, the Company does not expect all employees to take the full amount of
accrued leave or require payment within the next 12 months. The amounts that reflect leave that is not expected to be taken or paid within the next 12 months is shown under non current portion.
(II) Defined Contribution Plan
a) Superannuation
The Company provides retirement benefits in the form of contribution to superannuation fund at the rate of 15% of annual salary. Contribution made during the year Rs. 1.68 Lakhs (1.60 Lakhs).
b) Provident Fund
Amount of Rs. 57.81 Lakhs (31st March 2022: Rs. 54.12 Lakhs) is recognised as expenses and included in Note No. 25 âEmployee benefit expenseâ
(III) Defined Benefit Plan Gratuity
The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the employees'' last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. The gratuity plan is a funded plan and the Company makes contributions to recognised funds in India. The cost of providing benefit under above mentioned defined benefit plan is determined using the projected unit credit method with actuarial valuation being carried out balance sheet date. The Company does not fully fund the liability and maintains a target level of funding to be maintained over a period of time based on estimations of expected gratuity payments.
Weighted Average Duration(years) 9.05 (31 March 2022 - 9.61)
The above sensitivity analysis are based on a changes in an assumption while holding all othe assumtions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be corelated. 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 calculting the defined benefit liability recognised in the balance sheet.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows:
Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities
Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement
is directly or indirectly observable
Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
(ii) Valuation process to determine fair value
The following methods and assumptions were used to estimate the fair values of financial instruments:
i) The carrying amounts of Investment at amortised cost, cash and cash equivalents and other bank balances, trade receivables, trade payables, ECB loan and other current financial assets and liabilities measured at amortised cost in the financial statement are reasonable approximation of their fair value since the company does not anticipate that the carrying amount would be significantly different from the values that would eventually be received or settled.
ii) The fair values of the equity instruments, mutual fund units and bonds which are quoted, are derived from quoted market prices in active markets. In the case of the investment measured at fair value and falling under fair value hierarchy Level 2 and Level 3, value has been considered as an appropriate estimate of fair value.
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. Due to the dynamic nature of the underlying businesses, treasury maintains flexibility in funding by maintaining availability under committed credit lines.
Management monitors rolling forecasts of the Company''s liquidity position and cash and cash equivalents on the basis of expected cash flows. These limits vary by location to take into account the liquidity of the market in which the entity operates. In addition, the Company''s liquidity management policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans.
(i) Financing Arrangements
There are no facilities other than ECB
The company has availed ECB facility from related party having maturity of 5 years.
The Company''s fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.
Profit or loss is sensitive to higher/lower interest expense from borrowings as a result of changes in interest rates. There is no impact on interest expense as there is no variable rate borrowing at the year end.
Effective 1st April 2019, the Company has adopted Ind AS 116 âLeasesâ using modified prospective approach. The lease liability is measured at the present value of the outstanding lease payments, discounted by the incremental borrowing rate at 1st April 2019. The weighted average incremental borrowing rate was 10.35%. The respective right-of-use asset is generally recognized at an amount equal to the lease liability.
Note 40 (b): Additional regulatory information required by Schedule III
i) Wilful Defaulter
The company has not been declared as wilful defaulter by any bank or financial institution or other lender
ii) Relationship with struck-off companies
As per the information available with the Company, the Company has not entered into any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956
iii) Details of Crypto Currency or Virtual Currency
The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
iv) Utilization of borrowed funds and share premium
No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entities (âIntermediariesâ), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
No funds have been received by the company from any person or entity, including foreign entities(â''Funding Parties''''), with the understanding, whether recorded in writing or otherwise, that the Company shall , whether , directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party("Ultimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries, except as mentioned below,
Out of the proceedings of the Preferential issue of equity shares issued and allotted during the year 202021 to Multi-Act Industrial Enterprises Limited (âMAIELâ), Mauritius, - Promoters of the Company,
(a) during the year 2021-22, the Company has invested in the Equity Shares of ICC International Agencies Limited (ICCIAL), Wholly Owned Subsidiary of the Company a sum of Rs. 149.99 Lakh by subscribing 13,04,300 Equity Shares of face value of Rs.10 each at an issue price of Rs. 11.50 per equity share (including securities premium of Rs. 1.50 per equity share) under Rights Issue of ICCIAL.
(b) during the year 2022-23, the Company has invested in the Equity Shares of ICCIAL, Wholly Owned Subsidiary of the Company a sum of Rs. 30.00 Lakh by subscribing 3,00,000 Equity Shares of face value of Rs.10 each at issue price of Rs. 10 per equity share under Rights Issue of ICCIAL.
(c) during the year 2022-23, the Company has also invested in Equity shares of Garnett Wires Limited (GWL), subsidiary of the Company, a sum of Rs. 268.80 Lakh comprising (i) Rs. 221.13 Lakh towards remaining 40% stake in GWL by subscribing 1,40,000 Ordinary Equity shares of face value GBP 1 each at an issue price of GBP 1.66 per equity share and (ii) transaction cost of Rs 47.67 Lakh incurred in connection with aforesaid acquisition.
v) Details of benami property
No proceeding has been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
vi) Borrowings obtained on the basis of security of current assets:
The Company has not obtained any borrowings from banks and financial institutions on the basis of security of current assets
vii) Registration of charges or satisfaction with Registrar of Companies:
The company does not have any charges for registration or satisfaction which are yet to be register or satisfied with Registrar of companies(ROC) beyond statutory period
viii) Revaluation of property, plant and equipment and intangible assets:
The company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the current or previous year.
ix) Tittle deeds of immovable properties:
The title deeds of all the immovable properties (other than properties where the company is the lessee and the lease agreements are duly executed in favor of the lessee), as disclosed in note 2 to the financial statements, are held in the name of the company
x) Undisclosed income:
There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account
xi) Compliance with approved scheme(s) of Arrangements:
The company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year
xii) Utilization of borrowings availed from banks and financial institutions
The Company has not obtained any borrowings from banks and financial institutions
a) FY 2022-23 - The Company availed EPCG benefit in respect of capital assets imported in the financia year 2012-13. Till March 31,2023, the Company could not fulfill Export Obligation Commitment as specified under the EPCG scheme. Subsequent to the year end, the Director General of Foreign Trade announced an Amnesty Scheme for one time settlement of default in export obligation by advance and EPCG authorization holders vide Public Notice 02/2023 dated 1 April 2023. The Company has decided to apply for the aforesaid Amnesty Scheme and consequently has made total provision of Rs. 293.79 Lakh, consisting of Rs. 223.62 Lakh towards customs duty and CVD paid on import of capital goods and Rs. 70.17 Lakh towards interest payable on customs duty payable as per the amnesty scheme as on March 31,2023. The customs duty payable has been capitalised in the purchase cost of corresponding original capital asset. Depreciation charge, from the date of capitalisation of original capital asset till March 31,2023, amounting to Rs. 194.72 Lakh and Interest payable, as mentioned above, amounting to Rs. 70.17 Lakh have been disclosed as exceptional items due to nature and incidence of these items.
b) FY 2021-22 - Profit on Sale of Fixed Assets as disclosed under exceptional items is mainly towards sale of Sub-Plot A and Sub-Plot C of the Company situated at Pimpri Pune in the financial year 2021-22 amounting to Rs. 22,025.39 Lakhs.
During current year, certain land and buildings owned by the Company are reclassified as Investment Property and accordingly corresponding reclassification are made in the previous year columns. Following are the impacts on financial statement line items due to aforesaid reclassification. Further there is no impact on basic and diluted earnings per share for the year ended as on March 31,2022 and March 31,2021 or equity as on those dates due to aforesaid reclassification.
a) Investment property comprises a number of commercial properties that are leased to third parties and related parties.
b) The Company has no restriction on the realisability of its investment property and no contractual obligations to purchase, construct or develop investment properties or for repairs, maintenance and enhancements
c) Though the Company measures investment property using cost based measurement, the fair value of investment property is based on valuation performed by an accredited independent valuer who has relevant valuation experience for similar office properties and is a registered valuer as defined under rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017. The main inputs used are location and locality, facilities and amenities, quality of construction, residual life of building, business potential, supply and demand, local nearby enquiry, market feedback of investigation and Ready Reckoner published by the Government.
d) The Fair valuation of Investment Properties is amounting to Rs. 12,679 lakhs (31st Mar 2022 Rs. 12,045 lakhs). The fair value measurement is categorised in level 3 fair value hierarchy.
On February 6, 2023, there were severe earthquakes in southern and central Turkey causing disruption in day-to-day and business activities. Based on the internal and external information available, the management performed detailed impact assessment of the aforesaid event on the business of the Company at its Turkey Branch. Based on assessment of current market scenario and supply chain, discussion with the customers and assessment of physical condition of fixed assets and inventory, the management is confident about realisation of balances due from debtors and subsequent sale of inventory lying as at year end in due course of time. Further based on the cash and bank balances available with the branch and realisation expected from the debtors, the Company do not foresee any challenges in remittance of balances receivable by the Company from its branch against stock transfers made or in transit during the year. Therefore although the overall business activities in the region are yet to come back to normal, the management believes that no material adjustment is required to be made to the financial statements for the year ended March 31, 2023.
Note 45: Impairment of investment in Wholly owned subsidiary(ICC International Agencies Limited)
Total investment made by the Company in its subsidiary (ICC International Agencies Limited or ICCIAL) is Rs. 261 Lakh as on March 31, 2023. Due to historical financial performance of the ICCIAL, the management performed detailed impairment assessment as per requirement of Ind AS 36. Overall unstable demand in international market and cheaper imported options available in domestic market lead to lower demand for capital machinery by garment and home furnishing manufacturers and exporters in India. Moreover, delayed deliveries due to supply chain constraints have also impacted sales of textile machineries in India.Based on the evaluation of external and internal information available and discussion with the ICCIAL management, the Company management believes that textile industry in India has started showing signs of recovery, and improved delivery commitments from suppliers would further support ICCIAL in sustainable growth. Therefore considering confirmed orders at hand and future business projections provided by ICCIAL Management, the Company management believes that there is no requirement for impairment of investment made in ICCIAL and therefore no material adjustment is required to the standalone financial results for the -year ended March 31, 2023.
Note 46 : Previous year''s figure have been re-grouped wherever necessary to confirm to current year''s grouping.
Mar 31, 2018
The Company and nature of its operations
The Indian Card Clothing Company Limited having its registered and corporate office in Pune, Maharashtra, India carries business in card clothing and real estate segments. The Company is a public limited company and is listed on the National Stock Exchange of India Limited and the BSE Limited.
Terms and rights attached to equity shares
Equity shares have a par value of INR 10. They entitle the holder to participate in dividends, and to share in the proceeds of winding up the company in proportion to the number of and amounts paid on the shares held.
Every holder of equity shares present at a meeting in person or by proxy, is entitled to one vote, and upon a poll each share is entitled to one vote.
The Board of Directors proposed a final dividend of INR 2.50 per equity share for the financial year ended 31 March 2016 and the same was approved by the shareholders at the Annual General Meeting held on August 12, 2016. The amount was recognized as distributions to equity shareholders during the year ended 31 March 2017. This event is considered as non-adjusting event.
The Board of Directors declared an interim dividend of INR 10.00 per equity share during the financial year 2016-17. Further, final dividend of INR 2.00 per equity share was approved by the members at the Annual General Meeting held on August 11, 2017. These amounts were recognized as distributions to equity shareholders during the year ended 31 March 2017 and 31 March 2018 respectively.
The Board of Directors proposed a final dividend of INR NIL for the financial year ended 31 March 2018.
Leave Obligations
The leave obligations cover the Companyâs liability for sick and earned leave.
The amount of the provision of Rs. 207.24 lakhs is presented as current as well as non current. Though the Company does not have an unconditional right to defer settlement for any of these obligations, as based on past experience, the Company does not expect all employees to take the full amount of accrued leave or require payment within the next 12 months. The amounts that reflect leave that is not expected to be taken or paid within the next 12 months is shown under non current portion.
Defined Contribution Plan Superannuation
The Company provides retirement benefits in the form of contribution to superannuation fund at the rate of 15% of annual salary.
Defined Benefit Plan a) Gratuity
The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. The gratuity plan is a funded plan and the Company makes contributions to recognised funds in India. The cost of providing benefits under above mentioned defined benefit plan is determined using the projected unit credit method with actuarial valuations being carried out at the balance sheet date.
b) Provident Fund
The Company has a Provident Fund Plan, which is a defined benefit plan, which is managed through the Provident Fund Trust of the Company. The contributions are made to the Trust and shortfall in interest obligation, if any is met by the Company. The cost of providing benefits under above mentioned defined benefit plan is determined using the projected unit credit method with actuarial valuations being carried out at the balance sheet date.
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.
To comply with the requirement of The Micro, Small And Medium Enterprises Development Act, 2006, the Company requested its suppliers to confirm whether they are covered as Micro, Small or Medium enterprise as is defined in the said Act. The Company has received no communication from any vendor conforming that they are covered as Micro, Small or Medium enterprise as is defined in the said Act.
(B) Liquidity Risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. Due to the dynamic nature of the underlying businesses, treasury maintains flexibility in funding by maintaining availability under committed credit lines.Management monitors rolling forecasts of the Companyâs liquidity position (comprising the undrawn borrowing facilities below) and cash and cash equivalents on the basis of expected cash flows. These limits vary by location to take into account the liquidity of the market in which the entity operates. In addition, the Companyâs liquidity management policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans.
Note 1 : Names of related parties and relationship
A. Ultimate Parent
Multi-Act Industrial Enterprises Limited, Mauritius
B. Subsidiaries
1 ICC International Agencies Limited
2 Garnett Wire Limited, UK
3 Shivraj Sugar and Allied Products Private Limited
C. Key Management Personnel (KMP)
Directors -
i) Mr. Kunjbihari Trivedi
ii) Mr. Prashant Trivedi
iii) Mr. Mehul Trivedi
iv) Mr. Hemraj Asher
v) Mr. Jyoteendra Kothary
vi) Mr. Sudhir Merchant
vii) Dr. Sangeeta Pandit
KMPs other than directors -
i) Mr. Vinod Vazhapulli (CEO)
D. Enterprises over which KMP or relatives of KMP are able to exercise significant influence
1 Multi Act Constructions Private Limited
2 Multi Act Realty Enterprises Private Limited
3 Multi Act Trade & Investments Private Limited
4 Crawford Bayley & Co.
5 Encore Business Centre LLP
6 Acre Street India Private Limited
7 Multi Act Equity Consultancy Private Limited
Note 2: First-time adoption of Ind AS Transition to Ind AS
These are the Companyâs first financial statements prepared in accordance with Ind AS.
The accounting policies set out in Note 1 have been applied in preparing the financial statements for the year ended 31st March 2018, the comparative information presented in these financial statements for the year ended 31st March 2017 and in the preparation of an opening Ind AS balance sheet at 1st April 2016 (the Companyâs date of transition). In preparing its opening Ind AS balance sheet, the Company has adjusted the amounts reported previously in financial statements prepared in accordance with the accounting standards notified under Companies (Accounting Standards) Rules, 2006 (as amended) and other relevant provisions of the Act (previous GAAP or Indian GAAP). An explanation of how the transition from previous GAAP to Ind AS has affected the companyâs financial position, financial performance and cash flows is set out in the following tables and notes.
Exemptions and exceptions availed
Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from previous GAAP to Ind AS.
Ind AS optional exemptions Deemed cost
Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments for de-commissioning liabilities. This exemption can also be used for intangible assets covered by Ind AS 38 Intangible Assets.
Accordingly, the Company has elected to measure all of its property, plant and equipment and intangible assets at their previous GAAP carrying value.
Designation of previously recognised financial instruments
Financial assets and financial liabilities are classified as fair value through profit and loss or fair value through other comprehensive income based on facts and circumstances as at the date of transition to Ind AS i.e. April 1, 2016. Financial assets and liabilities are recognised at fair value as at the date of transition to Ind AS i.e. April 1, 2016 and not from the date of initial recognition.
Investments in subsidiaries and associates
The Company has elected to apply previous GAAP carrying amount for its investment in subsidiaries and associates as deemed cost at the date of transition to Ind-AS.
Ind AS mandatory exceptions Estimates
An entityâs estimates in accordance with Ind ASs at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error.
Ind AS estimates as at 1st April 2016 are consistent with the estimates as at the same date made in conformity with previous GAAP. The Company made estimates for following items in accordance with Ind AS at the date of transition as these were not required under previous GAAP:
- Investment in financial instruments carried at FVPL or FVOCI;
- Investment in debt instruments carried at FVPL;
- Impairment of financial assets based on expected credit loss model.
De-recognition of financial assets and liabilities
Ind AS 101 requires a first-time adopter to apply the de-recognition provisions of Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS. However, Ind AS 101 allows a first-time adopter to apply the de-recognition requirements in Ind AS 109 retrospectively from a date of the entityâs choosing, provided that the information needed to apply Ind AS 109 to financial assets and financial liabilities de-recognised as a result of past transactions was obtained at the time of initially accounting for those transactions.
The Company has elected to apply the de-recognition provisions of Ind AS 109 prospectively from the date of transition to Ind AS.
Classification and measurement of financial assets
Ind AS 101 requires an entity to assess classification and measurement of financial assets (investment in debt instruments) on the basis of the facts and circumstances that exist at the date of transition to Ind AS.
Notes to first-time adoption a Proposed dividend
Under Previous GAAP, proposed dividends including Dividend Distribution Tax (DDT) are recognised as a liability in the period to which they relate, irrespective of when they are declared. Under Ind AS, proposed dividend is recognised as a liability in the period in which it is declared by the company (usually when approved by shareholders in a general meeting) or paid.
In the case of the Company, the declaration of dividend for March 2016 had ocurred after period end. Therefore, the liability of Rs. 795.03 lakh for the year ended on 31st March, 2016 recorded for dividend has been reversed with corresponding adjustment to retained earnings. Correspondingly, total equity increased by this amount.
b Fair value adjustments on investments
Current investments: Under Previous GAAP, current investments in equity instruments, mutual funds and government securities are recognized at cost or net realizable value, whichever is lower. Long-term investments in equity instruments are recorded at cost unless there is an other than temporary decline in the value of investments.
Ind-AS 101 allows considering fair value as deemed cost for the Companyâs investment in subsidiaries and associates. This choice is available for each investment individually. The deemed cost for all investment in equity instruments has been considered as the cost under the Previous GAAP.
The Company holds investment in securities with the objective of both collecting contractual cash fows which give rise on specified dates to cash fows that are solely payments of interest on principal amount outstanding and selling financial asset. The resulting fair value changes of these investments have been recognised in retained earnings as at the date of transition and subsequently in the Statement of Profit & Loss. This resulted in gross income in retained earnings as at 31st March, 2017 by Rs 257.17 lakh (1st April,2016: Rs 325.07 lakh).
c Provision for expected credit loss under Ind AS 109
Under Previous GAAP, the Company has created provision for impairment of receivables which comprises only in respect of specific amount for incurred losses. Under Ind AS, impairment allowance has been determined based on Expected Credit Loss (ECL) model. The total ECL provision amounting to Nil considered as on the transition date has been adjusted against the retained earnings. Impact of Rs 6.00 lakh for the year ended 31st March, 2017 has been charged to the Statement of profit and loss.
d Actuarial loss transferred to Other Comprehensive Income
Under Ind AS, remeasurements i.e. actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest expense on the net defined benefit liability are recognised in other comprehensive income instead of statement of profit and loss. As a result of this change, the profit for the year ended 31st March, 2017 has increased by Rs. 57.18 lakh .
e Others
These adjustments pertain to fair valuation of security deposits which has resulted into gross decrease in retained earnings by Rs. 3.22 lakh as at 31st March, 2017 (1 stApril,2016: increase by Rs. 3.44 lakh)
f Other comprehensive income
Under Ind AS, all items of income and expense recognised in a period should be included in profit or loss for the period, unless a standard requires or permits otherwise. Items of income and expense that are not recognised in profit and loss but are shown in the Statement of profit and loss as âother comprehensive incomeâ includes remeasurements of defined benefit plans.
The concept of other comprehensive income did not exist under the Previous GAAP. g Deferred tax
The various transitional adjustments have led to temporary differences and accordingly, the Company has accounted for such differences. Deferred tax adjustments are recognised in correlation to the underlying transaction either in retained earnings or a separate component of equity.
Note 3 : Previous yearâs figure have been re-grouped wherever necessary to conform to current yearâs grouping.
Note 4 : Previous year figures are given in bracket.
Mar 31, 2017
1. The total of research and development costs including depreciation charge to profit and loss Rs. 55.34 Lakhs (previous year Rs. 31.37 Lakhs).
2. Related Party Disclosure
a) Controlling Company - Multi Act Industrial Enterprises Ltd., Mauritius
b) Wholly Owned Subsidiaries controlled by the Company i) ICC International Agencies Ltd.
c) Other Subsidiary controlled by the Company
i) Garnett Wire Ltd., UK
ii) Shivraj Sugar and Allied Products Pvt Ltd.
d) List of key management personel: i) Mehul K. Trivedi
e) Enterprise over which any key management personnel and relative of such personnel is able to exercise significant influence
i) Multi Act Equity Research Services Pvt. Ltd.
ii) Multi Act Constructions Pvt. Ltd.
iii) Multi Act Realty Enterprises Pvt. Ltd.
3. Figures in bracket are in respect of previous year. Previous yearâs figures have been regrouped / re-classified wherever necessary to comply with requirements of revised Schedule III.
Mar 31, 2016
1. Related Party Disclosure
a) Controlling Company - Multi Act Industrial Enterprises Ltd., Mauritius
b) Wholly Owned Subsidiaries controlled by the Company i) ICC International Agencies Ltd.
c) Other Subsidiary controlled by the Company
i) Garnett Wire Ltd., UK
ii) Shivraj Sugar and Allied Products Pvt Ltd.
d) List of key management personel : i) Mehul K. Trivedi
e) Enterprise over which any key management personnel and relative of such personnel is able to exercise significant influence
i) Multi Act Equity Research Services Pvt. Ltd.
ii) Multi Act Constructions Pvt. Ltd.
iii) Multi Act Realty Enterprises Pvt. Ltd.
Mar 31, 2013
1. i) Claims against the Company not acknowledged
as debts 40.00 40.00
ii) Estimated amount of contracts remaining to
be executed on 126.04 777.40
capital account and not provided for
(net of advances)
iii) Contingent liability in respect of
taxation matters in appeal by the Department 15.19 15.19
2. Employee Benefits : Post Retirement Benefit - Defined Contribution
Plans
Disclosure on Retirement Benefits as required in Accounting Standard
(AS 15) on ''Employees Benefits'' are given below.
3. The total of research and development costs including depreciation
charge to profit and loss Rs. 49.52 lac (previous year Rs.60.69 lac).
4. Related Party Disclosure
a) Controlling Company - Multi Act Industrial Enterprises Ltd.,
Mauritius
b) Wholly Owned Subsidiaries controlled by the Company i) ICC
International Agencies Ltd.
c) Other Subsidiary controlled by the Company
i) Garnett Wire Ltd., UK
ii) Shivraj Sugar and Allied Products Pvt Ltd.
d) Enterprise over which any key management personnel and relative of
such personnel is able to exercise significant influence
i) Multi Act Trade & Investments Pvt Ltd.
ii) Multi Act Equity Consultancy Pvt Ltd.
iii) Multi Act Constructions Pvt. Ltd.
5. Figures in bracket are in respect of previous year. Previous
year''s figures have been regrouped / re-classified where-ever
necessary to comply with requirements of revised Schedule VI.
Mar 31, 2012
1. The total of research and development costs including depreciation
charge to profit and loss Rs. 60.69 lac (previous year Rs.70.62 lac).
2. Related Party Disclosure
a) Controlling Company - Multi Act Industrial Enterprises Ltd.,
Mauritius
b) Wholly Owned Subsidiaries controlled by the Company- i) ICC
International Agencies Ltd.
c) Other Subsidiary controlled by the Company-
i) Garnett Wire Ltd., UK
ii) Shivrai Suaar and Allied Products P Ltd.
d) Enterprise over which any key management personnel and
relative of such personnel is able to exercise significant influence
i) Multi Act Trade & Investments Pvt Ltd.
ii) Multi Act Equity Consultancy Pvt Ltd.
iii) Multi Act Constructions Pvt. Ltd.
3. Figures in bracket are in respect of previous year. Previous year's
figures have been regrouped / re- classified where-ever necessary to
comply with requirements of revised Schedule VI.
Mar 31, 2010
1.Sundry Creditors :
Suppliers who are covered under MSMED Act,2006, have been identified to
the extent of information available with the company . The principal
balance due to Micro and small enterprises as at 31 st March, 2010 is
Rs. 8.84 lac. Further no interest has been paid or is payable under the
terms of MSMED Act, 2006.
2.The total of research and development costs including depreciation
charge to profit and loss Rs. 73.28 lac (previous year Rs.72.44)
3.Related Party Disclosure
a) Controlling Company - Multi Act Industrial Enterprises Ltd.,
Mauritius
b) Wholly Owned Subsidiaries controlled by the Company-
a) ICC International Agencies Ltd.
b) Shivraj Sugar and Allied Products P Ltd.
c) Other Subsidiary controlled by the Company- i) GarnettWireLtd.,UK
d) Enterprise over which any key management personnel and relative of
such personnel is able to exercise significant influence
i) Multi Act Trade & Investments Pvt Ltd.
ii) Multi Act Equity Consultancy Pvt Ltd.
iii) Kardhar Constructions Pvt. Ltd.
e) Transactions with related Parties
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