Accounting Policies of Tuticorin Alkali Chemicals & Fertilizers Ltd. Company
Mar 31, 2023
1. Corporate Information
Tuticorin Alkali Chemicals And Fertilizers Limited (''the CompanyVTAC''), having its registered office at Chennai is a Public Limited Company, incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange Limited. The Company is manufacturing and selling Soda Ash and Ammonium Chloride Fertilizer and has its manufacturing facility at Tuticorin.
2.1 Basis of Preparation of Financial StatementsA. Statement of compliance
The financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Section 133 ofthe 2013 Act read with the Companies (Indian Accounting Standards) Rules 2015 and other relevant provisions of the 2013 Act.
The financial statements have been prepared on the historical cost basis except for the following material items-
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Items |
Basis |
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Certain financial assets and liabilities. |
Fair Value |
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Net defined benefit (asset)/ liability |
Fair value of plan assets less present value of defined benefit obligations |
Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. 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 Accounting policies have been consistently applied to all the years presented except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use. All assets and liabilities have been classified as current or non-current as per the Company''s operating cycle and other criteria set out in the Schedule III to the Companies Act, 20 13. Based on the nature of services and the time between the rendering of service and their realization in cash and cash equivalents, the Company has ascertained its operating cycle as twelve months for the purpose of current and noncurrent classification of assets and liabilities.
a. Functional and Presentation Currency
These financial statements have been prepared in Indian Rupee (INR) which is the functional currency of the company. All amounts have been rounded-off to the nearest lakhs, unless otherwise indicated.
Cash flows are reported using the indirect method, whereby net profit before tax is adjusted for the effects of transactions of a noncash nature, any deferrals or accruals of past or future operating cash receipts or payments and items of income or expenses
associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated. Cash and cash equivalents for the purpose of the statement of cash flows comprise cash and cash on deposit with banks and financial institutions. The Company considers all highly liquid investments with a remaining maturity at the date of purchase of three months or less and that are readily convertible to known amounts of cash to be cash equivalent.
A number of the Company''s accounting policies and disclosures require the measurement of fair values, for both fmancial and nonfinancial assets and liabilities. The Company has an established control framework with respect to the measurement of fair values. Significant valuation issues are reported to the Company''s board of directors.
Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:
? Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
? Level2: inputs other than quoted prices included in Levell that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
? Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
When measuring the fair value of an asset or a liability, the Company uses observable market data as far as possible. If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.
The Company recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Further information about the assumptions made in measuring fair values is included in the following note: Note 32: financial instruments.
d. Use of estimates and Judgements
The preparation of financial statements in conformity with Ind AS requires the Management to make estimate and assumptions that affect the reported amount of assets and liabilities as at the Balance Sheet date, reported amount of revenue and expenses for the year and disclosures of contingent liabilities as at the Balance Sheet date. The estimates and assumptions used in the accompanying financial statements are based upon the Management''s evaluation of the relevant facts and circumstances as at the date of the financial statements. Actual results could differ from these estimates. Estimates and underlying assumptions are reviewed on a periodic basis. Revisions to accounting estimates,
if any, are recognized in the year in which the estimates are revised and in any future years affected. Refer below for detailed discussion on estimates and judgments.
Assumptions and estimation uncertainties:i. Useful lives of property, plant and equipment
Property, plant and equipment represent a significant proportion of the asset base of the Company. The charge in respect of periodic depreciation is derived after determining an estimate of an assetâs expected useful life and the expected residual value at the end of its life. The useful lives and residual values of company''s assets are determined by management at the time the asset is acquired and reviewed periodically, including each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology.
ii. Defined benefit plans (gratuity benefits)
The cost of the defined benefit plans are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each year end.
The principal assumptions are the discount and salary growth rate. The discount rate is based upon the market yields available on government bonds at the accounting date with a term that matches that of liabilities. Salary increase rate takes into account of inflation, seniority, promotion and other relevant factors on long term basis. For details refer Note 30.
2.2 Significant Accounting Policiesi. Revenue Recognition
The Company earns revenue primarily from sale of Soda Ash and Ammonium Chloride (Dual Product). Effective April 1, 2018, the Company has applied Ind AS 115, Revenue from Contracts with Customers, which establishes a comprehensive framework for determining whether, how much and when revenue is to be recognized. Ind AS 115 replaces Ind AS 18 âRevenueâ and Ind AS 11 âConstruction Contractsâ. The company has adopted Ind AS 115 using the cumulative effect method. The effect of initially applying this standard is recognized at the date of initial application (i.e. April 01,2018). The impact of adoption of the standard on the financial statements of the company is insignificant.
Revenue is recognized on satisfaction of performance obligation upon transfer of control of promised products to customers in an amount that reflects the consideration which the company expects to receive in exchange for those products.
Revenue is measured based on the transaction price, which is the consideration, adjusted for volume discounts, price concessions and incentives, if any, as per the contract with the customer.
Revenue also excludes taxes collected from customers.
Recognition of interest income
Ilnterest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Company and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable.
The âeffective interest rateâ is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to:
⢠the gross carrying amount of the financial asset; or
⢠the amortised cost of the financial liability. ii. Property, plant and equipment
a. Tangible Assets > Recognition and measurement
Freehold land, Buildings except Investment Property are carried in the balance sheet on the basis of revaluation model. The revaluation of these assets is conducted every three years by the Company.
Land, Buildings except Investment Property are measured at fair value less accumulated depreciation on buildings and impairment losses recognized at the date of revaluation. Valuations are performed with sufficient frequency to ensure that the carrying amount of a revalued asset does not differ materially from its fair value.
A revaluation surplus is recorded in OCI and credited to the asset revaluation reserve in equity. However, to the extent that it reverses a revaluation deficit of the same asset previously recognized in profit or loss, the increase is recognized in profit and loss. A revaluation deficit is recognized in the statement of profit and loss, except to the extent that it offsets an existing surplus on the same asset recognized in the asset revaluation reserve.
An annual transfer from the asset revaluation reserve to retained earnings is made for the difference between depreciation based on the revalued carrying amount of the asset and depreciation based on the assetâs original cost. Additionally, accumulated depreciation as at the revaluation date is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset. Upon disposal, any revaluation reserve relating to the particular asset being sold is transferred directly to retained earnings.
Cost of an item of other property, plant and equipment comprises its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates, any directly attributable cost of bringing the item to its working condition for its intended use and estimated costs of dismantling and removing the item and restoring the site on which it is located.
The cost of a self-constructed item of property, plant and equipment comprises the cost of materials and direct labor, any other costs directly attributable to bringing the item to working
condition for its intended use, and estimated costs of dismantling and removing the item and restoring the site on which it is located.
If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognized in the statement of profit and loss.
Capital work-in progress comprises of the cost of fixed assets that are not yet ready for their intended use as on the balance sheet date. Advances paid towards the acquisition of property, plant and equipment outstanding at each balance sheet date is classified as capital advances under other non-current assets and the cost of assets not put to use before such date are disclosed under âCapital work-in-progressâ.
Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated with the expenditure will flow to the Company.
Depreciation on fixed assets is charged over the estimated useful life of the fixed assets at the rates and in the manner prescribed in Schedule II of the Companies Act, 2013. Assets purchased/sold during the year are depreciated on a pro-rata basis, based on the actual number of days the assets have been put to use. Assets individually costing upto Rs.5,000/- are depreciated fully over a period of one year from the date of purchase.
Depreciation on sale/deduction from property plant and equipment is provided up to the date preceding the date of sale, deduction as the case may be. Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in Statement of Profit and Loss under ''Other Income''.
Depreciation methods, useful lives and residual values are reviewed periodically at each financial year end and adjusted prospectively, as appropriate.
Intangibles are initially measured at cost. Such intangible assets are subsequently measured at cost less and accumulated amortisation any accumulated impairment losses.
Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is recognized in the Statement of profit and loss as incurred.
Amortization is calculated to write off the cost of intangible assets less their estimated residual values over their estimated useful lives using the straight-line method, and is included in the Statement of profit and loss. The Company amortizes computer software over a period of 5 years.
Amortization method, useful lives and residual values are reviewed at the end of each financial year and adjusted if appropriate.
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
a. Financial Assets> Initial recognition and measurement
At initial recognition, financial asset is measured at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss.
For purposes of subsequent measurement, financial assets are classified in following categories:
a) at amortized cost; or
b) at fair value through other comprehensive income; or
c) at fair value through profit or loss.
> Impairment of financial assets
In accordance with Ind AS 109, Financial Instruments, the Company applies expected credit loss (ECL) model for measurement and recognition of impairment loss on financial assets that are measured at amortized cost and FVOCI.
> Derecognition of financial assetsA financial asset is derecognized only when
a) he rights to receive cash flows from the financial asset is transferred or
b) retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay the cash flows to one or more recipients.
Where the financial asset is transferred then in that case financial asset is derecognized only if substantially all risks and rewards of ownership of the financial asset is transferred. Where the entity has not transferred substantially all risks and rewards of ownership of the financial asset, the financial asset is not derecognized.
> Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss and at amortized cost, as appropriate.
All financial liabilities are recognized initially at fair value and, in the case of borrowings and payables, net of directly attributable transaction costs.
The measurement of financial liabilities depends on their classification, as described below:
⢠Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Separated embedded derivatives are also classified as
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Inventory |
Valuation Method |
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Raw Materials |
Weighted Average Cost |
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Work in Process |
Weighted Average Cost |
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Finished Goods |
Lower of Weighted Average Cost |
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(including by-products) |
or Net realisable value |
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Stores and spares |
Weighted Average Cost |
held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognized in the Statement of Profit and Loss.
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in Statement of Profit and Loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the Statement of Profit and Loss.
A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the Statement of Profit and Loss as finance costs
.c. Offsetting financial instruments
Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty.
Inventories are stated at the lower of cost and net realizable values. Cost is determined as follows:
Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.
Cost comprises all costs of purchase including duties and taxes (other than those subsequently recoverable by the Company), freight inwards and other expenditure directly attributable to acquisition. Finished goods include appropriate proportion of overheads and, where applicable, excise duty.
Provision of obsolescence on inventories is considered on the basis of managementâs estimate based on demand and market of the inventories.
v. Provisions, contingent liabilities and contingent assets
A provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of
economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows (representing the best estimate of the expenditure required to settle the present obligation at the balance sheet date) at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. Expected future operating losses are not provided for.
A contract is considered to be onerous when the expected economic benefits to be derived by the Company from the contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision for an onerous contract is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before such a provision is made, the Company recognises any impairment loss on the assets associated with that contract.
Contingent liabilities and contingent assets are not recognized in the financial statements. Contingent liabilities are disclosed in the financial statements unless the possibility of any outflow in settlement is remote. Contingent assets are disclosed in the financial statements where an inflow of economic benefits is probable.
vi. Employee benefitsa. Short-term employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be to be settled wholly within 12 months after the end of the year, if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the amount of obligation can be estimated reliably.
b. Post employment benefits(a) Defined contribution plans
Contributions paid/payable to defined contribution plans comprising of Superannuation (under a scheme of Life Insurance Corporation of India) and Provident Funds for certain employees covered under the respective Schemes are recognised in the Statement of Profit and Loss each year.
The companyâs contribution to provident fund and employee state insurance scheme are considered as defined contribution plans and are charged as an expense based on the amount of contribution required to be made and when services are rendered by the employees.
A liability for a termination benefit is recognized at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognizes any related restructuring costs.
⢠Gratuity
A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Companyâs gratuity benefit scheme is a defined benefit plan. The Companyâs net obligation in respect of defined benefit plan is calculated by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting
the fair value of any plan assets. Obligation under the gratuity scheme is covered under a Scheme of Life Insurance Corporation of India (LIC) and contributions in respect of such scheme are recognized in the profit or loss
The calculation of defined benefit obligation is performed annually by a qualified actuary using the projected unit credit method.
Remeasurement of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognised in OCI. The Company determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognised in profit or loss.
Accumulated compensated absences, which are expected to be availed or en-cashed within 12 months from the end of the year are treated as short term employee benefits. The obligation towards the same is measured at the expected cost of accumulating compensated absences as the additional amount expected to be paid as a result of the unused entitlement as at the year end.
Accumulated compensated absences, which are expected to be availed or en-cashed beyond 12 months from the end of the year end are treated as other long term employee benefits. The Company''s liability is actuarially determined (using the Projected Unit Credit method) at the end of each year. Actuarial losses/gains are recognized in the statement of profit and loss in the year in which they arise.
Leaves under defined benefit plans can be en-cashed only on discontinuation of service by employee..
Till 31 March 2020, Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.
Rental expense from operating leases is generally recognized on a straight-line basis over the term of the relevant lease. However, where the rentals are structured solely to increase in line with expected general inflation to compensate for the lessorâs expected inflationary costs, such increases are recognized in the year in which such benefits accrue. Contingent rentals, if any, arising under operating leases are recognized as an expense in the period in which they are incurred.
From 1 April 2020, the Company has applied Ind AS 116, âLeasesâ using the modified retrospective approach, under which the Company recognizes a right-of-use asset (âROUâ) and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases.
The Company assesses at contract inception whether a contract is, or contains, a lease i.e., if the contract conveys the right to control the use of an identified asset for a period in exchange of consideration
The Company applies a single recognition and measurement approach for all leases except for short-term leases. The Company recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. The nature of expenses related to those leases has changed from lease rent in previous periods to (i) amortization for the right-to-use asset, and (ii) interest accrued on lease liability.
a) Right-of-use assets:
Right-of-use assets are measured at cost comprising the following: i) the amount of the initial measurement of lease liability ii) any initial direct costs iii) restoration costs. Right-of-use assets are depreciated over the lease term on a straight-line basis.
b) Lease Liabilities:
Lease liabilities are measured at present value of following components: i) fixed payments less any lease incentives receivable ii) amounts expected to be payable by the Company under residual value guarantee.
Incremental borrowing rate used for discounting has been determined by taking the interest rates obtained from financial institutions for borrowing the similar value of right of use assets for similar tenure. The rates will be reassessed on a yearly basis at the beginning of each accounting period to reflect changes in financial conditions.
c) Short-term leases: The Company applies the short-term lease recognition exemption to its short-term lease contracts (i.e. those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). Lease payments on a short-term leases are recognised as expense on a straight-line basis over the lease term.
viii. Borrowing cost
Borrowing costs are interest and other costs (including exchange differences relating to foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs) incurred in connection with the borrowing of funds. Borrowing costs directly attributable to acquisition or construction of an asset which necessarily take a substantial period of time to get ready for their intended use are capitalized as part of the cost of that asset. Other borrowing costs are recognized as an expense in the period in which they are incurred.
ix. Foreign currency transactions
Transactions in foreign currencies are translated into the functional currency of the Company at the exchange rates at the dates of the transactions or an average rate if the average rate approximates the actual rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary assets and liabilities that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Exchange differences are recognised in the statement of profit and loss.
x. Income Tax
Income tax comprises current and deferred tax. It is recognised in statement of profit and loss except to the extent that it relates to a business combination or to an item recognised directly in equity or in other comprehensive income.
Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax reflects the best estimate of the tax amount expected to be paid or received after considering the uncertainty, if any, related to income taxes. It is measured using tax rates (and tax laws) enacted or substantively enacted by the reporting date.
Current tax assets and current tax liabilities are offset only if there is a legally enforceable right to set off the recognised amounts, and it is intended to realise the asset and settle the liability on a net basis or simultaneously
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the corresponding amounts used for taxation purposes. Deferred tax is also recognised in respect of carried forward tax losses and tax credits.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which they can be used.
Deferred tax assets - unrecognised or recognised, are reviewed at each reporting date and are recognised/ reduced to the extent that it is probable/ no longer probable respectively that the related tax benefit will be realised.
Deferred tax is measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on the laws that have been enacted or substantively enacted by the reporting date.
The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Company expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.
Basic earnings per share (âEPSâ) is computed by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of shares outstanding during the year.
Diluted EPS is computed using the weighted average number of equity and dilutive equity equivalent shares outstanding during the period except where the result would be anti-dilutive. Dilutive potential equity shares are deemed converted as of the beginning of the period unless issued at a later date.
Operating segments are reported in the manner consistent with the internal reporting to the chief operating decision
maker (CODM). An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Companyâs other components, and for which discrete financial information is available. All operating segmentsâ operating results are reviewed regularly by the Companyâs board of directors to make decisions about resources to be allocated to the segments and assess their performance.
Ministry of Corporate Affairs (âMCAâ) notifies new standard or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. On March 23, 2022, MCA amended the Companies (Indian Accounting Standards) Amendment Rules, 2022, applicable from April 1,2022, as below:
Ind AS 103 - Reference to Conceptual Framework
The amendments specify that to qualify for recognition as part of applying the acquisition method, the identifiable assets acquired, and liabilities assumed must meet the definitions of assets and liabilities in the Conceptual Framework for Financial Reporting under Indian Accounting Standards (Conceptual Framework) issued by the Institute of Chartered Accountants of India at the acquisition date. These changes do not significantly change the requirements of Ind AS 103. The Company does not expect the amendment to have any significant impact in its financial statements.
Ind AS 16 - Proceeds before intended use
The amendments mainly prohibit an entity from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, an entity will recognize such sales proceeds and related cost in profit or loss. The Company does not expect the amendments to have any impact in its recognition of its property, plant and equipment in its financial statements.
Ind AS 37 - Onerous Contracts - Costs of Fulfilling a Contract
The amendments specify that that the âcost of fulfillingâ a contract comprises the âcosts that relate directly to the contractâ. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract (examples would be direct labor, materials) or an allocation of other costs that relate directly to fulfilling contracts. The amendment is essentially a clarification, and the Company does not expect the amendment to have any significant impact in its financial statements
Ind AS 109 - Annual Improvements to Ind AS (2021)
The amendment clarifies which fees an entity includes when it applies the â10 percentâ test of Ind AS 109 in assessing whether to derecognize a financial liability. The Company does not expect the amendment to have any significant impact in its financial statements.
Ind AS 116 - Annual Improvements to Ind AS (2021)
The amendments remove the illustration of the reimbursement of leasehold improvements by the lessor in order to resolve any potential confusion regarding the treatment of lease incentives that might arise because of how lease incentives were described in that illustration. The Company does not expect the amendment to have any significant impact in its financial statements.
Mar 31, 2018
i) Basis of preparation of financial statements
a. Statement of Compliance with IND AS
These financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 (the âActâ) read with the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016.
The financial statements up to year ended 31 March 2017 were prepared in accordance with the accounting standards notified under the section 133 of the Act, read with paragraph 7 of the Companies (Accounts) Rules, 2014 (Indian GAAP).
These financial statements for the year ended 31 March 2018 are the first set of financial statements prepared in accordance with Ind AS. The date of transition to Ind As is 1 April 2016. Refer note 34 for an explanation of how the Company has adopted Ind AS. Accounting policies have been consistently applied to all the years presented except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.
b. Basis of measurement
The financial statements have been prepared on a historical cost convention on accrual basis, except for the following material items that have been measured at fair value as required by relevant Ind AS:-
i. Certain financial assets and liabilities measured at fair value (refer accounting policy on financial instruments) and
ii. Asset classified as held for sale
All assets and liabilities have been classified as current or noncurrent as per the Companyâs operating cycle and other criteria set out in the Schedule III to the Companies Act, 2013. Based on the nature of services and the time between the rendering of service and their realization in cash and cash equivalents, the Company has ascertained its operating cycle as twelve months for the purpose of current and noncurrent classification of assets and liabilities.
c. Use of Estimates
The preparation of financial statements in conformity with Ind AS requires the Management to make estimate and assumptions that affect the reported amount of assets and liabilities as at the Balance Sheet date, reported amount of revenue and expenses for the year and disclosures of contingent liabilities as at the Balance Sheet date. The estimates and assumptions used in the accompanying financial statements are based upon the Managementâs evaluation of the relevant facts and circumstances as at the date of the financial statements. Actual results could differ from these estimates. Estimates and underlying assumptions are reviewed on a periodic basis. Revisions to accounting estimates, if any, are recognized in the year in which the estimates are revised and in any future years affected. Refer Note 34 for detailed discussion on estimates and judgments.
ii. Property, Plant and Equipment
Property, plant and equipment are stated at historical cost less depreciation and impairment losses, if any. Historical cost includes expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the assetâs carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to Statement of Profit and Loss during the year in which they are incurred.
Advances paid towards the acquisition of property, plant and equipment outstanding at each balance sheet date is classified as capital advances under other non-current assets and the cost of assets not put to use before such date are disclosed under âCapital work-in-progressâ.
Transition to IND AS
On transition to Ind AS, the Company has elected to continue with the carrying value of all of its property, plant and equipment recognized as at 1 April 2016 measured as per the Indian GAAP and use that carrying value as the deemed cost of the property, plant and equipment.
Depreciation methods, estimated useful lives
Depreciable amount for assets is the cost of an asset, or other amount substituted for cost, less its estimated residual value. Depreciation on fixed assets is charged over the estimated useful life of the fixed assets at the rates and in the manner prescribed in Schedule II of the Companies Act, 2013. Assets purchased/ sold during the year are depreciated on a pro-rata basis, based on the actual number of days the assets have been put to use. Assets individually costing upto Rs.5,000/- are depreciated fully over a period of one year from the date of purchase. Depreciation on sale/deduction from property plant and equipment is provided up to the date preceding the date of sale, deduction as the case may be. Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in Statement of Profit and Loss under âOther Incomeâ.
Depreciation methods, useful lives and residual values are reviewed periodically at each financial year end and adjusted prospectively, as appropriate.
iii. Intangible Assets
Intangible assets are stated at acquisition cost, net of accumulated amortization. Amortization is recognized on a straight-line basis over their estimated useful lives. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis.
iv. Foreign Currency Transactions
a. Functional and presentation currency
Items included in the financial statements are measured using the currency of the primary economic environment in which the entity operates (âthe functional currencyâ). The financial statements are presented in Indian rupee (INR), which is the Companyâs functional and presentation currency.
b. Transactions and balances
On initial recognition, all foreign currency transactions are recorded by applying to the foreign currency amount the exchange rate between the functional currency and the foreign currency at the date of the transaction. Gains/Losses arising out of fluctuation in foreign exchange rate between the transaction date and settlement date are recognised in the Statement of Profit and Loss.
All monetary assets and liabilities in foreign currencies are restated at the year end at the exchange rate prevailing at the year end and the exchange differences are recognised in the Statement of Profit and Loss.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.
v. Fair value measurements
The Company measures financial instruments, such as, derivatives at fair value at each balance sheet date.
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 accessible to the Company.
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. The Companyâs management determines the policies and procedures for fair value measurement such as derivative instrument.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
- Level 1 â Quoted (unadjusted) market prices in active markets for identical assets or liabilities
- Level 2 â Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable
- Level 3âValuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable
vi. Revenue Recognition
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on delivery of the goods. Revenue from the sale of goods is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are inclusive of excise duty and net of returns and allowances, trade discounts and volume rebates, value added taxes, goods and service tax (GST). Consignment and depot sales are recognized after confirmation of sale by the Consignee. Interest Income is recognised on a basis of effective interest method as set out in Ind AS 109, Financial Instruments, and where no significant uncertainty as to measurability or collectability exists.
vii. Taxes
Tax expense for the year, comprising current tax and deferred tax, are included in the determination of the net profit or loss for the year.
a. Current Income tax
Current tax assets and liabilities are measured at the amount expected to be recovered or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the year end date. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.
b. Deferred tax
Deferred income tax is provided in full, using the balance sheet approach, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in financial statements. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting profit nor taxable profit (tax loss). Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the year and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred tax assets are recognised for all deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority.
Current and deferred tax is recognized in Statement of Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
viii. Leases
As a lessee
Leases in which a significant portion of the risks and rewards of ownership are not transferred to the Company as a lessee are classified as operating leases. Payments made under operating leases (net of any incentives received from the lesser) are charged to Statement of Profit and Loss on a straight-line basis over the period of the lease unless the payments are structured to increase in line with expected general inflation to compensate for the lessorâs expected inflationary cost increases.
Also initial direct cost incurred in operating lease such as commissions, legal fees and internal costs is recognised immediately in the Statement of Profit and Loss.
As a lessor
Rental income from operating leases is generally recognised on a straight-line basis over the term of the relevant lease. Where the rentals are structured solely to increase in line with expected general inflation to compensate for the Companyâs expected inflationary cost increases, such increases are recognised in the year in which such benefits accrue. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
ix. Inventories
Inventories are valued at the lower of cost and net realisable value.
Costs incurred in bringing each product to its present location and condition are accounted for as follows:
Raw materials, packaging materials and stores and spare parts are valued at weighted average cost. Cost includes purchase price, (excluding those subsequently recoverable by the enterprise from the concerned revenue authorities), freight inwards and other expenditure incurred in bringing such inventories to their present location and condition. In determining the cost, weighted average cost method is used.
Provision of obsolescence on inventories is considered on the basis of managementâs estimate based on demand and market of the inventories.
Work in Process is valued at cost. Finished goods are valued at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated cost of completion and the estimated costs necessary to make the sale.
x. Impairment of non-financial assets
The Company assesses at each year end whether there is any objective evidence that a non financial asset or a group of non financial assets is impaired. If any such indication exists, the Company estimates the assetâs recoverable amount and the amount of impairment loss.
An impairment loss is calculated as the difference between an assetâs carrying amount and recoverable amount. Losses are recognized in Statement of Profit and Loss and reflected in an allowance account. When the Company considers that there are no realistic prospects of recovery of the asset, the relevant amounts are written off. If the amount of impairment loss subsequently decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, then the previously recognised impairment loss is reversed through Statement of Profit and Loss.
The recoverable amount of an asset or cash-generating unit (as defined below) is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pretax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash in flows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the âcash-generating unitâ).
xi. Provisions and Contingent liabilities
Provisions are recognized when there is a present obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and there is a reliable estimate of the amount of the obligation. Provisions are measured at the best estimate of the expenditure required to settle the present obligation at the Balance sheet date.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.
Contingent liabilities are disclosed when there is a possible obligation arising from 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 that arises from past events 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.
xii. Cash and Cash Equivalents
Cash and cash equivalent in the balance sheet comprise cash at banks, cash on hand and short-term deposits net of bank overdraft with an original maturity of three months or less, which are subject to an insignificant risk of changes in value.
For the purposes of the cash flow statement, cash and cash equivalents include cash on hand, cash in banks and short-term deposits net of bank overdraft.
xiii. Financial Instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
a. Financial Assets
Initial recognition and measurement At initial recognition, financial asset is measured at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in following categories:
a) at amortized cost; or
b) at fair value through other comprehensive income; or
c) at fair value through profit or loss.
Impairment of financial assets
In accordance with Ind AS 109, Financial Instruments, the Company applies expected credit loss (ECL) model for measurement and recognition of impairment loss on financial assets that are measured at amortized cost and FVOCI. Derecognition of financial assets
A financial asset is derecognized only when
a) t he rights to receive cash flows from the financial asset is transferred or
b) r etains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay the cash flows to one or more recipients.
Where the financial asset is transferred then in that case financial asset is derecognized only if substantially all risks and rewards of ownership of the financial asset is transferred. Where the entity has not transferred substantially all risks and rewards of ownership of the financial asset, the financial asset is not derecognized.
b. Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss and at amortized cost, as appropriate.
All financial liabilities are recognized initially at fair value and, in the case of borrowings and payables, net of directly attributable transaction costs.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognized in the Statement of Profit and Loss.
Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in Statement of Profit and Loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the Statement of Profit and Loss.
Derecognition
A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the Statement of Profit and Loss as finance costs.
c. Offsetting financial instruments
Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty.
xiv. Employee Benefits
a. Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the year in which the employees render the related service are recognized in respect of employeesâ services up to the end of the year and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.
b. Other long-term employee benefit obligations
Defined Contribution plan
Contributions paid/payable to defined contribution plans comprising of Superannuation (under a scheme of Life Insurance Corporation of India) and Provident Funds for certain employees covered under the respective Schemes are recognised in the Statement of Profit and Loss each year.
The companyâs contribution to provident fund and employee state insurance scheme are considered as defined contribution plans and are charged as an expense based on the amount of contribution required to be made and when services are rendered by the employees.
A liability for a termination benefit is recognised at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognizes any related restructuring costs.
Defined benefit plans
Gratuity: The Companyâs Gratuity scheme for its employees is a defined benefit retirement benefit plan. Obligation under the gratuity scheme is covered under a Scheme of Life Insurance Corporation of India (LIC) and contributions in respect of such scheme are recognized in the profit or loss. The liability as at the Balance Sheet date is provided for using the projected unit credit method, with actuarial valuations being carried out as at the end of the year. Defined benefit costs are categorized as follows:
- service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlements);
- net interest expense or income; and
- Re-measurement Compensated Absences
Accumulated compensated absences, which are expected to be availed or en-cashed within 12 months from the end of the year are treated as short term employee benefits. The obligation towards the same is measured at the expected cost of accumulating compensated absences as the additional amount expected to be paid as a result of the unused entitlement as at the year end. Accumulated compensated absences, which are expected to be availed or en-cashed beyond 12 months from the end of the year end are treated as other long term employee benefits. The Companyâs liability is actuarially determined (using the Projected Unit Credit method) at the end of each year. Actuarial losses/ gains are recognized in the statement of profit and loss in the year in which they arise.
Leaves under defined benefit plans can be en-cashed only on discontinuation of service by employee.
xv. Contributed Equity
Equity shares are classified as equity share capital. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.
xvi. Earnings Per Share
Basic earnings per share is calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. Earnings considered in ascertaining the Companyâs earnings per share is the net profit or loss for the year after deducting preference dividends and any attributable tax thereto for the year. The weighted average number of equity shares outstanding during the year and for all the years presented is adjusted for events, such as bonus shares, other than the conversion of potential equity shares that have changed the number of equity shares outstanding, without a corresponding change in resources. For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year is adjusted for the effects of all dilutive potential equity shares.
xvii. Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
Interest income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
xviii. Rounding off amounts
All amounts disclosed in financial statements and notes have been rounded off to the nearest thousands as per requirement of Schedule III of the Act, unless otherwise stated.
Mar 31, 2017
SIGNIFICANT ACCOUNTING POLICIES:
1. Basis of Accounting
The financial statements are prepared under historical cost convention and generally in accordance with the applicable accounting standards and are based on accrual basis of accounting.
2. Fixed Assets
Fixed Assets are recorded at historical cost inclusive of direct and allocated expenditure up to the date of commencement of commercial production. Cenvat credit on eligible capital goods is deducted from the value of Fixed Assets. Borrowing costs are capitalized as part of qualifying Fixed Assets. Other borrowing costs are expensed.
3. Depreciation
Depreciation on fixed assets is charged over the estimated useful life of the fixed assets at the rates and in the manner prescribed in Schedule II of the Companies Act, 2013. Assets purchased/sold during the year are depreciated on a pro-rata basis, based on the actual number of days the assets have been put to use. Assets individually costing up to Rs.5, 000/- are depreciated fully over a period of one year from the date of purchase.
4. Long Term Investments
Long-term investments are stated at cost together with all incidental costs of acquisition and diminution in value is not recognized if such shortfall, in the opinion of the Management, is temporary in nature.
5. Inventories
Raw materials, Stores and Spares, Process Chemicals and Utilities are valued at weighted average cost. Work-in-process is valued at cost.
Finished goods are valued at the lower of cost and net realizable value.
6. Impairment of Assets
The company recognizes impairment of all assets other than the assets, which are specifically excluded under Accounting Standard 28 on Impairment of assets after comparing the asset''s recoverable value with its carrying amount in the books. In case the carrying amount exceeds recoverable value, impairment losses are provided for.
7. Revenue Recognition
Sales are accounted net of trade discounts but inclusive of Excise Duty wherever applicable. Direct sales are recognized at the point of dispatch. Consignment and depot sales are recognized after confirmation of sale by the Consignee.
8. Retirement Benefits
Monthly contributions to recognized Provident Fund are considered on actual basis in the accounts.
Contribution towards Superannuation is under defined contribution scheme and charged to Profit and Loss Account.
Contribution towards gratuity on actuarial valuation funded with Trust / Life Insurance Corporation of India.
9. Research & Development
Expenditure on any project/ pilot plant based on R & D study is capitalized while expenses on process/ product improvement are expensed.
10. Excise Duty
Cenvat credit on inputs purchased for production are taken into account on receipt of such materials at the factory and Cenvat credit on purchase of capital goods to the extent applicable are taken into account as and when the assets are installed. The Cenvat credits so taken are utilized for payment of excise duty on goods manufactured. The unutilized Cenvat credit is carried forward in the books.
Excise duty payable on manufactured goods held in the factories is included in the valuation of closing stock, wherever applicable.
Stores and spares are inclusive of Cenvat and credit is availed of and adjusted against revenue account.
11. Foreign Currency Transaction
Foreign currency transactions are recorded at the rates of exchange prevailing on the date of transaction.
All current assets and current liabilities in foreign currency as at the Balance Sheet date have been translated at the rates of exchange prevailing as on that date.
All exchange differences including year-end translations arising on revenue account are recognized in the Profit and Loss account.
All exchange differences including year-end translations arising on capital account are adjusted to the cost of fixed assets until the commissioning of assets and thereafter to revenue account.
12. Contingent Liabilities & Provisions
All known liabilities of material nature have been provided for in the accounts except liabilities of a contingent nature, which have been disclosed at their estimated value in the notes on accounts in accordance with Accounting Standard 29. As regards Provisions, it is only those obligations arising from past events existing independently of an enterprise''s future action that are recognized as Provisions.
13. Taxation
Deferred tax asset and liability is calculated by applying tax rate and tax laws that have been enacted or substantially enacted by the Balance Sheet date. Deferred tax assets arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws, are recognized, only if there is a virtual certainty of its realization, supported by convincing evidence. Deferred tax assets on account of other timing difference are recognized only to the extent there is a reasonable certainty of its realization. At each Balance Sheet date, the carrying amount of deferred tax assets is reviewed to reassure realization.
Mar 31, 2015
1. Basis of Accounting
The financial statements are prepared under historical cost convention
and generally in accordance with the applicable accounting standards
and are based on accrual basis of accounting.
2. Fixed Assets
Fixed Assets are recorded at historical cost inclusive of direct and
allocated expenditure upto the date of commencement of commercial
production. Cenvat credit on eligible capital goods is deducted from
the value of Fixed Assets. Borrowing costs are capitalised as part of
qualifying Fixed Assets. Other borrowing costs are expensed.
3. Depreciation
Depreciation on fixed assets is charged over the estimated useful life
of the fixed assets at the rates and in the manner prescribed in
Schedule II of the Companies Act, 2013. Assets purchased/sold during
the year are depreciated on a pro-rata basis, based on the actual
number of days the assets have been put to use. Assets individually
costing upto Rs.5,000/- are depreciated fully over a period of one year
from the date of purchase.
4. Long Term Investments
Long-term investments are stated at cost together with all incidental
costs of acquisition and diminution in value is not recognised if such
shortfall, in the opinion of the Management, is temporary in nature.
5. Inventories
Raw materials, Stores and Spares, Process Chemicals and Utilities are
valued at weighted average cost. Work-in-process is valued at cost.
Finished goods are valued at the lower of cost and net realisable
value.
6. Impairment of Assets
The company recognises impairment of all assets other than the assets,
which are specifically excluded under Accounting Standard 28 on
impairment of assets after comparing the asset's recoverable value with
its carrying amount in the books. In case the carrying amount exceeds
recoverable value, impairment losses are provided for.
7. Revenue Recognition
Sales are accounted net of trade discounts but inclusive of Excise Duty
wherever applicable. Direct sales are recognised at the point of
despatch. Consignment and depot sales are recognised after confirmation
of sale by the Consignee.
8. Retirement Benefits
Monthly contributions to recognised Provident Fund are considered on
actual basis in the accounts.
Contribution towards Superannuation is under defined contribution
scheme and charged to Statement of Profit and Loss.
Contribution towards gratuity on actuarial valuation funded with Trust
/ Life Insurance Corporation of India.
9. Research & Development
Expenditure on any project/ pilot plant based on R & D study is
capitalised while expenses on process/ product improvement are
expensed.
10. Excise Duty
Cenvat credit on inputs purchased for production are taken into account
on receipt of such materials at the factory and Cenvat credit on
purchase of capital goods to the extent applicable are taken into
account as and when the assets are installed. The Cenvat credits so
taken are utilised for payment of excise duty on goods manufactured.
The unutilised Cenvat credit is carried forward in the books.
Excise duty payable on manufactured goods held in the factories is
included in the valuation of closing stock, wherever applicable.
Stores and spares are inclusive of Cenvat and credit is availed of and
adjusted against revenue account.
11. Foreign Currency Transaction
Foreign currency transactions are recorded at the rates of exchange
prevailing on the date of transaction.
All current assets and current liabilities in foreign currency as at
the Balance Sheet date have been translated at the rates of exchange
prevailing as on that date.
All exchange differences including year-end translations arising on
revenue account are recognised in the Statement of Profit and Loss.
All exchange differences including year-end translations arising on
capital account are adjusted to the cost of fixed assets until the
commissioning of assets and thereafter to revenue account.
12. Contingent Liabilities & Provisions
All known liabilities of material nature have been provided for in the
accounts except liabilities of a contingent nature, which have been
disclosed at their estimated value in the notes on accounts in
accordance with Accounting Standard 29. As regards Provisions, it is
only those obligations arising from past events existing independently
of an enterprise's future action that are recognised as Provisions.
13. Taxation
Deferred tax asset and liability is calculated by applying tax rate and
tax laws that have been enacted or substantially enacted by the Balance
Sheet date. Deferred tax assets arising mainly on account of brought
forward losses and unabsorbed depreciation under tax laws, are
recognized, only if there is a virtual certainty of its realization,
supported by convincing evidence. Deferred tax assets on account of
other timing difference are recognized only to the extent there is a
reasonable certainty of its realisation. At each Balance Sheet date,
the carrying amount of deferred tax assets is reviewed to reassure
realisation.
Mar 31, 2014
1. Basis of Accounting
The financial statements are prepared under historical cost convention
and generally in accordance with the applicable accounting standards
and are based on accrual basis of accounting.
2. Fixed Assets
Fixed Assets are recorded at historical cost inclusive of direct and
allocated expenditure upto the date of commencement of commercial
production. Cenvat credit on eligible capital goods is deducted from
the value of Fixed Assets. Borrowing costs are capitalised as part of
qualifying Fixed Assets. Other borrowing costs are expensed.
3. Depreciation
Plant and machinery have been classified as continuous process plant
and depreciated at 5.28% under straight-line method upto 95% of
original cost. Based on technical opinion Windmill has been classified
under general Plant and Machinery. Vehicles are depreciated at 20 % on
original cost under straight-line method upto 95% of original cost.
All other fixed assets have been depreciated at straight line rates
prescribed in Schedule XIV to the Companies Act, 1956.
Fixed assets costing Rs.5,000/- or less have been fully depreciated.
Development expenses on free hold land are treated as part of cost and
not depreciated.
4. Long term investments
Long-term investments are stated at cost together with all incidental
costs of acquisition and diminution in value is not recognised if such
shortfall, in the opinion of the Management, is temporary in nature.
5. Inventories
Raw materials, Stores and Spares, Process Chemicals and Utilities are
valued at weighted average cost. Work-in-process is valued at cost.
Finished goods are valued at the lower of cost and net realisable
value.
6. Impairment of Assets
The company recognises impairment of all assets other than the assets,
which are specifically excluded under Accounting Standard 28 on
Impairment of assets after comparing the asset''s recoverable value with
its carrying amount in the books. In case the carrying amount exceeds
recoverable value, impairment losses are provided for.
7. Revenue Recognition
Sales are accounted net of trade discounts but inclusive of Excise Duty
wherever applicable. Direct sales are recognised at the point of
despatch. Consignment and depot sales are recognised after confirmation
of sale by the Consignee.
8. Retirement Benefits
Monthly contributions to recognised Provident Fund are considered on
actual basis in the accounts.
Contribution towards Superannuation is under defined contribution
scheme and charged to Statement of Profit and Loss.
Contribution towards gratuity on actuarial valuation funded with Trust
/ Life Insurance Corporation of India.
9. Research & Development
Expenditure on any project/ pilot plant based on R & D study is
capitalised while expenses on process/ product improvement are
expensed.
10. Excise Duty
Cenvat credit on inputs purchased for production are taken into account
on receipt of such materials at the factory and Cenvat credit on
purchase of capital goods to the extent applicable are taken into
account as and when the assets are installed. The Cenvat credits so
taken are utilised for payment of excise duty on goods manufactured.
The unutilised Cenvat credit is carried forward in the books.
Excise duty payable on manufactured goods held in the factories is
included in the valuation of closing stock, wherever applicable.
Stores and spares are inclusive of Cenvat and credit is availed of and
adjusted against revenue account.
11. Foreign Currency Transaction
Foreign currency transactions are recorded at the rates of exchange
prevailing on the date of transaction.
All current assets and current liabilities in foreign currency as at
the Balance Sheet date have been translated at the rates of exchange
prevailing as on that date.
All exchange differences including year-end translations arising on
revenue account are recognised in the Statement of Profit and Loss.
All exchange differences including year-end translations arising on
capital account are adjusted to the cost of fixed assets until the
commissioning of assets and thereafter to revenue account.
12. Contingent Liabilities & Provisions
All known liabilities of material nature have been provided for in the
accounts except liabilities of a contingent nature, which have been
disclosed at their estimated value in the notes on accounts in
accordance with Accounting Standard 29. As regards Provisions, it is
only those obligations arising from past events existing independently
of an enterprise''s future action that are recognised as Provisions.
13. Taxation
Deferred tax asset and liability is calculated by applying tax rate and
tax laws that have been enacted or substantially enacted by the Balance
Sheet date. Deferred tax assets arising mainly on account of brought
forward losses and unabsorbed depreciation under tax laws, are
recognized, only if there is a virtual certainty of its realization,
supported by convincing evidence. Deferred tax assets on account of
other timing difference are recognized only to the extent there is a
reasonable certainty of its realisation. At each Balance Sheet date,
the carrying amount of deferred tax assets is reviewed to reassure
realisation.
Mar 31, 2013
1. Basis of Accounting
The financial statements are prepared under historical cost convention
and generally in accordance with the applicable accounting standards
and are based on accrual basis of accounting.
2. Fixed Assets
Fixed Assets are recorded at historical cost, inclusive of direct and
allocated expenditure upto the date of commencement of commercial
production. Cenvat credit on eligible capital goods is deducted from
the value of Fixed Assets. Borrowing costs are capitalised as part of
qualifying Fixed Assets. Other borrowing costs are expensed.
3. Depreciation
Plant and Machinery have been classified as continuous process plant
and depreciated at 5.28% under straight-line method upto 95% of
original cost. Based on technical opinion Windmill has been classified
under general Plant and Machinery. Vehicles are depreciated at 20 % on
original cost under straight-line method upto 95% of original cost.
All other fixed assets have been depreciated at straight line rates
prescribed in Schedule XIV to the Companies Act, 1956.
Fixed assets costing Rs.5,000/- or less have been fully depreciated.
Development expenses on free hold land are treated as part of cost and
not depreciated.
4. Long term investments
Long-term investments are stated at cost together with all incidental
costs of acquisition and diminution in value is not recognised if such
shortfall, in the opinion of the Management, is temporary in nature.
5. Inventories
Raw materials, Stores and Spares, Process Chemicals and Utilities are
valued at weighted average cost. Work-in-process is valued at cost.
Finished goods are valued at the lower of cost and net realisable
value.
6. Impairment of Assets
The company recognises impairment of all assets other than the assets
which are specifically excluded under Accounting Standard 28 on
Impairment of assets after comparing the asset''s recoverable value with
its carrying amount in the books. In case the carrying amount exceeds
recoverable value, impairment losses are provided for.
7. Revenue Recognition
Sales are accounted net of trade discounts but inclusive of Excise Duty
wherever applicable. Direct sales are recognised at the point of
despatch. Consignment and depot sales are recognised after confirmation
of sale by the Consignee.
8. Retirement Benefits
Monthly contributions to recognised Provident Fund are considered on
actual basis in the accounts.
Contribution towards Superannuation is under defined contribution
scheme and charged to Profit and Loss Account.
Contribution towards gratuity on actuarial valuation funded with Trust
/ Life Insurance Corporation of India.
9. Research & Development
Expenditure on any project/ pilot plant based on R & D study is
capitalised while expenses on process / product improvement are
expensed.
10. Excise Duty
Cenvat credit on inputs purchased for production are taken into account
on receipt of such materials at the factory and Cenvat credit on
purchase of capital goods to the extent applicable are taken into
account as and when the assets are installed. The Cenvat credits so
taken are utilised for payment of excise duty on goods manufactured.
The unutilised Cenvat credit is carried forward in the books.
Excise duty payable on manufactured goods held in the factories is
included in the valuation of closing stock, wherever applicable.
Stores and spares are inclusive of Cenvat and credit is availed of and
adjusted against revenue account.
11. Foreign Currency Transaction
Foreign currency transactions are recorded at the rates of exchange
prevailing on the date of transaction.
All current assets and current liabilities in foreign currency as at
the Balance Sheet date have been converted at the rates of exchange
prevailing as on that date.
All exchange differences including year-end translations arising on
revenue account are recognised in the Profit and Loss account.
All exchange differences including year-end translations arising on
capital account are adjusted to the cost of fixed assets until the
commissioning of assets and thereafter to revenue account.
12. Contingent Liabilities & Provisions
All known liabilities of material nature have been provided for in the
accounts except liabilities of a contingent nature, which have been
disclosed at their estimated value in the notes on accounts in
accordance with Accounting Standard 29. As regards Provisions, it is
only those obligations arising from past events existing independently
of an enterprise''s future action that are recognised as Provisions.
13. Taxation
Deferred tax asset and liability is calculated by applying tax rate and
tax laws that have been enacted or substantially enacted by the Balance
Sheet date. Deferred tax assets arising mainly on account of brought
forward losses and unabsorbed depreciation under tax laws, are
recognized, only if there is a virtual certainty of its realisation,
supported by convincing evidence. Deferred tax assets on account of
other timing difference are recognised only to the extent there is a
reasonable certainty of its realisation. At each Balance Sheet date,
the carrying amount of deferred tax assets is reviewed to reassure
realisation.
Mar 31, 2012
1. Basis of Accounting
The financial statements are prepared under historical cost convention
and generally in accordance with the applicable accounting standards
and are based on accrual basis of accounting.
2. Fixed Assets
Fixed Assets are recorded at historical cost inclusive of direct and
allocated expenditure upto the date of commencement of commercial
production. Cenvat credit on eligible capital goods is deducted from
the value of Fixed Assets. Borrowing costs are capitalised as part of
qualifying Fixed Assets. Other borrowing costs are expensed.
3. Depreciation
Plant and machinery have been classified as continuous process plant
and depreciated at 5.28% under straight-line method upto 95% of
original cost. Based on technical opinion, Windmill has been classified
under general Plant and Machinery. Vehicles are depreciated at 20 % on
original cost under straight-line method upto 95% of original cost.
All other fixed assets have been depreciated at straight line rates
prescribed in Schedule XIV to the Companies Act, 1956.
Fixed assets costing Rs.5,000/- or less have been fully depreciated.
Development expenses on free hold land are treated as part of cost and
not depreciated.
4. Long term investments
Long-term investments are stated at cost together with all incidental
costs of acquisition and diminution in value is not recognised if such
shortfall, in the opinion of the Management, is temporary in nature.
5. Inventories
Raw materials, Stores and Spares, Process Chemicals and Utilities are
valued at weighted average cost. Work-in- process is valued at cost.
Finished goods are valued at the lower of cost and net realisable
value.
6. Impairment of Assets
The company recognises impairment of all assets other than the assets,
which are specifically excluded under Accounting Standard 28 on
Impairment of assets after comparing the asset's recoverable value with
its carrying amount in the books. In case the carrying amount exceeds
recoverable value, impairment losses are provided for.
7. Revenue Recognition
Sales are accounted net of trade discounts but inclusive of Excise Duty
wherever applicable. Direct sales are recognised at the point of
despatch. Consignment and depot sales are recognised after confirmation
of sale by the Consignee.
8. Retirement Benefits
Monthly contributions to recognised Provident Fund are considered on
actual basis in the accounts.
Contribution towards Superannuation is under defined contribution
scheme and charged to Statement of Profit and Loss.
Contribution towards gratuity on actuarial valuation funded with Trust
/ Life Insurance Corporation of India.
Provision for leave encashment is accrued and provided for on the basis
of an actuarial valuation made at the end of each financial year.
9. Research & Development
Expenditure on any project/ pilot plant based on R & D study is
capitalised while expenses on process/ product improvement are
expensed.
10. Excise Duty
Cenvat credit on inputs purchased for production are taken into account
on receipt of such materials at the factory and Cenvat credit on
purchase of capital goods to the extent applicable are taken into
account as and when the assets are installed. The Cenvat credits so
taken are utilised for payment of excise duty on goods manufactured.
The unutilised Cenvat credit is carried forward in the books. Excise
duty payable on manufactured goods held in the factories is included in
the valuation of closing stock, wherever applicable.
Stores and spares are inclusive of Cenvat and credit is availed of and
adjusted against revenue account.
11. Foreign Currency Transaction
Foreign currency transactions are recorded at the rates of exchange
prevailing on the date of transaction.
All current assets and current liabilities in foreign currency as at
the Balance Sheet date have been translated at the rates of exchange
prevailing as on that date.
All exchange differences including year-end translations arising on
revenue account are recognised in the Statement of Profit and Loss.
All exchange differences including year-end translations arising on
capital account are adjusted to the cost of fixed assets until the
commissioning of assets and thereafter to revenue account.
12. Contingent Liabilities & Provisions
All known liabilities of material nature have been provided for in the
accounts except liabilities of a contingent nature, which have been
disclosed at their estimated value in the notes on accounts in
accordance with Accounting Standard 29. As regards Provisions, it is
only those obligations arising from past events existing independently
of an enterprise's future action that are recognised as Provisions.
13. Taxation
Deferred tax asset and liability is calculated by applying tax rate and
tax laws that have been enacted or substantially enacted by the Balance
Sheet date. Deferred tax assets arising mainly on account of brought
forward losses and unabsorbed depreciation under tax laws, are
recognized, only if there is a virtual certainty of its realization,
supported by convincing evidence. Deferred tax assets on account of
other timing difference are recognized only to the extent there is a
reasonable certainty of its realisation. At each Balance Sheet date,
the carrying amount of deferred tax assets is reviewed to reassure
realisation.
Mar 31, 2011
1. Basis of Accounting
The financial statements are prepared under historical cost convention
and generally in accordance with the applicable accounting standards
and are based on accrual basis of accounting.
2. Fixed Assets
Fixed Assets are recorded at historical cost inclusive of direct and
allocated expenditure upto the date of commencement of commercial
production. Cenvat credit on eligible capital goods is deducted from
the value of Fixed Assets. Borrowing costs are capitalised as part of
qualifying Fixed Assets. Other borrowing costs are expensed.
3. Depreciation
Plant and machinery have been classified as continuous process plant
and depreciated at 5.28% under straight-line method upto 95% of
original cost. Based on technical opinion Windmill has been classified
under general Plant and Machinery. Vehicles are depreciated at 20 % on
original cost under straight-line method upto 95% of original cost. All
other fixed assets have been depreciated at straight line rates
prescribed in Schedule XIV to the Companies Act, 1956.
Fixed assets costing Rs.5,000/- or less have been fully depreciated.
Development expenses on free hold land are treated as part of cost and
not depreciated.
4. Long term investments
Long-term investments are stated at cost together with all incidental
costs of acquisition and diminution in value is not recognised if such
shortfall, in the opinion of the Management, is temporary in nature.
5. Inventories
Raw materials, Stores and Spares, Process Chemicals and Utilities are
valued at weighted average cost. Work-in-process is valued at cost.
Finished goods are valued at the lower of cost and net realisable
value.
6. Impairment of Assets
The company recognises impairment of all assets other than the assets,
which are specifically excluded under Accounting Standard 28 on
Impairment of assets after comparing the asset's recoverable value with
its carrying amount in the books. In case the carrying amount exceeds
recoverable value, impairment losses are provided for.
7. Revenue Recognition
Sales are accounted net of trade discounts but inclusive of Excise Duty
wherever applicable. Direct sales are recognised at the point of
despatch. Consignment and depot sales are recognised after confirmation
of sale by the Consignee.
8. Retirement Benefits
Monthly contributions to recognised Provident Fund are considered on
actual basis in the accounts.
Contribution towards Superannuation is under defined contribution
scheme and charged to Profit and Loss Account.
Contribution towards gratuity on actuarial valuation funded with Trust
/ Life Insurance Corporation of India.
Provision for leave encashment is accrued and provided for on the basis
of an actuarial valuation made at the end of each financial year.
9. Research & Development
Expenditure on any project/ pilot plant based on R & D study is
capitalised while expenses on process/ product improvement are
expensed.
10. Excise Duty
Cenvat credit on inputs purchased for production are taken into account
on receipt of such materials at the factory and Cenvat credit on
purchase of capital goods to the extent applicable are taken into
account as and when the assets are installed. The Cenvat credits so
taken are utilised for payment of excise duty on goods manufactured.
The unutilised Cenvat credit is carried forward in the books.
Excise duty payable on manufactured goods held in the factories is
included in the valuation of closing stock, wherever applicable.
Stores and spares are inclusive of Cenvat and credit is availed of and
adjusted against revenue account.
11. Foreign Currency Transaction
Foreign currency transactions are recorded at the rates of exchange
prevailing on the date of transaction.
All current assets and current liabilities in foreign currency as at
the Balance Sheet date have been translated at the rates of exchange
prevailing as on that date.
All exchange differences including year-end translations arising on
revenue account are recognised in the Profit and Loss account.
All exchange differences including year-end translations arising on
capital account are adjusted to the cost of fixed assets until the
commissioning of assets and thereafter to revenue account.
12. Contingent Liabilities & Provisions
All known liabilities of material nature have been provided for in the
accounts except liabilities of a contingent nature, which have been
disclosed at their estimated value in the notes on accounts in
accordance with Accounting Standard 29. As regards Provisions, it is
only those obligations arising from past events existing independently
of an enterprise's future action that are recognised as Provisions.
13. Taxation
Deferred tax asset and liability is calculated by applying tax rate and
tax laws that have been enacted or substantially enacted by the Balance
Sheet date. Deferred tax assets arising mainly on account of brought
forward losses and unabsorbed depreciation under tax laws, are
recognized, only if there is a virtual certainty of its realization,
supported by convincing evidence. Deferred tax assets on account of
other timing difference are recognized only to the extent there is a
reasonable certainty of its realisation. At each Balance Sheet date,
the carrying amount of deferred tax assets is reviewed to reassure
realisation.
Mar 31, 2010
1. Basis of Accounting
The financial statements are prepared under historical cost convention
and generally in accordance with the applicable accounting standards
and are based on accrual basis of accounting.
2. Fixed Assets
Fixed Assets are recorded at historical cost inclusive of direct and
allocated expenditure upto the date of commencement of commercial
production. Cenvat credit on eligible capital goods is deducted from
the value of Fixed Assets, borrowing costs are capitalised as part of
qualifying Fixed Assets. Other borrowing costs are expensed.
3. Depreciation
Plant and machinery have been classified as continuous process plant
and depreciated at 5.28% under straight-line method upto 95 % of
original cost. Based on technical opinion Windmill has been classified
under general Plant and Machinery. Vehicles are depreciated at 20 % on
original cost under straight-line method upto 95% of original cost. All
other fixed assets have been depreciated at straight line rates
prescribed in Schedule XIV to the Companies Act, 1956.
Fixed assets costing Rs.5,0007- or less have been fully depreciated.
Development expenses on free hold land are treated as part of cost and
not depreciated.
4. Long term investments
Long-term investments are stated at cost together with all incidental
costs of acquisition and diminution in value is not recognised if such
shortfall, in the opinion of the Management, is temporary in nature.
5. Inventories
Raw materials, Stores and Spares, Process Chemicals and Utilities are
valued at weighted average cost. Work-in- process is valued at cost.
Finished goods are valued at the lower of cost and net realisable
value.
6. Impairment of Assets
The company recognises impairment of all assets other than the assets,
which are specifically excluded under Accounting Standard 28 on
Impairment of assets after comparing the assets recoverable value with
its carrying amount in the books. In case the carrying amount exceeds
recoverable value, impairment losses are provided for.
7. Revenue Recognition
Sales are accounted net of trade discounts but inclusive of Excise Duty
wherever applicable. Direct sales are recognised at the point of
despatch. Consignment and depot sales are recognised after confirmation
of sale by the Consignee.
8. Retirement Benefits
Monthly contributions to recognised Provident Fund are considered on
actual basis in the accounts.
Contribution towards Superannuation is under defined contribution
scheme and charged to Profit and Loss Account.
Contribution towards gratuity on actuarial valuation funded with Trust
/ Life Insurance Corporation of India.
Provision for leave encashment is accrued and provided for on the basis
of an actuarial valuation made at the end of each - financial year.
9. Research & Development
Expenditure on any project/ pilot plant based on R & D study is
capitalised while expenses on process/ product improvement are
expensed.
10. Excise Duty
Cenvat credit on inputs purchased for production are taken into account
on receipt of such materials at the factory and Cenvat credit on
purchase of capital goods to the extent applicable are taken into
account as and when the assets are installed. The Cenvat credits so
taken are utilised for payment of excise duty on goods manufactured.
The unutilised Cenvat credit is carried forward in the books.
Excise duty payable on manufactured goods held in the factories is
included in the valuation of closing stock, wherever applicable.
Stores and spares are inclusive of Cenvat and credit is availed of and
adjusted against revenue account.
11. Foreign Currency Transaction
Foreign currency transactions are recorded at the rates of exchange
prevailing on the date of transaction.
All current assets and current liabilities in foreign currency as at
the Balance Sheet date have been translated at the rates of exchange
prevailing as on that date.
All exchange differences including year-end translations arising on
revenue account are recognised in the Profit and Loss account.
All exchange differences including year-end translations arising on
capital account are adjusted to the cost of fixed assets until the
commissioning of assets and thereafter to revenue account.
12. Contingent Liabilities & Provisions
All known liabilities of material nature have been provided for in the
accounts except liabilities of a contingent nature, which have been
disclosed at their estimated value in the notes on accounts in
accordance with Accounting Standard 29. As regards Provisions, it is
only those obligations arising from past events existing independently
of an enterprises future action that are recognised as Provisions.
13. Taxation
Deferred tax asset and liability is calculated by applying tax rate and
tax laws that have been enacted or substantially enacted by the Balance
Sheet date. Deferred tax assets arising mainly on account of brought
forward losses and unabsorbed depreciation under tax laws, are
recognized, only if there is a virtual certainty of its realization,
supported by convincing evidence. Deferred tax assets on account of
other timing difference are recognized only to the extent there is a
reasonable certainty of its realisation. At each Balance Sheet date,
the carrying amount of deferred tax assets is reviewed to reassure
realisation.
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