A Oneindia Venture
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Accounting Policies of Venus Pipes & Tubes Ltd. Company
Mar 31, 2025
1 MATERIAL ACCOUNTING POLICIES:
This note provides a list of the significant accounting
policies adopted in the preparation of these
standalone financial statements. These policies have
been consistently applied to all the years presented,
unless otherwise stated.
1.1 Basis of preparation
(i) Statement of Compliance and basis of
preparation
The Statement of Assets & Liabilities of the
Company as at 31st March, 2025 and the
Statement of Profit and Loss, the Statement of
Changes in Equity and the Statement of Cash
Flows for the year ended 31st March, 2025 and
other explanatory information are together
referred as "Audited Financial Statements".
These "Audited Financial Statements"
are approved for issue by the Board
of Directors on 26th May, 2025.
Financial Statements have been prepared in
accordance with the accounting principles
generally accepted in India including Indian
Accounting Standards (Ind AS) prescribed under
the Section 133 of the Companies Act, 2013 read
with rule 3 of the Companies (Indian Accounting
Standards) Rules, 2015 and relevant amendment
rules issued thereafter.
(ii) Basis of preparation and measurement
The financial statements of the Company are
prepared in accordance with Indian Accounting
Standards (Ind AS), under the historical cost
convention on the accrual basis as per the
provisions of the Companies Act, 2013 ("the
Act"), except for:
⢠Financial instruments - measured at fair
value;
⢠Assets held for sale - measured at fair
value less cost of sale;
⢠Plan assets under defined benefit plans -
measured at fair value
⢠Employee share-based payments -
measured at fair value
⢠Biological assets - measured at fair value
⢠In addition, the carrying values of recognised
assets and liabilities, designated as hedged
items in fair value hedges that would
otherwise be carried at cost, are adjusted
to record changes in the fair values
attributable to the risks that are being
hedged in effective hedge relationship.
1.2 Use of estimates
The preparation ofthe financial statements in conformity
with Ind AS requires the Management to make
estimates and assumptions considered in the reported
amounts of assets and liabilities (including contingent
liabilities) and the reported income and expenses during
the year. The Management believes that the estimates
used in preparation of the financial statements are
prudent and reasonable. Future results could differ due
to these estimates and the differences between the
actual results and the estimates are recognised in the
periods in which the results are known / materialise.
This note provides an overview of the areas where
there is a higher degree of judgment or complexity.
Detailed information about each of these estimates
and judgments is included in relevant notes together
with information about the basis of calculation.
The areas involving critical estimates or judgments are:
Valuation of financial instruments
Useful life of property, plant and equipment
Defined benefit obligation
Provisions
Recoverability of trade receivables
Recognition of revenue and allocation of transaction
price
Current tax expense and current tax payable
Estimates and judgments are regularly revisited.
Estimates are based on historical experience
and other factors, including futuristic reasonable
information that may have a financial impact on the
Company.
1.3 Cash and cash equivalents (for purpose of Cash Flow
Statement)
Cash comprises cash on hand and demand deposits
with banks. Cash equivalents are short-term balances
(with an original maturity of three months or less from
the date of acquisition) and highly liquid investments
that are readily convertible into known amounts of
cash and which are subject to insignificant risk of
changes in value.
For the purposes of the statement of cash flow, cash
and cash equivalents is as defined above, net of
outstanding bank overdrafts. In the balance sheet,
bank overdrafts are shown within borrowings in
current liabilities
1.4 Cash flow statement
Cash flows are reported using indirect method,
whereby Profit before tax reported under statement of
profit/ (loss) is adjusted for the effects of transactions
of non-cash nature and any deferrals or accruals
of past or future cash receipts or payments. The
cash flows from operating, investing and financing
activities of the Company are segregated based on
available information.
1.5 Property, plant and equipment
All the items of property, plant and equipment are
stated at historical cost net off cenvat credit less
depreciation. Historical cost includes expenditure that
is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset''s
carrying amount or recognised 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
derecognised when replaced. All other repairs and
maintenance are charged to profit or loss during
the reporting period in which they are incurred.
Depreciation is recognised so as to write off the cost
of assets (other than freehold land and properties
under construction) less their residual values over
their useful lives, using the straight-line method. The
estimated useful life is taken in accordance with
Schedule 11 to the Companies Act, 2013. The estimated
useful lives, residual values and depreciation method
are reviewed at the end of each reporting period, with
the effect of any changes in estimate accounted for
on a prospective basis.
An item of property, plant and equipment is
derecognised upon disposal or when no future
economic benefits are expected to arise from the
continued use of the asset. Any gain or loss arising
on the disposal or retirement of an item of property,
plant and equipment is determined as the difference
between the sales proceeds and the carrying amount
of the asset and is recognised in profit or loss.
Cost of Capital Work in Progress (''CWIP'') comprises
amount paid towards acquisition of property, plant and
equipment outstanding as of each balance sheet date
and construction expenditures, other expenditures
necessary for the purpose of preparing the CWIP for it
intended use and borrowing cost incurred before the
qualifying asset is ready for intended use. CWIP is not
depreciated until such time as the relevant asset is
completed and ready for its intended use
1.6 Intangible assets
Intangible assets acquired separately
Intangible assets with finite useful lives that
are acquired separately are carried at cost less
accumulated amortisation and accumulated
impairment losses. Amortisation is recognised on a
straight-line basis over their estimated useful lives.
The estimated useful life and amortisation 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. Intangible assets with
indefinite useful lives that are acquired separately are
carried at cost less accumulated impairment losses.
Intangible assets acquired in business combinations
are stated at fair value as determined by the
management of the Company on the basis of valuation
by expert valuers, less accumulated amortisation. The
estimated useful life of the intangible assets and the
amortisation period are reviewed at the end of each
financial year and the amortisation period is revised
to reflect the changed pattern, if any.
Amortisation of Intangible Assets
Intangible assets with finite useful lives that
are acquired separately are carried at cost less
accumulated amortisation and accumulated
impairment losses. Amortisation is recognised on a
straight-line basis over their estimated useful lives.
The estimated useful life and amortisation 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. Intangible assets with
indefinite useful lives that are acquired separately are
carried at cost less accumulated impairment losses.
An intangible asset is derecognised on disposal,
or when no future economic benefits are expected
from use or disposal. Gains or losses arising from
derecognition of an intangible asset, measured as the
difference between the net disposal proceeds and the
carrying amount of the asset, are recognised in profit
or loss when the asset is derecognised"
Useful lives of intangible assets
Intangible assets are amortised over their estimated
useful life on straight line method as follows:
a. Computer Software 5 Years
1.7 Impairment of tangible and intangible assets
At the end of each reporting period, the Company
reviews the carrying amounts of its tangible and
intangible assets to determine whether there is
any indication that those assets have suffered an
impairment loss. If any such indication exists, the
recoverable amount of the asset is estimated in order
to determine the extent of the impairment loss (if any).
When it is not possible to estimate the recoverable
amount of an individual asset, the Company estimates
the recoverable amount of the cash-generating unit
to which the asset belongs. When a reasonable
and consistent basis of allocation can be identified,
corporate assets are also allocated to individual cash¬
generating units, or otherwise they are allocated to the
smallest Company of cash-generating units for which
a reasonable and consistent allocation basis can be
identified.
Intangible assets with indefinite useful lives and
intangible assets not yet available for use are tested
for impairment at least annually, and whenever there
is an indication that the asset may be impaired.
Recoverable amount is the higher of fair value less
costs of disposal and value in use. In assessing value
in use, the estimated future cash flows are discounted
to their present value using a pre-tax discount rate
that reflects current market assessments of the time
value of money and the risks specific to the asset for
which the estimates of future cash flows have not
been adjusted.
If the recoverable amount of an asset (or cash¬
generating unit) is estimated to be less than its carrying
amount, the carrying amount of the asset (or cash¬
generating unit) is reduced to its recoverable amount.
An impairment loss is recognised immediately in
profit or loss.
When an impairment loss subsequently reverses, the
carrying amount of the asset (or a cash-generating
unit) is increased to the revised estimate of its
recoverable amount, but so that the increased carrying
amount does not exceed the carrying amount that
would have been determined had no impairment loss
been recognised for the asset (or cash-generating
unit) in prior years. A reversal of an impairment loss is
recognised immediately in profit or loss.
1.8 Inventories
Inventories comprise of raw materials, packing
materials, work-in-progress, finished goods and
stores and spares. Inventories are valued at lower of
cost and net realisable value. Costs are ascertained
on Weighted Average basis. Costs includes cost of
purchase and other costs incurred in bringing each
product to its present location and condition. In the
case of manufactured inventories, cost includes
cost of raw materials, packing materials and an
appropriate share of fixed and variable production
overheads. Fixed production overheads are allocated
on the basis of normal operating capacity. Variable
production overheads are allocated based on actual
use of production facilities. Net realisable value
represents the estimated selling price for inventories
in normal course of business, less all estimated costs
of completion and costs necessary to make the sale.
Provision is made for cost of obsolescence and other
anticipated losses whenever considered necessary.
1.9 Revenue Recognition
Revenue is recognised when control of goods is
transferred to a customer in accordance with the
terms of the contract. The control of the goods is
transferred upon delivery to the customers either at
factory gate of the Company or specific location of
the customer or when the goods are handed over to
the freight carrier, as per the terms of the contract. A
receivable is recognised by the Company when the
goods are delivered to the customer as this represents
the point in time at which the right to consideration
becomes unconditional, as only the passage of time
is required before payment is due.
In certain customer contracts, freight services
are treated as a distinct separate performance
obligation and the Company recognises revenue for
such services when the performance obligation is
completed.
The Company considers the terms of the contract in
determining the transaction price. The transaction price
is based upon the amount the Company expects to be
entitled to in exchange for transferring of promised
goods and services to the customer after deducting
incentive programs, included but not limited to
discounts, volume rebates, etc
Revenue is recognised at a determined transaction
price when identified performance obligations are
satisfied. The bill and hold contracts are entered at
the request of the customer. Revenue from bill and
hold contracts is recognised at the agreed transaction
price (determined price) .The price for bill and hold
contracts is determined at the time of entering into
the transaction and the performance obligation
is satisfied when goods have been appropriated
towards the sale transaction (the control of asset is
transferred to the customer).
1.10 Other Income
Interest Income:-
Interest 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, which is the rate
that exactly discounts estimated future cash receipts
through the expected life of the financial asset to that
asset''s net carrying amount on initial recognition.
Dividend Income:-
Dividend is recognised as income when the
shareholder''s right to receive payment has been
established (provided that it is probable that the
economic benefits will flow to the Company and the
amount of income can be measured reliably).
Export Incentives:-
Duty drawback, MEIS and SEIS benefits are recognised
at the time of exports and the benefits in respect of
licenses received by the Company against export
made by it are recognised as and when goods are
imported against them.
1.11 Foreign Currency Transactions
The functional currency for the Company is determined
as the currency of the primary economic environment
in which it operates. For the Company, the functional
currency is the local currency of the country in which
it operates, which is INR.
a) In preparing the financial statements the
Company, transactions in currencies other
than the entity''s functional currency (foreign
currencies) are recognised at the rates of
exchange prevailing at the dates of the
transactions. At the end of each reporting
period, monetary items denominated in foreign
currencies are retranslated at the rates prevailing
at that date. Non-monetary items carried at fair
value that are denominated in foreign currencies
are retranslated at the rates prevailing at the
date when the fair value was determined. Non¬
monetary items that are measured in terms
of historical cost in a foreign currency are not
retranslated.
b) The exchange differences arising on settlement/
restatement of long-term foreign currency
monetary items are taken into Statement of
Profit and Loss.
1.12 Employees Benefits
Payments to defined contribution retirement
benefit plans are recognised as an expense when
employees have rendered service entitling them to the
contributions:
For defined benefit retirement benefit plans, the
cost of providing benefits is determined using the
projected unit credit method, with actuarial valuations
being carried out at the end of each annual reporting
period. Remeasurement, comprising actuarial gains
and losses, the effect of the changes to the asset
ceiling (if applicable) and the return on plan assets
(excluding net interest), is reflected immediately in
the balance sheet with a charge or credit recognised
in other comprehensive income in the period in which
they occur. Remeasurement recognised in other
comprehensive income is reflected immediately in
retained earnings and is not reclassified to profit
or loss. Past service cost is recognised in profit or
loss in the period of a plan amendment. Net interest
is calculated by applying the discount rate at the
beginning of the period to the net defined benefit
liability or asset. Defined benefit costs are categorized
as follows:
a. service cost (including current service cost, past
service cost, as well as gains and losses on
curtailments and settlements);
b. net interest expense or income; and
c. remeasurement
The Company presents the first two components of
defined benefit costs in profit or loss in the line item
''Employee benefits expense''. Curtailment gains and
losses are accounted for as past service costs
The retirement benefit obligation recognised in the
balance sheet represents the actual deficit or surplus
in the Company''s defined benefit plans. Any surplus
resulting from this calculation is limited to the present
value of any economic benefits available in the form
of refunds from the plans or reductions in future
contributions to the plans.
Short-term and other long-term employee benefits
A liability is recognised for benefits accruing to
employees in respect of wages and salaries, annual
leave and sick leave in the period the related service is
rendered at the undiscounted amount of the benefits
expected to be paid in exchange for that service.
Liabilities recognised in respect of short¬
term employee benefits are measured at the
undiscounted amount of the benefits expected
to be paid in exchange for the related service.
Liabilities recognised in respect of other long-term
employee benefits are measured at the present value
of the estimated future cash outflows expected to be
made by the Company in respect of services provided
by employees up to the reporting date.
1.13 Accounting for Taxes
Income tax expense represents the sum of the tax
currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit
for the year. Taxable profit differs from ''profit before
tax'' as reported in the statement of profit and loss
because of items of income or expense that are
taxable or deductible in other years and items that are
never taxable or deductible. The Company''s current
tax is calculated using tax rates that have been
enacted or substantively enacted by the end of the
reporting period.
Deferred tax
Deferred tax is recognised on temporary differences
between the carrying amounts of assets and liabilities
in the financial statements and the corresponding
tax bases used in the computation of taxable profit.
Deferred tax liabilities are generally recognised for all
taxable temporary differences. Deferred tax assets
are generally recognised for all deductible temporary
differences to the extent that it is probable that
taxable profits will be available against which those
deductible temporary differences can be utilised. Such
deferred tax assets and liabilities are not recognised
if the temporary difference arises from the initial
recognition (other than in a business combination)
of assets and liabilities in a transaction that affects
neither the taxable profit nor the accounting profit.
In addition, deferred tax liabilities are not recognised
if the temporary difference arises from the initial
recognition of goodwill.
Deferred tax liabilities are recognised for taxable
temporary differences associated with investments
in subsidiaries and associates, and interests in
joint ventures, except where the Company is able
to control the reversal of the temporary difference
and it is probable that the temporary difference will
not reverse in the foreseeable future. Deferred tax
assets arising from deductible temporary differences
associated with such investments and interests are
only recognised to the extent that it is probable that
there will be sufficient taxable profits against which to
utilize the benefits of the temporary differences and
they are expected to reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed
at the end of each reporting period and reduced to
the extent that it is no longer probable that sufficient
taxable profits will be available to allow all or part of
the asset to be recovered.
Deferred tax liabilities and assets are measured at
the tax rates that are expected to apply in the period
in which the liability is settled or the asset realized,
based on tax rates (and tax laws) that have been
enacted or substantively enacted by the end of the
reporting period.
The measurement of deferred tax liabilities and assets
reflects the tax consequences that would follow from
the manner in which the Company expects, at the end
of the reporting period, to recover or settle the carrying
amount of its assets and liabilities.
Current and deferred tax for the year/period
Current and deferred tax are recognised in profit
or loss, except when they relate to items that are
recognised in other comprehensive income or directly
in equity, in which case, the current and deferred tax
are also recognised in other comprehensive income
or directly in equity respectively. Where current tax or
deferred tax arises from the initial accounting for a
business combination, the tax effect is included in the
accounting for the business combination.
1.14 Leases
Transition
Effective April 01, 2019, the Company adopted Ind As
116 "leases" and applied the standard to all applicable
lease contracts existing on 1st April, 2019 using the
modified retrospective method with cumulative effect
of initially applying the standard recognised on the date
of initial application. Accordingly, company has not
restated comparative information and recognised right
of use assets at an amount equal to lease liability.
The Company''s lease asset primarily consists
of leases for buildings. The Company assesses
whether a contract contains a lease, at inception of
a contract. A contract is, or contains, a lease if the
contract conveys the right to control the use of an
identified asset for a period of time in exchange for
consideration. To assess whether a contract conveys
the right to control the use of an identified asset, the
Company assesses whether: (i) the contract involves
the use of an identified asset (ii) the Company has
substantially all of the economic benefits from use of
the asset through the period of the lease and (iii) the
Company has the right to direct the use of the asset.
Company as a lessee
At the date of commencement of the lease, the
Company recognises a right-of-use asset ("ROU")
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. For these short¬
term and low value leases, the Company recognises
the lease payments as an operating expense.
The right-of-use assets are initially recognised at
cost, which comprises the initial amount of the lease
liability adjusted for any lease payments made at or
prior to the commencement date of the lease plus
any initial direct costs less any lease incentives. They
are subsequently measured at cost less accumulated
depreciation and impairment losses. Right-of-use
assets are depreciated from the commencement date
on a straight-line basis over the shorter of the lease
term and useful life of the underlying asset. Right of
use assets are evaluated for recoverability whenever
events or changes in circumstances indicate that
their carrying amounts may not be recoverable. For
the purpose of impairment testing, the recoverable
amount (i.e. The higher of the fair value less cost to sell
and the value-in-use) is determined on an individual
asset basis unless the asset does not generate cash
flows that are largely independent of those from
other assets. In such cases, the recoverable amount
is determined for the Cash Generating Unit (CGU) to
which the asset belongs.
The lease liability is initially measured at amortised
cost at the present value of the future lease payments.
The lease payments are discounted using the interest
rate implicit in the lease or, if not readily determinable,
using the incremental borrowing rates. Lease liabilities
are remeasured with a corresponding adjustment to
the related right of use asset if the Company changes
its assessment if whether it will exercise an extension
or a termination option.
Lease liability and ROU asset have been separately
presented in the Balance Sheet and finance cost
portion of lease payments have been classified as
financing cash flows.
1.15 Earnings Per Share
Basic earnings per share is computed by dividing the
profit / (loss) after tax (including the post tax effect of
extraordinary items, if any) by the weighted average
number of equity shares outstanding during the year
adjusted for bonus elements, if any, issued during the
period. Diluted earnings per share is computed by
dividing the profit / (loss) after tax (including the post
tax effect of extraordinary items, if any) as adjusted
for dividend, interest and other charges to expense
or income (net of any attributable taxes) relating to
the dilutive potential equity shares, by the weighted
average number of equity shares considered for
deriving basic earnings per share and the weighted
average number of equity shares which could have
been issued on the conversion of all dilutive potential
equity shares. Potential equity shares are deemed
to be dilutive only if their conversion to equity
shares would decrease the net profit per share from
continuing ordinary operations. Potential dilutive
equity shares are deemed to be converted as at the
beginning of the period, unless they have been issued
at a later date. The dilutive potential equity shares are
adjusted for the proceeds receivable had the shares
been actually issued at fair value (i.e. average market
value of the outstanding shares). Dilutive potential
equity shares are determined independently for each
period presented. The number of equity shares and
potentially dilutive equity shares are adjusted for
share splits / reverse share splits and bonus shares,
as appropriate.
1.16 Segment Reporting
Identification of segments:
Segments are identified in line with Ind AS-108
"segment Reporting", taking into consideration the
internal organisation and management structure as
well as the differential risk and returns of the segment.
Based on the Company''s business model,
manufacturing and/or trading of pipes, tubes & steel
have been considered as the only reportable business
and geographical segment.
Segment Policies:
The Company prepares its segment information in
conformity with the accounting policies adopted for
preparing and presenting the financial statements of
the Company as a whole.
Mar 31, 2024
BACKGROUND AND OPERATIONS
Venus Pipes & Tubes Limited (Formerly known as Venus Pipes & Tubes Private Limited) (âthe Companyâ) having its registered office at Survey No 233/2 & 234/1 Dhaneti , Bhuj, Kutch, Gujarat 370020 was incorporated on 17th February, 2015 and subsequently on 16th September, 2021 the company converted into Public Ltd company vide current Company Registration No. L74140GJ2015PLC082306 . The Company is engaged in activities of manufacturing of all kinds of stainless steel pipes & tubes and to deal in all the kinds of steel, pipes & tubes.
The equity shares of Venus Pipes & Tubes are listed on National Stock Exchange of India Ltd. (âNSEâ) and BSE Ltd. (âBSEâ) (collectively, the âStock Exchangesâ).
1 MATERIAL ACCOUNTING POLICIES:
This note provides a list of the significant accounting policies adopted in the preparation of these standalone financial statements. These policies have been consistently applied to all the years presented, unless otherwise stated.
(i) Statement of Compliance and basis of preparation
The Statement of Assets & Liabilities of the Company as at 31st March, 2024 and the Statement of Profit and Loss, the Statement of Changes in Equity and the Statement of Cash Flows for the year ended 31st March, 2024 and other explanatory information are together referred as âAudited Financial Statementsâ. These âAudited Financial Statementsâ are approved for issue by the Board of Directors on 9th May, 2024.
Financial Statements have been prepared in accordance with the accounting principles generally accepted in India including Indian Accounting Standards (Ind AS) prescribed under the Section 133 of the Companies Act, 2013 read with rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules issued thereafter.
(ii) Basis of preparation and measurement
The financial statements of the company are prepared in accordance with Indian Accounting Standards (Ind AS), under the historical cost convention on the accrual basis as per the provisions of the
Companies Act, 2013 (âthe Actâ), except for:
⢠Financial instruments - measured at fair value;
⢠Assets held for sale - measured at fair value less cost of sale;
⢠Plan assets under defined benefit plans -measured at fair value
⢠Employee share-based payments -measured at fair value
⢠Biological assets - measured at fair value
⢠In addition, the carrying values of recognised assets and liabilities, designated as hedged items in fair value hedges that would otherwise be carried at cost, are adjusted to record changes in the fair values attributable to the risks that are being hedged in effective hedge relationship.
The preparation of the financial statements in conformity with Ind AS requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialise.
This note provides an overview of the areas where there is a higher degree of judgment or complexity. Detailed information about each of these estimates and judgments is included in relevant notes together with information about the basis of calculation.
The areas involving critical estimates or judgments are:
Valuation of financial instruments Useful life of property, plant and equipment Defined benefit obligation Provisions
Recoverability of trade receivables
Recognition of revenue and allocation of transaction
price
Current tax expense and current tax payable Estimates and judgments are regularly revisited.
Estimates are based on historical experience and other factors, including futuristic reasonable information that may have a financial impact on Company.
1.3 Cash and cash equivalents (for purpose of Cash Flow Statement)
Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition) and highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.
For the purposes of the statement of cash flow, cash and cash equivalents is as defined above, net of outstanding bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings in current liabilities
Cash flows are reported using indirect method, whereby Profit before tax reported under statement of profit/ (loss) is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on available information.
1.5 Property, plant and equipment
All the items of property, plant and equipment are stated at historical cost net off cenvat credit less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset''s carrying amount or recognised 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 derecognised when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. Depreciation is recognised so as to write off the cost of assets (other than freehold land and properties under construction) less their residual values over their useful lives, using the straight-line method. The estimated useful life is taken in accordance with Schedule II to the Companies Act, 2013. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.
Cost of Capital Work in Progress (''CWIP'') comprises amount paid towards acquisition of property, plant and equipment outstanding as of each balance sheet date and construction expenditures, other expenditures necessary for the purpose of preparing the CWIP for it intended use and borrowing cost incurred before the qualifying asset is ready for intended use. CWIP is not depreciated until such time as the relevant asset is completed and ready for its intended use
Intangible assets acquired separately Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives. The estimated useful life and amortisation 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. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses. Intangible assets acquired in business combinations are stated at fair value as determined by the management of the Company on the basis of valuation by expert valuers, less accumulated amortisation. The estimated useful life of the intangible assets and the amortisation period are reviewed at the end of each financial year and the amortisation period is revised to reflect the changed pattern, if any.
Amortisation of Intangible Assets Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives.
The estimated useful life and amortisation 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. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses. An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognised in profit or loss when the asset is derecognised.â
Useful lives of intangible assets
I ntangible assets are amortised over their estimated useful life on straight line method as follows:
a. Computer Software 5 Years
1.7 Impairment of tangible and intangible assets
At the end of each reporting period, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest Company of cash-generating units for which a reasonable and consistent allocation basis can be identified.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired.
Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cashgenerating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
When an impairment loss subsequently reverses, the carrying amount of the asset (or a cashgenerating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Inventories comprise of raw materials, packing materials, work-in-progress, finished goods and stores and spares. Inventories are valued at lower of cost and net realisable value. Costs are ascertained on Weighted Average basis. Costs includes cost of purchase and other costs incurred in bringing each product to its present location and condition. In the case of manufactured inventories, cost includes cost of raw materials, packing materials and an appropriate share of fixed and variable production overheads. Fixed production overheads are allocated on the basis of normal operating capacity. Variable production overheads are allocated based on actual use of production facilities. Net realisable value represents the estimated selling price for inventories in normal course of business, less all estimated costs of completion and costs necessary to make the sale. Provision is made for cost of obsolescence and other anticipated losses whenever considered necessary.
Revenue is recognised when control of goods is transferred to a customer in accordance with the terms of the contract. The control of the goods is transferred upon delivery to the customers either at factory gate of the Company or specific location of the customer or when the goods are handed over to the freight carrier, as per the terms of the contract. A receivable is recognised by the Company when the goods are delivered to the customer as this represents the point in time at which the right to consideration becomes unconditional, as only the passage of time is required before payment is due.
In certain customer contracts, freight services are treated as a distinct separate performance obligation and the Company recognises revenue for such services when the performance obligation is completed.
The Company considers the terms of the contract in determining the transaction price. The transaction price is based upon the amount the Company expects to be entitled to in exchange for transferring of promised goods and services to the customer after deducting incentive Programmes, included but not limited to discounts, volume rebates, etc
Revenue is recognised at a determined transaction price when identified performance obligations are satisfied. The bill and hold contracts are entered at the request of the customer. Revenue from bill and hold contracts is recognised at the agreed transaction price (determined price) .The price for bill and hold contracts is determined at the time of entering into the transaction and the performance obligation is satisfied when goods have been appropriated towards the sale transaction (the control of asset is transferred to the customer).
Interest Income:-
Interest 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, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset''s net carrying amount on initial recognition.
Dividend Income:-
Dividend is recognised as income when the shareholder''s right to receive payment has been established (provided that it is probable that the economic benefits will flow to the Company and the amount of income can be measured reliably).
Export Incentives:-
Duty drawback, MEIS and SEIS benefits are recognised at the time of exports and the benefits in respect of licenses received by the Company against export made by it are recognised as and when goods are imported against them.
1.11 Foreign Currency Transactions
The functional currency for the Company is determined as the currency of the primary economic environment in which it operates. For the Company, the functional currency is the local currency of the country in which it operates, which is
a) In preparing the financial statements the Company, transactions in currencies other than the entity''s functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Nonmonetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
b) The exchange differences arising on settlement / restatement of long-term foreign currency monetary items are taken into Statement of Profit and Loss.
Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service entitling them to the contributions:
For defined benefit retirement benefit plans, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period. Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding net interest), is reflected immediately in the balance sheet with a charge or credit recognised in other comprehensive income in the period in which they occur. Remeasurement recognised in other comprehensive income is reflected immediately in retained earnings and is not reclassified to profit or loss. Past service cost is recognised in profit or loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are categorised as follows:
a. service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlements);
b. net interest expense or income; and
c. remeasurement
The Company presents the first two components of defined benefit costs in profit or loss in the line item ''Employee benefits expense''. Curtailment gains and losses are accounted for as past service costs. The retirement benefit obligation recognised in the balance sheet represents the actual deficit or surplus in the Company''s defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.
Short-term and other long-term employee benefits
A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave in the period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service. Liabilities recognised in respect of shortterm employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service. Liabilities recognised in respect of other long-term employee benefits are measured at the present value of the estimated future cash outflows expected to be made by the Company in respect of services provided by employees up to the reporting date.â
I ncome tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from ''profit before tax'' as reported in the statement of profit and loss because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company''s current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities
in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill.
Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax for the year/period Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly
in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.
Transition
Effective 1st April, 2019, Company adopted Ind As 116 "leasesâ and applied the standard to all applicable lease contracts existing on 1st April, 2019 using the modified retrospective method with cumulative effect of initially applying the standard recognised on the date of initial application. Accordingly, company has not restated comparative information and recognised right of use assets at an amount equal to lease liability. Company''s lease asset primarily consists of leases for buildings. Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, Company assesses whether: (i) the contract involves the use of an identified asset (ii) Company has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) Company has the right to direct the use of the asset.
Company as a lessee
At the date of commencement of the lease, the Company recognises a right-of-use asset ("ROUâ) 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 (shortterm leases) and low value leases. For these shortterm and low value leases, the Company recognises the lease payments as an operating expense. The right-of-use assets are initially recognised at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset. Right of use assets are evaluated
for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. The higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.
The lease liability is initially measured at amortised cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates. Lease liabilities are remeasured with a corresponding adjustment to the related right of use asset if the Company changes its assessment if whether it will exercise an extension or a termination option. Lease liability and ROU asset have been separately presented in the Balance Sheet and finance cost portion of lease payments have been classified as financing cash flows.
Basic earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) by the weighted average number of equity shares outstanding during the year adjusted for bonus elements, if any, issued during the period. Diluted earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) as adjusted for dividend, interest and other charges to expense or income (net of any attributable taxes) relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares. Potential equity shares are deemed to be dilutive only if their conversion to equity shares would decrease the net profit per share from continuing ordinary operations. Potential dilutive equity shares are deemed to be converted as at the beginning of the period, unless they have been issued at a later date. The dilutive potential equity shares are adjusted for the proceeds receivable had the shares been actually issued at fair value (i.e. average market value of the outstanding shares). Dilutive potential
equity shares are determined independently for each period presented. The number of equity shares and potentially dilutive equity shares are adjusted for share splits / reverse share splits and bonus shares, as appropriate.
Identification of segments:
Segments are identified in line with Ind AS-108 "segment Reportingâ, taking into consideration the internal organisation and management structure as well as the differential risk and returns of the segment.
Based on the Company''s business model, manufacturing and/or trading of pipes, tubes & steel have been considered as the only reportable business and geographical segment.
Segment Policies:
The Company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the financial statements of the Company as a whole.
1.17 Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). Contingent liabilities are recognised at their fair value only, if they were assumed as part of a business combination. Contingent assets are not recognised. However, when the realisation of income is virtually certain, then the related asset is no longer a contingent asset, and is recognised as an asset. Information on contingent liabilities is disclosed in the notes to the financial statements, unless the possibility of an outflow of resources embodying economic benefits is remote. The same applies to contingent assets where an inflow of economic benefits is probable.â
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use. Other borrowing costs are expensed in the period in which they are incurred.
Dividend distributed to Equity shareholders is recognised as distribution to owners of capital in the Statement of Changes in Equity, in the period in which it is paid.
The Company measures financial instruments, such as, certain investments 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:
- I n the principal market for the asset or liability, or
- In the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible by the company.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
⢠Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities
⢠Level 2 - Valuation techniques for
which the lowest level input that is significant to the fair value measurement is directly or indirectly observable
⢠Level 3 - Valuation techniques for
which the lowest level input that is significant to the fair value measurement is unobservableâ
(i) Recognition
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.
Financial instruments are recognised on the balance sheet when the Company becomes a party to the contractual provisions of the instrument.
Financial instruments are initially recognised at its fair value. Transaction costs directly attributable to the acquisition or issue of financial instruments are recognised in determining the carrying amount, if it is not classified as at fair value through profit or loss. However, trade receivables that do not contain a significant financing component are measured at transaction price. Transaction costs of financial instruments carried at fair value through profit or loss are expensed in the statement of profit and loss.
Subsequently, financial instruments are measured according to the category in which they are classified.
Classification and measurement - financial assets
Classification of financial assets is based on the business model in which the instruments are held as well as the characteristics of their contractual cash flows. The business model is based on management''s intentions and past pattern of transactions. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. The Company reclassifies financial assets when and only when its business model for managing those assets changes.
Financial assets are classified into three categoriesFinancial assets at amortised cost: Financial
assets having contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding and that are held within a business model whose objective is to hold such assets in order to collect such contractual cash flows are classified in this category. Subsequently, these are measured at amortised cost using the effective interest method less any impairment losses.
Equity investments at fair value through other comprehensive income (Equity instruments):
These include financial assets that are equity instruments and are designated as such upon initial recognition irrevocably. Subsequently, these are measured at fair value and changes therein are recognised directly in other comprehensive income, net of applicable income taxes
Dividends from these equity investments are recognised in the statement of Profit and Loss when the right to receive payment has been established.
When the equity investment is derecognised, the cumulative gain or loss in equity is transferred to retained earnings.
Financial assets at fair value through other comprehensive income (Debt instruments):
Financial assets having contractual terms that give rise on specified dates, to cash flows that are solely payments of principal and interest on the principal outstanding and that are held within a business model whose objective is to hold such assets in order to collect such contractual cash flows as well as to sell the financial asset, are classified in this category. Subsequently, these are measured at fair value, with unrealised gains or losses being recognised in other comprehensive income apart from any expected credit losses or foreign exchange gains or losses, which are recognised in profit or loss
Financial assets at fair value through profit and loss: Financial assets are measured at fair value through profit and loss unless it is measured at amortised cost or at fair value through other comprehensive income on initial recognition. The transaction costs directly attributable to the acquisition of financial assets and liabilities at
fair value through profit and loss are immediately recognised in profit and loss
Classification and measurement - financial liabilities:
Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.
Financial guarantee contracts: These are
initially measured at their fair values and, are subsequently measured at the higher of the amount of loss allowance determined or the amount initially recognised less, the cumulative amount of income recognised.
Other financial liabilities: These are measured at amortised cost using the effective interest method.
(ii) Determination of fair value:
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, regardless of whether that price is directly observable or estimated using another valuation technique
The fair value of a financial instrument on initial recognition is normally the transaction price (fair value of the consideration given or received).
In estimating the fair value of an asset or liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date.
Subsequent to initial recognition, the Company determines the fair value of financial instruments that are quoted in active markets using the quoted bid prices (financial assets held) or quoted ask prices (financial liabilities held) and using valuation techniques for other instruments. Valuation techniques include discounted cash flow method and other valuation methods.
(iii) Derecognition of financial assets and financial liabilities
The Company derecognises a financial asset only when the contractual rights to the cash flows from the asset expires or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. Any gain or loss arising on derecognition is recognised in profit or loss. When a financial instrument is derecognised, the cumulative gain or loss in equity is transferred to the statement of profit and loss unless it was an equity instrument electively held at fair value through other comprehensive income. In this case, any cumulative gain or loss in equity is transferred to retained earnings. Financial assets are written off when there is no reasonable expectation of recovery. The Company reviews the facts and circumstances around each asset before making a determination. Financial assets that are written off could still be subject to enforcement activities.
Financial liabilities are derecognised when these are extinguished, that is when the obligation is discharged, cancelled or has expired.
(iv) Impairment of financial Assets
The Company recognises a loss allowance for expected credit losses on a financial asset that is at amortised cost or at fair value through other comprehensive income. Expected credit losses are forward looking and are measured in a way that is unbiased and represents a probability-weighted amount, takes into account the time value of money (values are discounted using
the applicable effective interest rate) and uses reasonable and supportable information.
Based on the nature of activities of the Company and the normal time between acquisition of assets and their realisation in cash or cash equivalents, the Company has determined its operating cycle as 12 months for the purpose of classification of its assets and liabilities as current and non-current.
1.23 Current and non Current classification :
i. The assets and liabilities in the Balance Sheet are based on current/ non - current classification. An asset as current when it is:
1 Expected to be realised or intended to be sold or consumed in normal operating cycle
2 Held primarily for the purpose of trading
3 Expected to be realised within twelve months after the reporting period, or
4 Cash or cash equivalents unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period
All other assets are classified as non -current.
ii A liability is current when:
1. Expected to be settled in normal operating cycle
2. Held primarily for the purpose of trading
3. Due to be settled within twelve months after the reporting period, or
4. There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period
All other liabilities are treated as non - current. Deferred tax assets and liabilities are classified as non - current assets and liabilities.
Note- 1.24 Critical and significant accounting judgements,
estimates and assumptions
(i) Critical estimates and judgements
The following are the critical judgements, apart from those involving estimations that the management
have made in the process of applying the Company''s accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Actual results may differ from these estimates. These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to the accounting estimates in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Useful lives of property, plant and equipment and intangible assets:
Management reviews the useful lives of depreciable assets at each reporting. As at 31st March, 2024 management assessed that the useful lives represent the expected utility of the assets to the Company. Further, there is no significant change in the useful lives as compared to previous year.
Allowance for expected credit losses:
The expected credit allowance is based on the aging of the days receivables are due and the rates derived based on past history of defaults in the provision matrix.
Significant judgements are involved in determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.
(ii) Significant accounting judgements, estimates and assumptions
The preparation of Company''s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.
In the process of applying Company''s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the standalone financial statements:
Determination of lease term & discount rate:
I nd AS 116 leases requires lessee to determine the lease term as the non-cancellable period of a lease adjusted with any option to extend or terminate the lease, if the use of such option is reasonably certain. The Company makes assessment on the expected lease term on lease by lease basis and thereby assesses whether it is reasonably certain that any options to extend or terminate the contract will be exercised. In evaluating the lease term, the Company considers factor such as any significant leasehold improvements undertaken over the lease term, costs relating to the termination of lease and the importance of the underlying to the company''s operations taking into account the location of the underlying asset and availability of the suitable alternatives. The lease term in future period is reassessed to ensure that the lease term reflects the current economic circumstances. The discount rate is generally based on the incremental borrowing rate specific to the lease being evaluated or for a portfolio of leases with similar characteristics.
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. Company based on its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of Company. Such changes are reflected in the assumptions when they occur.
Impairment of non-financial assets
Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm''s length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a Discounted Cash Flow model. The cash flows are derived from the budget for the next five years and do not include activities that Company is not yet committed to or significant future investments that will enhance the asset''s performance of the Cash Generating Unit being tested. The recoverable amount is sensitive to the discount rate used for the Discounted Cash Flow model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes.
Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together with future tax planning strategies.
Provision and contingent liability
On an ongoing basis, Company reviews pending cases, claims by third parties and other contingencies. For contingent losses that are considered probable, an estimated loss is recorded as an accrual in financial statements. Loss Contingencies that are considered possible are not provided for but disclosed as Contingent liabilities in the financial statements. Contingencies the likelihood of which is remote are not disclosed in the financial statements. Gain contingencies are not recognised until the contingency has been resolved and amounts are received or receivable.
Ministry of Corporate Affairs ("MCAâ) notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended 31st March, 2024, MCA has not notified any new standards or amendments to the existing standards applicable to the Company.
Mar 31, 2023
SIGNIFICANT ACCOUNTING POLICIES
This note provides a list of the significant accounting
policies adopted in the preparation of these standalone
financial statements. These policies have been consistently
applied to all the years presented, unless otherwise stated.
(i) Statement of Compliance and basis of
preparation
The Statement of Assets & Liabilites of the
Company as at 31 March, 2023 and the
Statement of Profit and Loss, the Statement of
Changes in Equity and the Statement of Cash
Flows for the year ended 31 March, 2023 and
other explanatory information are together
referred as "Audited Financial Statements".
These "Audited Financial Statements" are
approved for issue by the Board of Directors on
24 May, 2023.
Financial Statements have been prepared in
accordance with the accounting principles
generally accepted in India including Indian
Accounting Standards (Ind AS) prescribed under
the Section 133 of the Companies Act, 2013 read
with rule 3 of the Companies (Indian Accounting
Standards) Rules, 2015 and relevant amendment
rules issued thereafter.
(ii) Basis of preparation and measurement
The financial statements of the Company are
prepared in accordance with Indian Accounting
Standards (Ind AS), under the historical cost
convention on the accrual basis as per the
provisions of the Companies Act, 2013 ("the
Act"), except for:
⢠Financial instruments - measured at fair
value;
⢠Assets held for sale - measured at fair
value less cost of sale;
⢠Plan assets under defined benefit plans -
measured at fair value
⢠Employee share-based payments -
measured at fair value
⢠Biological assets - measured at fair value
⢠In addition, the carrying values of recognised
assets and liabilities, designated as hedged
items in fair value hedges that would
otherwise be carried at cost, are adjusted
to record changes in the fair values
attributable to the risks that are being
hedged in effective hedge relationship.
The preparation of the financial statements in
conformity with Ind AS requires the Management to
make estimates and assumptions considered in the
reported amounts of assets and liabilities (including
contingent liabilities) and the reported income
and expenses during the year. The Management
believes that the estimates used in preparation of
the financial statements are prudent and reasonable.
Future results could differ due to these estimates and
the differences between the actual results and the
estimates are recognised in the periods in which the
results are known / materialise.
This note provides an overview of the areas where
there is a higher degree of judgment or complexity.
Detailed information about each of these estimates
and judgments is included in relevant notes together
with information about the basis of calculation.
The areas involving critical estimates or judgments
are:
Valuation of financial instruments
Useful life of property, plant and equipment
Defined benefit obligation
Provisions
Recoverability of trade receivables
Recognition of revenue and allocation of transaction
price
Current tax expense and current tax payable
Estimates and judgments are regularly revisited.
Estimates are based on historical experience
and other factors, including futuristic reasonable
information that may have a financial impact on the
Company.
1.3 Cash and cash equivalents (for purpose of Cash Flow
Statement)
Cash comprises cash on hand and demand deposits
with banks. Cash equivalents are short-term balances
(with an original maturity of three months or less from
the date of acquisition) and highly liquid investments
that are readily convertible into known amounts of
cash and which are subject to insignificant risk of
changes in value.
For the purposes of the statement of cash flow, cash
and cash equivalents is as defined above, net of
outstanding bank overdrafts. In the balance sheet,
bank overdrafts are shown within borrowings in
current liabilities
Cash flows are reported using indirect method,
whereby Profit before tax reported under statement of
profit/ (loss) is adjusted for the effects of transactions
of non-cash nature and any deferrals or accruals
of past or future cash receipts or payments. The
cash flows from operating, investing and financing
activities of the Company are segregated based on
available information.
1.5 Property, plant and equipment
All the items of property, plant and equipment are
stated at historical cost net off cenvat credit less
depreciation. Historical cost includes expenditure
that is directly attributable to the acquisition of the
items.
Subsequent costs are included in the asset''s
carrying amount or recognised 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
derecognised when replaced. All other repairs and
maintenance are charged to profit or loss during the
reporting period in which they are incurred.
Depreciation is recognised so as to write off the cost
of assets (other than freehold land and properties
under construction) less their residual values over
their useful lives, using the straight-line method. The
estimated useful life is taken in accordance with
Schedule II to the Companies Act, 2013. The estimated
useful lives, residual values and depreciation method
are reviewed at the end of each reporting period, with
the effect of any changes in estimate accounted for
on a prospective basis.
An item of property, plant and equipment is
derecognised upon disposal or when no future
economic benefits are expected to arise from the
continued use of the asset. Any gain or loss arising
on the disposal or retirement of an item of property,
plant and equipment is determined as the difference
between the sales proceeds and the carrying amount
of the asset and is recognised in profit or loss.
Cost of Capital Work in Progress (''CWIP'') comprises
amount paid towards acquisition of property, plant and
equipment outstanding as of each balance sheet date
and construction expenditures, other expenditures
necessary for the purpose of preparing the CWIP for it
intended use and borrowing cost incurred before the
qualifying asset is ready for intended use. CWIP is not
depreciated until such time as the relevant asset is
completed and ready for its intended use
Intangible assets acquired separately
Intangible assets with finite useful lives that
are acquired separately are carried at cost less
accumulated amortisation and accumulated
impairment losses. Amortisation is recognised on a
straight-line basis over their estimated useful lives.
The estimated useful life and amortisation 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. Intangible assets with
indefinite useful lives that are acquired separately are
carried at cost less accumulated impairment losses.
Intangible assets acquired in business combinations
are stated at fair value as determined by the
management of the Company on the basis of valuation
by expert valuers, less accumulated amortisation. The
estimated useful life of the intangible assets and the
amortisation period are reviewed at the end of each
financial year and the amortisation period is revised
to reflect the changed pattern, if any.
Amortisation of Intangible Assets
Intangible assets with finite useful lives that
are acquired separately are carried at cost less
accumulated amortisation and accumulated
impairment losses. Amortisation is recognised on a
straight-line basis over their estimated useful lives.
The estimated useful life and amortisation 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. Intangible assets with
indefinite useful lives that are acquired separately are
carried at cost less accumulated impairment losses.
An intangible asset is derecognised on disposal,
or when no future economic benefits are expected
from use or disposal. Gains or losses arising from
derecognition of an intangible asset, measured as the
difference between the net disposal proceeds and the
carrying amount of the asset, are recognised in profit
or loss when the asset is derecognised.
Useful lives of intangible assets
I ntangible assets are amortised over their estimated
useful life on straight line method as follows:
a. Computer Software 5 Years
1.7 Impairment of tangible and intangible assets
At the end of each reporting period, the Company
reviews the carrying amounts of its tangible and
intangible assets to determine whether there is
any indication that those assets have suffered an
impairment loss. If any such indication exists, the
recoverable amount of the asset is estimated in order
to determine the extent of the impairment loss (if any).
When it is not possible to estimate the recoverable
amount of an individual asset, the Company estimates
the recoverable amount of the cash-generating unit
to which the asset belongs. When a reasonable
and consistent basis of allocation can be identified,
corporate assets are also allocated to individual cash¬
generating units, or otherwise they are allocated to the
smallest Company of cash-generating units for which
a reasonable and consistent allocation basis can be
identified.
Intangible assets with indefinite useful lives and
intangible assets not yet available for use are tested
for impairment at least annually, and whenever there
is an indication that the asset may be impaired.
Recoverable amount is the higher of fair value less
costs of disposal and value in use. In assessing value
in use, the estimated future cash flows are discounted
to their present value using a pre-tax discount rate
that reflects current market assessments of the time
value of money and the risks specific to the asset for
which the estimates of future cash flows have not
been adjusted.
If the recoverable amount of an asset (or cash¬
generating unit) is estimated to be less than its carrying
amount, the carrying amount of the asset (or cash¬
generating unit) is reduced to its recoverable amount.
An impairment loss is recognised immediately in
profit or loss.
When an impairment loss subsequently reverses, the
carrying amount of the asset (or a cash-generating
unit) is increased to the revised estimate of its
recoverable amount, but so that the increased carrying
amount does not exceed the carrying amount that
would have been determined had no impairment loss
been recognised for the asset (or cash-generating
unit) in prior years. A reversal of an impairment loss is
recognised immediately in profit or loss.
Inventories comprise of raw materials, packing
materials, work-in-progress, finished goods and
stores and spares. Inventories are valued at lower of
cost and net realisable value. Costs are ascertained
on Weighted Average basis. Costs includes cost of
purchase and other costs incurred in bringing each
product to its present location and condition. In the
case of manufactured inventories, cost includes
cost of raw materials, packing materials and an
appropriate share of fixed and variable production
overheads.Fixed production overheads are allocated
on the basis of normal operating capacity. Variable
production overheads are allocated based on actual
use of production facilities. Net realisable value
represents the estimated selling price for inventories
in normal course of business, less all estimated costs
of completion and costs necessary to make the sale.
Provision is made for cost of obsolescence and other
anticipated losses whenever considered necessary.
Revenue is recognised when control of goods is
transferred to a customer in accordance with the
terms of the contract. The control of the goods is
transferred upon delivery to the customers either at
factory gate of the Company or specific location of
the customer or when the goods are handed over to
the freight carrier, as per the terms of the contract. A
receivable is recognised by the Company when the
goods are delivered to the customer as this represents
the point in time at which the right to consideration
becomes unconditional, as only the passage of time
is required before payment is due.
In certain customer contracts, freight services are
treated as a distinct separate performance obligation
and the Company recognises revenue for such services
when the performance obligation is completed.
The Company considers the terms of the contract in
determining the transaction price. The transaction price
is based upon the amount the Company expects to be
entitled to in exchange for transferring of promised
goods and services to the customer after deducting
incentive programs, included but not limited to
discounts, volume rebates, etc
Revenue is recognised at a determined transaction
price when identified performance obligations are
satisfied. The bill and hold contracts are entered at
the request of the customer. Revenue from bill and
hold contracts is recognised at the agreed transaction
price (determined price) .The price for bill and hold
contracts is determined at the time of entering into
the transaction and the performance obligation
is satisfied when goods have been appropriated
towards the sale transaction (the control of asset is
transferred to the customer).
1.10 Other Income
Interest Income:-
Interest 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, which is the rate
that exactly discounts estimated future cash receipts
through the expected life of the financial asset to that
asset''s net carrying amount on initial recognition.
Dividend is recognised as income when the
shareholder''s right to receive payment has been
established (provided that it is probable that the
economic benefits will flow to the Company and the
amount of income can be measured reliably).
Duty drawback, MEIS and SEIS benefits are recognised
at the time of exports and the benefits in respect of
licenses received by the Company against export
made by it are recognised as and when goods are
imported against them.
1.11 Foreign Currency Transactions
The functional currency for the Company is determined
as the currency of the primary economic environment
in which it operates. For the Company, the functional
currency is the local currency of the country in which
it operates, which is ''.
a) In preparing the financial statements the
Company, transactions in currencies other
than the entity''s functional currency (foreign
currencies) are recognised at the rates of
exchange prevailing at the dates of the
transactions. At the end of each reporting
period, monetary items denominated in foreign
currencies are retranslated at the rates prevailing
at that date. Non-monetary items carried at fair
value that are denominated in foreign currencies
are retranslated at the rates prevailing at the
date when the fair value was determined. Non¬
monetary items that are measured in terms
of historical cost in a foreign currency are not
retranslated.
b) The exchange differences arising on settlement
/ restatement of long-term foreign currency
monetary items are taken into Statement of
Profit and Loss.
Payments to defined contribution retirement
benefit plans are recognised as an expense when
employees have rendered service entitling them to the
contributions:
For defined benefit retirement benefit plans, the
cost of providing benefits is determined using the
projected unit credit method, with actuarial valuations
being carried out at the end of each annual reporting
period. Remeasurement, comprising actuarial gains
and losses, the effect of the changes to the asset
ceiling (if applicable) and the return on plan assets
(excluding net interest), is reflected immediately in
the balance sheet with a charge or credit recognised
in other comprehensive income in the period in which
they occur. Remeasurement recognised in other
comprehensive income is reflected immediately in
retained earnings and is not reclassified to profit
or loss. Past service cost is recognised in profit or
loss in the period of a plan amendment. Net interest
is calculated by applying the discount rate at the
beginning of the period to the net defined benefit
liability or asset. Defined benefit costs are categorised
as follows:
a. service cost (including current service cost, past
service cost, as well as gains and losses on
curtailments and settlements);
b. net interest expense or income; and
c. remeasurement
The Company presents the first two components of
defined benefit costs in profit or loss in the line item
''Employee benefits expense''. Curtailment gains and
losses are accounted for as past service costs.
The retirement benefit obligation recognised in the
balance sheet represents the actual deficit or surplus
in the Company''s defined benefit plans. Any surplus
resulting from this calculation is limited to the present
value of any economic benefits available in the form
of refunds from the plans or reductions in future
contributions to the plans.
Short-term and other long-term employee benefits
A liability is recognised for benefits accruing to
employees in respect of wages and salaries, annual
leave and sick leave in the period the related service is
rendered at the undiscounted amount of the benefits
expected to be paid in exchange for that service.
Liabilities recognised in respect of short-term
employee benefits are measured at the undiscounted
amount of the benefits expected to be paid in
exchange for the related service.
Liabilities recognised in respect of other long-term
employee benefits are measured at the present value
of the estimated future cash outflows expected to be
made by the Company in respect of services provided
by employees up to the reporting date.
I ncome tax expense represents the sum of the tax
currently payable and deferred tax.
The tax currently payable is based on taxable profit
for the year. Taxable profit differs from ''profit before
tax'' as reported in the statement of profit and loss
because of items of income or expense that are
taxable or deductible in other years and items that are
never taxable or deductible. The Company''s current
tax is calculated using tax rates that have been
enacted or substantively enacted by the end of the
reporting period.
Deferred tax is recognised on temporary differences
between the carrying amounts of assets and liabilities
in the financial statements and the corresponding
tax bases used in the computation of taxable profit.
Deferred tax liabilities are generally recognised for all
taxable temporary differences. Deferred tax assets
are generally recognised for all deductible temporary
differences to the extent that it is probable that
taxable profits will be available against which those
deductible temporary differences can be utilised. Such
deferred tax assets and liabilities are not recognised
if the temporary difference arises from the initial
recognition (other than in a business combination)
of assets and liabilities in a transaction that affects
neither the taxable profit nor the accounting profit.
In addition, deferred tax liabilities are not recognised
if the temporary difference arises from the initial
recognition of goodwill.
Deferred tax liabilities are recognised for taxable
temporary differences associated with investments
in subsidiaries and associates, and interests in
joint ventures, except where the Company is able
to control the reversal of the temporary difference
and it is probable that the temporary difference will
not reverse in the foreseeable future. Deferred tax
assets arising from deductible temporary differences
associated with such investments and interests are
only recognised to the extent that it is probable that
there will be sufficient taxable profits against which to
utilise the benefits of the temporary differences and
they are expected to reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed
at the end of each reporting period and reduced to
the extent that it is no longer probable that sufficient
taxable profits will be available to allow all or part of
the asset to be recovered.
Deferred tax liabilities and assets are measured at
the tax rates that are expected to apply in the period
in which the liability is settled or the asset realised,
based on tax rates (and tax laws) that have been
enacted or substantively enacted by the end of the
reporting period.
The measurement of deferred tax liabilities and assets
reflects the tax consequences that would follow from
the manner in which the Company expects, at the end
of the reporting period, to recover or settle the carrying
amount of its assets and liabilities.
Current and deferred tax for the year/period
Current and deferred tax are recognised in profit
or loss, except when they relate to items that are
recognised in other comprehensive income or directly
in equity, in which case, the current and deferred tax
are also recognised in other comprehensive income
or directly in equity respectively. Where current tax or
deferred tax arises from the initial accounting for a
business combination, the tax effect is included in the
accounting for the business combination.
Effective 01 April, 2019, the Company adopted Ind As
116 "leases" and applied the standard to all applicable
lease contracts existing on 01 April, 2019 using the
modified retrospective method with cumulative effect
of initially applying the standard recognised on the
date of initial application. Accordingly, company has
not restated comparative information and recognised
right of use assets at an amount equal to lease
liability.
The Company''s lease asset primarily consists
of leases for buildings. The Company assesses
whether a contract contains a lease, at inception of
a contract. A contract is, or contains, a lease if the
contract conveys the right to control the use of an
identified asset for a period of time in exchange for
consideration. To assess whether a contract conveys
the right to control the use of an identified asset, the
Company assesses whether: (i) the contract involves
the use of an identified asset (ii) the Company has
substantially all of the economic benefits from use of
the asset through the period of the lease and (iii) the
Company has the right to direct the use of the asset.
At the date of commencement of the lease, the
Company recognises a right-of-use asset ("ROU")
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. For these short-term
and low value leases, the Company recognises the
lease payments as an operating expense.
The right-of-use assets are initially recognised at
cost, which comprises the initial amount of the lease
liability adjusted for any lease payments made at or
prior to the commencement date of the lease plus
any initial direct costs less any lease incentives. They
are subsequently measured at cost less accumulated
depreciation and impairment losses.
Right-of-use assets are depreciated from the
commencement date on a straight-line basis over
the shorter of the lease term and useful life of the
underlying asset. Right of use assets are evaluated
for recoverability whenever events or changes in
circumstances indicate that their carrying amounts
may not be recoverable. For the purpose of
impairment testing, the recoverable amount (i.e. The
higher of the fair value less cost to sell and the value-
in-use) is determined on an individual asset basis
unless the asset does not generate cash flows that
are largely independent of those from other assets.
In such cases, the recoverable amount is determined
for the Cash Generating Unit (CGU) to which the asset
belongs.
The lease liability is initially measured at amortised
cost at the present value of the future lease payments.
The lease payments are discounted using the interest
rate implicit in the lease or, if not readily determinable,
using the incremental borrowing rates. Lease liabilities
are remeasured with a corresponding adjustment to
the related right of use asset if the Company changes
its assessment if whether it will exercise an extension
or a termination option.
Lease liability and ROU asset have been separately
presented in the Balance Sheet and finance cost
portion of lease payments have been classified as
financing cash flows.
Basic earnings per share is computed by dividing the
profit / (loss) after tax (including the post tax effect of
extraordinary items, if any) by the weighted average
number of equity shares outstanding during the year
adjusted for bonus elements, if any, issued during the
period. Diluted earnings per share is computed by
dividing the profit / (loss) after tax (including the post
tax effect of extraordinary items, if any) as adjusted
for dividend, interest and other charges to expense
or income (net of any attributable taxes) relating to
the dilutive potential equity shares, by the weighted
average number of equity shares considered for
deriving basic earnings per share and the weighted
average number of equity shares which could have
been issued on the conversion of all dilutive potential
equity shares. Potential equity shares are deemed
to be dilutive only if their conversion to equity
shares would decrease the net profit per share from
continuing ordinary operations. Potential dilutive
equity shares are deemed to be converted as at the
beginning of the period, unless they have been issued
at a later date. The dilutive potential equity shares are
adjusted for the proceeds receivable had the shares
been actually issued at fair value (i.e. average market
value of the outstanding shares). Dilutive potential
equity shares are determined independently for each
period presented. The number of equity shares and
potentially dilutive equity shares are adjusted for
share splits / reverse share splits and bonus shares,
as appropriate.
Identification of segments:
Segments are identified in line with Ind AS-108
"segment Reporting", taking into consideration the
internal organisation and management structure as
well as the differential risk and returns of the segment.
Based on the Company''s business model,
manufacturing and/or trading of pipes, tubes & steel
have been considered as the only reportable business
and geographical segment.
The Company prepares its segment information in
conformity with the accounting policies adopted for
preparing and presenting the financial statements of
the Company as a whole.
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