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Accounting Policies of Bansal Roofing Products Ltd. Company
Mar 31, 2025
NOTE 2: SIGNIFICANT ACCOUNTING POLICIES
This note provides a list of the significant accounting policies adopted in the preparation of these
Indian Accounting Standards (Ind-AS) financial statements. These policies have been consistently
applied to all the years except where newly issued accounting standard is initially adopted.
2.01 Basis of preparation of standalone Financial Statements
The standalone financial statements of the company have been prepared in accordance with Indian
Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules,
2015 (as amended from time to time) and presentation requirements of Division II of Schedule III to
the Companies Act, 2013 (Ind AS compliant schedule III) as applicable to these standalone financial
statements.
These standalone financial statements are presented in INR ^ and all values are rounded to the nearest
lakhs (^ 00,000) except when otherwise indicated.
The Company has prepared the standalone financial statements on the basis that it will continue to
operate as going concern. These policies have been consistently applied, unless otherwise stated.
The Standalone financial statements have been prepared on a historical cost basis, except for the
following assets / liabilities.
i. Employee defined benefit assets/ (liability) are recognised as the net total of the fair value of plan
assets, plus actuarial losses, less actuarial gains and the present value of the defined benefit
obligation.
2.02 Current versus non-current classification
The Company presents assets and liabilities in the balance sheet based on current/non-current
classifications. An asset is treated as current when it is:
- Expected to be realised or intended to be sold or consumed in normal operating cycle
- Held primarily for purpose of trading
- Expected to be realised within twelve months after the reporting period, or
- Cash or cash equivalent 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.
A liability is current when:
- It is expected to be settled in normal operating cycle
- It is held primarily for purpose of trading
- It is due to be settled within twelve months after the reporting period, or
There is no unconditional right to defer the settlement of the liability for a least twelve months after
the reporting period.
All the other liabilities are classified as non-current.
The term of the liability that could, at the option of counterparty, result in its settlement by the issue
of equity instruments do not affect its classification.
Deferred tax assets and deferred tax liabilities are classified as non-current assets and liabilities.
The operating cycle is the time between the acquisition of assets for processing and their realisation
in cash and cash equivalents. The Company has identified twelve months as its operating cycle.
2.03 Property, Plant and Equipment
On transition to Ind AS, the Company has elected to continue with the carrying value of its property
plant and equipment recognised as at 1st April, 2020, measured as per the previous GAAP, and use
that carrying value as the deemed cost of such property plant and equipment.
Property, plant & equipment are stated at cost, net of accumulated depreciation and accumulated
impairment losses, if any. The cost comprises purchase price, borrowing costs if capitalization criteria
are met, directly attributable cost of bringing the asset to its working condition for the intended use.
Such cost includes the cost of replacing part of the plant and equipment.
The cost of self-constructed item of property, plant and equipment comprises the cost of materials
and direct labour, any other costs directly attributable to bringing the item to working condition for
its intended use.
PPE not ready for the intended use on the date of the Balance Sheet are disclosed as âCapital work-
in-progress". Capital work-in-progress includes cost of property, plant and equipment under
installation/under development as at the balance sheet date.
The cost of replacing part of an item of property, plant and equipment is recognised in the carrying
amount of the item if it is probable that the future economic benefits embodied within the part will
flow to the Company and its cost can be measured reliably. The costs of repairs and maintenance are
recognised in the statements of profit and loss as and when incurred.
The Company identifies and determines cost of each component/part of the asset separately, if the
component/part has a cost which is significant to the total cost of the asset and has useful life that is
materially different from that of the remaining asset.
An item of property, plant and equipment and any significant part initially recognised is derecognised
upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or
loss arising on derecognition of the asset is included in the statement of Profit and Loss when the asset
is derecognised.
The residual values, useful lives and methods of depreciation of property, plant and equipment are
reviewed at each financial year end and adjusted, if appropriate.
2.04 Depreciation
Depreciation is recognised using straight-line method so as to write off the cost of the assets (other
than freehold land and capital work-in-progress) less their residual values over their useful lives
specified in Schedule II to the Companies Act, 2013, or in the case of assets where the useful life was
determined by technical evaluation, over the useful life so determined.
Depreciation charged for impaired assets is adjusted in future periods in such a manner that the
revised carrying amount of the asset is allocated over its remaining useful life.
Depreciation method is reviewed at each financial year end to reflect the expected pattern of
consumption of the future economic benefits embodied in the asset. The estimated useful life and
residual values are also reviewed at each financial year end and the effect of any change in the
estimates of useful life/residual value is accounted on prospective basis. Depreciation on additions
to/deductions from, owned assets is calculated pro-rata to the period of use.
2.05 Investment Property
Properties, including those under construction, held to earn rentals and/or capital appreciation are
classified as investment property and are measured and reported at cost, including transaction costs
and borrowing cost capitalised for qualifying assets, in accordance with Company''s accounting policy.
Policies with respect to depreciation, useful life and derecognition are followed on the same basis as
stated for Property, Plant and Equipment.
2.06 Impairment of Non-Financial Assets
As at the end of each financial year, the carrying amounts of PPE & investment property are reviewed
to determine whether there is any indication that those assets have suffered an impairment loss. If
such indication exists, PPE & investment property are tested for impairment so as to determine the
impairment loss, if any.
Impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount.
Recoverable amount is determined:
i. In the case of an individual asset, at the higher of the fair value less costs of disposal and the
value-in-use; and
ii. In the case of a cash generating unit (the smallest identifiable group of assets that generates
independent cash flows), at the higher of the cash generating unit''s fair value less costs of
disposal and the value-in-use.
(The amount of value-in-use is determined as the present value of the estimated future cash flows
from the continuing use of an asset, which may vary based on the future performance of the Company
and from its disposal at the end of its useful life. For this purpose, the discount rate (post-tax) is
determined based on the weighted average cost of capital of the company suitably adjusted for risks
specified to the estimated cash flows of the asset).
If recoverable amount of an asset is estimated to be less than its carrying amount, such deficit is
recognised immediately in the statement of Profit & Loss as impairment loss and the carrying amount
of the asset is reduced to its recoverable amount.
When an impairment loss recognised earlier is subject to full or partial reversal, the carrying amount
of the asset is increased to the revised estimate of its recoverable amount, such that the increased
carrying amount does not exceed the carrying amount that would have been determined had no
impairment loss is recognised for the asset in prior years. A reversal of the impairment loss is
recognised immediately in the Statement of Profit and Loss.
2.07 Financial Instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a
financial liability or equity instrument of another entity.
i.) Financial Assets
The Company classifies its financial assets in the following measurement categories:
- those to be measured subsequently at fair value (either through other comprehensive income, or
through profit or loss)
- those measured at amortised cost
Subsequent Measurement
For purposes of subsequent measurement financial assets are classified in following categories:
- Financial assets at amortised cost (debt instruments)
- Financial assets at fair value through other comprehensive income (FVTOCI) with recycling of
cumulative gains and losses (debt instruments)
- Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses
upon derecognition (equity instruments)
- Financial assets at fair value through profit or loss
Financial assets at amortised cost (debt instruments)
A ''financial asset'' is measured at the amortised cost if both the following conditions are met:
a) Business Model Test: The objective is to hold the financial asset to collect the contractual cash flows
(rather than to sell the instrument prior to its contractual maturity to realise its fair value changes)
and;
b) Cash flow characteristics test: The contractual terms of the financial asset give rise on specific
dates to cash flows that are solely payments of principal and interest on principal amount outstanding.
This category is most relevant to the Company. After initial measurement, such financial assets are
subsequently measured at amortised cost using the effective interest rate (EIR) method. Amortised
cost is calculated by taking into account any discount or premium on acquisition and fees or costs that
are an integral part of EIR. EIR is the rate that exactly discounts the estimated future cash receipts
over the expected life of the financial instrument or a shorter period, where appropriate, to the gross
carrying amount of the financial asset. When calculating the effective interest rate, the Company
estimates the expected cash flows by considering all the contractual terms of the financial instrument
but does not consider the expected credit losses. The EIR amortisation is included in other income in
profit or loss. The losses arising from impairment are recognised in the profit or loss. This category
generally applies to trade and other receivables.
Financial assets at fair value through OCI (FVTOCI) (debt instruments)
A ''financial asset'' is classified as at the FVTOCI if both of the following criteria are met:
a) Business Model Test: The objective of financial instrument is achieved by both collecting
contractual cash flows and selling the financial assets; and
b) Cash flow characteristics test: The contractual terms of the Debt instrument give rise on specific
dates to cash flows that are solely payments of principal and interest on principal amount outstanding.
Debt instrument included within the FVTOCI category are measured initially as well as at each
reporting date at fair value. Fair value movements are recognised in the other comprehensive income
(OCI), except for the recognition of interest income, impairment gains or losses and foreign exchange
gains or losses which are recognised in statement of profit and loss and computed in the same manner
as for financial assets measured at amortised cost. The remaining fair value changes are recognised in
OCI. Upon derecognition, the cumulative fair value changes recognised in OCI is reclassified from the
equity to profit or loss.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss are carried in the balance sheet at fair value with
net changes in fair value recognised in the statement of profit and loss. This category includes
derivative instruments and listed equity investments which the Company had not irrevocably elected
to classify at fair value through OCI. Dividends on listed equity investments are recognised in the
statement of profit and loss when the right of payment has been established.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a Company of similar
financial assets) is primarily derecognised (i.e. removed from the Company''s statement of financial
position) when:
- The rights to receive cash flows from the asset have expired, or
- the Company has transferred its rights to receive cash flows from the asset or has assumed an
obligation to pay the received cash flows in full without material delay to a third party under a âpass
through" arrangement and either;
a) the Company has transferred substantially all the risks and rewards of the asset, or
b) the Company has neither transferred nor retained substantially all the risks and rewards of the
asset, but has transferred control of the asset.
When the Company has transferred its rights to receive cash flows from an asset or has entered into
a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards
of ownership. When it has neither transferred nor retained substantially all of the risks and rewards
of the asset, nor transferred control of the asset, the Company continues to recognise the transferred
asset to the extent of the Company''s continuing involvement. In that case, the Company also
recognises an associated liability. The transferred asset and the associated liability are measured on a
basis that reflects the rights and obligations that the Company has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at
the lower of the original carrying amount of the asset and the maximum amount of consideration that
the Company could be required to repay.
Impairment of financial assets
In accordance with IND AS 109, the Company applies expected credit losses (ECL) model for
measurement and recognition of impairment loss on the following financial asset and credit risk
exposure:
- Financial assets measured at amortised cost;
- Trade receivables or any contractual right to receive cash or another financial asset that result from
transactions that are within the scope of Ind AS 115.
ECLs are based on the difference between the contractual cash flows due in accordance with the
contract and all the cash flows that the Company expects to receive, discounted at an approximation
of the original effective interest rate. The expected cash flows will include cash flows from the sale of
collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For recognition of impairment loss on financial assets other than
mentioned below and risk exposure, the Company determines that whether there has been a
significant increase in the credit risk since initial recognition. If credit risk has not increased
significantly, 12-month ECL is used to provide for impairment loss. For those credit exposures for
which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing
of the default (a lifetime ECL).
If, in a subsequent period, credit quality of the instrument improves such that there is no longer a
significant increase in credit risk since initial recognition, then the entity reverts to recognising
impairment loss allowance based on 12-month ECL.
The Company follows âsimplified approach" for recognition of impairment loss allowance on trade
receivables or contract revenue receivables. Under the simplified approach, the Company does not
track changes in credit risk. Rather, it recognises impairment loss allowance based on lifetime ECLs at
each reporting date, right from its initial recognition. The Company uses a practical expedient to
determine impairment loss allowance on the portfolio of trade receivables based on its historically
observed default rates over the expected life of trade receivable and is adjusted for forward looking
estimates. At every reporting date, the historical observed default rates are updated and changes in
the forward looking estimates are analysed.
ECL impairment loss allowance (or reversal) recognised during the period is recognised as income/
expense in the statement of profit and loss. The balance sheet presentation for various financial
instruments is described below:
a) Financial assets measured as at amortised cost, contractual revenue receivables and lease
receivables:
ECL is presented as an allowance, i.e., as an integral part of the measurement of those assets in
the balance sheet. The allowance reduces the net carrying amount. Until the asset meets write off
criteria, the Company does not reduce impairment allowance from the gross carrying amount.
b) Debt instruments measured at FVTOCI:
For debt instruments measured at FVTOCI, the expected credit losses do not reduce the carrying
amount in the balance sheet, which remains at fair value. Instead, an amount equal to the
allowance that would arise if the asset was measured at amortised cost is recognised in other
comprehensive income as the accumulated impairment amount.
ii.) Financial Liabilities
Initial recognition and measurement of financial liabilities are classified at initial recognition as
financial liabilities at fair value through profit or loss, loans and borrowings, and payables, net of
directly attributable transaction costs. All financial liabilities are recognised initially at fair value and,
in the case of loans and borrowings and payables, net of directly attributable transaction costs. The
Company financial liabilities include loans and borrowings, trade payables, trade deposits, retention
money, liabilities towards services, sales incentive and other payables.
Subsequent measurement
For purposes of subsequent measurement, financial liabilities are classified in two categories:
- Financial liabilities at fair value through profit or loss
- Financial liabilities at amortised cost (loans and borrowings)
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial
liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the
near term. This category also includes derivative financial instruments entered into by the Company
that are not designated as hedging instruments in hedge relationship as defined by Ind AS 109. The
separated embedded derivate are also classified as held for trading unless they are designated as
effective hedging instruments.
Gains or losses on liabilities held for trading are recognised in the statement of profit and loss.
Financial liabilities designated upon initial recognition at fair value through profit or loss are
designated as such at the initial date of recognition, and only if the criteria in IND AS 109 are satisfied.
For liabilities designated as FVTPL, fair value gains/ losses attributable to changes in own credit risk
are recognised in OCI. These gains/loss are not subsequently transferred to profit and loss. However,
the Company may transfer the cumulative gain or loss within equity. All other changes in fair value of
such liability are recognised in the statement of profit or loss. The Company has not designated any
financial liability as at fair value through profit and loss.
Financial liabilities at amortised cost (Loans and borrowings)
After initial recognition, interest-bearing borrowings are subsequently measured at amortised cost
using the Effective interest rate method. Gains and losses are recognised in profit or loss when the
liabilities are derecognised as well as through the Effective interest rate amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees
or costs that are an integral part of the Effective interest rate. The Effective interest rate amortisation
is included as finance costs in the statement of profit and loss.
Trade Payables
These amounts represent liabilities for goods and services provided to the Company prior to the end
of financial year which are unpaid. The amounts are unsecured and are usually payable basis varying
trade term. Trade and other payables are presented as current liabilities unless payment is not due
within 12 months after the reporting period. They are recognised initially at fair value and
subsequently measured at amortised cost using Effective interest rate method.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled
or expires. When an existing financial liability is replaced by another from the same lender on
substantially different terms, or the terms of an existing liability are substantially modified, such an
exchange or modification is treated as the derecognition of the original liability and the recognition of
a new liability. The difference in the respective carrying amounts is recognised in the statement of
profit and loss.
Offsetting of financial instruments
Financials assets and financial liabilities are offset and the net amount is reported in the balance sheet
if there is a currently enforceable legal right to offset the recognised amounts and there is an intention
to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
2.08 Inventories
a) Basis of valuation:
Inventories are valued at lower of cost and net realisable value. The comparison of cost and net
realisable value is made on an item-by-item basis.
b) Method of valuation:
Costs incurred in bringing each product to its present location and condition are accounted for as
follows:
- Cost of raw materials has been determined by using First in First out (FIFO) method and comprises
all costs purchase, duties, taxes (other than those subsequently recoverable from tax authorities)
and all other costs incurred in bringing the inventories to their present location and condition.
- Cost of finished goods and work-in-progress includes direct labour and an appropriate share of
fixed and variable production overheads. Fixed production overheads are allocated on the basis
of normal capacity of production facilities.
- Cost of stock in trade has been determined by using First in First out (FIFO) method and comprises
all costs purchase, duties, taxes (other than those subsequently recoverable from tax authorities)
and all other costs incurred in bringing the inventories to their present location and condition.
- Scrap / by products are valued at net realisable value.
Net realisable value is the estimated selling price in the ordinary course of business, less estimated
costs of completion and the estimated costs necessar6y to make the sale.
Obsolete inventories are identified and written down to net realisable value. Slow moving and
defective inventories are identified and provided to net realisable value.
2.09 Income Taxes
The income tax expense or credit for the period is the tax payable on the current period''s taxable
income based on the applicable income tax rate adjusted by changes in deferred tax assets and
liabilities attributable to temporary differences and to unused tax losses. Tax expense for the year
comprises of current tax and deferred tax.
a) Current income tax
Current income tax, assets and liabilities are measured at the amount expected to be paid to or
recovered from the taxation authorities in accordance with the Income Tax Act, 1961 and the Income
Computation and Disclosure Standards (ICDS) enacted in India by using tax rates and the tax laws that
are enacted at the reporting date.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively
enacted at the end of the reporting period. The company measures its tax balances either based on
the most likely amount or the expected value, depending on which method provides a better
prediction of the resolution of the uncertainty.
Current income tax relating to item recognised in other comprehensive income or equity is recognised
in correlation to the underlying transactions either in OCI or directly in equity.
b) Deferred tax
Deferred tax is provided in full using the liability method on temporary differences arising between
the tax base of asset and liabilities and their carrying amounts in the financial statements. However,
deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of
unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it
is probable that taxable profit will be available against which the deductible temporary differences,
and the carry forward of unused tax credits and unused tax losses can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting period and reduced to the
extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of
the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each
reporting date and are recognised to the extent that it has become probable that future taxable profits
will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year
when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been
enacted or substantively enacted at the reporting date.
Deferred tax relating to item recognised in other comprehensive income or equity are recognised in
correlation to the underlying transaction in OCI or equity.
2.10 Revenue from contract with customers
Revenue from sales of products
Revenue from sale of products is recognised at the point in time when control of the goods is
transferred to the customer, generally on delivery of the goods and there are no unfulfilled
obligations.
Sale of service
The company recognises revenue from sales of services over period of time, because the customer
simultaneously receives and consumes the benefits provided by the company. Revenue from services
related activities is recognised as and when services are rendered and on the basis of contractual
terms with parties.
2.11 Other Income
Interest Income
For all debt instruments measured either at amortised cost or at fair value through other
comprehensive income, interest income is recorded using the effective interest rate (EIR). EIR is the
rate that exactly discounts the estimated future cash payments or receipts over the expected life of
the financial instrument or a shorter period, where appropriate, to the gross carrying amount of the
financial asset or to the amortised cost of a financial liability. When calculating the effective interest
rate, the Company estimates the expected cash flows by considering all the contractual terms of the
financial instrument (for example, prepayment, extension, call and similar options) but does not
consider the expected credit losses. Interest income is included in other income in the statement of
profit and loss.
Rental Income
Rental income is accounted for on a straight-line basis over the lease terms unless the receipts are
structured to increase in line with expected general inflation to compensate for the lessor''s expected
inflationary cost increases and is included in other income in the statement of profit and loss.
2.12 Retirement and other employee benefits
Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled
wholly within twelve months after the end of the period in which the employees render the related
service are recognised in respect of employee service up to the end of the reporting period and are
measured at the amount expected to be paid at undiscounted value when the liabilities are settled.
The liabilities are presented as current employee benefit obligations in the balance sheet.
Defined benefit plan - Gratuity
The Employees'' Gratuity Fund Scheme, which is defined benefit plan, is managed by Trust with its
investments maintained with Life insurance Corporation of India. The liabilities with respect to
Gratuity Plan are determined by actuarial valuation on projected unit credit method on the balance
sheet date, based upon which the company contributes to the gratuity scheme. The difference, if any,
between the actuarial valuation of the gratuity of employees at the year end and the balance of funds
is provided for an assets / (liability) in the books. Net interest is calculated by applying the discount
rate to the net benefit liability or asset. The company recognises the following changes in the net
defined benefit obligation under Employee benefit expense in statement of profit or loss.
a) Service costs comprising current service cost, past service costs, gain and losses on curtailments
and non-routine settlements.
b) Net interest expense or income.
Remeasurements, comprising of actuarial gains and losses, the effect of asset ceiling, excluding
amounts included in net interest on the net defined benefit liability and the return on plan assets
(excluding amounts included in net interest on the net defined benefit liability), are recognised
immediately in the balance sheet with a corresponding debit or credit to retained earnings through
other comprehensive income in the period in which they occur. Remeasurements are not reclassified
to profit or loss in subsequent periods.
Defined contribution plan - Provident fund and employee state insurance
Retirement benefit in the form of provident fund is a defined contribution scheme. The company has
no obligation, other than the contribution payable to the provident fund. The company recognises
contribution payable through provident fund scheme as an expense, when an employee renders the
related services. If the contribution payable to scheme for service received before the balance sheet
date exceeds the contribution already paid, the deficit payable to the scheme is recognised as liability
after deducting the contribution already paid. If the contribution already paid exceeds the
contribution due for services received before the balance sheet date, then excess is recognised as an
asset to the extent that the prepayment will lead to.
2.13 Earnings per Share
Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to
equity shareholders by the weighted average number of equity shares outstanding during the period.
The weighted average number of equity shares outstanding during the period is adjusted for events
such as bonus issue, bonus element in a right issue, share split, and reverse share split (consolidation
of share) that have changed the number of equity shares outstanding, without a corresponding change
in resources.
For the purpose of calculating diluted earnings per share, the net profit or loss for the period
attributable to equity shareholders and weighted average number of shares outstanding during the
period are adjusted for the effect of all potential dilutive equity shares.
2.14 Borrowing Costs
Borrowing cost includes interest and other costs incurred in connection with the borrowing of funds
and charged to statement of profit and loss on the basis of effective interest rate (EIR) method.
Borrowing cost also includes exchange differences to the extent regarded as an adjustment to the
borrowing cost.
Borrowing cost directly attributable to the acquisition, construction or production of an asset that
necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised
as part of the cost of the respective asset. All other borrowing costs are recognised as expense in the
period in which they occur.
2.15 Exceptional Items
Exceptional items are transactions which due to their size or incidence are separately disclosed to
enable a full understanding of the company''s financial performance. Items which may be considered
exceptional are significant restructuring charges, gains or losses on disposal of investments in
subsidiaries, associate and joint venture and impairment losses/ write down or reversal in value of
investment in subsidiaries, associate and joint venture and significant disposal of fixed assets etc.
2.16 Cash and cash equivalent
Cash and cash equivalent in the balance sheet comprise cash at banks and short term deposits with
an original maturity of three months or less, that are readily convertible to a known amount of cash
and subject to an insignificant risk of changes in value.
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes
cash on hand, deposit held at call with financial institutions, other short term, highly liquid
investments with original maturities of three months or less that are readily convertible to known
amounts of cash and which are subject to an insignificant risk of changes in value. Cash credits are
shown within borrowings in current liabilities in the balance sheet.
Mar 31, 2024
NOTE 1: CORPORATE INFORMATION
Bansal Roofing Products Ltd is a public company limited by shares domiciled in India and is incorporated under the provisions of the Companies Act applicable in India. Its shares are listed on Bombay Stock Exchange of India. The registered office of the company is located at 274/2, Samlaya Sherpura Road, Village: Pratapnagar, Taluka: Savli, Dist.: Vadodara - 391520, Gujarat, India.
The Company is primarily engaged in the manufacturing and supply of Pre-Engineered Building, Roofing Sheets & Accessories and Decking Sheets. Our product range includes colour-coated roofing sheets, polycarbonate roofing sheets, Roofing accessories such as louvers, turbo ventilators, etc. and other related products that cater to various industrial construction needs.
NOTE 2: SIGNIFICANT ACCOUNTING POLICIES
This note provides a list of the significant accounting policies adopted in the preparation of these Indian Accounting Standards (Ind-AS) financial statements. These policies have been consistently applied to all the years except where newly issued accounting standard is initially adopted.
2.01 Basis of preparation of standalone Financial Statements
The standalone financial statements of the company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) and presentation requirements of Division II of Schedule III to the Companies Act, 2013 (Ind AS compliant schedule III) as applicable to these standalone financial statements.
These standalone financial statements are presented in INR ^ and all values are rounded to the nearest lakhs (^ 00,000) except when otherwise indicated.
The Company has prepared the standalone financial statements on the basis that it will continue to operate as going concern. These policies have been consistently applied, unless otherwise stated.
The Standalone financial statements have been prepared on a historical cost basis, except for the following assets / liabilities.
i. Employee defined benefit assets/ (liability) are recognised as the net total of the fair value of plan assets, plus actuarial losses, less actuarial gains and the present value of the defined benefit obligation.
2.02 Current versus non-current classification
The Company presents assets and liabilities in the balance sheet based on current/non-current classifications. An asset is treated as current when it is:
- Expected to be realised or intended to be sold or consumed in normal operating cycle
- Held primarily for purpose of trading
- Expected to be realised within twelve after the reporting period, or
- Cash or cash equivalent 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.
- It is expected to be settled in normal operating cycle
- It is held primarily for purpose of trading
- It is due to be settled within twelve months after the reporting period, or
- There is no unconditional right to defer the settlement of the liability for a least twelve months after the reporting period.
All the other liabilities are classified as non-current.
The term of the liability that could, at the option of counterparty, result in its settlement by the issue of equity instruments do not affect its classification.
Deferred tax assets and deferred tax liabilities are classified as non-current assets and liabilities.
The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalents. The Company has identified twelve months as its operating cycle.
2.03 Property, Plant and Equipment
On transition to Ind AS, the Company has elected to continue with the carrying value of its property plant and equipment recognised as at 1st April, 2020, measured as per the previous GAAP, and use that carrying value as the deemed cost of such property plant and equipment.
Property, plant & equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, borrowing costs if capitalization criteria are met, directly attributable cost of bringing the asset to its working condition for the intended use. Such cost includes the cost of replacing part of the plant and equipment.
The cost of self-constructed item of property, plant and equipment comprises the cost of materials and direct labour, any other costs directly attributable to bringing the item to working condition for its intended use.
PPE not ready for the intended use on the date of the Balance Sheet are disclosed as "Capital work-in-progress". Capital work-in-progress includes cost of property, plant and equipment under installation/under development as at the balance sheet date.
The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probably that the future economic benefits embodied within the part will flow to the Company and its cost can be measured reliably. The costs of repairs and maintenance are recognised in the statements of profit and loss are incurred.
The Company identifies and determines cost of each component/part of the asset separately, if the component/part has a cost which is significant to the total cost of the asset and has useful life that is materially different from that of the remaining asset.
An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset is included in the statement of Profit and Loss when the asset is derecognised.
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted, if appropriate.
Depreciation is recognised using straight-line method so as to write off the cost of the assets (other than freehold land and capital work-in-progress) less their residual values over their useful lives specified in Schedule II to the Companies Act, 2013, or in the case of assets where the useful life was determined by technical evaluation, over the useful life so determined.
Depreciation charged for impaired assets is adjusted in future periods in such a manner that the revised carrying amount of the asset is allocated over its remaining useful life.
Depreciation method is reviewed at each financial year end to reflect the expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful life and residual values are also reviewed at each financial year end and the effect of any change in the estimates of useful life/residual value is accounted on prospective basis. Depreciation on additions to/deductions from, owned assets is calculated pro-rata to the period of use.
Properties, including those under construction, held to earn rentals and/or capital appreciation are classified as investment property and are measured and reported at cost, including transaction costs and borrowing cost capitalised for qualifying assets, in accordance with Company''s accounting policy. Policies with respect to depreciation, useful life and derecognition are followed on the same basis as stated for Property, Plant and Equipment.
2.06 Impairment of Non-Financial Assets
As at the end of each financial year, the carrying amounts of PPE & investment property are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If such indication exists, PPE & investment property are tested for impairment so as to determine the impairment loss, if any.
Impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. Recoverable amount is determined:
i. In the case of an individual asset, at the higher of the fair value less costs of disposal and the value-in-use; and
ii. In the case of a cash generating unit (the smallest identifiable group of assets that generates independent cash flows), at the higher of the cash generating unit''s fair value less costs of disposal and the value-in-use.
(The amount of value-in-use is determined as the present value of the estimated future cash flows from the continuing use of an asset, which may vary based on the future performance of the Company and from its disposal at the end of its useful life. For this purpose, the discount rate (post-tax) is determined based on the weighted average cost of capital of the company suitably adjusted for risks specified to the estimated cash flows of the asset).
If recoverable amount of an asset is estimated to be less than its carrying amount, such deficit is recognised immediately in the statement of Profit & Loss as impairment loss and the carrying amount of the asset is reduced to its recoverable amount.
When an impairment loss recognised earlier is subject to full or partial reversal, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, such that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss is recognised for the asset in prior years. A reversal of the impairment loss is recognised immediately in the Statement of Profit and Loss.
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. i.) Financial Assets
The Company classifies its financial assets in the following measurement categories:
- those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss)
- those measured at amortised cost
For purposes of subsequent measurement financial assets are classified in following categories:
- Financial assets at amortised cost (debt instruments)
- Financial assets at fair value through other comprehensive income (FVTOCI) with recycling of cumulative gains and losses (debt instruments)
- Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments)
- Financial assets at fair value through profit or loss
Financial assets at amortised cost (debt instruments)
A ''financial asset'' is measured at the amortised cost if both the following conditions are met:
a) Business Model Test: The objective is to hold the financial asset to collect the contractual cash flows (rather than to sell the instrument prior to its contractual maturity to realise its fair value changes) and;
b) Cash flow characteristics test: The contractual terms of the financial asset give rise on specific dates to cash flows that are solely payments of principal and interest on principal amount outstanding. This category is most relevant to the Company. After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of EIR. EIR is the rate that exactly discounts the estimated future cash receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the gross carrying amount of the financial asset. When calculating the effective interest rate, the Company estimates the expected cash flows by considering all the contractual terms of the financial instrument but does not consider the expected credit losses. The EIR amortisation is included in other income in profit or loss. The losses arising from impairment are recognised in the profit or loss. This category generally applies to trade and other receivables.
Financial assets at fair value through OCI (FVTOCI) (debt instruments)
A ''financial asset'' is classified as at the FVTOCI if both of the following criteria are met:
a) Business Model Test: The objective of financial instrument is achieved by both collecting contractual cash flows and selling the financial assets; and
b) Cash flow characteristics test: The contractual terms of the Debt instrument give rise on specific dates to cash flows that are solely payments of principal and interest on principal amount outstanding. Debt instrument included within the FVTOCI category are measured initially as well as at each reporting date at fair value. Fair value movements are recognised in the other comprehensive income (OCI), except for the recognition of interest income, impairment gains or losses and foreign exchange gains or losses which are recognised in statement of profit and loss and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value changes recognised in OCI is reclassified from the equity to profit or loss.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss are carried in the balance sheet at fair value with net changes in fair value recognised in the statement of profit and loss. This category includes derivative instruments and listed equity investments which the Company had not irrevocably elected to classify at fair value through OCI. Dividends on listed equity investments are recognised in the statement of profit and loss when the right of payment has been established.
A financial asset (or, where applicable, a part of a financial asset or part of a Company of similar financial assets) is primarily derecognised (i.e. removed from the Company''s statement of financial position) when:
- The rights to receive cash flows from the asset have expired, or
- the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a "pass through" arrangement and either;
a) the Company has transferred substantially all the risks and rewards of the asset, or
b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Company continues to recognise the transferred asset to the extent of the Company''s continuing involvement. In that case, the Company also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay.
Impairment of financial assets
In accordance with IND AS 109, the Company applies expected credit losses (ECL) model for measurement and recognition of impairment loss on the following financial asset and credit risk exposure:
- Financial assets measured at amortised cost;
- Trade receivables or any contractual right to receive cash or another financial asset that result from transactions that are within the scope of Ind AS 115.
ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For recognition of impairment loss on financial assets other than mentioned below and risk exposure, the Company determines that whether there has been a significant increase in the credit risk since initial recognition. If credit risk has not increased significantly, 12-month ECL is used to provide for impairment loss. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
If, in a subsequent period, credit quality of the instrument improves such that there is no longer a significant increase in credit risk since initial recognition, then the entity reverts to recognising impairment loss allowance based on 12-month ECL.
The Company follows "simplified approach" for recognition of impairment loss allowance on trade receivables or contract revenue receivables. Under the simplified approach, the Company does not track changes in credit risk. Rather, it recognises impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition. The Company uses a practical expedient to determine impairment loss allowance on the portfolio of trade receivables based on its historically observed default rates over the expected life of trade receivable and is adjusted for forward looking estimates. At every reporting date, the historical observed default rates are updated and changes in the forward looking estimates are analysed.
ECL impairment loss allowance (or reversal) recognised during the period is recognised as income/ expense in the statement of profit and loss. The balance sheet presentation for various financial instruments is described below:
a) Financial assets measured as at amortised cost, contractual revenue receivables and lease receivables:
ECL is presented as an allowance, i.e., as an integral part of the measurement of those assets in the balance sheet. The allowance reduces the net carrying amount. Until the asset meets write off criteria, the Company does not reduce impairment allowance from the gross carrying amount.
b) Debt instruments measured at FVTOCI:
For debt instruments measured at FVTOCI, the expected credit losses do not reduce the carrying amount in the balance sheet, which remains at fair value. Instead, an amount equal to the allowance that would arise if the asset was measured at amortised cost is recognised in other comprehensive income as the accumulated impairment amount.
Initial recognition and measurement financial liabilities are classified at initial recognition as financial liabilities at fair value through profit or loss, loans and borrowings, and payables, net of directly attributable transaction costs. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Company financial liabilities include loans and borrowings, trade payables, trade deposits, retention money, liabilities towards services, sales incentive and other payables.
For purposes of subsequent measurement, financial liabilities are classified in two categories:
- Financial liabilities at fair value through profit or loss
- Financial liabilities at amortised cost (loans and borrowings)
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Company that are not designated as hedging instruments in hedge relationship as defined by Ind AS 109. The separated embedded derivate are also classified as held for trading unless they are designated as effective hedging instruments.
Gains or losses on liabilities held for trading are recognised in the statement of profit and loss.
Financial liabilities designated upon initial recognition at fair value through profit or loss are designated as such at the initial date of recognition, and only if the criteria in IND AS 109 are satisfied. For liabilities designated as FVTPL, fair value gains/ losses attributable to changes in own credit risk are recognised in OCI. These gains/loss are not subsequently transferred to profit and loss. However, the Company may transfer the cumulative gain or loss within equity. All other changes in fair value of such liability are recognised in the statement of profit or loss. The Company has not designated any financial liability as at fair value through profit and loss.
Financial liabilities at amortised cost (Loans and borrowings)
After initial recognition, interest-bearing borrowings are subsequently measured at amortised cost using the Effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the Effective interest rate amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the Effective interest rate. The Effective interest rate amortisation is included as finance costs in the statement of profit and loss.
These amounts represent liabilities for goods and services provided to the Company prior to the end of financial year which are unpaid. The amounts are unsecured and are usually payable basis varying trade term. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at fair value and subsequently measured at amortised cost using Effective interest rate method.
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit and loss.
Offsetting of financial instruments
Financials assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
2.08 Inventoriesa) Basis of valuation:
Inventories are valued at lower of cost and net realisable value. The comparison of cost and net realisable value is made on an item-by-item basis.
Costs incurred in bringing each product to its present location and condition are accounted for as follows:
- Cost of raw materials has been determined by using First in First out (FIFO) method and comprises all costs purchase, duties, taxes (other than those subsequently recoverable from tax authorities) and all other costs incurred in bringing the inventories to their present location and condition.
- Cost of finished goods and work-in-progress includes direct labour and an appropriate share of fixed and variable production overheads. Fixed production overheads are allocated on the basis of normal capacity of production facilities.
- Cost of stock in trade has been determined by using First in First out (FIFO) method and comprises all costs purchase, duties, taxes (other than those subsequently recoverable from tax authorities) and all other costs incurred in bringing the inventories to their present location and condition.
- Scrap / by products are valued at net realisable value.
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessar6y to make the sale.
Obsolete inventories are identified and written down to net realisable value. Slow moving and defective inventories are identified and provided to net realisable value.
The income tax expense or credit for the period is the tax payable on the current period''s taxable income based on the applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Tax expense for the year comprises of current tax and deferred tax.
Current income tax, assets and liabilities are measured at the amount expected to be paid to or recovered from the taxation authorities in accordance with the Income Tax Act, 1961 and the Income Computation and Disclosure Standards (ICDS) enacted in India by using tax rates and the tax laws that are enacted at the reporting date.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period. The company measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.
Current income tax relating to item recognised in other comprehensive income or equity is recognised in correlation to the underlying transactions either in OCI or directly in equity.
Deferred tax is provided in full using the liability method on temporary differences arising between the tax base of asset and liabilities and their carrying amounts in the financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred tax relating to item recognised in other comprehensive income or equity are recognised in correlation to the underlying transaction in OCI or equity.
2.10 Revenue from contract with customers Revenue from sales of products
Revenue from sale of products is recognised at the point in time when control of the goods is transferred to the customer, generally on delivery of the goods and there are no unfulfilled obligations.
The company recognises revenue from sales of services over period of time, because the customer simultaneously receives and consumes the benefits provided by the company. Revenue from services related activities is recognised as and when services are rendered and on the basis of contractual terms with parties.
2.11 Other Income Interest Income
For all debt instruments measured either at amortised cost or at fair value through other comprehensive income, interest income is recorded using the effective interest rate (EIR). EIR is the rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the gross carrying amount of the financial asset or to the amortised cost of a financial liability. When calculating the effective interest rate, the Company estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but does not consider the expected credit losses. Interest income is included in other income in the statement of profit and loss.
Rental income is accounted for on a straight-line basis over the lease terms unless the receipts are structured to increase in line with expected general inflation to compensate for the lessor''s expected inflationary cost increases and is included in other income in the statement of profit and loss.
2.12 Retirement and other employee benefits Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within twelve months after the end of the period in which the employees render the related service are recognised in respect of employee service up to the end of the reporting period and are measured at the amount expected to be paid at undiscounted value when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.
Defined benefit plan - Gratuity
The Employees'' Gratuity Fund Scheme, which is defined benefit plan, is managed by Trust with its investments maintained with Life insurance Corporation of India. The liabilities with respect to Gratuity Plan are determined by actuarial valuation on projected unit credit method on the balance sheet date, based upon which the company contributes to the gratuity scheme. The difference, if any, between the actuarial valuation of the gratuity of employees at the year end and the balance of funds is provided for an assets / (liability) in the books. Net interest is calculated by applying the discount rate to the net benefit liability or asset. The company recognises the following changes in the net defined benefit obligation under Employee benefit expense in statement of profit or loss.
a) Service costs comprising current service cost, past service costs, gain and losses on curtailments and non-routine settlements.
b) Net interest expense or income.
Remeasurements, comprising of actuarial gains and losses, the effect of asset ceiling, excluding amounts included in net interest on the net defined benefit liability and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability), are recognised immediately in the balance sheet with a corresponding debit or credit to retained earnings through other comprehensive income in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.
Defined contribution plan - Provident fund and employee state insurance
Retirement benefit in the form of provident fund is a defined contribution scheme. The company has no obligation, other than the contribution payable to the provident fund. The company recognises contribution payable through provident fund scheme as an expense, when an employee renders the related services. If the contribution payable to scheme for service received before the balance sheet date exceeds the contribution already paid, the deficit payable to the scheme is recognised as liability after deducting the contribution already paid. If the contribution already paid exceeds the contribution due for services received before the balance sheet date, then excess is recognised as an asset to the extent that the prepayment will lead to.
Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period is adjusted for events such as bonus issue, bonus element in a right issue, share split, and reverse share split (consolidation of share) that have changed the number of equity shares outstanding, without a corresponding change in resources.
For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and weighted average number of shares outstanding during the period are adjusted for the effect of all potential dilutive equity shares.
Borrowing cost includes interest and other costs incurred in connection with the borrowing of funds and charged to statement of profit and loss on the basis of effective interest rate (EIR) method. Borrowing cost also includes exchange differences to the extent regarded as an adjustment to the borrowing cost.
Borrowing cost directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the respective asset. All other borrowing costs are recognised as expense in the period in which they occur.
Exceptional items are transactions which due to their size or incidence are separately disclosed to enable a full understanding of the company''s financial performance. Items which may be considered exceptional are significant restructuring charges, gains or losses on disposal of investments in subsidiaries, associate and joint venture and impairment losses/ write down or reversal in value of investment in subsidiaries, associate and joint venture and significant disposal of fixed assets etc.
Cash and cash equivalent in the balance sheet comprise cash at banks and short term deposits with an original maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposit held at call with financial institutions, other short term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash credits are shown within borrowings in current liabilities in the balance sheet.
2.17 Provisions, Contingent Liabilities and Contingent Assets Provisions
A provision is recognised when a company has a present obligation (legal or constructive) as a result of past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of obligation. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the company or a present obligation that is not recognised because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also requires in extremely rare cases, where there is a liability that cannot be recognised because it cannot be measured reliably.
Provisions, contingent liabilities, contingent assets and commitments are reviewed at each balance sheet date.
The Company recognises a liability to make the payment of dividend to owners of equity, when the distribution is no longer at the discretion of the Company. As per the corporate laws in India, a distribution is authorised when it is approved by the shareholders. A corresponding amount is recognised directly in equity.
The Company measures financial instruments 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 ordinary transaction between market participants at a measurement date. The fair value measurement is based on the presumption that transaction to sell the asset or transfer the liability takes place either:
i. In the principal market for asset or liability, or
ii. 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 liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.
A fair value measurement of a non-financial asset takes into account a market participant''s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
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 unobservable.
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to fair value measurement as a whole) at the end of each reporting period.
For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.
2.20 Significant accounting judgements, estimates and assumptions
The preparation of the standalone financial statements requires the management to make judgments, 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 judgements, assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods.
Uncertainties exist with respect to the interpretation of tax regulations, changes in tax laws, and the amount and timing of future taxable income. Given the wide range of business relationships differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expense already recorded. The Company establishes provisions, based on reasonable estimates. The amount of such provisions is based on various factors, such as experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority.
b) Defined benefit plans and other long term incentive plan
The cost of defined benefit plans and leave encashment is determined using actuarial valuations. An actuarial valuation involves making various assumptions which may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, and mortality rates. Due to the complexity of the valuation, the underlying assumptions and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All
assumptions are reviewed at each reporting date. In determining the appropriate discount rate, management considers the interest rates of long term government bonds with extrapolated maturity corresponding to the expected duration of the defined benefit obligation. The mortality rate is based on publicly available mortality tables for India. Future salary increases are based on expected future inflation rates for India.
c) Fair value measurement of financial instrument
When the fair value of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the Discounted Cash Flow (DCF) model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. Judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments.
d) Impairment of financial assets
The impairment provisions of financial assets are based on assumptions about risk of default and expected loss rates. The Company uses judgment in making these assumptions and selecting the inputs to the impairment calculation, based on Company''s past history, existing market conditions as well as forward looking estimates at the end of each reporting period.
e) Impairment of non-financial assets
The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset''s recoverable amount. An assets recoverable amount is the higher of an asset''s CGU''S fair value less cost of disposal and its value in use. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are estimated based on past trend and 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. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, or other fair value indicators.
The Company assesses where climate risks could have a significant impact, such as the introduction of emission-reduction legislation that may increase manufacturing costs. These risks in relation to climate-related matters are included as key assumptions where they materially impact the measure of recoverable amount, these assumptions have been included in the cash-flow forecasts in assessing value-in-use amounts.
f) Provision for expected credit losses (ECL) of trade receivables
The Company uses practical expedient to calculate ECLs for trade receivables based on provision matrix. The provision matrix is initially based on the Company''s historical observed default rates. The Company will calibrate the matrix to adjust the historical credit loss experience with forward-looking information. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analysed.
The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amounts of ECLs are sensitive to changes in circumstances and forecast economic conditions. The Company''s historical credit loss experience and forecast of economic conditions may also not be representative of customer''s actual default in the future. The information about ECLs on the Company''s trade receivables and contract assets is disclosed in Notes.
g) Property, Plant and Equipment, investment properties and intangible assets
Property, Plant and Equipment represent significant portion of the asset base of the Company. The charge in respect of periodic depreciation is derived after determining an estimate of assets expected useful life and expected value at the end of its useful life. The useful life and residual value of Company''s assets are determined by Management at the time asset is acquired and reviewed periodically including at the end of each year. The useful life is based on historical experience with similar assets, in anticipation of future events, which may have impact on their life such as change in technology.
Mar 31, 2015
1.1 Basis of Preparation of Financial Statements:
1. These financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accrual basis GAAP comprises mandatory
accounting standards as prescribed under Section 133 of the Companies
Act, 2013 ('Act') read with Rule 7 of the Companies(Accounts) Rules,
2014 and guidelines issued by the Securities and Exchange Board of
India (SEBI). Accounting policies have been consistently applied except
where a newly issued accounting standard is initially adopted or a
revision to an existing accounting standard requires a change in the
accounting policy hitherto in use.
1.2 Use of Estimates:
The preparation of the financial statements inconformity with GAAP
requires management to make estimates and assumptions that affect the
reported balances of assets and liabilities and disclosures relating to
contingent liabilities as at the date of the financial statements and
reported amounts of income and expenses during the period. Examples of
such estimates include computation of percentage of completion which
requires the Group to estimate the efforts or costs expended to date a
proportion of the total efforts or costs to be expended, provisions for
doubtful debts, future obligations under employee retirement benefit
plans, income taxes, post-sales customer support and the useful lives
of tangible assets and intangible assets (No need to disclose
examples).
Accounting estimates could change from period to period. Actual results
could differ from those estimates. Appropriate changes in estimates are
made as the Management becomes aware of changes in circumstances
surrounding the estimates. Changes in estimates are reflected in the
consolidated financial statements in the period in which changes are
made and if material, their effects are disclosed in the notes to the
consolidated financial statements.
2) Revenue recognition:
2.1 Sales and Services
Revenue from sale of goods and services is recognized when the
significant risks and rewards in respect of ownership are transferred
by the Company inclusive of excise duty net of VAT/Sales Tax/Service
Tax.
2.2 Other Income
Other income is recognized on accrual basis except when realization of
such income is uncertain.
3) Tangible Assets and Capital work in process
3.1 Tangible Assets are stated at cost, net of CENVAT/VAT credit, if
any, after reducing accumulated depreciation until the date of the
Balance Sheet. Direct cost are capitalized until the asset are ready
for use and include financial cost relating to any borrowing
attributable to acquisition of the Tangible assets.
3.2 Capital work in progress includes the cost of Tangible assets that
are not yet ready for the intended use and the cost of assets not put
to use before the Balance Sheet Date.
4) Depreciation :
Depreciation on tangible assets is provided on the straight line method
Over the useful lives of assets. The assets are valued by the Chartered
Engineer. Depreciation for assets purchased/sold during the year/period
is proportionately charged. Intangible assets are amortized over the
irrespective individual estimated useful lives on a straight-line
basis, commencing from the date the asset is available for its use.
For these class of assets, based on internal assessment and independent
technical evaluation carried out by external valuers the management
believes that the usefull lives as given above best represent the
period over which management expects to use these assets. Hence the
useful lives for these assets is different from the useful lives as
prescribed under Part C of Schedule II of the Companies Act 2013.
While computing the depreciation on fixed assets at the time of
preparation of half yearly unaudited financials for the period ended on
30.09.2014 which was submitted as in compliance with listing agreement,
there was an error whereby the opening balances of the assets as on
01.04.2013 were erroneously shown as opening balances of 01.04.2014
Due to the above error there was a difference of Rs. 5,00,045/- in
computing Profit after tax, which amounts to 11.45%.
This matter was approved by board of directors of the company and
corrective effects were made in the balance sheet ended on 31.03.2015.
5) Impairment of assets:
An impaired loss is charged to the statement of profit and loss in the
year in which an asset is identified as impaired. The impairment loss
recognized in prior accounting period is reversed if there has been a
change in the estimate of recoverable amount.
6) Foreign Currency Transactions :
Transactions in foreign currencies are recognized at the prevailing
exchange rates on the transaction dates. Realize gain and losses on
settlement of foreign currency transactions are recognized in the
profit and loss account under the natural revenue head of accounts.
Exchange differences relating to fixed assets are capitalized to
respective Fixed Asset.
7) Inventories:
Stock of Raw Material and WIP is valued at cost, Finished goods are
valued at cost or market value whichever is less. Cost of raw Material
and finish goods includes the purchase cost (net of any taxes on which
credits are received or receivable) and other incidental cost, to bring
such material to its present location and condition. The Company
follows First in Frist out (FIFO) method for valuation of inventory.
8) Employee benefits:
8.1 Defined-Contribution plans:
Provident fund and pension scheme Defined Contribution Plans in the
Company. The Company is a member of recognized Provident Found scheme
established under The Provident Found & Miscellaneous Act, 1952 by the
Government of India. The Company is contributing 12% of Basic Salary of
eligible employees under the scheme every month. The contribution paid
or payable under the scheme is recognized during the period under which
the employee renders the related services.
8.2 Defined-Benefit Plans:
Employee Gratuity Fund scheme is the Defined Benefit Plan. Provision
for gratuity has been made in the accounts, in case of those employees
who are eligible for the retirement benefits. Gratuity is paid at the
time of retirement of employees. Provision for gratuity liability is
provided based on Valuation made by LIC of India.
Short term Employee Benefits like leave benefit, in any, are paid along
with salary wages on a month to month basis, bonus to employees are
charged to profit and loss account on the basis of bonus payable on
year to year basis.
a) Post-employment benefits
i) Defined Contribution plan
The Company's contribution to defined contribution plan paid/payable
for the year is charged to Statement of Profit and Loss.
ii) Defined Benefit plan
Company's liabilities towards defined benefit schemes are determined
using the Projected Unit Credit Method. Actuarial valuations under the
Projected Unit Credit Method are carried out at the balance sheet date.
Actuarial gains and losses are recognized in the Statement of Profit
and Loss in the period of occurrence of such gains and losses. Past
service cost is recognized immediately to the extent that the benefits
are already vested and otherwise it is amortized on straight-line basis
over the remaining average period until the benefits become vested.
The retirement benefit obligation recognized in the balance sheet
represents the present value of the defined benefit obligation as
reduced by fair value of plan assets.
b. Short-term employee benefits
Short-term employee benefits expected to be paid in exchange for the
services rendered by employees are recognized undiscounted during the
period employee renders services. These benefits include salary,
wages, bonus and performance incentives etc.
c. Long term employee benefits
Compensated absences which are not expected to occur within twelve
months after the end of the period in which the employee renders the
related services are recognized as an actuarially determined liability
at present value of the defined benefit obligation at the balance sheet
date.
9) Taxes on Income:
9.1 Current Tax - Provision for current tax / minimum alternate tax
(MAT) is made based on tax liability computed after considering tax
allowances and exemptions.
9.2 Deferred Tax - Deferred tax is recognized on timing differences
between the accounting income and taxable income for the year and
quantified using the tax rates and laws enacted or substantively
enacted as on the Balance Sheet date. Deferred tax assets are
recognized and carry forward to the extent that there is a reasonable
or virtual certainty, as may be applicable, that sufficient future
taxable income will be available against which such deferred tax asset
can be realized.
10) Earnings Per Share:
Basic earnings per share is computed by dividing the net profit after
tax by the weighted average number of equity shares outstanding during
the period. Diluted earnings per share is computed by dividing the
profit After tax by the weighted average number of equity shares
considered for deriving basic earnings per share and also the weighted
average number of equity shares that could have been issued upon
conversion of all dilutive potential equity shares.
11) Cash and Cash Equivalents:
Cash and cash equivalents comprise cash and cash on deposit with banks
and corporations.
12) Provisions, Contingent Liabilities and Contingent Assets:
12.1 A provision is recognized when the company has present obligation
as a result of past events and it is probable that an outflow of
resources will be required to settle the obligation, in respect of
which a reliable estimate can be made. Provisions are not discounted to
their present value and are determined based on best estimates required
to settle the obligation at the balance sheet date.
13) Leases
13.1 Finance Lease
The Company has not entered in to finance lease arrangements.
13.2 Operating lease
Operating leases are mainly in the nature of lease of office premises
with no restrictions and are renewable by mutual consent. There are no
restrictions imposed by lease arrangements. Lease rental payments made
by the Company are recognized in the statement profit and loss account
in restated financials under the head 'Other Expenses'
14) Borrowing Costs:
Borrowing costs that are attributable to the acquisition, construction
or production of qualifying assets are capitalized as part of such
assets. A qualifying asset is an asset that necessarily takes a
substantial period of time to get ready for its intended use. All other
borrowing costs are recognized as expense in the period in which they
are incurred.
15) Miscellaneous Expenditure:
The management of the company has decided that Miscellaneous
Expenditure pertaining to IPO expenses have been written off over the
period of five years from current financial year.
Mar 31, 2014
1.1 Basis of Preparation of Financial Statements:
The financial statements are prepared under the historical cost basis
of accounting and evaluated on a going Âconcern basis, with revenue and
expenses accounted for on their accrual to comply in all material
aspect with the applicable accounting principles and applicable
Accounting Standards notified U/s.211 (3C) of the Companies Act, 1956.
2.2 Use of Estimates:
The preparation of financial statements requires the management to make
estimates and assumptions that affect the reported amount of assets and
liabilities and disclosure of contingent liabilities as at the date of
the financial statements and the reported amount of revenues and
expenses during the reporting period. Management believes that these
estimates and assumptions are reasonable and prudent. However, actual
results could differ from estimates. Differences between the actual
results and the estimates are recognized in the period in which the
same are known/materialized.
3) Revenue recognition:
3.1 Sales and Services
Revenue from sale of goods and services is recognized when the
significant risks and rewards in respect of ownership are transferred
by the Company inclusive of excise duty net of VAT/Sales Tax/Service
Tax.
3.2 Other Income
Other income is recognized on accrual basis except when realization of
such income is uncertain.
4) Fixed Assets:
4.1 Fixed Assets are stated at cost, net of CENVAT/VAT credit, if any,
after reducing accumulated depreciation until the date of the Balance
Sheet. Direct cost are capitalized until the asset are ready for use
and include financial cost relating to any borrowing attributable to
acquisition of the fixed assets.
4.2 Capital work in progress includes the cost of fixed assets that are
not yet ready for the intended use and the cost of assets not put to
use before the Balance Sheet Date.
5) Depreciation :
Depreciation is provided on Straight Line Method at the rates and in
the manners prescribed in Schedules XIV to the Companies Act, 1956, on
the basis of shifts/ manners of utilization of the assets. Depreciation
on additions during the year has been provided on pro-rata basis with
reference to the number of days utilized.
6) Impairment of assets:
An impaired loss is charged to the statement of profit and loss in the
year in which an asset is identified as impaired. The impairment loss
recognized in prior accounting period is reversed if there has been a
change in the estimate of recoverable amount.
7) Foreign Currency Transactions :
Transactions in foreign currencies are recognized at the prevailing
exchange rates on the transaction dates. Realize gain and losses on
settlement of foreign currency transactions are recognized ih the
profit and loss account under the natural revenue head of accounts.
Exchange differences relating to fixed assets are capitalized to
respective Fixed Asset.
8) Inventories:
Stock of Raw Matrial and WIP is valued at cost, Finished goods are
valued at cost or market value whichever is less. Costof raw Matrial
and finish goods includes the purchase cost (net of any taxes on which
credits are received or receivable) and other incidental cost, to bring
such material to its present location and condition. The Company
follows First in Frist out (FIFO) method for valuation of inventory.
9) Employee benefits:
9.1 Defined-Contribution plans:
Provident fund and pension scheme Defined Contribution Plans in the
Company. The Company is a member of recognized Provident Found scheme
scheme established under The Provident Found & Miscellaneous Act, 1952
by the Government of India. The Compny is contributing 12% of Basic
Salary of eligible employees under the scheme every month. The
contribution paid or payable under the scheme is recognized during the
period under which the employee renders the related services.
9.2 Defined-Benefit Plans:
Gratuity Fund scheme is the Defined Benefit Plan. Provision for
gratuity has been made in the accounts, in case of those employees who
are eligible for the retirement benefits. Gratuity is paid at the time
of retirement of employees. Provision for gratuity liability is
provided based on Actuarial Valuation made.
Short term Employee Benefits like leave benefit, in any, are paid along
with salary wages on a month to month basis, bonus to employees are
charged to profit and loss account on the basis of actual payment on
year to year basis.
a) Post-employment benefits
i) Defined Contribution plan
The Company''s contribution to defined contribution plan paid/payable
for the year is charged to Statement of Profit and Loss.
ii) Defined Benefit plan
Company''s liabilities towards defined benefit schemes are determined
using the Projected Unit Credit Method. Actuarial valuations under the
Projected Unit Credit Method are carried out at the balance sheet date.
Actuarial gains and losses are recognized in the Statement of Profit
and Loss in the period of occurrence of such gains and losses. Past
service cost is recognized immediately to the extent that the benefits
are already vested and otherwise it is amortized on straight-line basis
over the remaining average period until the benefits become vested.
The retirement benefit obligation recognized in the balance sheet
represents the present value of the defined benefit obligation as
reduced by fair value of plan assets.
b. Short-term employee benefits
Short-term employee benefits expected to be paid in exchange for the
services rendered by employees are recognized undiscounted during the
period employee renders services. These benefits include salary, wages,
bonus and performance incentives etc.
c. Long term employee benefits
Compensated absences which are not expected to occur within twelve
months after the end of the period in which the employee renders the
related services are recognized as an actuarially determined liability
at present value of the defined benefit obligation at the balance sheet
date.
10) Taxes on Income:
10.1 Current Tax - Provision for current tax / minimum alternate tax
(MAT) is made based on tax liability computed after considering tax
allowances and exemptions.
10.2 Deferred Tax - Deferred tax is recognised on timing differences
between the accounting income and taxable income for the year and
quantified using the ax rates and laws enacted or substantively enacted
as on the Balance Sheet date. Deferred tax assets are recognized and
carry forward to the extent that ther is a reasonable or virtual
certainty, as may be applicable, that sufficient future taxable income
will be available against which such deferred tax asset can be
realized.
11) Provisions, Contingent Liabilities and Contingent Assets:
11.1 A provision is recognized when the company has present obligation
as a result of past events and it is probable that an outflow of
resources will be required to settle the obligation, in respect of
which a reliable estimate can be made. Provisions are not discounted
to their present value and are determined based on best estimates
required to settle the obligation at the balance sheet date.
11.2 Contingent Liabilities (to the extent not provided for)
a) A civil case filed against the company as matter of civil suit
relates to land dispute pertaining to survey no 42/16/A paiki  1,
while company''s land belongs to survey no 42/16/A paiki-2. The amount
is not ascertainable.
b) A recovery suit was filed by the Central Bank of India against
Whiteway Products (Pharma) Limited defaulter to the Central Bank of
India and to the previous owner of land where our factory is situated.
The bank has issued a "NO DUE CERTIFICATE" dated 1st October, 2013. As
the matter is with Debt Recovery Tribunal (DRT) the final order from
DRT is awaited. The amount is not ascertainable.
12) Leases
12.1 Finance Lease
The Company has not entered in to finance lease arrangements.
12.2 Operating lease
Operating leases are mainly in the nature of lease of office premises
with no restrictions and are renewable by mutual consent. There are no
restrictions imposed by lease arrangements. Lease rental payments made
by the Company are recognized in the statement profit and loss account
in restated financials under the head ''Other Expenses''
13) Borrowing Costs:
Borrowing costs that are attributable to the acquisition, construction
or production of qualifying assets are capitalized as part of such
assets. A qualifying asset is an asset that necessarily takes a
substantial period of time to get ready for its intended use. All other
borrowing costs are recognized as expense in the period in which they
are incurred.
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