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Notes to Accounts of Indo Borax & Chemicals Ltd.
Mar 31, 2025
p) Provi sions, coil t i ngen t assets an d canting ent li abili ties
Provisions a re recognised only when there is a present obligation, as a result of past events, and when a reliable estimate of the
anion [it of obligation can be made at the reporting date. Tli esc estimates are reviewed at each reporting date and adjusted to
reflect the current best osthna ties. Pro visions are discounted to their present values, where the time value of money is material
Contingent li abi Eity is disclosed fur
L Possible obligations which will bceaafiraied only by future- events not wh ol ly within lh e cerntro L of the Coj dpany or
ii. Present obligations arising tiui ti past events where it is not probable that as outflow of resources: will be required to
settle the obligation or a reli a blc esti mate of the amu tint of th e obi igation ca mint he mad e.
Contingent assets ait not recognized. However, when inflow o t eco nonuc ben e fit is probable, related asset ts disclosed.
q) Earnings per share
Basic earnings per share is calculated by dividing Hie net profit or loss tor the period attributable to equity shareholders (after
deducting attributable taxes) by tiie weighted average number of equity shares outstanding during the period. The weighted
average n umber or equ ityslia res outstanding d uri ng tlie peri od is adjusted for events i nctu di ng a bonus issue.
For the purpose of calculating diluted earnings per share, the net profit or Joss for the period attributable to equity
shareholders and the weighted average number of shares outstanding during tile period are adjusted for the effects uf all
difutive potential equity shares.
r} S igu Hicant management j u dgeme nt i n a pplyi ng arcoun d ng policies and esti ma lion uncertainty
The preparation of the Companyâs financial statements requires management to make judgements, estimates and
assumptions tiia t a ffect tlie reported amounts ul revenues, expenses, assets and liabilities, and the related disclosures.
Significant management judgements and estimates
Th e f ii ilu wing are s igiu f ean Una nagentent judgements and estimates i n aj rplying the accou nti ng pol ides of tlie Com pany Lti at
have the i oust significant effect on tiie financial .statements.
Recognition uf deferred Lax assets The extent to which deferred tax assets can be recognised is based cm an assess merit of the
pt u ba bilily o 1''the hi tune taxable income ago inst w hicli tli e d eFei red Lax assets ean be utilised.
Evaluation of indicators for impairment ot assets Tlie evaluation of applicability of indicators of impairment of assets
requires assessment of several externa) and internal lactors which could result in deterioration qf recoverable amount of the
assets.
Recover ability ol advances/receivables At cadi balance sheet date, based on historical defaufe rates observed over expected
life, tiie management assesses Ull1 expected credit lass on outstanding receivables and advances.
Defined benefit obligation I DUO) Management''s estimate of the DBO is based on a number of critical underlying
assumptions such as standard rates of inflation, medical cost trends, mortality, discount i ate and anticipation of futuj e salary
increases. Variation m these assumptions may significantly impactriu! DftO a mourn and the annual defined benefit expenses.
Fair value measurements Management applies valuation techniques to determine tlie fair value of financial instruments
[where active market quotes arc not available), Tins involves developing estimates and assumptions consistent witli how
market participants would price the instrument. Management uses die best information available. Estimated fait values may
vary from the actual pt ices tli at wo uld be acli ievud in ait arm''s ie uglh transaction a L the r eporting date.
Useful lives nr depreciable/amortazahie assets Management teviews its estimate or the useful lives af depreciable /
amortizable assets at each report! ng date, based on the exported, utility ortho assets. Unccrta inties in those cstiima Eos relate to
tech nica l and economic obsolescence,
sj Revenue recognition
Sales ofgoods
The Company derives rrvenu.es primarily from sale of manu lactuitfd goods. Leaded goods and related services.
The cote principle of lod AS 115 is that an entity should recognise revenue to depict die transfer of premised goods or services
to customers in ait amount that reflects die consideration to which thfrentily expects to be entitled m exchange for those goods
m-services. Specifically, the standard introduces a 5-step approach to revenue recognition.
Revenue is recognized on satisfaction of performance obligation upon transfer of control of products to customers in an
a mount that reflects die consideration the Company expects to receive in exchange tor those products.
Step 1 : Identify the contra ct|sj with a customer
Step 2 : Identity die performance ohligati cm in contract
Step 3 : DeherminetheLrausactionpri.ee
Step 4 : Allocate the transact: on price to tiiepecFo nuance obligations in the contract
Steps : Rceogn ise revenue when [eras ] the ci Uity satis fi es a performance o bligation
Under hid AS t.IS, an entity recognises revenue when (or as) a performance obligation is satisfied, i.e. when ''conLi ul'' of die
goods or services underlying the particular performance obligation is transferred to the customer. The Company has
completed J ts evalu atiou of the poss ib le i m pact uf I nd AS 115 and has adopted the standard fVo u l 1 st April. 20111.
interest Income
Interest income is recognised on unarm nd basis using the effective interest met! md.
Dividend
Dividends are recognised at the time die right to receive Lhe payment is established.
t] Segment in formation
The managing committee is considered to be the ''Chiel OperaLmg Derision Maher'' (CODM) as defined in IND AS 108. The
Operating Segment is the level at wtiirh discrete financial information is available. The CODM allocates resources and assess
performance at this level. The Company has one operating segment Le, Chemical Manulacturiug which includes Ehmm
Products and Lithium 11 yd i oxide.
u) Accounting for Lease
Company as a lessee
Tli e Company applies a single recognition and mcasuitinent approach fioi ail leases, except Ebr short-term leases and leases of
tow value assets. The Company recognises lease J labilities to make lease payments and right-of-use assets representing the
right to use the underlying assets.
As pier I nd A S116, the lessee needs to recognise depreciation on rights of use assets and finance costs on tease liabilities in the
statement of profit and loss.
Leases where the lessor effectiveiyreLa iiis substantially ail the risks and benefits u Tow nei ship: of the leased item ai l-classified
as operating leases. Operating lease payments are recognised as an expense in the5LatementofProfit and Loss on a struigJ ti¬
ll ue basis over the lease term unless the payments are structured to increase in line with expected general inflation to
corn pensate lor the 1 essor''s expected i nfla tionaiy cost increases.
Com pa ny as a lessor
Leases i n wh icl i Use Company does n ot transfer substa nti a Ely ail the ris ks an d rewards ij icidenta [ to o wnei shi p ol an asset a re
classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms. Initial direct
costs: incurred in negotiating and arranging an operating lease are added to the rat lying amount of the leased asset and
recognised over the lease term on the same basis as rental income. Contingent rents a re recognised as revenue in the period in
whi ch they are earned.
v| Government Grants
Government grants / subsidies received towards specific fixed assets Stave been deducted from the gross value of the
l rtrejned fixed assets. Capital Subsidies under MP M5ME Eb otsahan Scheme. ZO17 is recognised to the extent the claims are
accepted and settled.
j a ] AH pci Accu jj ibng lit a i id ;j id 15 "Employee benefits", the d i:; closures as deli ned hi tin: Acton nti ngStandard are given he I aw:
Defined Co ntribu bun Ptun:
duud ilmLJoii Id Pm v i d c m Fund is Rs. 50.96 Lakhs /¦ {Pr evia us Year Rs. 49.67 Lakhs), ESIC an d Labour We fere Fund Includes Hs.
3.95 Lakhs- (Puerto us Year Rs.3.70 Lakhs).
Defined Benefit rtan :
Gratuity and Leave Encasement:
The Company makes partly annua] eu ntribu bon in tite Employees'' Group Gratuity-cum-Life Assurance Scheme ol the Life
insurance Em poratmti el India, a I utided benefit plat) ibr qualifying employees. Thu sdiciH provides toj lump sum payment to
vested employees a EECtitemeut, death while in employ mentor on termination of employment o Ian amount equivalent to 15 days
service far each completed year of sc [vice or jiart thereof depending on the date of joining, Tilt benefit vests after Eve years of
continuous service.
Note 3B - Financial Instruments
i} Fair values hierarchy
Financial assets and financial liabilities measured a L fair value in the statement of financial position arc grouped into three
levels oP a fail'' value hierarchy. The three Levels are defined based on the observability of significant inputs to the
measurement, as follows:
Level 1 ; q hj oled prices \ uj la dj ListedJ in a ctivemarkets Ibr i dej tticaJ assets or liabri ilies;
Level 2 : The fair vaiue of financial instruments that are not Ira Jed in an active market Is determined using valuation techniques which
maximise Lhe pheofobservable market data and rely as tittle as possible on entity specific estimates.
Level 3 : in pu ts Cor Uil- asset or tiabil i ty that a re not based u n obseivable market da ta (unobservable inp uts J.
jib] Tt^''fJ^^Qpddisiiofjtemai^Ben^^^uptity.wfacTtaii^ptiDoe^inglwbeienjipttMcddi^pfndingdgaiustthfipifLkpaa^
for any Bena ni i property.
fLia i) Tilt Cm tipany does net 1 lave any transact! m l w nJ i nunpaiiics struck c (1.
(iv) The Company docs not Lu^^any charges or satisfaction which is yrttfi be rejpstered with ROC beyond the statutory period,
j v) The Company has nut traded or invested in Crypto cuneney orVirtual Currency during tile financidtyear.
j vi) The Company has nntbe*n declared wiilbl difaidtpj by any bank or Fuianctal institution or grvemin e n t or anygovcrrunent
authority.
(viij The Company has not advanced ui loaned or imesttd fundsTil any other persoofsj or tntity^ies). mdnding foreign entities
(Intermediajtes) with the understandi i ig that the I ute rmed iary shall:
ja] directly 01 indirectly lend or invest in oilier persons or entities identified in any manner whatsoever-by men behalf of
the company | Ultimate Bcneliciarics) or
j b) pro vide any guara nice, sccu i ity or th e !i ke to o r on behail of the U1 timate B cnefiii a r lcs
(ylii) Tht Company has not received any fund from any persons J or entity (its), including foreign entities | Funding Party) with
the mid ersta riding {whether recorded in writing or otherwise) tiia L the Com finny shad:
(a | directly ur indirectly! end or invest in other persons ar cntiLies identified in any manner whatsoever by or on behalf of
the Funding Party (intimate Beneficiaries] or
|b) provide any guarantee, security or die li keen behatrofthe Ultimate Beneficiaries,
jilt) The Company dots not have any transaction which is not recorded in the books of accounts that has been surrendered Ar
disclosed as income do ri ng the year tj l the tax assessments under'' the i nronx Tus Act. 1961 (such as. search or su rvey or any
other relevant prov isions of the Income Tart Act, 1961.
Company''s maxi 11 turn exposure to credit risk is limited to the carrying amount offinanciat assets recognised at report] ng dab.1.
The Company continuously tojenitors defaults of customers and oilier counterparties, identified either individually or hy tlie
Company, and incorporates this informs Eton into its credit risk controls. Where available at reasonable cost, external credit
ratings and/or t sports on eustorners and other chunter parlies are obtained and used. The Company''s policy is to deal only
wills creditwurtiiycuuislerparhes.
In respect of trade and other receivables, tike Company Is not exposed to any significant credit risk exposure to any single
counterparty or any company of counterparties having similar characteristics. Trade receivables consist of a large Dumber of
customers in various paits of India. The Company has very limited history ofen sterner default, and considers the credit
quality of trade receivables that are not past due or impaired to lie good.
Hie credit risk for cash and cash equivalents, mutual funds, hank deposits, loans and derivative financial instruments is
cons idefed riegligj bi e, s in ce the counterparties a re repo tabi e o rgan isations wi Hi high qual i ty extei: ta I cued it ratings.
Company provides for expected credit losses on financial assets by assessing individual financial instruments for expectation
o E''any cred it losses. Since the assets have very low credit risk, and are for varied natn res ai l J purpose, the re Is n o trei id d sat tlie
company can draws to apply consistently tu entire population. Foi such financial assets, the Company''s policy is to provides
for 12 mouth expected credit losses upon initial recognition and provides for lifetime expected credit fosses upon significant
increase in credit risk. The Company does not have any expected loss based Impairment recognised on such assets
considering their low credit risk nature, though incurred loss provisions are disclosed under each sub-category of such
financial assets.
Detail o f trade receivables tliat are past d ue is given bci ow :
D] Liquidity risk:
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and die availability of
funding tin tmgls an adequate amount of committed credit facilities to meet obiigaLions when due. Due to the nature af the
business, lb e Company n la in tains flexibili ty i a I''m id ing by i naintainij ig avaiiubil ity unde r coomb tied tacili ties.
Management incrmtors rulhng forecasts of Use Conijsany''s liquidity position aiid cash and cash equivalents on the bases of
expected cash flows. The Company takes into account the hqu id ity of the market i u wh icl l the cn tltv u perates. I n add i tiu n. the
Co mpany''s I i qu idity ms nagemun t poi icy inv olves pjujecting cas h Hows i 11 major cu rretvri es and cons id uri ng the level of J iq uid
assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatoty
neq ui ret neists and maintai ni ng debt ri nancing plans.
Fit lancing arrangements
Tlie Company had obtained credit facility of Rs. 1035 Laklss limn Kotak Malnndj u Bank Ltd. however tlie same has not been
utiiilned.
Contractual maturities of financial liabilities
The tables below analyse the Company''s financial liabilities info relevant maturity groupings based on their contractual
maturities [or all litsn-derivative financial liabilities. The amounts disclosed in die table arc the contractual undiscou sited
cash flows. E3a ia nccs da e wl thin 12 month s equal then ca riy tug amn ants as tl i e i in pact of disco aj iting is no f signi Rea at
Retei1 Note No. 2 D for th e Tra de payabies bifutttati ott
Cj Market risk - foueign exchange
The Company is exposed to foreign exchange nsk arising from foreign currency U''ansactions. primarily with respect to US
Dai Ear. Foreign, exchange risk arises [horn recognised assets and liabiiities denominated in a currency Lhat is not the
Company''s lunctional currency The Company, as per its overall strategy imposts raw materials on the basis of market
demand. Tlie Company does not u£ei Si rwgrd contracts and swaps for speculative pu Eposes.
Seiisitivity
The seiisitivity to profit oi loss from changes ih tlie exchange rates arises mainly irons financial instruments denominated in
USD. In case of a reasonably possible change in [NR/UKD exchange lates of /- 2% (previous yea!1 /-2%] at the reporting
date, keeping all other variables constant, there would have been an impact on profits UNNR239.67 Lakhs fpreviousyeaiTNR
143.56Lak!ixJ.
Tots I Borrowing* - -
Sensitivity
The sensitivity to prtrfitw loss In case of a reasonably possible duti»e in interest rates of /â 50basts points (previous
yeas:: /- 50 basis points]. keep iug ail ci ther variables coastal it, would have i esu I ted in a n impact oil pro fi ts by 1N R 0.00 5
Lakhs S Previous year INR D.D0Z Lakhs |
ii] Assets
The Con ipa tty''s financial assets are carried at amortised cost and a re at fined rate only. They are, theieio re, not subject to
interest race risk since neither the carrying amount not the future cash flows will fluctuate because of a change in market
interest nates.
E) Pricerisk
Exposure fr om if ivestme nf s in mulua I funds:
The Company''s expos ore to price risk arises from investments in mutual funds held by the Company and classified in the
balance sheet as fair value through other comprehensive income. To manage its price risk arising from investments in
mutual funds, the Company i nvestordy i n liquid funds.
Sensitivity
The sensitivity to profit or Joss in case of an increase m price of the instrument by 5% keep mg ail -other variables constant
¦hVuu Id have rest! I ted in an i m pact on profits by IN R 569.3 5 Lakhs | previous yea r IN R 4 Z9.8E3 Lakhs).
Exposure from trade payables:
Company generally impost on adavance payment oi on payment at the time or receipt documents. If there is any
transact! onofirnporh; on credit basis. thcnsuciitifisactionis hedged.
Noted 1 -Capital Management:
The Company''s capital management objectives are: to ensure the Company''s ability In continue as a going concent, to
provide an adequate return Lo shareholders. The company monitors capital on the basis of the carry itig amount of equity
less o sli ai id c-asJ t equ ivaieiits as p u cscn ted on the face of ba ia uce sI Lc-LâL
The Management assesses the Company''s capital requirements m order to maintain an efficient overall financing
structure while avoiding excessive leverage. This takes into account the subordination levels of the Company''s various
classes of debt The Company manages the capital sttuctme and makes adjustments to it in the light of changes in the
economic condi turns and the risk characteristics of the underlying assets.
The company mon lien''s the capital on the basis oETolJawing ratios:
a) In 1992, STC ot India Ltd had claimed lor Rs. 9.02 Lakhs towards price different*: & others, against this. Honourable
Don ibay I i >g}i Court: ordered Company to give ba ilk guana ntee ofRs. 1.65 Lakhs {Previous year Els. 1.65 Lakhs)
If) Balance i ostalmentts wards work-oiprtjgress of Rs. 2QB6.U6 LaJchs, payable on Use basis ol various'' stages of comp lotion
o! p raj ect over the period of live yea rs.
c) The company has created a fixed deposit or Rs. 21 Lakhs marked lien in favour of Customs towards security against
i m po tied ra w materia I.
44 Inter Corporate Deposit consist of a sum of Rs. 509.04 La kits given La M/s Radius Estates Projects Private Li tinted (formei Jy
known as VisJiwaroop Realtors Private Urnited. The said eornpany is in Die pmeess of corporate insolvency i''esoIution process
under tile Insolvency and Lhmkr u ptey code, 2016 {IBC|. The company has filed its claim as financial creditors as per the regulation
E3 of the I DC code for the said outstanding amount. The company is awaiting the Outcome Irmu National Company Law Tribunal
(NCLT). Due to uncertainty in realization of the said debt and pending a decision ofNCLT the company continued not to provide
i n teres Loti th e said loan du ring the financial year.
45 Corpora to Social Resp o nstbil ity: The Co mj i any lias incurred ! N R111.00 lafclis (prev lous year I NR 110.0 0 Laklis} towaids Social
Respu nsi hi I ity activities. It is i Deluded in in Lh e Statemcn L of Profit and Loss. Fu ttfier, no amount I Las been sp ent o n cons ti in. tin n /
acquisition of an asset of Die Company and the entire amount has been spent in cash. The amount lequired to be spent under
Section 135 of the Companies Act, 2013 for the year 2025 is INK 110.57 lakiis Lt 2% of average net profits Toe last three financial
y ea rs, calculatedasper Section 198 of the Companies Act.2 Q13.
46 All assets and liabilities have been classified as current or nun-currentas per the Company''s normal operating cycle and other
criteria set out in the Sell ode hr El to the Compa ti ics Act. 2 01.1 Based on the naiu re of piudu els a fid the time between the acquisi Eion
of assets for p recessing and their realization in cash and cash equivalents, the Company has ascertained its operating cycle as 12
months loi die purpose oE current non current class Ifica bo n of assets and liabilities.
17 The previous year''s figures leave been regrouped and rearranged wherever necessary to make in compliance witli die cuiient
financial year.
M rH(*s 1 to 47 liirm an inlegral pnrt uF these [i nan ci at sr.ite me tils.
As per attached report of even date. For and fin hehalf of the Hoard Directors
ter Be him & Coâ I nde Bum S (Hi e mical s Li m tied
Chartered Aixrnmtams Sajatjain Sacliin Gupta
Firm Registration N u. i a 64^21(17 M aoagi tig DI rector & CFO I ndependenl Director
DlNd0314fl55 DIN-093321S3
Anil lain fravlu Cliavau Gnvind Parma] Vatin Shah
Farther Company Secretary Executive Director Independent Director
Membership No, 03*1 tt03 M. No. I6B57 DIN-03S5frii.lt DIN-07155634
Mliiakslii Mittal Vogvili Pati!
Place ; IVtumhat Indep Ell dent Director Independent Director
Date : 13th May.202S FJ IN-072 207 41 DlN-10464221
Mar 31, 2024
p) Provisions; contingent assets and con tlngent I iabl If ties
Provision.*; a re recognised only w I: : i there!.*: a present obligati on, as a result of past events, and when a reliable estimate of the
amount of obligation can be made at the reporting date, These estimates are reviewed at each reporting date and adjusted to reflect the cu mmt best esti mates. Provisions a no d I scounted tn th c I r preset) t va lu os, who ne the time value of mo ney i s tna to ria I. Contingent liability is disclosed for
i. Possible obligations which will be confirmed only by hi lure events not wholly Within the control of the Compart^ or :i. Present obligations arising from past events whart it is not probable lliat an outflow of resources will lie required to settle t he oblige tie n or a netia hie estimate o f the amo art o f the obligation ca nn ot be m a dc.
Contingent assets are not recognized. However when inflow of-econoiniiibenefit is probable, related asset ^disclosed-
q) Earnings per share
basic earnings per share is calculated by dividing the net prof it or loss for the period attributable to equity shareholders falter deducting attributable tones} by the weighted average r umber of equity shares outstanding during the period. Thy weighted average n umhu r o l equ ity sha res outstanding d nri ng the period is ad j Listed ft* r events incl udinga bon us is s ue. for the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable tn equity shareholders and the lighted average number bf shares outstanding during fire period are adjusted for the effects of all di I u t ive potemti a I equ i ty shafts,
r''l Significant manage me ni judgement In applying accounting policies and estimation uncertainty
The preparation of the Company''s financial statements requires management to make judgements, estimates and assumptibfls tli n t affect rh e reported a m oti n is of r&ven11 ns, expenses, ns.suis an d itabi Liti us, and 1 lie related dlsclosu res.
Sign ifi cai Lt i nd Ha ge m eiitju dge n ion tsaud csli m a tes
Th e to 11 ow i ng a re Sjgni fica nt man a gc me lit j ud ge me nts and es ti nt a te s i rui p piyi ng th e a cco u nti n g p ol ides o 11 lie Compa ny that have Li⢠iTiosi significant effect uti ih;j financial via Cements.
Recognition of deferred tax assets The extent to wiiicii deferred tax assets can he recognised is based on an assessment of lire probability of t he future taxable i ocome against which the deferred tax asset s can bq utilised
Evaluation of indicators for impelrincht of asset.** The evaluation of applicability of Indicators of impairment of''asset.*; requires assessment of several external and internal factors which could result In deterioration of recoverable amount of the asiiots.
Recovei* ability of advances/receiv a bfes - Attach balance sheet date, based on histori cai del ault rates observed over expected life, the management assesses the expected credit loss on outstanding receivables and advances.
Defined benefit oh ligation (DllOj Management''s estimate of die DRO is based on a number of critical underlying assumptions such as standard rates of inflation, medical tost trends, mo rta lily, discount rate and anticipation of future salary ineieanos.VarLiuiOEim theseassumpt ions may significantly impact theOBDamouni and the a rniual defined benefit expenses. Faii* value measurements Management applies valuation techniques to determine the fair value of financial instruments [where Active market quotes are rot available!, This involves deveteping estimates aid assumptions consistent with how market participants would |iri
Useful lives of depreciabte/atnoftizabU assets Management reviews its estimate ol the useful lives of depreciable j amortizable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technics] and economic obsolescence, s) Reven u e recognition
Sates of goods
rhe Company derives revenues primarily from sate of manufactured guilds, traded goods a net related services,
Tli c core pi''inci pi c of J n d AS 31 h is that a n entity sliou I d reco gni se neven ue to de pset the tra nsfer of promised goods o r scr v.i cos uvtustomers in ah amount that reflects theconsideration to which theernil^evjj^cts to |aeentitled in exchange for Umsegood^ or services, Specifically; the standard introduces a 5-step approach to revenue recognition
Revenue Is recognized on satisfaction of performance obligati cm upon transfer of co nli-11 of products to customers iji an a mount that re Fleas the con sideratlp n the Coni pa ny exp ects to rere i ve Lr e?tcha uge for those products.
Step! : Identify the contractfs) with a customer Step2 : [dLrofifytheperfo-rnn.ance obligation ui contract Step 3 : fJcieriiiiiiL1 the transagjdon price
Stc p 1 : Alloca tc t h e t ran suction price to the por/orman to ob I i ga tio ns in the contra ct Si U P!? : Itecogri iso revn n 11 a w hen [o r u s) [ ii u eci L Uy .sa L is Ties a perfo n n ;j net: old (gallon
Under hfd AS 115. an entity recognises revenue when (or as) a performance obligation is satisfied, i.e. when ''control'' of the goods or services underlying the particular performance obligation is transferred to the customer. The Company lias completed its ova luation of the poss i blc i mpact of E rtd AS 115 a nd has adopted the s ta nd art! fro m 1 st April, 2018.
Interest Income
] merest income is recognised on an accrual bar is us i ng th e effective inte rest meth od.
Dividend
U i vid ends a re recogn ised at lb e ti me the rigli t to receive the payment is est ablis bed. tj Segment Informatjon
The managing committee is considered to be the Chief Operating Decision Maker'' fCODM) as defined in !ND AS Ida. The Operating Segment is Lb;: Level at which discrete financial information Is available. 7 ho CODM allocates resources and assess performance at this level. The Company has one operating segment i.e Chemical Mann tart tiring which includes Boron FToducts and Lithium Hydroxide, u) Ac^untmg far Lease Co m pany as a J es see
I''he Company apphesa single recognition and measurement approach for all leases, except for short-term leases and leases of low value assets. The Company recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets,
As per hid A 5 116-. th e lessee needs to recogn i se depreefatio non l ights of use assets and filtan.ee costs or 1 eas e 1 i a bi I ilti es i n the s tatemen t of profits ltd J osnfc
Leaseswherothelesh''oreffectivelyrutainssuhstontiallyaHiheriskstmdbenefitsofownershipoftlteleaseditemartâclassified as operating leases. Operating lease payments are recognised as an expense in the Statement ui Profit and Loss on a slraighf-hue basis over the lease term unless the payments are structured to Increase in lint with expected general Inflation to compensate fc r the lessor''s expected inflation^ cost increases,
Company as a lessor
Lea ses i n which the Co mpa ny does not tra ns fer su hstau tial ly a I! the risks a nd rfflvards i nctdental to owne ns hi p o f a n a sset an1 classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms. Initial direct costs maij''i''ud in. negotiating arid arranging an operating lease are added to the carrying amount of the leased asset and neoogtt ise d over the lease term on the same basis as ren fa 11 n com a. Cor t i rgr rct re nts a re rtmogn ised us revenue in the pe riod in which they aha earned. v| Goyemment Grants
Government grants / subsidies received towards specific fixed assets have been deducted from the gross value of the Concerned fij^passets. Capital Subsidies under MB MSMJ1. Protsahan Scheme, 2017 is necogriisSd to the extent the claims are accepted and settled,
pi] TbeCom|>anydfottony Ken j ini property,
[II if) T\w.Ci>mp@ny does nothaveanytransactionxv11h.Ctnnpan«?s s; rneftoff.
(iv] The Company does not have any charges or satisfaction which is yet to be registered with RUC beyond t lies tot utoiy period,
[ v] The Company has no< i radm! or Inves ted In Crypto currency ofVirtuat Currency the Qn&nciaJ year
fvi) The Company has not been declared wilful def''auJ ter by any bank or financial institLEtJon or government or any government authority.
(vii) The Company has not advanced or loaned or invested funds to any other person(sJ or entitypesj, including Foreign entities [Ininnnedtar^s] wit ii i he 1111 tier? landing thali he I rtoTmed i a ry shall:
fa) directly or indirectly Lend or in vest in other persons or entities identified in any manner whatsoever by or on he half of th e Cttlnps ny (Tlltlltidte Benefi-ciahes) or
(b) provide any guarantee. seen rity or the like to or on behalf of the Ultimate B e nefifiJa lies
Cviii] The Company has not receivetj any fund from any persemfs) or entity[ies), including foreign entities [Funding ibiiiy] witli the un del-stand in g l whet Iter recorded i n writing o r otherwi se) that th e Company shai I
[a] directly or indirectly fjitjdS or invest In other persons or entities identifier! in any manner whatsoever by or on tie half of the Funding Tally | Ultimate FIenetici ariesj or
[bf provitk''.my gn: i rant t^-e, seen rity nr the like on behalf off he Ultimate Betiefidarl es,
(ittj The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or < I isdosm I an income during the yea r i ti r ho ta x asieSS m ij nts u n tter the I n Co me Tax At i. I % l [su r:h as, sc a h-hors urveyi or a ny other rei e van t provisions of tiie income Jan Act. ID 61).
A) Credit Risk;
Credit i isk is the I isk that a customer or counter party to a financial instrument will tad to pc i form or pay amount? due to the Company causing financial Joss. It arises front cash and cash equivalents, deposits with banks and financial institutions, security deposits, loans given and principally from credit exposures to Customers relating to outstanding receivables. The Compaiiy''s maxi mum Ktpostire.''totr^Jit risk is I mined to the Greying amount off inaticiaJ assets recognised at reporting d;tte.
The Company tom inuously monitors defaults of customers and oth*?r tourtterpscrties, identified either individually or by the Company, mid incorporates this information Into Its credit risk controls. Where available at reasoniahie cost, external credit ratings and/or reports on customers and other counterparties ait obtained and used. TJie Company''s policy is to deal only with creditworthy [parties
in respett or trade and other receivable^, the Company is not exposed Lo any significant cried IL risk exposure in any single counterpa rty or any com pa ny ni co un te rpa i t ics hav t ng si m i la r cii a ractc r i s tics. Tredo race iv a bios con list of a I a rgc nu m her of customers in various parts of India The Company has very limited history of customer default, and considers the credit qual 1 ty of trade rece ivabl es t hat n re n ot past d ue or i m pa i red to be good.
The crtâdii risk for cash and cash equivalents, mutual funds, hank deposits, loans and derivative financial instruments is to nsi dt red ijegl i«i I jie, si nee til e coupterparti es are reputa hie orga n i satio 11s wi th ii i gh q ua ii ty external cved i t rati ngs.
Cuni pany pntvidk.h for expected c red ii lossex on fi nandaI assets iiy
B) Liquidity risk:
Prudent liquidity risk riiaiiagemeiii implies maintaining sufficient cash and marketable securities unci the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. Hue to the nature of the business, the Company maintains flexibility in funding by m a inta in in g availability under committed facilities.
Management monitors rolling forecasts of the Company''s liquidity position and cash and cash equivalents on the basis of expected cash flows. l1ie Compa ny takes in to a ccouitl the llq uidity of the nta rke t i n which the e ntity operates.! n a dditio n, l he Company''s liquidity management policy involves projecting cash flows in uuior currencies and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements and munitumingdetii financing plans.
Financing arrangements
The Company laid obtained credit fiielUy of Rs. 1035 Lakhs from Kotik Muliindre Hank Ltd, howevej the saint has not been uliiilred
Co litre etna I mat LI riT ies o f f i oa n ela 111 a h i I n i es
The tables beluw analyse tile Company''s financial I labilities into relevant maturity groupings based on their conn-actual TTiiiturit^s for all non-derivative financial liabilities. The amounts disclosed in the table are the contractual uudlseounted cash Flows. Balances due within 12 months equal their carrying amounts as the impact of discounting, is notsignificant Refer Note No. 20 furl bn Trade payables bifu real ion.
CJ Market risk-foreign exchange
The Company Is exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to US lfnl far Riretgll exchange nsk arises from recognised assets ami liabilities denominated in a currency lha1 is not Ihic-p Company''s hi net in uni currency. The Company, as per its overall strategy imports raw materials on the basis of market demand. The Company does notuse forward contracts and swaps for speculative purposes Sensitivity
Tin1 sensitivity to profit or luSsffOm changes In the exchange rates arises mainly from financial instruments denominated m USD in case of a reasonably possible change in I Nfi/USD exchange rates of */- 2% (previous year */-2%) at the reporting date, keeping all other variables constant; there would have been an impact on profits uf INK 143.56 Lakhs [previous yea (riNK 267.77 Lakhs).
Total non wlngn - ¦
Sensitivity
The son sit iviLy to profit or Lo.m In case of a reasonably possible change in Interest i-dtesof */- 5-0 basis points (previous year: /-50 basis points), keeping all other variables constant, won Id have resulted in ail impact on profits by INR0.$fttl2 Lakhs {Previous yearl N Pi Q.OOZtiaktis] ii) Assets
I''he Company''s financial assets are earned at amortised cost and are at fixed rate only; They are, therefore, not subject to Interest rate risk since neither the carrying .amount noi tliefuturemsh flows will fluctuate because of a change in market interest rates
It} Price risk
Exposii re from i investments i n mutuai fund s:
The Co mpany''s exp osure to p rice tis k a rises from investing nts i n m utual fund s he] d by the Company and dassif i ed i n the balance sheet as fair value thfOugh other comprehensive income. To manage its price risk arising from investments in mutual funds, the Co m pany in vest onljtrn liquid Kun ds.
S h ns i L i Vity
Tiic sensiti v ity to profit or lo ss in case of a n j tic tease in p ri ce of the mstr u m not by 5% keep i ng aii othc r va Flab I r s co nstan t would have resulted in an impact on profits by INK429-8S Lakhs (previousyenr INK 89,?7 Lakhs).
Exposure iron Lrad*payables:
Company generally import on adavance payment or on payment at the time or receipt documents, ]t there Is any i rans;i ct ion of i mports o n i;red it basls, 1 h en s11ch t rnsacti on is hedge d-Note41 - Capital Management)
The Company''s capital management objectives are: to ensure th e Com pony''s ability to continue as a going concern, to [i I''Ovidfâ a n ad ei| U 3 L H rvl u rn b i iha relinld Sr\ Til a Llomp3 ny rrtfi n i pu s C31 Vital (HI the bSs i S i if the t:;inf i rig 3 in OUDt of H>q u i ty I e s s cj 5 h j nd cash eq u ivale nts a.1; psrese nted o n t he til ce c l baia lice sh eet.
The Management assesses the Company''s capital requirements in Order to maintain an efficient overall Financing structure while avoiding excessive leverage, This takes into account the subordination JeveEs of the Comp a nv''s various classes of debt I he Company manages the capital structure and makes adjustments to it in the light of changes in the f con omic condi tions a nd the risk oharcicte ri sties of th e n ndetlying ass e ts,
The company monitors the capital on the basis of following ratios:
3 Commitment and Ct>i diligent i.iabiliy:
j) In JfJR2, ST''C of India ltd had claimed for Its. âJ.02 Lakbi inwards price difference ft. others. agomsi this, Honourable Bombay High Court h irdcted fin mpuny to give bmik gnu 1''⢠tee of R,s. 1,65 Ijkhx (Prt^iouSyearRs, 1 65 Lakhs]
b) Balance instalment towards work-in - progress of Rs. 2086.06 Lakhs, payable or the basis of various stages of completion of pro i-ect over the period off ive years.
c) The company has created a fixed deposit of Us. 31 Lakhs marked lien in favour of Customs towards security against impo rted re w ma te rial,
44 ''lire amount reflected in capital work in progress represents advance given for Unit / Flat Mo. 1601 and 1602 for project named Avenne SdfatS.V. Hoad, San ta cm* {West J Mumbai -400 054, the said project is likely to He completed hy December, 2022 as per the term1! of the booking. HnwevSI! the Builder has tmilnterally altered tbi date of possession ! other allottees, i n spile of repeated reminders for reglstrat ion of sale agreement, the same has nnL hi MH: n «d hy L he R it 11 lie r LI li dale, i ¦) V Lew of tills the CO Fit pa ny has fi I ed m 11 l | dal rU 11 r M A H A RII it A ;jg;3 i n h L the 11 l i i Id a r:
The MAMA It I''iRA has givigjti the verdict on 29th February, 20 j4 in. favour of the company S; nth era! locoes and directed the Builder to exeru to & register the agreement for sale with iti two months from the date of the order.
5 Inter Cor | Harare DepoxiL consist of a a nm of Rs. 509,104 Lakhs tjiven m M/s. Radius Bstalcx Projects Private Limited [formerly known as Vixliwaronp Realtors Private Limited. The said company is in the process of corporate insolvency resuSuisoti process under the In solvency and Bankruptcy code, 2016 (til Si Tire company has filed its claim as financial creditms as per the regulation B o f th t IR Cl code for the said on tsta nding am uu n t. ''i''Ji e c oni pa ny is await i ng ill e outcome I ru in Nati ona I tie m pa ny La w Tri btinal (MtILT), Dtp* to uncertainty in realization oft lie Mid debt and pending a decision of NCLT the company con turned not to provide in te Liest o n the sa td J oan du ring the financial year.
46 Corporate Social Responsibility; The Company has incurred IfiR 1 10,00 lakfts (previous year INK 79,0!i Ijkhs) towards Social
| ¦ u n m i h 11 n v actlv 11 ies. I tit I nctuded in I Mb e Sts t« men i of Pit >fit an d l .ds.h . Further, no amoun i. has been s | mi i o n ex ms tructlun / acquisition of an asset of List Company and the entire amount has boon spent in cash. The amount required to be spent under Section 135 of the Companies Act, $513 for the year 2024 is [NR JOB. 16 lakhs i.e. 2% ufsy?(rsj;e net profits fut list three financial years, calculated as per Section 198 oft he Companies Act,2013_
47 All assets and liabilities have been, classified as current or nmi-current as per the Company''s normal operating cycle and other criteria set out ini he Scheduled] to the Com panics Act. 2013. Based on the natu re of prod nets and the time between the acquisition of as sets for processing and their realization in cash and cash equivalents, the Company has ascertained its operating cycle as 12 m o nth s io r th e p u rpose o f cu rren L - n on cu men Ltlassifit ati on of assets a ntt lia bii i ties
48 The previous year''s figures have been regrouped and rearranged whenever necessary to make in compliance with the current tiiianciaiyear.
Notes 1 to 48 form an integral part of these financial statements.
As per attached report of even date. Fur- and on behalf of the Board Directors
For Hohra ft Co., Indo Borax & Clm mi cals Limited
Chartered Accountants Sajal lain Sachin Gupta
Firm Registration No. 136492W Managing Director & CFO Director
DIN-00314055 DIN-09332193
Anil fain Sreelekha Jain VogeshPatU
ParLner Director Directur
Membership No. 039803 DIN-08057096 DIN-104-64:221
Gov led Parma r FravinCImvan
Place ; Mumbai J- seen Live Director Company SecreLary
Unto ; 2 S''11 May, 2024 [HN-03556411
Mar 31, 2023
jp) Pro v1slori&contingent assets and contingent liabilities
Provisions are recognised only when there is a presentobligation, as j result utpast events, and when a reliable estimate ot the amount or obligation can be made at th e re p Dili it g da te.''J hese estimates a ne reviewed at each reporting date and adjusted toreilect tlte current best estimates. Previa ions are discounted to their present values.wbere the tune valve of money is material.
ContLi Lg(*n i ha I >11 ity i s d Isd osed for
i Passible obligations which will be confirmed only by fuLu re event snot wholly with in the coutro I of the Company or it Present obligations arising from past events where it is rml probable ilia; an outflow |f resources will be required to settle the obligation nr a tellable estimate oftheamount of the obligation rannotbemada.
Con tin gent assets a re not re cognised. Noweveg when inllowol economic bene III is probable, related asset is disclosed.
4] tamings per shuns
Basic earnings per s hare is calcnla ted tiy d Lvid i ng f lie nel | > r 111 i t , 1 r loss f< 1 r t he per iod at trlhu ta h I e tq eq u 11 y s ha re bo Id ers (aft er ded n ct i ng airrlhubjhle caves) by the weighted average miinbi " of equity shares outstanding during the period The weighted avenge1 number of equity shares oulstanding dun ngthe period is adjusted lorevents including a bonus issue.
For ihu purpose of calculating diluted earnings pefshure, 1H h ¦ net profit or loss for the period atiri bumble to equity shareiitiId el''s arid the lighted average iiuniStmd''shiines outstandlngdu rl ng t|m pa rladarcadj listed far the cherts r if ail dilutive potential equity shares.
r 1 Significrtn tmin agenieut j udgement in n pp lyi tig ncco unti ng p 0 lid es and esti mnti 0 n unce rtu inty
The preparation dflheCom pa tty''s finutickil statements requires manage men I to make p.i dgeme.nts, estimates artd assumptions thui affecl tin1 reported amtflintstif revenues, ettpenscs, assets and 11 abilities, and the related disclosures.
il i griifica n t management judgements ajSStstiiioabjte
The following atm significant management lodgements and estimates in applying th;; accounting polities of the Company that have ihe most sig it 1 f I ca nt effect on the flu a n da I statements.
Keco gn Hi on ol deferred lax ass els-The extent to which defer tied lax assets con be recognised is based 0 n a 11.tss e ssme nt of L he probability of the future taxable income n gainst wlticii the deferred tax assets enn he utilised,
Taxes: Taxes haw been paid 1 provided, exemptions availed, alldwaffces considered etc. at ti based on thi extant laws and the Company''s iinei''iâ.iclaliiiiL tilt he s,iine based mi the legal advice received whcrovi.;'' Csquired These could differ in the view taken hy the authorities, cJarificatiansissLiedsubscq uently by the government and courts, amendment:; to statutes hy the government etc,
Evaluation of indicators Hi* impairment of assets - Tlte evaluation of applicability of indicators of impairment tif assets requires assessment 0 f sever,! f external and I n tern 31 factors wit I ch coul d result I n de teiiora tlo n 0 f recoverable anion n t of the assets.
Kecoverability of advances/receivehies At each balance sheet date, based on historical default rates observed over expected life, the management assesses the expected credit loss on outstanding receivables and advances,
Defined benefit obligation [DBO.l - Management''s estimate oftlie DUO l.s based on a inimHer of critical underlying assumptions such as standard rates of inflation, medical cost trends, mortality, discount rate and anticipation uf future salary increases, Variation In these assumptions may significantly Impact the DUO ,11110 uni and the annual delined ben u tit expenses.
Fair value measurements - Management applies valuation technique 5 to determine the fair value of financial Instruments (where active market quotes are net available]. This involves developing esti males and assumptions consist cm with how marks! participants would I trice the ins tru met 11. Management uses the bast mformatJein available, list i mated fair values may vary from the actual pi ices that would he a c hi eved in a n m in''s I ength tra nsaction a t the rep nrti ng date.
Lise fill lives olde preciab I e/c mu''livable assets - Management reviews iu esti mate of ihe useful lives fflf depre''clable/uTmjrii^able assets at eac h reporting date, based 00 lho expected utility
Useful life of prtJB^rty, planl. and equipmeift and intangible assets: The Company bos estimated useful life of the Property lJlant and Equip inert as specified in Schedule II to the Companies Art, 20 L3 However the actual useful life for individual equipments could turn out ha be t li fare nt, t here mu hi he taehnn Ingy cb| nj^us, h re; iki i nw n, u 11 ex p acted fa 1 inrt'' lead itigto im pa irm«jn( or tm m piste discard. A lte m. it* ily the equipme nt may fij&n tinu e to p novide useful service wel I heyonfl (lie use fitlllfe ^jsu rtied.
s) Itevemie recognition Sales 01 goods
Tin''Com pany derive* revenues primarily from sale of n% mi pictured goods, traded goi ids and Related services.
The cure principle of Ind AS LIS is thal .in entity should recognise revenue i ^ depict the transmit'' of promised goods or sjervlees to customers in an amount that reflects the oorjldcraticu to which Lite entity expects to In: entitled in exchange for those gnods-orservlce-s:-Spectfically, the-staiuiardiui reduces a S-step approach to ievefliGte recognition.
fteventte is recognized on satisfaction of performance oblivion upon transfer of control of products to customers in nn nmount that rcfletpi the consul enitioTi the Company expects to receive in exchange forthtree products
Step ! ; Identity the connactfs] with j customer fitepU : Id entity the performance obligation in conLract StepiS : UeterminL the transaction price
5 Le p 4 : A1 i(»cate th e routsdittior pri ce to the pisrfb riStahCe iSjligatfti ns I ri the*tititFjicJt S ie p 5 : Recognise revenue when [orasJiheemSty satisfies a performance obligation
Under End AS 115, an entity recognises revenue when (or as) a performance obligation is satisfied, Le. when ''control'' of the goods nr servi ces u n d eriyi ng the pa rtiaj I a r p erform an ce obi i ga Cion is ton sferred to th e cu sto m er. The Company has co m p I eted i ts c?va I u a tion of the possible i m p jet of 1 nd AS 115 and lias ad opt ed t he s;a netard fro m 1 si Ap rii. 201 a.
Interest Income
I nterestinrome is recogiiisc-d cm ? n acctlj.iI basis u¦;ing the efitective intcrestmetlind Dividend
U ividend s a re recogr ised at th e ti me the righ L to recei ve the payun en t i s e stabli sh e-d.
1) Segment In far mutlmi
The managing committee is considered to bo the ''Chief Operating Decision Maker'''' (CODM) as defined in !ND AS I0E. The Operating Segment is the level at which discrete fi nan obi information is available. The CODM al I oca to s resources and assess perform/! i ice at this level. The Company has one d penning segment t.e.Chetjiteal Manufacturing which includes Boron Products
u) Accounting for l ensc Company as a lessee
The Company applies ? single recognition and measurement approach tor all leases, except for short-term leases and leases of low value asseis. The Company recognise-; least? liabilities to make lease payments and rigbt-pf-yse assets representing the right to use the underlying assets.
As per Ind AS 1 to, the I essec need sto recognise depreebri. m on right; of use assets and finance costs on tease liabilities in the statement of profit a ltd I oss.
Leases where the lessor effectively re nuns sub si am telly all the risks and benefits of''ownersfnporihe leased demure classified us operating leases. Operating lease payments are incog msed as 311 expense in the Statement of Profit and boss on a straight-1 me basis over rite lease term unless the payments are structured to Increase in line with expected general Inflation to compensate lor the lessor''s expected i lift at ioitaiy cost incre a ses,
Leases where the lessor effectively retains substantially ,d[ the rights .inri benefits til''ownership of I he leased assets are i. lassified ;is operating Erases- At the date of commencement of lease the Company rceggtiliwsa right-of-use asset (FiOU) and a comes ponding lease liability fot''alHcascaj ougemonts in whiclt ii is a teaseexcept for leases with, a term oftWelv* months 01 Icssandl-ow value leases. Fur these shurt term and low value leases the Company recognizes the least payments aftbn operating expense on a straight-line basis over the term of the lease.
The right to d$e assets are IhlfitlDy. recognized aicosl which comprisas Initial anion nt of ii⢠lease liabihiy adjusted for any lease pay me tit made at or prior to the date ot the commencement date ul the lease plus any initial direct costs less any lease incentives. They arc s uhset] Lie ntly mea su red at co st less accimi u lated de piec ia tion a nd impai r m ent 1 os ses.
f<:ght-to- use assets are depreciated from Lite commencement date on straight line basts over lesser of the tease period or the useful lifenf 1 he asset.
Lease liab ility is initially measu red at ainortiied cost a t the prose nt vaJ ue of the future lease payments. The lease payments are d iscou nted using tli c-inter? st rate imp licit in. the lease or; if not readily detenHinable using the incremental borrow ingrate for the Horn pany
Compaityasalessbr
Leases in which the Company docs not transfer substantially all the 1 isles and row; mis incidental todwnershipofan asset a re classified as operating leases. Kental income arising is accounted lor on a straight- line basis over the lease terms. Initial direct costs incurred hi negotiating and arranging an operating tease are added to lhecarryittgan10Lj.nl of the Leased asset and recognised over the I ease term an the same basis ns rental income. Contingent rents-are recognised as revenue in the period in which they are earned.
v) Governmtint Grants
Government grants / subsidies received towards specific Eked assets have been deducted 1 mm die gross value of the concerned lined assets.
BJ Liquidity risk:
Prudent liquidity risk management Implies mdlntulitingsiiBlcJjenltash and marketable Kuturitit''s and the availability rjf funding through an adequate amount of tom nutted Credit facilities to meet obligations when due. Due to the nature of the business, the Company m a m Eni ns flexi bi lity in funding by mam tai n i ng ava11 a b i lity under coitimi tte d fuci lities.
Management monluift rolling Forecasts of the Com irsnyâsi I qtiidlty position and cash and cash equivalents on the basis (tf expected cash flows, Hie Company takes Into uccounl Hie liquidity ol I he market In which the entity operates. In ailrlnJnn, the Company''s liquidity management policy Involves projecting (Shift IhiwH in major currencies ami n ''ns Muring the level of liquid assets necessary it'' meet these, monitoring fin lance sheet liquidity ratios against internal and external regulatory requirements and maintaining deb-t Financing plans.
Fi ua ii ci ug a rta ngc in cuts
The Company had obtained credit facility of Its, l Oil 5 Lakhs tinm Kotak MabindralJault Ltd, bpweyerthe same has net been utilised (lorn ra ci ual mat u rides of flna ndal Uabil i ties
The tables below analyse the Company''s financial liabilities into relevant manirily groupings based on their contractual maturities for all non-derivative financial liabilities. The amounts disclosed in the table are tire contractual un discounted cash flows. Balances duo within 12 months equal t he I r carrying a mi Hints as the impact of disci muting Is not significant
liefer Note No. fid for die Trade payables bifurcation,
CJ Market rtsk - foreign eididn go
The Company is exposed to foreign exchange risk a rising tram foreign currency transactions, primarily with respect to US Do liar. Foreign exchange risk arises from recognised assets, and liabilities denominated in a currency that is not the Company''s functional currency. The Company as per its overall strjtygy imports r aw materials on the basis nr market demand The Company docs not use forward contracts a rid s w; 11 >s ihr .spar i lLi live pti i''p i >st: s,
Sensitivity
The Sensitivity to profit or loss from changes iti the exchange rates arises mainly from HdandaHnstrumerits denoiriiritted in DSD. In case of Li reasonably possible change in 1 NR/DSD exchange rates of /- 2% [previous year */-2%) a I the reporting date, keeping all other variables constant, there would have bee si an impact on profits uflNJl 267. i-"7 Lakhs [ previous yeariNK26o,tf£l Lakhs],
4 3 Co mmitment and ton tinge n t Lia bitty:
a) J n t 99 2. 5TC of India Ltd ha d c b i med lor Its.0 3 La khs toward s price di ffcren ce & others, against this, 1-tor outa h Le Iiomhay Hi gh Lou rt ordered Company to give hank qua rantce oi Hi 1.65 Lakhs (Previous year Rs. 1.65 Lakhs)
b) Balance instalmon t towards work - in progress of Rs. 2086.06 Jj khs, payable on the basis ol various stages of completion of project over the period of Five years.
c) The conn pany h as crea ted a fixed de posit of Rs. 31.00 Lakhs marked I ien i n iavou r ol" Cus to ms towards s ecu rity against i mported raw material.
Id inter Corporate Deposit, consist of a sum of Ifs. 509.04 Lakhs given to M/s. Radius estates Projects iTivate Limited [formerly known as ^ishwaroop Realtors Private Limited, "[''he said company is in the process of" corporate insolvency tesoluti o rip races* under the Insolvency and Bankruptcy code, 2016 [IBCJ. "I''he company has filed iLs claim as financial creditors as per the regulation S of" the IBL code for the said o u tst and ing am oun t. The company is awa i ti ng the outc ome from N ationa I Comp a ny Law Tribune I [ ML IT), Due to unceita in ty in rea lizati on ot the said debt and pending a dccisi on of N LLT the company continued not to provide interest u n the said loan d uring the finan da I year.
45 Corporate Social Heponsihility :The Company has incurred INR 79.00 lakhs (previous year iNR62.00 Lakhs} towards Social Responsibility activi ties. 11 is i ncluded in in th e 5 La temen t n I Pro ti r and Loss. Further, no amount h as heen s pent on construction j a cq uisi tion of an asset of the Company and the cn tire amou nt has heen spent i n cash. The am ouut req ui red to he sp ent u nd c-r Scctin n 135 of th e Companies Act 2013 for th e year ZtJZT''isINR 78.92 lakhs i .e. 2% o I average net profi ts for I ast three financial yens, ca Ic ui a ted as per Section 198 of the Com panics Ac L20 J 3.
46 During the year under review the company has written oif Rs. 4B.79 Jakh as no more receivable against loan given to one ol the party as m a lugcm ent expert th e same is n ot vecoverabl e. Th e sa m e Ls -d ehi Led to nth er Comprehc ns i vc Income.
47 Ad d iti onal Reg ula Enry Jnibrmation d etail ed i n clause 6L of Gen era! I nstru cti ons give n i n Part 1 of sin n 11 ot t he Sc Itedu ie 1111 a the Companies Act, 2013 arc furnished to the extent applicable Co the Company;
48 All assets and liabilities have been classified as current or non-current as per the Company''s normal operating cycle and other criteria set out in the Schedule 111 to the Companies Act 2013. Based on the nature ol products and the time between the acquisition of assets i or pro cess ing and thei r realization in ca sh and ca sh equivalents, th e Com pany h as ascertai ned its ope rati n g cycle as 12 months (or the purpose ot cu rrent non current d assi licati on of assets and liabil ities.
4 9 ''1 ''he previous year''s figures have b eon regrou ped a nd rea rra nged w herever necessary to make i n c ompl i an ce witi) the current fi na ncial year.
Niiic^ 1 in 4S ifnjit iUi inicfrid pnn cf ih-CRC An;mciiU atjicmcnia. T. , , , â , , â ,
. . . i . For mi J on btluili of the (totem LHfeeiniK
As pet attneneil report ol even date. , . â . .....
fJm- lluhrjL & (,L>rl
Qunfcrtd Acciitmsmts Sajsljain Anm Surcka
Finn fieubtla6bfl Mh>; 13W52W Managing Director St CL-t I Dikchir
t . Sreclekfiii Jain N K Mi uni
Ann Jam J
Director Director
Lâa.rmer
n,N
Oiiiinii Fiirnur Sidiin (iLijiin
Pi^ : MufllJwt Uncoil lyc Director Director Vc*vin Chi''â¢
: L1thMâ¢,2023 DIN.U3S.W41I DIN (FTO113 GS^nySScretHiy
Mar 31, 2018
1. Corporate Information
Indo Borax & Chemicals Limited (the Company) is a public limited company incorporated and domiciled in India. The registered office is at 302, Link Rose, Linking Road, Santacruz (West), Mumbai - 400054. The Company is engaged in manufacturing of Boron products and Lithium.
The company obtains independent valuations for its investment in properties. The best evidence of fair value is current prices in an active market for similar properties. Where such information is not available, the company consider information from a variety of sources including:
* current prices in an active market for properties of different nature or recent prices of similar properties in less active markets, adjusted to reflect those differences.
* discounted cash flow projections based on reliable estimates of future cash flows.
* capitalised income projections based upon a propertyâs estimated net market income, and a capitalisation rate derived from an analysis of market evidence.
The fair values of investment in properties have been determined by Independent Valuer Thite valuers and engineers Private Limited and Shekhar Thite. The main inputs used are the rental growth rates, expected vacancy rates, terminal yields and discount rates based on comparable transactions and industry data. All resulting fair value estimates for investment properties are included in level 3.
(b) Terms/ rights attached to equity shares
The company has only one class of equity shares having par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
The distribution will be in proportion to the number of equity shares held by the equity shareholders.
During last five years no shares were alloted without payment being received in cash or as bonus shares, however company were bought back and extinguished 2,72,000 equity shares during the financial year 2014-15.
Amount originally received on foreited shares Rs. 1,39,350/- (Inclusive of share premium) included in Reserve & Surplus
As per records of the Company, including its register of shareholders/ members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
Defined Benefit Plan :
Gratuity and Leave Encashment:
The Company makes partly annual contribution to the Employees'' Group Gratuity-cum-Life Assurance Scheme of the Life Insurance Corporation of India, a funded benefit plan for qualifying employees. The scheme provides for lump sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount equivalent to 15 days service for each completed year of service or part thereof depending on the date of joining. The benefit vests after five years of continuous service.
Note 2 - Financial instruments
i) Fair values hierarchy
Financial assets and financial liabilities measured at fair value in the statement of financial position are grouped into three levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity specific estimates.
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
(ii) Valuation process and technique used to determine fair value
Specific valuation techniques used to value financial instruments include: The use of quoted market prices for investments in shares and mutual funds.
a) The carrying value of trade receivables, securities deposits, insurance claim receivable, loans given, cash and bank balances and other financial assets recorded at amortised cost, is considered to be a reasonable approximation of fair value.
The carrying value of borrowings, trade payables and other financial liabilities recorded at amortised cost is considered to be a reasonable approximation of fair value.
ii) risk management
The Companyâs activities expose it to market risk, liquidity risk and credit risk. This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the related impact in the financial statements:
A) Credit Risk
Credit risk is the risk that a customer or counterparty to a financial instrument will fail to perform or pay amounts due to the Company causing financial loss. It arises from cash and cash equivalents, deposits with banks and financial institutions, security deposits, loans given and principally from credit exposures to customers relating to outstanding receivables. The Companyâs maximum exposure to credit risk is limited to the carrying amount of financial assets recognised at reporting date.
The Company continuously monitors defaults of customers and other counterparties, identified either individually or by the Company, and incorporates this information into its credit risk controls. Where available at reasonable cost, external credit ratings and/or reports on customers and other counterparties are obtained and used. The Companyâs policy is to deal only with creditworthy counterparties.
In respect of trade and other receivables, the Company is not exposed to any significant credit risk exposure to any single counterparty or any company of counterparties having similar characteristics. Trade receivables consist of a large number of customers in various parts of India. The Company has very limited history of customer default, and considers the credit quality of trade receivables that are not past due or impaired to be good.
The credit risk for cash and cash equivalents, mutual funds, bank deposits, loans and derivative financial instruments is considered negligible, since the counterparties are reputable organisations with high quality external credit ratings.
Company provides for expected credit losses on financial assets by assessing individual financial instruments for expectation of any credit losses. Since the assets have very low credit risk, and are for varied natures and purpose, there is no trend that the company can draws to apply consistently to entire population. For such financial assets, the Companyâs policy is to provides for 12 month expected credit losses upon initial recognition and provides for lifetime expected credit losses upon significant increase in credit risk. The Company does not have any expected loss based impairment recognised on such assets considering their low credit risk nature, though incurred loss provisions are disclosed under each subcategory of such financial assets.
B) Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. Due to the nature of the business, the Company maintains flexibility in funding by maintaining availability under committed facilities.
Management monitors rolling forecasts of the Companyâs liquidity position and cash and cash equivalents on the basis of expected cash flows. The Company takes into account the liquidity of the market in which the entity operates. In addition, the Companyâs liquidity management policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans.
C) Market risk - foreign exchange
The Company is exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to US Dollar. Foreign exchange risk arises from recognised assets and liabilities denominated in a currency that is not the Companyâs functional currency. The Company, as per its overall strategy company imports raw materials on the basis of market demand. The Company does not use forward contracts and swaps for speculative purposes.
Sensitivity
The sensitivity to profit or loss from changes in the exchange rates arises mainly from financial instruments denominated in USD. In case of a reasonably possible change in INR/USD exchange rates of /- 2% (previous year /-3%) at the reporting date, keeping all other variables constant, there would have been an impact on profits of INR 198.46 Lakhs (previous year INR 89.80 Lakhs).
D) Interest rate risk
i) Liabilities
The Companyâs policy is to minimise interest rate cash flow risk exposures on long-term financing. At 31 March 2018, the Company is exposed to changes in market interest rates through bank borrowings at variable interest rates.
Sensitivity
The sensitivity to profit or loss in case of a reasonably possible change in interest rates of /- 50 basis points (previous year: /- 50 basis points), keeping all other variables constant, would have resulted in an impact on profits by INR 0.28 Lakhs
ii) Assets
The Companyâs financial assets are carried at amortised cost and are at fixed rate only. They are, therefore, not subject to interest rate risk since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.
E) Price risk
Exposure from investments in mutual funds:
The Companyâs exposure to price risk arises from investments in mutual funds held by the Company and classified in the balance sheet as fair value through other comprehensive income. To manage its price risk arising from investments in mutual funds, the Company invest only in liquid Funds.
Sensitivity
The sensitivity to profit or loss in case of an increase in price of the instrument by 5% keeping all other variables constant would have resulted in an impact on profits by 206.31 Lakhs (previous year INR 243.96 Lakhs).
Exposure from trade payables:
Company generally import on adavance payment or on payment at the time of receipt documents. If there is any transaction of imports on credit basis, then such trnsaction is hedged.
Note 3 - Capital Management:
The Companyâ s capital management objectives are: to ensure the Companyâs ability to continue as a going concern to provide an adequate return to shareholders
The Company monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as presented on the face of balance sheet.
The Management assesses the Companyâs capital requirements in order to maintain an efficient overall financing structure while avoiding excessive leverage. This takes into account the subordination levels of the Companyâs various classes of debt. The Company manages the capital structure and makes adjustments to it in the light of changes in the economic conditions and the risk characteristics of the underlying assets.
Note 4 -First Time adoption of IND AS:
These standalone financial statements, for the year ended 31 March 2018, are the first financial statements prepared by the Company in accordance with Ind AS. For periods up to and including the year ended 31 March 2016, the Company prepared its standalone financial statements in accordance with accounting standards notified under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (âIndian GAAPâ or âPrevious GAAPâ).
Accordingly, the Company has prepared standalone financial statements which comply with Ind AS applicable for periods ending on 31 March 2018, together with the comparative period data as at and for the year ended 31 March 2017, as described in the summary of significant accounting policies. In preparing these standalone financial statements, the Companyâs opening Ind AS balance sheet was prepared as at 1 April 2016, the Companyâs date of transition to Ind AS. This note explains the principal adjustments made by the Company in restating its Previous GAAP standalone financial statements, including the balance sheet as at 1 April 2016 and the standalone financial statements as at and for the year ended 31 March 2018.
The Company has applied Ind AS 101 in preparing these first standalone financial statements. The effect of transition to Ind AS on equity, total comprehensive income and reported cash flows are presented in this section and are further explained in the notes accompanying the tables.
A Exemptions and exceptions availed :
Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from Previous GAAP to Ind AS.
A.2 I nd AS mandatory exceptions:
A2.1 Estimates
An entityâs estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with Previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error.
Ind AS estimates as at 1 April 2016 are consistent with the estimates as at the same date made in conformity with Previous GAAP.
A2.2 Classification and measurement of financial assets
The classification and measurement of financial assets will be made considering whether the conditions as per Ind AS 109 are met based on facts and circumstances existing at the date of transition.
Financial assets can be measured using effective interest method by assessing its contractual cash flow characteristics only on the basis of facts and circumstances existing at the date of transition and if it is impracticable to assess elements of modified time value of money, i.e., the use of effective interest method, fair value of financial asset at the date of transition shall be the new carrying amount of that asset. The measurement exemption applies for financial liabilities as well.
Applying a requirement is impracticable when the entity cannot apply it after making every reasonable effort to do so. It is impracticable to apply the changes retrospectively if:
a) The effects of the retrospective application are not determinable;
b) The retrospective application requires assumptions about what managementâs intent would have
c) The retrospective application requires significant estimates of amounts and it is impossible to distinguish objectively information about those estimates that existed at that time.
A 2.3 De-recognition of financial assets and liabilities
Ind AS 101 requires a first-time adopter to apply the de-recognition provisions of Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS. However, Ind AS 101 allows a first-time adopter to apply the derecognition requirements in Ind AS 109 retrospectively from a date of the entityâs choice, provided that the information needed to apply Ind AS 109 to financial assets and financial liabilities derecognised as a result of past transactions was obtained at the time of initially accounting for those transactions.
Note-1 Proposed dividend
Under Previous GAAP, proposed dividend is recognised as liability in the period to which they relate irrespective of the approval of shareholders.
Under Ind AS, proposed dividend is recognised as liability in the period in which it is declared (approval of shareholders in general meeting) or paid.
Note - 2 Measurement of financial assets at fair value
Under Previous GAAP, current investments were stated at lower of cost and fair value.
Under Ind AS, these financial assets have been classified as Fair Value Through Profit and Loss (âFVTPLâ) on the date of transition to Ind AS and fair value changes after the date of transition have been recognised in the statement of profit and loss.
Note - 3 Measurement of financial assets and liabilties at amortised cost
Under Previous GAAP, the financial assets and financial liabilities were typically carried at the contractual amount receivable or payable.
Under Ind AS, certain financial assets and financial liabilities are initially recognised at fair value and subsequently measured at amortised cost which involves the application of effective interest method. The effective interest rate is the rate that discounts estimated future cash payments or receipts through the expected life of the financial asset or financial liability to the gross carrying amount of the financial asset or financial liability.
For certain financial assets and financial liabilities, the fair value thereof at the date of transition to Ind AS has been considered as the new amortised cost of that financial asset and financial liability at the date of transition to Ind AS. The application of effective interest method results in adjustment to carrying amount of Loans, Other Financial Assets, Borrowing and Other Financial Liabilities.
Note - 4 Fair valuation of derivatives
Under Previous GAAP, foreign exchange derivatives used for hedging purposes were restated at each balance sheet date and the premium was amortised over the term of the forward contract.
Under Ind AS, all derivatives are measured at FVTPL and mark-to-market gains or losses are recorded in the period when incurred.
Note - 5 Remeasurements of post-employment benefit obligations
Under the Previous GAAP, these remeasurements were forming part of the profit or loss for the year.
Under Ind AS, remeasurements i.e. actuarial gains and losses, excluding amounts included in the net interest expense on the net defined benefit liability are recognised in other comprehensive income instead of the statement of profit and loss.
Note - 6 Deferred tax
Under Previous GAAP, deferred tax was accounted as per the income statement approach which required creation of deferred tax asset/ liability on timing differences between taxable income and accounting income. Under Ind AS, deferred tax is accounted as per the Balance Sheet approach which requires creation of deferred tax asset/ liability on temporary differences between the carrying amount of an asset/ liability in the Balance Sheet and its corresponding tax base. The adjustments in equity and net profit, as discussed above, resulted in additional temporary differences on which deferred taxes are calculated.
Note - 7 Business promotion and discount expenditure
On certain sale transactions, if a particular threshold is met, the Company gives a free gift. Under Previous GAAP, revenue is recorded at the total amount received and the cost of the free gift is recognised as an expense.
Under Ind AS, the value of the free gift is adjusted from revenue.
Note 8: Other comprehensive income
Under Ind AS, all items of income and expense recognised in a period should be included in profit or loss for the period, unless a standard requires or permits otherwise. Items of income and expense that are not recognised in the statement of profit and loss but are shown in the statement of profit and loss as âother comprehensive incomeâ includes remeasurements of defined benefit plans. The concept of other comprehensive income did not exist under Previous GAAP.
Note 9 : Micro, Small and Medium Enterprises
Information as required to be furnished as per section 22 of the Micro, Small snd Medium Enterprises Development (MSMED) Act,2006 for the year ended 31 March 2017 is not given as company has not received any intimation from vendors regarding the status of their registration under the MSMED Act,2006.
5 Note 5 - Commitment and Contingent Liabilty:
a) In 1992, STC of India Ltd had claimed for Rs. 9.03 Lakhs towards price difference & others, against this, Honourable Bombay High Court ordered Company to give bank quarantee of Rs. 1.65 Lakhs (Previous year Rs. 1.65 Lakhs)
b) Balance instalment towards work - in - progress of Rs. 2086.06 Lakhs, payable on the basis of various stages of completion of project over the period of five years.
6 Note 6 - Corporate Social Reponsibility:
The Company has incurred INR 29.10 lakhs (previous year INR 31.68 Lakhs) towards Social Responsibility activities. It is included in in the Statement of Profit and Loss. Further, no amount has been spent on construction / acquisition of an asset of the Company and the entire amount has been spent in cash. The amount required to be spent under Section 135 of the Companies Act, 2013 for the year 2018 is INR 29.10 lakhs i.e. 2% of average net profits for last three financial years, calculated as per Section 198 of the Companies Act,2013.
7 Reporting under sub clause 32 of clause 49 of listing agreement issued by Securities and Exchange Board of India (SEBI), is not applicable to the company, as there is no loan given to subsidiary or Associates as defined under section 186 of the Companies Act, 2013 and no loans and advances are given which is outstanding for a period of more than seven years.
8 All assets and liabilities have been classified as current or non-current as per the Companyâs normal operating cycle and other criteria set out in the Schedule III to the Companies Act, 2013. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current - non current classification of assets and liabilities.
9 Post reporting date events
There are no adjusting or significant non-adjusting events have been occurred between 31 March 2018 and the date of authorization of the company''s standalone financial statement.
10 Authorization of Financial Statements
The standalone financial statement for the year ended 31 March 2018 (including comparatives) were approved by the Board of Directors on 30th May 2018
11 The previous year''s figures have been regrouped and rearranged wherever necessary to make in compliance with the current financial year.
Mar 31, 2016
1 Contingent Liabilities and Commitments for provided for: In 1992, STC of India Ltd had claimed for Rs. 9,02,807/- towards price difference & others, against this, Honourable Bombay High Court ordered Company to give bank guarantee of Rs. 1,65,000/-. (Previous year Rs. 1,65,000/-)
2 Previous year figures have been rearranged /regrouped, wherever necessary, to make them comparable with current year fig urns.
3 During the year, company had increased installed production capacity of boric acid at Pithampur from 14400 MI to 20000 MT. In the process of capacity expansion, Company has repaired old plant and machinery to harmonized with new plant & machinery and to synchronize the old production process with new one. Company has made addition to factory building and repaired to the old factory building including roads.
4 During the year company has capitalized revenue expenses of Rs. 42,52,259/- from power charges, water changes, professional fees & factory salary as per actual usage, towards addition to factory building Rs 10,12.495/-& plant& machinery Rs 33,39.734/-,
The Company has taken Group Gratuity Policy and contributing for the Managing & Executive Directors are nor separately determined, hence not included above,
5. The Balances of sundry debtors, trade payable, loan s and advances are subject to confirmation & reconciliation, if any. In the opinion of the management, adjustment, if any, arising out of reconciliation are not expected to be significant
6. In the opinion of the Board of Directors, the assets (other than fixed assets and non-current investments] have value on realization in the ordinary course of business at least equal to the amount at which they are stated.
7. Major components of deferred tax liabilities and assets arising on account of timing difference are
8. No Provision for diminution In value of long term investments in quoted shares aggregating to Rs.57,35,785/- Previous year :Rs. 67,79,0041-) has been made-In accounts as the diminution is of temporary nature w per opinion of the management.
9. The company has not entered in any derivative transaction by way of currency and or interest rate swap or forward exchange contract.
10. None of the supplier of the company has informed that it» a SSI unit. Therefore. outstanding to SSI units is considered to be NIL.
11. During the year company has Inverted Rs. 18,63,42,677/In new office premises at Bandra Kurta Complex, Mumbai In addition to earlier Investment In office premises of Rs. 12,02,14,360/-
12. Details of CSR Spend during the financial year-During the year, the Company has incurred an amount w Rs, 63,01,107/â towards Corporate Social Responsibility expenditure, which includes previous years unspent amount of Rs. 27,47,154/-.
Mar 31, 2015
1. Brief Information on shares bought back during the year
Pursuant to the resolution passed by the Board of Directors of the
Company and in accordance with the applicable provisions of the
Companies Act, 1956, the Companies Act, 2013 and the Securities and
Exchange Board of India (Buy-back of Securities) Regulations, 1998, as
amended, the Company made a Public Annoucement on 3rd March, 2014, to
buy back the Equity Shares of Face Value of Rs. 10/- each of the
Company from open market through Stock Exchange route at a price not
exceeding Rs. 145/- per shares, aggregating to Rs. 4,35,00,000/-, if
the entire shares bought at maximum price.
The Company has bought back & extinguished 2,72,000 Equity Shares as at
31st March, 2015 at an average price of Rs. 125.99 per share, utilising
a sum of Rs. 3,42,67,998/- in terms of the applicable Provisions of the
Section 77A of the Companies Act, 1956, Section 68 of the Companies
Act, 2013 and SEBI ( Buy-back of Securities) Regulations, 1998, as
amended.
Previous year, the Company has bought back 1,69,627 Equity Shares as at
31st March, 2014 at an average price of Rs. 128.56 per share, utilising
a sum of Rs. 2,18,06,836/-. These shares have been extinguished on 7th
April 2014 in terms of the applicable Provisions of the Section 77A of
the Companies Act, 1956, Section 68 of the Companies Act, 2013 and SEBI
( Buy-back of Securities) Regulations, 1998, as amended. The said
amount of Rs. 2,18,06,836/- has been shown by way of deduction from
shareholders fund.
2. Contingent Liabilities & Commitments not provided for guarantees
given by the bank of the company Rs. 1,65,000/-.( Previous Year Rs.
1,65,000/-)
3. Previous year figures have been rearranged/regrouped, wherever
necessary, to make them comparable with current year figures.
4. The Balances of sundry debtors, sundry creditors, loans and advances
are subject to confirmation & reconciliation, if any. In the opinion of
the management, adjustment, if any, arising out of reconciliation are
not expected to be significant.
5. In the opinion of the Board of Directors, the assets (other than
fixed assets and non-current investments) have value on realisation in
the ordinary course of business at least equal to the amount at which
they are stated.
6. Key Management Personnel & their relatives
a) Shri S. K. Jain, Managing Director and Shri.Sajal Jain, Executive
Director of the Company hold significant interest and key management
position in the Company.
7. Pursuant to Accounting Standard Interpretation (ASI)-14 (Revised)
"Disclosure of Revenue from Sales Transactions" issued by the Institute
of Chartered Accountants of India, the excise duty expenses is
bifurcated into three components: excise duty expenses related to sales
is reduced from Gross Sales, excise duty relating to the difference
between the closing and opening stock is recognized in the inventory
adjustments and the unrecovered excise duty is recognized under other
expenses.
8. No Provision for diminution in value of long term investments in
quoted shares aggregating to Rs. 67,78,004/- (Previous year :Rs.
72,95,418/-) has been made in accounts as the diminution is of
temporary nature.
9. The company has not entered in any derivative transactions by way of
currency and/or interest rate swap or forward exchange contract.
10. a) None of the supplier of the company has informed
that it is a SSI unit. Therefore, outstanding to SSI units is
considered to be NIL.
b) In the absence of any intimation received from vendors regardimg the
status of their registration under the " Micro, Small and Medium
Enterprises Development Act, 2006 " the company is unable to comply
with the disclosure required to be made relating thereto.
11. Details of CSR Spend during the financial year.
Total amount to be spend for the financial year Rs. 28,28,732/-, amount
spend during the financial year Rs. 81,578/- & unspent amount for the
year is Rs. 27,47,154/-.
Mar 31, 2014
NOTE - 1
OTHER DISCLOSURES & NOTES
1 Brief Information on shares bought back during the year
Pursuant to the resolution passed by the Board of Directors of the
Company and in accordance with the applicable provisions of the
Companies Act, 1956, the Companies Act, 2013 and the Securities and
Exchange Board of India ( Buy-back of Securities) Regulations, 1998, as
amended, the Company made a Public Annoucement on 3rd March, 2014, to
buy back the Equity Shares of Face Value of Rs. 10/- each of the
Company from open market through Stock Exchange route at a price not
exceeding Rs. 145/- per shares, aggregating to Rs. 4,35,00,000/-, if
the entire shares bought at maximum price.
The Company has bought back 1,69,627 Equity Shares as at 31st March,
2014 at an average price of Rs. 128.56 per share, utilising a sum of
Rs. 2,18,06,836/-.These shares have been extinguished on 7th April 2014
in terms of the applicable Provisions of the Section 77A of the
Companies Act, 1956, the Companies Act, 2013 and SEBI ( Buy-back of
Securities) Regulations, 1998, as amended.
The said amount of Rs. 2,18,06,836/- has been shown by way of deduction
from the Shareholders Fund.
2 Contingent Liabilities & Commitments not provided for a) Guarantees
given by the bankers of the Company Rs. 1,65,000/- (Previous Year Rs.
1,65,000/-)
b) Overdue interest on loan from Development Corporation of Konkan Ltd
Rs. NIL (Previous Year Rs. 7,87,025/-)
3 Previous year figures have been rearranged/regrouped, wherever
necessary, to make them comparable with current year figures.
The Company has taken Group Gratuity Policy and contributing for the
Directors is not separately determined, hence not included above.
4 The Balances of sundry debtors, sundry creditors, loans and advances
are subject to confirmation & reconciliation, if any. In the opinion of
the management, adjustment, if any, arising out of reconciliation are
not expected to be significant.
5 In the opinion of the Board of Directors, the assets (other than
fixed assets and non-current investments) have value on realisation in
the ordinary course of business at least equal to the amount at which
they are stated.
6 Key Management Personnel & their relatives
a) Shri S. K. Jain, Managing Director and Shri.Sajal Jain, Executive
Director of the Company hold significant interest and key management
position in the Company.
b) Details of Transations with the persons referred to in (a) above and
their relative Mrs Sushila Jain are as under:-
1 Remuneration paid to 8,096,445 9,678,354
Managing Director *
2 Remuneration paid to 8,096,444 9,374,114
Executive Director *
3 Directors Sitting Fees 24,000 12,000
paid to Mrs Sushila Jain
*The Company has taken Group Gratuity Policy and contribution for the
Managing Director and Executive Director is not separately determined,
hence not included above.
7 Pursuant to Accounting Standard Interpretation (ASI)-14 (Revised) ''
''Disclosure of Revenue from Sales Transactions" issued by the Institute
of Chartered Accountants of India, the excise duty expenses is
bifurcated into three components: excise duty expenses related to sales
is reduced from Gross Sales, excise duty relating to the difference
between the closing and opening stock is recognized in the inventory
adjustments and the unrecovered excise duty is recognized under other
expenses.
8. No Provision for diminution in value of long term investments in
quoted shares aggregating to Rs. 72,95,418/- (Previous year :Rs.
71,30,018/-) has been made in accounts as the diminution is of
temporary nature.
9. The company has not entered in any derivative transactions by way
of currency and/or interest rate swap or forward exchange contract.
10. a) None of the supplier of the company has informed that it is a
SSI unit. Therefore, outstanding to SSI units is considered to be NIL.
b) In the absence of any intimation received from vendors regardimg the
status of their registration under the '' Micro, Small and Medium
Enterprises Development Act, 2006 '' the company is unable to comply
with the disclosure required to be made relating thereto.
Mar 31, 2013
1 Contingent Liabilities & Commitments not provided for
a) Guarantees given by the bankers of the Company Rs.1,65,000/- (Previous
Year Rs. 1,65,000/-)
b) Overdue interest on loan from Development Corporation of Konkan Ltd.
Rs.7,87,025/- (Previous Year Rs. 7,24,207/-)
2 Previous year figures have been rearranged/regrouped, wherever
necessary, to make them comparable with current year figures.
The Company has taken Group Gratuity Policy and contributing for the
Directors is not separately determined, hence not included above.
3 The Balances of sundry debtors, sundry creditors, loans and advances
are subject to confirmation & reconciliation, if any. In the opinion of
the management, adjustment, if any, arising out of reconciliation are
not expected to be significant.
4 In the opinion of the Board of Directors, the assets (other than
fixed assets and non-current investments) have value on realisation in
the ordinary course of business at least equal to the amount at which
they are stated.
5 Pursuant to Accounting Standard Interpretation (ASI)-14 (Revised)
"Disclosure of Revenue from Sales Transactions" issued by the Institute
of Chartered Accountants of India, the excise duty expenses is
bifurcated into three components: excise duty expenses related to sales
is reduced from Gross Sales, excise duty relating to the difference
between the closing and opening stock is recognized in the inventory
adjustments and the unrecovered excise duty is recognized under other
expenses.
6 No Provision for diminution in value of long term investments in
quoted shares aggregating to Rs. 71,30,018/- (Previous year :Rs.
1,15,58,130/-) has been made in accounts as the diminution is of
temporary nature.
7 The company has not entered in to derivative transactions except
foreign currency forward contract against existing trade liability.
8 a) None of the supplier of the company has informed that it is a SSI
unit . Therefore, outstanding to SSI units is considered to be NIL. b)
In the absence of any intimation received from vendors regardimg the
status of their registration under the " Micro, Small and Medium
Enterprises Development Act, 2006 " the company is unable to comply
with the disclosure required to be made relating thereto.
9 The company has taken Group Gratuity Policy from LIC and the
premiums determined by Lie and payable for the financial year adjusted
for effect of acturial valuation at year end is charged to Profit 6
Loss Account. Required disclosures as per particulars received from LIC
and accounts are as under:
Mar 31, 2012
1. Contingent Liabilities & Commitments not provided for
a) Guarantees given by the bankers of the Company Rs 1,65,000/-
(Previous Year Rs 1,65,000/-)
b) Overdue interest on loan from Development Corporation of Konkan Ltd.
Rs 7,24,207/- (Previous Year Rs 6,61,389/-)
2. Previous year figures have been rearranged/regrouped, wherever
necessary, to make them comparable with current year figures.
The Company has taken Group Gratuity Policy and contributing for the
Directors is not separately determined, hence not included above.
3 The Balances of sundry debtors, sundry creditors, loans and advances
are subject to confirmation & reconciliation, if any. In the opinion of
the management, adjustment, if any, arising out of reconciliation are
not expected to be significant.
4 In the opinion of the Board of Directors, the assets (other than
fixed assets and non-current investments) have value on realisation in
the ordinary course of business at least equal to the amount at which
they are stated.
5 Pursuant to Accounting Standard Interpretation (ASI)-14 (Revised)
"Disclosure of Revenue from Sales Transactions" issued by the
Institute of Chartered Accountants of India, the excise duty expenses
is bifurcated into three components: excise duty expenses related to
sales is reduced from Gross Sales, excise duty relating to the
difference between the closing and opening stock is recognized in the
inventory adjustments and the unrecovered excise duty is recognized
under other expenses.
6 No Provision for diminution in value of long term investments in
mutual funds and quoted shares aggregating to Rs 1,15,58,130/- (Previous
year : Rs 91,18,829/-) has been made in accounts as the diminution is of
temporary nature.
7. The company has not entered in any derivative transactions by way
of currency and/or interest rate swap or forward exchange contract.
8. a) None of the supplier of the company has informed that it is a
SSI unit. Therefore, outstanding to SSI units is considered to be NIL.
b) In the absence of any intimation received from vendors regardig the
status of their registration under the "Micro, Small and Medium
Enterprises Development Act, 2006" the company is unable to comply
with the disclosure required to be made relating thereto.
Mar 31, 2011
Not Available
Mar 31, 2010
1 Contingent Liabilities not provided for
a) Guarantees given by the bankers of the Company Rs. 1,65,000/--
(Previous Year Rs. 1,65,000/-)
b) Overdue interest on loan from Development Corporation of Konkan Ltd.
Rs.5,98,571 /- (PreviousYear Rs.5,35,753/-)
2 Previous year figures have been rearranged/regrouped, wherever
necessary to make them comparable with current year figures.
3 The Balances of sundry debtors, sundry creditors, loans and advances
are subject to confirmation & reconciliation, if any. In the opinion
of the management, adjustment, if any, arising out of reconciliation
are not expected to be significant.
4 In the opinion of the Board of Directors, the current assets, loans
and advances are approximately of the value stated, if realised in the
ordinary course of business.
B Key Management Personnel & their relatives
a) Shri S. K. Jain , Managing Director and Shri.Sajal Jain, Executive
Director of the Company hold significant interest and key management
position in the Company.
5 During the year, the company has written off Rs.NIL (Previous year
Rs. 19,24,940/-) as Bad Debts as, in the opinion of the management, the
same is doubtful of recovery. The monev claim and other proceedings in
respect of the said am;iu;it are pending.
6 Pursuant to Accounting Standard Interpretation (ASI)-14 (Revised)
"Disclosure of Revenue from Sales Transactions" issued by the Institute
of Chartered Accountants of India, the excise duty expenses is
bifurcated into three components: excise duty expenses related to sales
is reduced from Gross Sales, excise duty relating to the difference
between the closing and opening stock is recognized in the inventory
adjustments and the unrecovered excise duty is recognized under
manufacturing and other expenses.
7 No Provision for diminution in value of long term investments in
mutual funds and quoted shares aggregating to Rs. 71,85,328/-
(Previous year :Rs.5,30,51,084/-) has been made in accounts as the
diminution is of temporary nature.
8 The company has not entered in any derivative transactions by way of
currency and/or interest rate swap or forward exchange contract.
9 a) None of the supplier of the company has informed that it is a SSI
unit . Therefore, outstanding to SSI units is considered to be NIL.
b) In the absence of any intimation received from vendors regarding the
status of their registration under the Micro, Small and Medium
Enterprises Development Act, 2006 " the company is unable to comply
with the disclosure required to be made relating thereto.
10 ADDITIONAL QUANTITATIVE INFORMATION AS REQUIRED BY PARA 3 & 4 PART
II OF THE SCHEDULE VI OF THE COMPANIES ACT. 1956,ARE AS UNDER
In view of partial interchangeability of production of Boric Acid and
Borax within overall installed capacity, combined installed capacity
has been stated. Installed capacity is technical matter, hence Auditors
have relied on the certificate given by the management.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article
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