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Accounting Policies of Jayshree Chemicals Ltd. Company
Mar 31, 2025
7. Summary of Material Accounting Policies Information
a. Revenue Recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company
and the revenue can be reliably measured, regardless of when the payment is being made. Revenue is meas¬
ured at the fair value of the consideration received or receivable, taking into account contractually defined
terms of payment and excluding taxes or duties collected on behalf of the government.
i. Sale of Goods
Sales are recognized when the substantial risks and rewards of ownership in the goods, including custody,
are transferred to the buyer as per the terms of the contract and are measured at the fair value of the con¬
sideration received and receivable and net of trade discounts, allowable sales return and sales tax/value
added tax/goods and service tax.
ii. Interest Income
Interest Income from a financial asset is recognized when it is probable that the economic benefits will
flow to the Company and the amount of income can be measured reliably. Interest income is accrued on
a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which
is the rate that exactly discounts estimated future cash receipts through the expected life of the financial
asset to the asset''s net carrying amount on initial recognition.
iii. Dividend
Dividend income is recognized when the right to receive dividend is established.
b. Inventories
Inventories are stated at lower of cost and net realisable value. The cost is calculated on First in First Out (FIFO)
method. Cost comprises expenditure incurred in the normal course of business in bringing such inventories
to its present location and condition and includes, where applicable, appropriate overheads based on normal
level of activity. Net realisable value is the estimated selling price less estimated costs for completion and sale.
Obsolete, slow moving, and defective inventories are identified from time to time and, where necessary, a pro¬
vision is made for such inventories.
c. Taxation
Income tax expense represents the sum of current and deferred tax (including MAT).
Current income tax assets and liabilities are measured at the amount to be recovered from or paid to taxation
authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively
enacted at the reporting date.
Income tax expense is recognized in the Statement of Profit and Loss, except to the extent that it relates to
items recognized directly in equity or other comprehensive income, in such cases the tax is also recognized
directly in equity or in other comprehensive income.
Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the Balance
sheet and the tax bases used in the computation of taxable profit.
Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets
are generally recognized for all deductible temporary differences, Deferred tax assets are recognized to the
extent that it is probable that future taxable profits will be available against which those deductible temporary
differences and the carry forward of unused tax credits and unused tax losses can be utilised. Deferred tax
assets and deferred tax liabilities are offset, and presented as net.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent
that it is no longer probable that sufficient taxable profits will be available against which the temporary differ¬
ences can be utilised.
Minimum Alternative Tax (MAT) is applicable to the Company. Credit of MAT is recognised as an asset only
when and to the extent there is convincing evidence that the Company will pay normal income tax during
the specified period, i.e., the period for which MAT credit is allowed to be carried forward. In the year in which
the MAT credit becomes eligible to be recognised as an asset, the said asset is created by way of a credit to the
profit and loss account and shown as MAT credit entitlement. The Company reviews the same at each balance
sheet date and writes down the carrying amount of MAT credit entitlement to the extent there is no longer
convincing evidence to the effect that the Company will pay normal income tax during the specified period.
d. Property, Plant and Equipment
Property, Plant and Equipment are stated at cost less accumulated depreciation and accumulated impairment
of loss, if any.
Cost of any item of property, plant and equipment comprises its purchase price including import duties and
non-refundable purchase taxes, after deducting trade discounts and rebates, any directly attributable cost of
bringing the item to its working condition.
Depreciation is provided on the straight line method by depreciating carrying amount of Property, Plant and
Equipment over remaining useful life of the assets.
Depreciation methods, useful life and residual values are reviewed at each financial year end.
The useful life and residual value as per such review is normally in accordance with schedule II of the Compa¬
nies Act 2013.
The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is deter¬
mined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in
the Statement of Profit and Loss on the date of disposal or retirement.
e. Intangible Assets
Intangible assets are stated at cost less accumulated amortization and impairment. Intangible assets are amor¬
tized over their respective individual estimated useful life on a straight line method.
Gains or losses arising from de-recognition of an intangible asset are measured as the difference between the
net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit or
loss when the asset is derecognized.
f. Impairment of Assets
The Company assesses at each balance sheet date whether there is any indication that a Property, plant and
equipment may have been impaired. If any such indication exists, the Company estimates the recoverable
amount of the Property, plant and equipment. If such recoverable amount of the Property, plant and equip¬
ment or the recoverable amount of the cash generating unit to which the Property, plant and equipment be¬
longs is less than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction
is treated as an impairment loss and is recognized in the profit and loss. If at the balance sheet date there is an
indication that if a previously assessed impairment loss no longer exists, the recoverable amount is reassessed
and the Asset is reflected at the recoverable amount subject to a maximum of depreciated historical cost.
g. Borrowing Costs
Interest and other costs connected with the borrowing for the acquisition / construction of qualifying fixed
assets are capitalized up to the date that when such asset are ready for their intended use and other borrow¬
ing cost are charged to statement of profit & loss. Borrowing cost includes exchange difference to the extent
regarded as an adjustment to the borrowing cost.
h. Lease
The Company evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116. Iden¬
tification of a lease requires significant judgment. The Company uses significant judgement in assessing the
lease term (including anticipated renewals) and the applicable discount rate.
The Company determines the lease term as the non-cancellable period of a lease, together with both periods
covered by an option to extend the lease if the Company is reasonably certain to exercise that option; and
periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise that
option. In assessing whether the Company is reasonably certain to exercise an option to extend a lease, or
not to exercise an option to terminate a lease, it considers all relevant facts and circumstances that create an
economic incentive for the Company to exercise the option to extend the lease, or not to exercise the option
to terminate the lease. The Company revises the lease term if there is a change in the non-cancellable period
of a lease.
The discount rate is generally based on the incremental borrowing rate specific to the lease being evaluated or
for a portfolio of leases with similar characteristics.
Company as a lessee
The Company accounts for each lease component within the contract as a lease separately from non-lease
components of the contract and allocates the consideration in the contract to each lease component based
on the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease
components.
The Company recognises right-of-use asset representing its right to use the underlying asset for the lease term
at the lease commencement date. The cost of the right-of-use asset measured at inception shall comprise of
the amount of the initial measurement of the lease liability adjusted for any lease payments made at or before
the commencement date less any lease incentives received, plus any initial direct costs incurred and an esti¬
mate of costs to be incurred by the lessee in dismantling and removing the underlying asset or restoring the
underlying asset or site on which it is located. The right-of-use assets is subsequently measured at cost less any
accumulated depreciation, accumulated impairment losses, if any and adjusted for any remeasurement of the
lease liability. The right-of-use assets is depreciated using the straight-line method from the commencement
date over the shorter of lease term or useful life of right-of-use asset. The estimated useful lives of right-of-use
assets are determined on the same basis as those of property, plant and equipment. Right-of-use assets are
tested for impairment whenever there is any indication that their carrying amounts may not be recoverable.
Impairment loss, if any, is recognised in the statement of profit and loss.
The Company measures the lease liability at the present value of the lease payments that are not paid at the
commencement date of the lease. The lease payments are discounted using the interest rate implicit in the
lease, if that rate can be readily determined. If that rate cannot be readily determined, the Company uses in¬
cremental borrowing rate. For leases with reasonably similar characteristics, the Company, on a lease-by-lease
basis, may adopt either the incremental borrowing rate specific to the lease or the incremental borrowing rate
for the portfolio as a whole. The lease payments shall include fixed payments, variable lease payments, residual
value guarantees, exercise price of a purchase option where the Company is reasonably certain to exercise
that option and payments of penalties for terminating the lease, if the lease term reflects the lessee exercising
an option to terminate the lease. The lease liability is subsequently remeasured by increasing the carrying
amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments
made and remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect
revised in-substance fixed lease payments. The company recognises the amount of the re-measurement of
lease liability due to modification as an adjustment to the right-of-use asset and statement of profit and loss
depending upon the nature of modification. Where the carrying amount of the right-of-use asset is reduced
to zero and there is a further reduction in the measurement of the lease liability, the Company recognises any
remaining amount of the re-measurement in statement of profit and loss.
Company as a Lessor
At the inception of the lease the Company classifies each of its leases as either an operating lease or a finance
lease. The Company recognises lease payments received under operating leases as income on a straight- line
basis over the lease term. In case of a finance lease, finance income is recognised over the lease term based
on a pattern reflecting a constant periodic rate of return on the lessor''s net investment in the lease. When the
Company is an intermediate lessor it accounts for its interests in the head lease and the sub-lease separately.
It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head
lease, not with reference to the underlying asset. If a head lease is a short term lease to which the Company
applies the exemption described above, then it classifies the sub-lease as an operating lease.
The Company has elected not to apply the requirements of Ind AS 116 Leases to short-term leases of all assets
that have a lease term of 12 months or less and leases for which the underlying asset is of low value. The lease
payments associated with these leases are recognized as an expense on a straight-line basis over the lease
term.
i. Foreign Currencies Translations
Transactions in foreign currencies are initially recorded in reporting currency by the Company at spot rates at
the date the transaction first qualifies for recognition.
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot
rates of exchange at the reporting date. Exchange differences arising on settlement or translation of monetary
items are recognized in statement of profit and loss.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the
exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign
currency a re translated using the exchange rates at the date when the fair value is determined.The gain or loss
arising on translation of nonmonetary items measured at fair value is treated in line with the recognition of the
gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain
or loss is recognised in OCI or statement profit or loss are also recognised in OCI or statement profit and loss,
respectively).
Mar 31, 2024
7. Summary of Material Accounting Policies Information
a. Revenue Recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Compa¬
ny and the revenue can be reliably measured, regardless of when the payment is being made. Revenue is
measured at the fair value of the consideration received or receivable, taking into account contractually
defined terms of payment and excluding taxes or duties collected on behalf of the government.
i. Sale of Goods
Sales are recognized when the substantial risks and rewards of ownership in the goods, including cus¬
tody, are transferred to the buyer as per the terms of the contract and are measured at the fair value of
the consideration received and receivable and net of trade discounts, allowable sales return and sales
tax/value added tax/goods and service tax.
ii. Interest Income
Interest Income from a financial asset is recognized when it is probable that the economic benefits
will flow to the Company and the amount of income can be measured reliably. Interest income is
accrued on a time basis, by reference to the principal outstanding and at the effective interest rate ap¬
plicable, which is the rate that exactly discounts estimated future cash receipts through the expected
life of the financial asset totheasset''s net carrying amount on initial recognition.
iii. Dividend
Dividend income is recognised when the right to receive dividend is established.
b. Government grants
Government Grants are recognised where there is reasonable assurance that the grant will be received and
all attached condition will be complied with.
When the grant relates to an expense item, it is recognised as income on a systematic basis over the peri¬
ods that the related costs, for which it is intended to compensate, are expensed.
Grants related to specific fixed assets are deducted from the gross va lue of the concerned assets in arriving
at their book values.
c. Taxation
Income tax expense represents the sum of current and deferred tax (including MAT).
Current income tax assets and liabilities are measured at the amount to be recovered from or paid to
taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted at the reporting date.
Income tax expense is recognized in the Statement of Profit and Loss, except to the extent that it relates to
items recognized directly in equity or other comprehensive income, in such cases the tax is also recognized
directly in equity or in other comprehensive income. Deferred tax is recognised on differences between
the carrying amounts of assets and liabilities in the Balance sheet and the tax bases used in the computa¬
tion of taxable profit.
Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax as¬
sets are generally recognized for all deductible temporary differences, Deferred tax assets are recognized
to the extent that it is probable that future taxable profits will be available against which those deductible
temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised.
Deferred tax assets and deferred tax liabilities are offset, and presented as net.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the
extent that it is no longer probable that sufficient taxable profits will be available against which the tem¬
porary differences can be utilised.
Minimum Alternative Tax (MAT) is applicable to the Company. Credit of MAT is recognised as an asset only
when and to the extent there is convincing evidence that the Company will pay normal income tax during
the specified period, i.e., the period for which MAT credit is allowed to be carried forward. In the year in
which the MAT credit becomes eligible to be recognised as an asset, the said asset is created by way of a
credit to the profit and loss account and shown as MAT credit entitlement.The Company reviews the same
at each balance sheet date and writes down the carrying amount of MAT credit entitlement to the extent
there is no longer convincing evidence to the effect that the Company will pay normal income tax during
the specified period.
d. Property, Plant and Equipment
The Company considers the previous GAAP carrying value for all its Property, Plant and Equipment as
deemed cost at the transiton date, viz. 1 st April 2016.
Property, Plant and Equipment are stated at cost less accumulated depreciation and accumulated impair¬
ment of loss, if any.
Cost of any item of property, plant and equipment comprises its purchase price including import duties
and non-refundable purchase taxes, after deducting trade discounts and rebates, any directly attributable
cost of bringing the item to its working condition.
Depreciation is provided on the straight line method by depreciating carrying amount of Property, Plant
and Equipment over remaining useful life of the assets.
Depreciation methods, useful life and residual values are reviewed at each financial year end.
The useful life and residual value as per such review is normally in accordance with schedule II of the Com¬
panies Act 2013.
The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is de¬
termined as the difference between the sales proceeds and the carrying amount of the assetand is recog¬
nised in the Statement of Profit and Loss on the date of disposal or retirement.
e. Intangible Assets
Intangible assets are stated at cost less accumulated amortization and impairment. Intangible assets are
amortised over their respective individual estimated useful life on a straight line method.
Gains or losses arising from de-recognition of an intangible asset are measured as the difference between
the net disposal proceeds and the carrying amount of the asset and are recognised in the statement of
profit or loss when the asset is derecognised.
f. Impairment of Assets
The Company assesses at each balance sheet date whether there is any indication that a Property, plant
and equipment may have been impaired. If any such indication exists, the Company estimates the recover¬
able amount of the Property, plant and equipment. If such recoverable amount of the Property, plant and
equipment or the recoverable amount of the cash generating unit to which the Property, plant and equip¬
ment belongs is less than its carrying amount, the carrying amount is reduced to its recoverable amount.
The reduction is treated as an impairment loss and is recognized in the profit and loss. If at the balance
sheet date there is an indication that if a previously assessed impairment loss no longer exists, the recov¬
erable amount is reassessed and the Asset is reflected at the recoverable amount subject to a maximum of
depreciated historical cost.
g. Borrowing Costs
Interest and other costs connected with the borrowing for the acquisition / construction of qualifying
fixed assets are capitalized up to the date that when such asset are ready for their intended use and other
borrowing cost are charged to statement of profit & loss. Borrowing cost includes exchange difference to
the extent regarded as an adjustment to the borrowing cost.
h. Lease
The Company evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116.
Identification of a lease requires significant judgment. The Company uses significant judgement in assess¬
ing the lease term (including anticipated renewals) and the applicable discount rate.
The Company determines the lease term as the non-cancellable period of a lease, together with both peri¬
ods covered by an option to extend the lease if the Company is reasonably certain to exercise that option;
and periods covered by an option to terminate the lease if the Company is reasonably certain not to exer¬
cise that option. In assessing whether the Company is reasonably certain to exercise an option to extend
a lease, or not to exercise an option to terminate a lease, it considers all relevant facts and circumstances
that create an economic incentive for the Company to exercise the option to extend the lease, or not to
exercise the option to terminate the lease. The Company revises the lease term if there is a change in the
non-cancellable period of a lease.
The discount rate is generally based on the incremental borrowing rate specific to the lease being evaluat¬
ed or for a portfolio of leases with similar characteristics.
Company as a lessee
The Company accounts for each lease component within the contract as a lease separately from non-
lease components of the contract and allocates the consideration in the contract to each lease component
based on the relative stand-alone price of the lease component and the aggregate stand-alone price of the
non-lease components.
The Company recognises right-of-use asset representing its right to use the underlying asset for the lease
term at the lease commencement date.The cost of the right-of-use asset measured at inception shall com¬
prise of the amount of the initial measurement of the lease liability adjusted for any lease payments made
at or before the commencement date less any lease incentives received, plus any initial direct costs in¬
curred and an estimate of costs to be incurred by the lessee in dismantling and removing the underlying
asset or restoring the underlying asset or site on which it is located. The right-of-use assets is subsequently
measured at cost less any accumulated depreciation, accumulated impairment losses, if any and adjusted
for any remeasurement of the lease liability. The right-of-use assets is depreciated using the straight-line
method from the commencement date over the shorter of lease term or useful life of right-of-use asset.
The estimated useful lives of right-of-use assets are determined on the same basis as those of property,
plant and equipment. Right-of-use assets are tested for impairment whenever there is any indication that
their carrying amounts may not be recoverable. Impairment loss, if any, is recognised in the statement of
profit and loss.
The Company measures the lease liability at the present value of the lease payments that are not paid at
the commencement date of the lease. The lease payments are discounted using the interest rate implicit
in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Com¬
pany uses incremental borrowing rate. For leases with reasonably similar characteristics, the Company,
on a lease-by-lease basis, may adopt either the incremental borrowing rate specific to the lease or the
incremental borrowing rate for the portfolio as a whole.The lease payments shall include fixed payments,
variable lease payments, residual value guarantees, exercise price of a purchase option where the Compa¬
ny is reasonably certain to exercise that option and payments of penalties for terminating the lease, if the
lease term reflects the lessee exercising an option to terminate the lease. The lease liability is subsequently
remeasured by increasing the carrying amount to reflect interest on the lease liability, reducing the car¬
rying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any
reassessment or lease modifications or to reflect revised in-substance fixed lease payments. The company
recognises the amount of the re-measurement of lease liability due to modification as an adjustment to
the right-of-use asset and statement of profit and loss depending upon the nature of modification. Where
the carrying amount of the right-of-use asset is reduced to zero and there is a further reduction in the
measurement of the lease liability, the Company recognises any remaining amount of the re-measurement
in statement of profit and loss.
Company as a Lessor
At the inception of the lease the Company classifies each of its leases as either an operating lease or a
finance lease. The Company recognises lease payments received under operating leases as income on a
straight- line basis over the lease term. In case of a finance lease, finance income is recognised over the
lease term based on a pattern reflecting a constant periodic rate of return on the lessor''s net investment
in the lease. When the Company is an intermediate lessor it accounts for its interests in the head lease and
the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use
asset arising from the head lease, not with reference to the underlying asset. If a head lease is a short term
lease to which the Company applies the exemption described above, then it classifies the sub-lease as an
operating lease.
The Company has elected not to apply the requirements of Ind AS 116 Leases to short-term leases of all
assets that have a lease term of 12 months or less and leases for which the underlying asset is of low value.
The lease payments associated with these leases are recognized as an expense on a straight-line basis over
the lease term.
i. Foreign Currencies Translations
Transactions in foreign currencies are initially recorded in reporting currency by the Company at spot rates
at the date the transaction first qualifies for recognition.
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency
spot rates of exchange at the reporting date. Exchange differences arising on settlement or translation of
monetary items are recognized in statement of profit and loss.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using
the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a
foreign currency are translated using the exchange rates at the date when the fair value is determined.The
gain or loss arising on translation of nonmonetary items measured at fair value is treated in line with the
recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items
whose fair value gain or loss is recognised in OCI or statement profit or loss are also recognised in OCI or
statement profit and loss, respectively).
Mar 31, 2023
1. Corporate Information
Jayshree Chemicals Limited (JCL) is a public limited company ("transferee") domiciled and incorporated in India
and its shares are publicly traded on the Bombay Stock Exchange (''BSE''), in India. The registered office of JCL,
is 31 Chowringhee Road Kolkata-700016. The Company is principally engaged in generation of wind-power in
India. These financial statements are prepared in Indian rupees.
The financial statements were approved and adopted by board of directors of the Company in their meeting
held on 15th May, 2023.
2. Basis of preparation
Compliance with Ind AS
These financial statements are prepared and presented in accordance with the Indian Accounting Standards
(Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015, as amended from time to
time as notified under Section 133 of Companies Act, 2013, the relevant provisions of the Companies Act, 2013
("the Act"), the guidelines issued by the Securities and Exchange Board of India (SEBI), as applicable.
3. Significant accounting Policies and Key Estimates and Judgements
3.1 Basis of Measurement
These financial statements are prepared on historical cost basis except for certain financial Assets and liabilities
(including derivatives instruments) measured at fair value.
3.2 Use of Estimates
The preparation of the financial statements in conformity with Ind AS requires management to make estimates,
judgments and assumption. These estimates, judgments and assumptions affect the application of accounting
policies and the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities
at the date of the financial statement and reported amounts of revenue and expenses during the period. Ap¬
plication of accounting policies that requires critical accounting estimates involving complex and subjective
judgments and the use of assumptions in these financial statements have been disclosed. Accounting estimate
could change from period to period. Actual results could differ from those judgments. Appropriate changes in
estimates are made as management become aware of changes in circumstances surrounding the estimates.
Changes in estimates are reflected in the financial statements in the period in which changes are made and, if
material, their effects are disclosed in the notes to the financial statements.
3.3 Significant accounting Judgments, estimate, assumptions
In the process of applying the Company''s accounting policies, management has made the following key esti¬
mates, assumptions, and judgments, which have significant effect on the amounts recognised in the financial
statement:
(a) Income taxes
Management judgment is required for the calculation of provision for income taxes and deferred tax assets
and liabilities. The factors used in estimates may differ from actual outcome which could lead to significant
adjustment to the amounts reported in the standalone financial statements.
(b) Contingencies
Management judgment is required for estimating the possible outflow of resources, if any, in respect of
contingencies/claim/litigations against the Company as it is not possible to predict the outcome of pend¬
ing matters with accuracy.
(c) Defined Benefit Plans
The cost of the employment benefits such as gratuity and leave obligation are determined using actuarial
valuations. An actuarial valuation involves making various assumptions that may differ from actual devel¬
opments in the future. These include the determination of the discount rate, future salary increases and
mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined ben¬
efit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each
reporting date.
The parameter most subject to change is the discount rate. In determining the appropriate discount rate
for plans operated in India, the management considers the interest rates of government bonds.
The mortality rate is based on publicly available mortality tables for the specific countries. Those mortality
tables tend to change only at interval in response to demographic changes. Future salary increases and
gratuity increases are based on expected future inflation rates.
Further details about gratuity obligations are given in Note 35.
(d) Insurance Claims
Insurance and other claims raised by the Company are accounted for when received owing to uncertain¬
ties involved
3.4 Current versus non-current classification
The Company presents assets and liabilities in the balance sheet based on current/non-current classification.
(A) An asset treated as current when it is:
(i) Expected to be realized or intended to be sold or consumed in normal operating cycle
(ii) Held primarily for the purpose of trading
(iii) Expected to be realized within twelve months after the reporting period, or
(iv) Cash or Cash equivalent unless restricted from being exchanged or used to settle a liability for at least
twelve months after the reporting period
All other assets are classified as non-current.
(B) A liability is current when:
(i) It is expected to be settled in normal operating cycle
(ii) It is held primarily for the purpose of trading
(iii) It is due to be settled within twelve months after the reporting period,or
(iv) There is no unconditional right to defer the settlement of the liability for at least twelve months after
the reporting period
All other liabilities are classified as non-current.
3.5 Reclassification of financial assets and liabilities
The company determines classification of financial assets and liabilities on initial recognition. After initial rec¬
ognition, no classification is made for financial assets which are equity instruments and financial liabilities. For
financials assets which are debt instruments; a reclassification is made only if there is a change in the business
model for managing those assets. Changes to the business model are expected to be infrequent. The company''s
senior management determines change in the business model as a result of external or internal changes which
are significant to the company''s operations. Such changes are evident to the external parties. A change in the
business model occurs when the company either begins or ceases to perform an activity that is significant to
its operations. If the company reclassifies financial assets, it applies the reclassification prospectively from the
reclassification date which is the first day of the immediately next reporting period. Following the changes in
business model, the company does not restate any previously recognized gains, losses (including impairment
gains or losses) or interest.
a. Revenue Recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Compa¬
ny and the revenue can be reliably measured, regardless of when the payment is being made. Revenue is
measured at the fair value of the consideration received or receivable, taking into account contractually
defined terms of payment and excluding taxes or duties collected on behalf of the government.
i. Sale of Goods
Sales are recognized when the substantial risks and rewards of ownership in the goods, including custody,
are transferred to the buyer as per the terms of the contract and are measured at the fair value of the con¬
sideration received and receivable and net of trade discounts, allowable sales return and sales tax/value
added tax/goods and service tax.
ii. Interest Income
Interest Income from a financial asset is recognized when it is probable that the economic benefits will
flow to the Company and the amount of income can be measured reliably. Interest income is accrued on
a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which
is the rate that exactly discounts estimated future cash receipts through the expected life of the financial
asset to the asset''s net carrying amount on initial recognition.
iii. Dividend
Dividend income is recognised when the right to receive dividend is established.
b. Government grants
Government Grants are recognised where there is reasonable assurance that the grant will be received and
all attached condition will be complied with.
When the grant relates to an expense item, it is recognised as income on a systematic basis over the peri¬
ods that the related costs, for which it is intended to compensate, are expensed.
Grants related to specific fixed assets are deducted from the gross value of the concerned assets in arriving
at their book values.
c. Taxation
Income tax expense represents the sum of current and deferred tax (including MAT).
Current income tax assets and liabilities are measured at the amount to be recovered from or paid to
taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted at the reporting date.
Income tax expense is recognized in the Statement of Profit and Loss, except to the extent that it relates to
items recognized directly in equity or other comprehensive income, in such cases the tax is also recognized
directly in equity or in other comprehensive income.
Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the
Balance sheet and the tax bases used in the computation of taxable profit.
Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax as¬
sets are generally recognized for all deductible temporary differences, Deferred tax assets are recognized
to the extent that it is probable that future taxable profits will be available against which those deductible
temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised.
Deferred tax assets and deferred tax liabilities are off set, and presented as net.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the
extent that it is no longer probable that sufficient taxable profits will be available against which the tem¬
porary differences can be utilised.
Minimum Alternative Tax (MAT) is applicable to the Company. Credit of MAT is recognised as an asset only
when and to the extent there is convincing evidence that the Company will pay normal income tax during
the specified period, i.e., the period for which MAT credit is allowed to be carried forward. In the year in
which the MAT credit becomes eligible to be recognised as an asset, the said asset is created by way of a
credit to the profit and loss account and shown as MAT credit entitlement. The Company reviews the same
at each balance sheet date and writes down the carrying amount of MAT credit entitlement to the extent
there is no longer convincing evidence to the effect that the Company will pay normal income tax during
the specified period.
d. Property, Plant and Equipment
The Company considers the previous GAAP carrying value for all its Property, Plant and Equipment as
deemed cost at the transiton date, viz. 1st April 2016
Property, Plant and Equipment are stated at cost less accumulated depreciation and accumulated impair¬
ment of loss, if any.
Cost of any item of property, plant and equipment comprises its purchase price including import duties
and non-refundable purchase taxes, after deducting trade discounts and rebates, any directly attributable
cost of bringing the item to its working condition.
Depreciation is provided on the straight line method by depreciating carrying amount of Property, Plant
and Equipment over remaining useful life of the assets.
Depreciation methods, useful life and residual values are reviewed at each financial year end.
The useful life and residual value as per such review is normally in accordance with schedule II of the Com¬
panies Act 2013.
The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is de¬
termined as the difference between the sales proceeds and the carrying amount of the asset and is recog¬
nised in the Statement of Profit and Loss on the date of disposal or retirement.
e. Intangible Assets
Intangible assets are stated at cost less accumulated amortization and impairment. Intangible assets are
amortised over their respective individual estimated useful life on a straight line method.
Gains or losses arising from de-recognition of an intangible asset are measured as the difference between
the net disposal proceeds and the carrying amount of the asset and are recognised in the statement of
profit or loss when the asset is derecognised.
f. Impairment of Assets
The Company assesses at each balance sheet date whether there is any indication that a Property, plant
and equipment may have been impaired. If any such indication exists, the Company estimates the recover¬
able amount of the Property, plant and equipment. If such recoverable amount of the Property, plant and
equipment or the recoverable amount of the cash generating unit to which the Property, plant and equip¬
ment belongs is less than its carrying amount, the carrying amount is reduced to its recoverable amount.
The reduction is treated as an impairment loss and is recognized in the profit and loss. If at the balance
sheet date there is an indication that if a previously assessed impairment loss no longer exists, the recov¬
erable amount is reassessed and the Asset is reflected at the recoverable amount subject to a maximum of
depreciated historical cost.
g. Borrowing Costs
Interest and other costs connected with the borrowing for the acquisition / construction of qualifying
fixed assets are capitalized up to the date that when such asset are ready for their intended use and other
borrowing cost are charged to statement of profit & loss. Borrowing cost includes exchange difference to
the extent regarded as an adjustment to the borrowing cost.
h. Lease
The Company evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116.
Identification of a lease requires significant judgment. The Company uses significant judgement in assess¬
ing the lease term (including anticipated renewals) and the applicable discount rate.
The Company determines the lease term as the non-cancellable period of a lease, together with both peri¬
ods covered by an option to extend the lease if the Company is reasonably certain to exercise that option;
and periods covered by an option to terminate the lease if the Company is reasonably certain not to exer¬
cise that option. In assessing whether the Company is reasonably certain to exercise an option to extend
a lease, or not to exercise an option to terminate a lease, it considers all relevant facts and circumstances
that create an economic incentive for the Company to exercise the option to extend the lease, or not to
exercise the option to terminate the lease. The Company revises the lease term if there is a change in the
non-cancellable period of a lease.
The discount rate is generally based on the incremental borrowing rate specific to the lease being evaluat¬
ed or for a portfolio of leases with similar characteristics.
Company as a lessee
The Company accounts for each lease component within the contract as a lease separately from non¬
lease components of the contract and allocates the consideration in the contract to each lease component
based on the relative stand-alone price of the lease component and the aggregate stand-alone price of the
non-lease components.
The Company recognises right-of-use asset representing its right to use the underlying asset for the lease
term at the lease commencement date. The cost of the right-of-use asset measured at inception shall com¬
prise of the amount of the initial measurement of the lease liability adjusted for any lease payments made
at or before the commencement date less any lease incentives received, plus any initial direct costs in¬
curred and an estimate of costs to be incurred by the lessee in dismantling and removing the underlying
asset or restoring the underlying asset or site on which it is located. The right-of-use assets is subsequently
measured at cost less any accumulated depreciation, accumulated impairment losses, if any and adjusted
for any remeasurement of the lease liability. The right-of-use assets is depreciated using the straight-line
method from the commencement date over the shorter of lease term or useful life of right-of-use asset.
The estimated useful lives of right-of-use assets are determined on the same basis as those of property,
plant and equipment. Right-of-use assets are tested for impairment whenever there is any indication that
their carrying amounts may not be recoverable. Impairment loss, if any, is recognised in the statement of
profit and loss.
The Company measures the lease liability at the present value of the lease payments that are not paid at
the commencement date of the lease. The lease payments are discounted using the interest rate implicit
in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Com¬
pany uses incremental borrowing rate. For leases with reasonably similar characteristics, the Company,
on a lease-by-lease basis, may adopt either the incremental borrowing rate specific to the lease or the
incremental borrowing rate for the portfolio as a whole. The lease payments shall include fixed payments,
variable lease payments, residual value guarantees, exercise price of a purchase option where the Compa¬
ny is reasonably certain to exercise that option and payments of penalties for terminating the lease, if the
lease term reflects the lessee exercising an option to terminate the lease. The lease liability is subsequently
remeasured by increasing the carrying amount to reflect interest on the lease liability, reducing the car¬
rying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any
reassessment or lease modifications or to reflect revised in-substance fixed lease payments. The company
recognises the amount of the re-measurement of lease liability due to modification as an adjustment to
the right-of-use asset and statement of profit and loss depending upon the nature of modification. Where
the carrying amount of the right-of-use asset is reduced to zero and there is a further reduction in the
measurement of the lease liability, the Company recognises any remaining amount of the re-measurement
in statement of profit and loss.
Company as a Lessor
At the inception of the lease the Company classifies each of its leases as either an operating lease or a
finance lease. The Company recognises lease payments received under operating leases as income on a
straight- line basis over the lease term. In case of a finance lease, finance income is recognised over the
lease term based on a pattern reflecting a constant periodic rate of return on the lessor''s net investment
in the lease. When the Company is an intermediate lessor it accounts for its interests in the head lease and
the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use
asset arising from the head lease, not with reference to the underlying asset. If a head lease is a short term
lease to which the Company applies the exemption described above, then it classifies the sub-lease as an
operating lease.
The Company has elected not to apply the requirements of Ind AS 116 Leases to short-term leases of all
assets that have a lease term of 12 months or less and leases for which the underlying asset is of low value.
The lease payments associated with these leases are recognized as an expense on a straight-line basis over
the lease term.
i. Foreign Currencies Translations
Transactions in foreign currencies are initially recorded in reporting currency by the Company at spot rates
at the date the transaction first qualifies for recognition.
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency
spot rates of exchange at the reporting date. Exchange differences arising on settlement or translation of
monetary items are recognized in statement of profit and loss.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using
the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a
foreign currency are translated using the exchange rates at the date when the fair value is determined. The
gain or loss arising on translation of nonmonetary items measured at fair value is treated in line with the
recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items
whose fair value gain or loss is recognised in OCI or statement profit or loss are also recognised in OCI or
statement profit and loss, respectively).
Mar 31, 2016
Note :
1) The Company has sold its Chloro Alkali Manufacturing Facility at Ganjam Odisha and Salt Field at Pundi, Andhra Pradesh to Aditya Birla Chemicals (India) Ltd at the consideration of INR 212.00 crores on slump sale basis on 21st September, 2015.
2) Out of the total consideration of INR 212.00 crores, INR 13.00 crores still lying in the Escrow Accounts maintained with a schedule bank due to some pending matter with Odisha State Government.
3) Figures of the Current Financial Year is not comparable with the Previous Financial Year as the operation of the Chloro Alkali Manufacturing Facility at Ganjam, Odisha and Salt Field at Pundi, Andhra Pradesh has been sold to Aditya Birla Chemicals (India) Ltd. on slump sale basis on 21st September, 2015.
A) SIGNIFICANT ACCOUNTING POLICIES :
1) Accounting Concept
The financial statements have been prepared under the historical cost convention on the accrual basis in accordance with the generally accepted accounting principles, Accounting Standards specified under Section 133 of the Companies Act, 2013 read with Rule 7 of Companies (Accounts) Rules 2014 and relevant provisions thereof.
2) Use of Estimates :
The preparation of financial statements requires to make estimates and assumption that affect the reported amount of assets and liabilities and disclosure relating to contingent liabilities and assets as at the Balance Sheet date and reported amount of income and expenses during the year.
Contingencies are recorded when probable that liability will be incurred and the amount can reasonably be estimated. Difference between the actual result and the estimates are recognized in the year the result are known /materialized.
3) Fixed Assets :
Fixed Assets are stated at cost excluding excise duty and education cess thereon. In respect of major projects involving construction, erection etc. related pre-operational expenses (net of revenue) form part of the value of the assets capitalized. Fixed assets retired from active use and held for disposal are valued at lower of their written down value or net realizable value.
4) Depreciation :
Depreciation on fixed assets is calculated in a manner that it depreciates / amortizes the depreciable values of fixed assets over their estimated useful lives. The depreciable amount of an asset is the cost of an asset or other amount substituted for cost, less its residual value.
5) Investment :
Long term investments are valued at cost. Decline in the value of investment, other than temporary in nature, are provided/ charged to the Statement of Profit & Loss.
6) Inventories :
Inventories are valued at cost or net realizable value, whichever is lower. Cost comprises, for finished goods, cost of purchase and production overheads.
Work-in-progress is valued at material cost. All other inventories are valued as per weighted average method.
7) Excise Duty :
Excise duty inclusive of Education Cess is accounted for at the point of manufacture of goods and accordingly is considered for valuation of finished goods stock lying in the factory as on the Balance Sheet date.
8) Retirement Benefits :
(i) The Company has constituted a separate Gratuity Trust Fund. Yearly contribution towards accrued liability on account of gratuity payable to employees is provided in the accounts on the basis of actuarial valuation and is paid to the Trust from time to time.
(ii) Leave liability in respect of employees is accounted for on actuarial valuation basis.
9) Taxation :
Current income tax is estimated at the amount estimated to be paid under the Income Tax Act, 1961 and is charged to profit & loss account for the year.
The deferred tax for timing differences between the book and tax profits for the year is accounted for, using the tax rates and laws that have been substantively enacted as of the balance sheet date.
Deferred tax assets arising from timing differences are recognized to the extent there is reasonable certainty that these would be realized in future. Deferred tax assets are recognized on unabsorbed losses only if there is virtual certainty that such deferred tax assets can be realized against future taxable profits.
10) Sales :
Sales are inclusive of Excise Duty and Education Cess and exclusive of Value Added Tax and net of brokerage & commission.
11) Recognition of Income & Expenditure :
All items of Income & Expenditure are accounted for on accrual basis, unless otherwise stated.
12) Foreign Currency Transactions :
Foreign currency transactions and Forward Contracts are accounted for at the prevailing exchange rate on the date of transactions.
Foreign currency monetary assets and liabilities and unsettled forward contracts are translated on the basis of closing exchange rate.
Foreign currency non-monetary assets and liabilities are carried as per the exchange rate on the date of transaction.
Exchange differences arising on settlement/conversion of monetary assets and liabilities are recognized as income or expenses in the year in which they arise.
The premium or discount arising at the inception of such a forward exchange contract is amortized as expense or income over the life of the contract. Exchange differences on such contracts are recognized in the statement of profit and loss in the reporting period in which the exchange rates change. Any profit or loss arising on cancellation or renewal of such a forward exchange contract is recognized as income or as expense for the period.
13) Borrowing Costs :
Borrowing costs relating to (i) funds borrowed for acquisition of Fixed Assets are capitalized and (ii) funds borrowed for other purpose are charged to Profit & Loss Account.
14) Impairment of Assets :
Impairment is recognized to the extent that the recoverable amount of an asset is less than its carrying amount and the difference is charged to Statement of Profit & Loss as prescribed by the ICAI in Accounting Standard 28 - Impairment of Assets.
15) Segment Reporting :
The Company has identified that its business segments are the primary segments. The Company identifies the business segments on the basis of products, risks and returns and internal reporting system.
The geographical segment identification is based on the location of customers of the Company.
The Segment Revenue, Segment Results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis. Common cost, if any, is allocable on reasonable basis. The revenues, expenses, assets and liabilities which are not allocable are shown as "Unallocated".
Mar 31, 2015
1) Accounting Concept
The financial statements have been prepared under the historical cost
convention on the accrual basis in accordance with the generally
accepted accounting principles, Accounting Standards specified under
Section 133 of the Companies Act, 2013 read with Rule 7 of Companies
(Accounts) Rules 2014 and relevant provisions thereof.
2) Use of Estimates
The preparation of financial statements requires to make estimates and
assumption that affect the reported amount of assets and liabilities
and disclosure relating to contingent liabilities and assets as at the
Balance Sheet date and reported amount of income and expenses during
the year.
Contingencies are recorded when probable that liability will be
incurred and the amount can reasonably be estimated. Difference
between the actual result and the estimates are recognised in the year
the result are known /materialised.
3) Fixed Assets
Fixed Assets are stated at cost excluding excise duty and education
cess thereon. In respect of major projects involving construction,
erection etc. related pre-operational expenses (net of revenue) form
part of the value of the assets capitalised. Fixed assets retired from
active use and held for disposal are valued at lower of their written
down value or net realizable value.
4) Depreciation
Depreciation on fixed assets is calculated in a manner that it
depreciates / amortises the depreciable values of fixed assets over
their estimated useful lives. The depreciable amount of an asset is the
cost of an asset or other amount substituted for cost, less its
residual value.
5) Investment
Long term investments are valued at cost. Decline in the value of
investment, other than temporary in nature, are provided/ charged to
the Statement of Profit & Loss.
6) Inventories
Inventories are valued at cost or net realisable value, whichever is
lower. Cost comprises, for finished goods, cost of purchase and
production overheads.
Work-in-progress is valued at material cost. All other inventories are
valued as per weighted average method.
7) Excise Duty
Excise duty inclusive of Education Cess is accounted for at the point
of manufacture of goods and accordingly is considered for valuation of
finished goods stock lying in the factory as on the Balance Sheet date.
8) Retirement Benefits
(i) The Company has constituted a separate Gratuity Trust Fund. Yearly
contribution towards accrued liability on account of gratuity payable
to employees is provided in the accounts on the basis of actuarial
valuation and is paid to the Trust from time to time.
(ii) Leave liability in respect of employees is accounted for on
actuarial valuation basis.
9) Taxation
Current income tax is estimated at the amount estimated to be paid
under the Income Tax Act, 1961 and is charged to profit & loss account
for the year.
The deferred tax for timing differences between the book and tax
profits for the year is accounted for, using the tax rates and laws
that have been substantively enacted as of the balance sheet date.
Deferred tax assets arising from timing differences are recognized to
the extent there is reasonable certainty that these would be realised
in future. Deferred tax assets are recognized on unabsorbed losses only
if there is virtual certainty that such deferred tax assets can be
realised against future taxable profits.
10) Sales
Sales are inclusive of Excise Duty and Education Cess and exclusive of
Value Added Tax and net of brokerage & commission.
11) Recognition of Income & Expenditure
All items of Income & Expenditure are accounted for on accrual basis,
unless otherwise stated.
12) Foreign Currency Transactions
Foreign currency transactions and Forward Contracts are accounted for
at the prevailing exchange rate on the date of transactions.
Foreign currency monetary assets and liabilities and unsettled forward
contracts are translated on the basis of closing exchange rate.
Foreign currency non-monetary assets and liabilities are carried as per
the exchange rate on the date of transaction.
Exchange differences arising on settlement/conversion of monetary
assets and liabilities are recognized as income or expenses in the year
in which they arise.
The premium or discount arising at the inception of such a forward
exchange contract is amortised as expense or income over the life of
the contract. Exchange differences on such contracts are recognised in
the statement of profit and loss in the reporting period in which the
exchange rates change. Any profit or loss arising on cancellation or
renewal of such a forward exchange contract is recognized as income or
as expense for the period.
13) Borrowing Costs
Borrowing costs relating to (i) funds borrowed for acquisition of Fixed
Assets are capitalised and (ii) funds borrowed for other purpose are
charged to Profit & Loss Account.
14) Impairment of Assets
Impairment is recognised to the extent that the recoverable amount of
an asset is less than its carrying amount and the difference is charged
to Statement of Profit & Loss as prescribed by the ICAI in Accounting
Standard 28 - Impairment of Assets.
15) Segment Reporting
The Company has identified that its business segments are the primary
segments. The Company identifies the business segments on the basis of
products, risks and returns and internal reporting system.
The geographical segment identification is based on the location of
customers of the Company.
The Segment Revenue, Segment Results, Segment Assets and Segment
Liabilities include the respective amounts identifiable to each of the
segments as also amounts allocated on a reasonable basis. Common cost,
if any, is allocable on reasonable basis. The revenues, expenses,
assets and liabilities which are not allocable are shown as
"Unallocated".
Mar 31, 2014
1) Accounting Concept
The financial statements have been prepared under the historical cost
convention on the accrual basis in accordance with the generally
accepted accounting principles, Accounting Standards notified under
Section 211(3C) of the Companies Act, 1956 and relevant provisions
thereof.
2) Use of Estimates
The preparation of financial statements requires to make estimates and
assumption that affect the reported amount of assets and liabilities
and disclosure relating to contingent liabilities and assets as at the
Balance Sheet date and reported amount of income and expenses during
the year.
Contingencies are recorded when probable that liability will be
incurred and the amount can reasonably be estimated.
Difference between the actual result and the estimates are recognised
in the year the result are known/materialised.
3) Fixed Assets
Fixed Assets are stated at cost excluding excise duty and education
cess thereon. In respect of major projects involving construction,
erection etc. related pre-operati''onal expenses (net of revenue) form
part of the value of the assets capitalised. Fixed Assets retired from
active use and held for disposal are valued at lower of their written
down value or net realizable value.
4) Depreciation
Depreciation on Fixed Assets is calculated in a manner that amortises
the cost of the assets after commissioning over their estimated useful
lives.
Depreciation has been computed on straight line method under Section
205(2)(b) of the Companies Act,1956 except on (i) Furniture & Fittngs
(ii) Motor Cars & Vehicles (iii) Laboratory Equipments (iv) Railway
Siding (v) Weighing Machines (vi) Computers and (vii) Fire
Extinguishers which are depreciated on written down value basis under
Section 205(2)(b) of the Companies Act, 1956.
5) Investment
Long-term Investments are valued at cost. Decline in the value of
investment, other than temporary in nature, are provided/charged to the
Profit & Loss Account.
6) Inventories
Inventories are valued at cost or net realisable value, whichever is
lower. Cost comprises, for finished goods, cost of purchase and
production overheads and valued as per FIFO method.
Work-in-Progress is valued at material cost. All other inventories are
valued as per weighted average method.
7) Excise Duty
Excise Duty inclusive of Education Cess is accounted for at the point
of manufacture of goods and accordingly is considered for valuation of
finished goods stock lying in the factory as on the Balance Sheet date.
8) Retirement Benefits
(i) The Company has constituted a separate Gratuity Trust Fund. Yearly
contribution towards accrued liability on account of gratuity payable
to employees is provided in the accounts on the basis of actuarial
valuation and is paid to the Trust from time to time.
(ii) Leave liability in respect of employees is accounted for on
actuarial valuation basis.
9) Taxation
Current Income Tax is estimated at the amount estimated to be paid
under the Income Tax Act, 1961 and is charged to Profit & Loss Account
for the year.
The deferred tax for timing differences between the book and tax
profits for the year is accounted for, using the tax rates and laws
that have been substantively enacted as of the Balance Sheet date.
Deferred Tax Assets arising from timing differences are recognized to
the extent there is reasonable certainty that these would be realised
in future. Deferred Tax Assets are recognized on unabsorbed losses
only if there is virtual certainty that such Deferred Tax Assets can be
realised against future taxable profits.
10) Sales
Sales are inclusive of Excise Duty and Education Cess and exclusive of
Sales Tax and net of Brokerage & Commission.
11) Recognition of Income & Expenditure
All items of Income & Expenditure are accounted for on accrual basis,
unless otherwise stated.
12) Foreign Currency Transactions
Foreign currency transactions and forward contracts are accounted for
at the prevailing exchange rate on the date of transactions.
Foreign currency monetary assets and liabilities and unsettled forward
contracts are translated on the basis of closing exchange rate.
Foreign currency non-monetary assets and liabilities are carried as per
the exchange rate on the date of transaction.
Exchange differences arising on settlement/ conversion of monetary
assets and liabilities are recognized as income or expenses in the year
in which they arise.
The premium or discount arising at the inception of such a forward
exchange contract is amortised as expense or income over the life of
the contract. Exchange differences on such contracts are recognised in
the statement of profit & loss in the reporting period in which the
exchange rates change. Any profit or loss arising on cancellation or
renewal of such a forward exchange contract is recognized as income or
as expense for the period.
13) Borrowing Costs
Borrowing costs relating to (i) funds borrowed for acquisition of Fixed
Assets are capitalised and (ii) funds borrowed for other purpose are
charged to Profit & Loss Account.
14) Impairment of Assets
Impairment is recognised to the extent that the recoverable amount of
an asset is less than its carrying amount and the difference is charged
to Profit & Loss Account as prescribed by the ICAI in Accounting
Standard 28 - Impairment of Assets.
15) Segment Reporting
The Company has identified that its business segments are the primary
segments. The Company identifies the business segments on the basis of
products, risks and returns and internal reporting system.
The geographical segment identification is based on the location of
customers of the Company.
The Segment Revenue, Segment Results, Segment Assets and Segment
Liabilities include the respective amounts identifiable to each of the
segments as also amounts allocated on a reasonable basis. Common cost,
if any, is allocable on reasonable basis. The revenues, expenses,
assets and liabilities which are not allocable are shown as
"Unallocated".
Terms of Repayment
Outstanding Rupee Term Loan availed for Wind Mill is repayable in 12
quarterly instalments of Rs. 18,75,000/- each. Outstanding Rupee/FCNR(B)
Term Loans are repayable in 18 quarterly instalments of Rs. 3,75,00,000/-
each. Outstanding RupeeTerm Loans from UBI are repayable in 9
quarterly instalments of Rs. 30,00,000/- each.
Nature of Security
For Government of Odisha - Subsidised Housing Scheme : Secured by legal
mortgage upon the Company''s Leasehold Land measuring 42.79 Acres and
Buildings and Structures constructed thereon.
For Modernisation cum Expansion Project : Secured by first pari-passu
charge inter-se by way of hypothection of machinery and other fixed
assets acquired or to be acquired out of the Term Loans from State Bank
of Bikaner and Jaipur, State Bank of India and Indian Overseas Bank,
the Term Lenders, and equitable mortgage of all the piece and parcel of
factory land and other land aggregating to 140.80 Acres (lease hold
land measuring about 107.41 Acres and free hold land measuring about
33.39 Acres) (excluding Wind Mill Land and Wind Mill receivables)
situated at Ganjam District, Kalyanpur, Kanchipur, Jarapadar at
Jayshree Nagar where the Company''s registered office is located
together with all buildings and structures, plant & machineries erected
thereon, both present and future, and second charge on the current
assets of the Company.
Out of total land of 140.80 Acres leasehold land measuring 42.79 Acres
is presently mortgaged with the Government of Odisha. The Company is
to create equitable mortgage thereon in favour of Banks on release of
charge by Government of Odisha. At present FDR of Rs. 10.86 Lacs
equivalent to amount of dues of Government of Odisha are held under
lien with State Bank of Bikaner and Jaipur, and a mortgage on land
purchased from OSFC measuring 2.40 Acres is to be created.
For Wind Mill Project : Exclusively secured by first pari-passu charge
by way of hypothecation on the whole movable fixed assets purchased/to
be purchased out of the term loans for the wind mill project at
Bogampaffi Village, Sulur Taluk, Tirupur, Coimbatore and Wind Mill
receivables in favour of State Bank of Bikaner and Jaipur (SBBJ) and
Indian Overseas Bank (IOB) and second charge on the current assets
ranking pari-passu with other term lenders and to be further secured by
equitable mortgage of Wind Mill project land measuring 2 Acres in
favour of SBBJ and IOB on pari-passu basis.
Mar 31, 2013
1) Accounting Concept
The financial statements have been prepared under the historical cost
convention on the accrual basis in accordance with the generally
accepted accounting principles, Accounting Standards notified under
Section 211(3C) of the Companies Act, 1956 and relevant provisions
thereof.
2) Use of Estimates
The preparation of financial statements requires to make estimates and
assumption that affect the reported amount of assets and liabilities
and disclosure relating to contingent liabilities and assets as at the
Balance Sheet date and reported amount of income and expenses during
the year.
Contingencies are recorded when probable that liability will be
incurred and the amount can reasonably be estimated.
Difference between the actual result and the estimates are recognised
in the year the result are known/materialised.
3) Fixed Assets
Fixed Assets are stated at cost excluding excise duty and education
cess thereon. In respect of major projects involving construction,
erection etc. related pre- operational expenses (net of revenue) form
part of the value of the assets capitalised. Fixed Assets retired from
active use and held for disposal are valued at lower of their written
down value or net realizable value.
4) Depreciation
Depreciation on Fixed Assets is calculated in a manner that amortises
the cost of the assets after commissioning over their estimated useful
lives.
Depreciation has been computed on straight line method under Section
205(2)(b) of the Companies Act, 1956 except on (i) Furniture & Fittings
(ii) Motor Cars & Vehicles (iii) Laboratory Equipments (iv) Railway
Siding (v) Weighing Machines (vi) Computers and (vii) Fire
Extinguishers which are depreciated on written down value basis under
Section 205(2)(b) of the Companies Act, 1956.
5) Investment
Long-term Investments are valued at cost. Decline in the value of
investment, other than temporary in nature, are provided/charged to the
Profit & Loss Account.
6) Inventories
Inventories are valued at cost or net realisable value, whichever is
lower. Cost comprises, for finished goods, cost of purchase and
production overheads and valued as per FIFO method. Work-in-Progress is
valued at material cost. All other inventories are valued as per
weighted average method.
7) Excise Duty
Excise Duty inclusive of Education Cess is accounted for at the point
of manufacture of goods and accordingly is considered for valuation of
finished goods stock lying in the factory as on the Balance Sheet date.
8) Retirement Benefits
(i) The Company has constituted a separate Gratuity Trust Fund. Yearly
contribution towards accrued liability on account of gratuity payable
to employees is provided in the accounts on the basis of actuarial
valuation and is paid to the Trust from time to time.
(ii) Leave liability in respect of employees is accounted for on
actuarial valuation basis.
9) Taxation
Current Income Tax is estimated at the amount estimated to be paid
under the Income Tax Act, 1961 and is charged to Profit& Loss Account
for the year.
The deferred tax for timing differences between the book and tax
profits for the year is accounted for, using the tax rates and laws
that have been substantively enacted as of the Balance Sheet date.
Deferred Tax Assets arising from timing differences are recognized to
the extent there is reasonable certainty that these would be realised
in future. Deferred Tax Assets are recognized on unabsorbed losses only
if there is virtual certainty that such deferred tax assets can be
realised against future taxable profits.
10) Sales
Sales are inclusive of Excise Duty and Education Cess and exclusive of
Sales Tax and Net of Brokerage & Commission.
11) Recognition of Income & Expenditure
All items of Income & Expenditure are accounted for on accrual basis,
unless otherwise stated.
12) Foreign Currency Transactions
Foreign currency transactions and forward contracts are accounted for
at the prevailing exchange rate on the date of transactions.
Foreign currency monetary assets and liabilities and unsettled forward
contracts are translated on the basis of closing exchange rate.
Foreign currency non-monetary assets and liabilities are carried as per
the exchange rate on the date of transaction.
Exchange differences arising on settlement/conversion of monetary
assets and liabilities are recognized as income or expenses in the year
in which they arise.
The premium or discount arising at the inception of such a forward
exchange contract is amortised as expense or income overthe life of the
contract. Exchange differences on such contracts are recognised in the
Statement of Profit & Loss in the reporting period in which the
exchange rates change. Any profit or loss arising on cancellation or
renewal of such a forward exchange contract is recognized as income or
as expense for the period.
13) Borrowing Costs
Borrowing Costs relating to (i) funds borrowed for acquisition of Fixed
Assets are capitalised and (ii) funds borrowed for other purpose are
charged to Profit & Loss Account.
14) Impairment of Assets
Impairment is recognized to the extent that the recoverable amount of
an asset is less than its carrying amount and the difference is charged
to Profit & Loss Account as prescribed by the ICAI in Accounting
Standard 28-Impairment of Assets.
15) Segment Reporting
The Company has identified that its business segments are the primary
segments. The Company identifies the business segments on the basis of
products, risks and returns and internal reporting system.
The geographical segment identification is based on the location of
customers of the Company.
The Segment Revenue, Segment Results, Segment Assets and Segment
Liabilities include the respective amounts identifiable to each of the
segments as also amounts allocated on a reasonable basis. Common cost,
if any, is allocable on reasonable basis. The revenues, expenses,
assets and liabilities which are not allocable are shown as
"Unallocated".
Mar 31, 2012
1) Accounting Concept
The financial statements have been prepared under the historical cost
convention on the accrual basis in accordance with the generally
accepted accounting principles, Accounting Standard notified under
Section 211(3C) of the Companies Act, 1956 and relevant provisions
thereof.
2) Use of Estimates
The preparation of financial statements requires to make estimates and
assumption that affect the reported amount of assets and liabilities
and disclosure relating to contingent liabilities and assets as at the
Balance Sheet date and reported amount of income and expenses during
the year.
Contingencies are recorded when probable that liability will be
incurred and the amount can reasonably be estimated. Difference
between the actual result and the estimates are recognised in the year
the result are known/materialised.
3) Fixed Assets
Fixed Assets are stated at cost excluding excise duty and education
cess thereon. In respect of major projects involving construction,
erection etc. related pre-operational expenses (net of revenue) form
part of the value of the assets capitalised. Fixed Assets retired from
active use and held for disposal are valued at lower of their written
down value or net realizable value.
4) Depreciation
Depreciation on Fixed Assets is calculated in a manner that amortises
the cost of the assets after commissioning over their estimated useful
lives.
Depreciation has been computed on straight line method under Section
205(2)(b) of the Companies Act, 1956 except on (i) Furniture & Fittings
(ii) Motor Cars & Vehicles (iii) Laboratory Equipments (iv) Railway
Siding (v) Weighing Machines and (vi) Fire Extinguishers which are
depreciated on written down value basis Under Section 205(2)(b) of the
Companies Act, 1956.
5) Investment
Long term investments are valued at cost. Decline in the value of
investment, other than temporary in nature, are provided/charged to the
Statement of Profit & Loss.
6) Inventories
Inventories are valued on cost or net realisable value, whichever is
lower. Cost comprises, for finished goods, cost of purchase and
production overheads and valued as per FIFO method. Work-in-Progress is
valued at material cost. All other inventories are valued as per
weighted average method.
7) Excise Duty
Excise Duty inclusive of Education Cess is accounted for at the point
of manufacture of goods and accordingly is considered for valuation of
finished goods stock lying in the factory as on the Balance Sheet date.
8) Retirement Benefits
(i) The Company has constituted a separate Gratuity Trust Fund. Yearly
contribution towards accrued liability on account of gratuity payable
to employees is provided in the accounts on the basis of actuarial
valuation and is paid to the Trust from time to time.
(ii) Leave liability in respect of employees is accounted for on
actuarial valuation basis.
9) Taxation
Current income tax is estimated at the amount estimated to be paid
under the Income Tax Act, 1961 and is charged to Statement of Profit &
Loss for the year.
The deferred tax for timing differences between the book and tax
profits for the year is accounted for, using the tax rates and laws
that have been substantively enacted as of the Balance Sheet date.
Deferred tax assets arising from timing differences are recognized to
the extent there is reasonable certainty that these would be realised
in future. Deferred tax assets are recognized on unabsorbed losses only
if there is virtual certainty that such deferred tax assets can be
realised against future taxable profits.
10) Sales
Sales are inclusive of Excise Duty and Education Cess and exclusive of
Sales Tax and net of brokerage & commission.
11) Recognition of Income & Expenditure
All items of Income & Expenditure are accounted for on accrual basis,
unless otherwise stated.
12) Foreign Currency Transactions
Foreign currency transactions and forward contracts are accounted for
at the prevailing exchange rate on the date of transactions.
Foreign currency monetary assets and liabilities and unsettled forward
contract are translated on the basis of closing exchange rate.
Foreign currency non-monetary assets and liabilities are carried as per
the exchange rate on the date of transaction.
Exchange differences arising on settlement/conversion of monetary
assets and liabilities are recognized as income or expenses in the year
in which they arise.
The premium or discount arising at the inception of such a forward
exchange contract is amortised as expense or income over the life of
the contract. Exchange differences on such contracts are recognised in
the Statement of Profit & Loss in the reporting period in which the
exchange rates change. Any profit or loss arising on cancellation or
renewal of such a forward exchange contract is recognized as income or
as expense for the period.
13) Borrowing Costs
Borrowing Costs relating to (i) funds borrowed for acquisition of Fixed
Assets are capitalised and (ii) funds borrowed for other purpose are
charged to Statement of Profit & Loss.
14) Impairment of Assets
Impairment is recognied to the extent that the recoverable amount of an
asset is less than its carrying amount and the difference is charged to
Statement of Profit & Loss as prescribed by the ICAI in Accounting
Standard 28 - Impairment of Assets.
15) Segment Reporting
The Company has identified that its business segments are the primary
segments. The Company identifies the business segments on the basis of
products, risks and returns and internal reporting system.
The geographical segment identification is based on the location of
customers of the Company.
The Segment Revenue, Segment Results, Segment Assets and Segment
Liabilities include the respective amounts identifiable to each of the
segments as also amounts allocated on a reasonable basis. Common cost,
if any, is allocable on reasonable basis. The revenues, expenses,
assets and liabilities which are not allocable are shown as
"Unallocated".
Mar 31, 2011
1) Accounting Concept
The financial statements have been prepared under the historical cost
convention on the accrual basis in accordance with the generally
accepted accounting principles, Accounting Standards notified under
Section 211(3C) of the Companies Act, 1956 and relevant provisions
thereof.
2) Use of Estimates
The preparation of financial statements requires to make estimates and
assumption that affect the reported amount of assets and liabilities
and disclosure relating to contingent liabilities and assets as at the
Balance Sheet date and reported amount of income and expenses during
the year.
Contingencies are recorded when probable that liability will be
incurred and the amount can reasonably be estimated.
Difference between the actual result and the estimates are recognised
in the year the result are known/ materialised.
3) Fixed Assets
Fixed Assets are stated at cost excluding excise duty and education
cess thereon. In respect of major projects involving construction,
erection etc. related pre-operational expenses (net of revenue) form
part of the value of the assets capitalised. Fixed Assets retired from
active use and held for disposal are valued at lower of their written
down value or net realizable value.
4) Depreciation
Depreciation on Fixed Assets is calculated in a manner that amortises
the cost of the assets after commissioning over their estimated useful
lives except as disclosed in Note No.13 of this schedule.
5) Investment
Long-term investments are valued at cost. Decline in the value of
investment, other than temporary in nature, are provided/charged to the
Profit & Loss account.
6) Inventories
Inventories are valued on cost or net realisable value, whichever is
lower. Cost comprises, for finished goods, cost of purchase and
production overheads and valued as per FIFO method. Work-in-Progress is
valued at material cost. All other inventories are valued as per
weighted average method.
7) Excise Duty
Excise duty inclusive of Education Cess is accounted for at the point
of manufacture of goods and accordingly is considered for valuation of
finished goods stock lying in the factory as on the Balance Sheet date.
8) Retirement Benefits
(i) The Company has constituted a separate Gratuity Trust Fund. Yearly
contribution towards accrued liability on account of gratuity payable
to employees is provided in the accounts on the basis of actuarial
valuation and is paid to the Trust from time to time.
(ii) Leave Liability in respect of employees is accounted for on
actuarial valuation basis.
9) Taxation
Current income tax is estimated at the amount estimated to be paid
under the Income Tax Act, 1961 and is charged to profit & loss account
for the year.
The deferred tax for timing differences between the book and tax
profits for the year is accounted for, using the tax rates and laws
that have been substantively enacted as of the balance sheet date.
Deferred tax assets arising from timing differences are recognized to
the extent there is reasonable certainty that these would be realised
in future. Deferred tax assets are recognized on unabsorbed losses only
if there is virtual certainty that such deferred tax assets can be
realised against future taxable profits.
10) Sales
Sales are inclusive of Excise Duty, Education Cess and Transportation
charges recoverable from customers and exclusive of Sales Tax and net
of brokerage & commission.
11) Recognition of Income & Expenditure
All items of Income & Expenditure are accounted for on accrual basis,
unless otherwise stated.
12) Foreign Currency Transactions
Foreign currency transactions and forward contracts are accounted for
at the prevailing exchange rate on the date of transactions.
Foreign currency monetary assets and liabilities and unsettled forward
contract are translated on the basis of closing exchange rate.
Foreign currency non-monetary assets and liabilities are carried as per
the exchange rate on the date of transaction.
Exchange differences arising on settlement/conversion of monetary
assets and liabilities are recognized as income or expenses in the year
in which they arise.
The premium or discount arising at the inception of such a forward
exchange contract is amortised as expense or income over the life of
the contract. Exchange differences on such contracts are recognised in
the statement of profit and loss in the reporting period in which the
exchange rates change. Any profit or loss arising on cancellation or
renewal of such a forward exchange contract is recognized as income or
as expense for the period.
13) Borrowing Costs
Borrowing costs relating to (i) funds borrowed for acquisition of Fixed
Assets are capitalised and (ii) funds borrowed for other purpose are
charged to Profit & Loss Account.
14) Impairment of Assets
Impairment is recognied to the extent that the recoverable amount of an
asset is less than its carrying amount and the difference is charged to
Profit & Loss Account as prescribed by the ICAI in Accounting Standard
28 - Impairment of Assets.
15) Segment Reporting
The Company has identified that its business segments are the primary
segments. The Company identifies the
business segments on the basis of products, risks and returns and
internal reporting system.
The geographical segment identification is based on the location of
customers of the Company.
The Segment Revenue, Segment Results, Segment Assets and Segment
Liabilities include the respective amounts
identifiable to each of the segments as also amounts allocated on a
reasonable basis. Common cost, if any, is
allocable on reasonable basis. The revenues, expenses, assets and
liabilities which are not allocable are shown
as "Unallocated".
Mar 31, 2010
1. Accounting Concept
The financial statements have been prepared under the historical cost
convention on the accrual basis of accounting and comply with the
mandatory Accounting Standard (AS) issued by the Instititute of
Chartered Accountants of India unless otherwise stated.
2. Use of Estimates
The preparation of financial statements requires to make estimates and
assumption that affect the reported amount of assets and liabilities
and disclosure relating to contingent liabilities and assets as at the
Balance Sheet date and reported amount of income and expenses during
the year.
Contingencies are recorded when probable that liability will be
incurred and the amount can reasonably be estimated.
Difference between the actual result and the estimates are recognised
in the year the result are known/materialised.
3. Fixed Assets
Fixed Assets are stated at cost excluding excise duty and education
cess thereon. In respect of major projects involving construction,
erection etc. related pre-operational expenses form part of the value
of the assets capitalised.
4. Depreciation
Depreciation on Fixed Assets is calculated in a manner that amortises
the cost of the assets after commissioning over their estimated useful
lives except as disclosed in Note No.13 of this Schedule.
5. Investment
Long Term Investment are valued at cost. Decline in the value of
investment, other than temporary in nature, are provided/charged to the
Profit & Loss Account.
6. Inventories
Inventories are valued on cost or net realisable value, whichever is
lower. Cost comprises, for finished goods, cost of purchase and
production overhead and valued as per FIFO method. Work-in-Progress is
valued at material cost. All other inventories are valued as per
weighted average method.
7. Excise Duty
Excise Duty inclusive of Education Cess is accounted for at the point
of manufacture of goods and accordingly is considered for valuation of
finished goods stock lying in the factory as on the Balance Sheet date.
8. Retirement Benefits
(i) The Company has constituted a separate Gratuity Trust Fund. Yearly
contribution towards accrued liability on account of gratuity payable
to employees is provided in the accounts on the basis of actuarial
valuation and is paid to the Trust from time to time.
(ii) Leave Liability in respect of employees is accounted for on
actuarial valuation basis.
9. Taxation
Current Income Tax is estimated at the amount estimated to be paid
under the Income Tax Act, 1961 and is charged to Profit & Loss Account
for the year.
The Deferred Tax for timing differences between the book and tax
profits for the year is accounted for, using the tax rates and laws
that have been substantively enacted as of the Balance Sheet date.
Deferred Tax Assets arising from timing differences are recognized to
the extent there is reasonable certainty that these would be realised
in future. Deferred Tax Assets are recognized on unabsorbed losses only
if there is virtual certainty that such Deferred Tax Assets can be
realised against future taxable profits.
10. Sales
Sales are inclusive of Excise Duty, Education Cess and Transportation
charges recoverable from customers and exclusive of Sales Tax and net
of Brokerage & Commission.
11. Recognition of Income & Expenditure
All items of Income & Expenditure are accounted for on accrual basis,
unless otherwise stated.
12. Foreign Currency Transactions
Transactions in Foreign Currency are accounted for at the prevailing
exchange rate on the date of transaction.
13. Borrowing Costs
Borrowing Costs relating to (i) funds borrowed for acquisition of Fixed
Assets are capitalised and (ii) funds borrowed for other purpose are
charged to Profit & Loss Account.
14. Impairment of Assets
Impairment is recognised to the extent that the recoverable amount of
an asset is less than its carrying amount and the difference is charged
to Profit & Loss Account as prescribed by the ICAI in Accounting
Standard 28 - Impairment of Assets.
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