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Notes to Accounts of KCP Sugar & Industries Corporation Ltd.
Mar 31, 2025
(o) Accounting for Provisions, Contingent Liabilities and Contingent Assets:
Provisions are recognized, when there is a present legal or constructive obligation as a result
of a past event, it Is probable that an outflow of resources will be required to settle the
obligation, and when a reliable estimate of the amount of the obligation can be made. If the
effect of the lime value of money ts material, the provision is discounted using a pre-tax raie
that reflects current market assessments of Ihe lime value of money and the risks specific to
the obligation and the unwinding of the discount is recognised as interest expense.
Contingent liabilities are recognized only when there is a possible obligation arising from
past events, due to occurrence or non-occurrence of one or more uncertain future events, not
wholly within (he control of the Company, or where any present obligation cannot be
measured in terms of future outflow of resources, or where a reliable estimate of Ihe
obligation cannotba made. Obligations are assessed on an ongoing basis and only those
having a largely probable outflow of resources are provided for. Contingent liabilities are not
recognized in ihese financial statements, but are disclosed in Note No.45.
Contingent assets are not recognized in the financial statements
(p) Borrowing Costs;
General and specific borrowing costs directly attributable to the acquisition or construction of
qualifying assets that necessarily takes a substantial period of time to gel ready for their
intended use or sale, are added to Ihe cost of those assets, until such lime as the assets are
substantially ready for their intended use or sale Borrowing costs consist of interest and
olher costs that the company Incurs in connection with the borrowing of funds
Interest income earned on temporary investment of specific borrowings pending their
expenditure on qualifying assess is deducted from the borrowing costs eligible for
capitalization. Borrowing costs that are not directly attributable to a qualifying asset are
recog n [sect in Ihe State men I of Profit or Loss using the effective i nterest method.
(q) Cash and Cash Eqinvalent(forthe purpose of cash flow statements):
Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short¬
term balances {with an ¦¦jriginaf maturity of three months or less from the dale of acquisition),
highly liquid investments that are readily convertible into known amounts of cash and which
are subject to insignificant risk of changes in value.
(r) Cash Flow Statement:
Cash flows are reported using ihe indirect method, whereby profit/ {loss} before tax is
adjusted for the effects of transactions of no cash nature and any deferrals or accruals of past
or future cash receipts or payments. Cash flow for the year are classified by operating,
investing and financing activities.
(s) Earnings Per Share:
Basic earnings per share is computed by dividing the profit / (loss) after tax (including the
post-tax effect of exlraordinary items if any) by the weighted average number of equity
shares outstanding during tne year including potential equity shares on compulsory
Avertible debentures. Diluted earnings per share is computed by dividing the profit / floss)
aftertax (including I he post-tax effect of extraordinary items, if any) as adjusted for dividend,
interest and other charges lo expense or income (net of any attributable taxes} relating to the
dilutive potential equity shares, by the weighted average number of equity shares considered
for deriving basic earnings per share and the weighted average number of equity shares
which could have been issued on the conversion of all dilutive potential equity shares,
(t) Segment Reporting:
The Company identifies operating segments based on the internal reporting provided to the
Managing Director
The Managing Doctor, who is responsible for allocating resources and assessing
performance of the operating segments, has beer identified as the committee that makes
strategic decisions.
The accounting policies adopted for segment reporting are in line with the accounting
policies of the Company Bagmen! revenue, segment expenses segment assets and
segment liabilities have been identified to segments on the basis of their relationship to the
operating activities of the segment.
Inter-segment revenue is accounted on the basis of transactions which are primarily
determined based on market / fair value factors. Revenue, expenses, assets and liabilities
which relate to the Company as a whole and are not allocable to segments on reasonable
basis have been included under "unallocated revenue/ expenses / assetsJhabilities1''.
All operating segments, operating results are reviewed regularly by the Company''s Board of
Directors to make decisions about resources to be allocated to the segments and assess
their performance.
(U) Financial Instruments:
Financial Assets:
Classification
The Company classifies financial assets as subsequently measured at amortised cost, fair
value through other comprehensive income or fair value through profit or loss on the oasis of
its business model for managing the financial assets and the coni factual cash How
characteristics of the financial asset.
Inilial Recognition and measurement:
All financial assets (not measured subsequently at fair value through profit or lossj are
recognised initially affair value plus transaction costs that are attributable to the acquisition
of the financial asset. Purchases or sales of financial assets that require delivery of assets
within a time frame established by regulation or convention in Ihe market place {regular way
trades) are recognised on the trade date, i.e.. the date that the Company commits lo
purchase or sell the asset
Oebtinstnjmet its at amortised cast
A debt instrument'' Is measured at the amortised cost If both the following condillons are met:
a) The asset is held within a business model whose objeclive is to hdd assets for
collecting contractual cosh flews, and
b) Contractuaf terms of the asset give use on specified dates to cash flows that
aresoJely payments of principal and inleresl (SPPl) on Ihe principal amount
outstanding.
After initial measurement, such financial assets are subsequently measured at amortised
cost using the effective interest rale i ElR) method. Amortised cost is calculated by taking into
account any discount or premium anti fees or costs that are an integral part of the EIR The
EfR amortisation is included in finance income in the Statement of Profit and toss. The
losses arising from Impairment are recognised In the Statement of Profit and Loss. This
category generally applies to loans and advances, deposits, trade and other receivables.
Deb! instruments included within the fair value through profit and loss lEVIPL) category are
measured at fair value with all changes recognized m the Statement of Profit and Loss.
Equity investments
All equity investments in scope of Jnd-AS 109 are measured at fair value Equity instruments
are classified as l-\/TPL. Investment in subsidiaries, joint ventures and associates are
carried at cost less impairment, if any.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar
financial assets) is primarily derecognised (i,e. removed from the Company''s balance sheet)
when:
* The rights to receive cash Rows from the asset have expired or
* The Company has transferred its rights to receive cash flows from Ihe asset or
has assumed an obligation to pay the received cash flows in full without material
delay lo a third party under a ''pass-through''arrangement; and either.
(a) the Compa ny has transfer ed substantially all Ihe risks and rewards or Ihe asset. or
(b) Ihe Company has neither transferred nor retained substantially all Ihe risks and
i awards of the asset, but lias transferred control of rhe asset.
When Ihe Company has transferred its rights lo receive cash flows from an asset or has
entered into a pass-through arrangement il evaluates rf and to what extent ii hasreiainert [he
risks and rewards of ownership. When it has nelthertransferred nor retained substantially all
of The risks and rewards of the asset, nor transferred comrol 01 the asset, the Company
continues to recognise the transferred asset to Ihe extern of the Company''s continuing
involvement. In that case, the Company also recogmses an associated liability. The
transferred asset and the associated liability are measured on a basis that reflects the rights
and obligations that the Company has retained.
Continuing involvement that takes Ihe form of a guarantee over the transferred asset is
nieasured at the lower of the original carrying amount of the asset and the maximum amount
of consideration l.hal the Company could be reqi lired lo repay.
im pajrrne nt of financial assets
In accordance with Ind-AS 109. the Company applies Expected Credit Loss (ECL) model for
measurement and recognition of impairment loss or the following financial assets and credit
risk exposure:
a) financial assets that are dsbt instruments, and are measured at amortised cost
e.g., loans, debt securities, deposits, and bank balance
b) Trade receivables.
The Company follows âsimplified approach for recognition of impairment loss allowance on
trade receivables which do not contain a significant financing component.
The application of simplified approach does not require Ihe Company to track changes in
credit risk, Rather, It recognises impairment loss allowance based on lifetime ECLs at each
Balance Sheet date, right from ils initial recognition.
Financial Liabilities
Classification
The Company classifies all financial liabilities as subsequently measured at amortised cost,
except for financial liabilities at fair value through profit or loss. Such liabilities, including
derivatives that are liabilities, shall be subsequently measured at fair value
initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value
through profit or loss, loans and borrowings, payables, or as derivatives designated as
hedging Instruments in an effective hedge, as appropriate.
All financial liabilities ate recognised initially ai fair value and in the case of loans and
borrowings and payables, net of directly attributable transaction costs
Tne Companyâs financial liabilities include trade and other payables, loans and borrowings
including bank overdrafts, financial guarantee contracts and derivative financial instruments.
Loans and borrowings
After initial recogniliom interest-bearing loans and borrowings are subsequently measured
at amortised cost using the EIR method Gains and losses are recognised in the Statement
of Profit and Loss when the tiabBIties are derecognised.
Amortised cost is calculated by taking into account any discount or premium on acquisition
and fees or costs lhat are an integral part of the EIR The EIR amortisation is included as
finance costs in the Statement of Profit and loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or
cancelled or expires. When an existing financial liability is replaced by another from the same
lender on substantially different terms or the terms of an existing liability are substantially
modified, such an exchange or modification is treated as the derecognition of the original
liability and the recognition of a new liability, The difference in the respective carrying
amounts is recognised in the Statement of Profit and Loss.
Offsetting of financial instalments
Financial assets and financial [labilities are offset and Ihe net amount is reported in the
balance sheet if there is a currently enforceable legal right to offset the recognised amounts
and there is an intention to settle on a net basis, to realise the assets and settle the liabilities
simultaneously.
Equilyins.truments
An equity instrument is any contract that evidences a residual interest in the assets of an
entity after deducting all of its liabilities. Equity instruments issued by the Company are
recognized at the proceeds received, netgfdirect issue costs.
49, Financial risk management
The Company''s activities expose to IJm ited financial risks: market risk credit risk and liquidity nsk
The Company''s primary focus is to foresee the unpredictability of financial markets and seek to
minimize potential adverse effects on Its financial performance.
Market risk
Marke! risk is the risk of loss of future earnings or fair values or future cash flows that may result
from a cliange in the price of a financial Instrument
The company is exposed to markel risk primarily related to foreign exchange rate risk (currency
risk;. Interest rate risk and the market value of its investments.
Securities Prices Risk:
The company''s exposure to equity securities price risk arises From Investments held and classified
in the Balance Sheei as Fair Value through R&L The company has investment in the form of
Mutual funds ard Equity shares. The company monitors the movement in the value of the
Investments by observing the NAV,
Credit Risk
Credit risk refers 10 the risk of default on its obligation by the counterparty resulkng in a financial
loss. It principally arises from the Company s Trade Receivables. Advances and deposit(s) made.
Trade receivables
The company has outstanding made receivables amounting to Rs. 1177,61 Lakhs and Rg 1329.20 Lakhs
as of March 31,2025 and March 31. 2024 respectively, Trade receivables ere typically unsecured am
derived from revenue earned from customers Company''s exposi.ire to cretin risk is Influenced mainly by
the individual characteristics of each customer. The company is riot exposed to concentration of credit risk
to any one single customer Defaulter accountof Trade Receivables happens when the counterparty Fails
to make ^cutractuai payment t/vh en.thfcy fal I due,
Further for amounts overdue are constantly monitored by the management and provision towards
expected credit loss ."ire made in the books. Management estimated of expectea credit loss for the Trade
RaceivaDies are provided below with the classification on debtors
The company manages liquidity needs by continuously monitoring cash inflows and by maintaining
adequate cash and cash equivalents Net cash require men is are compared to available cash in order to
determine any shortfalls.
Short term liquidity requirements consist mainly of sundry creditors, expense payable, employee dues,
repayment of loans and retention & deposits arising during the normal course of business as of each
reporting date. We maintain a sufficient balance in cash and cash equivalents to meet our short-term
liquidity requirements.
Long term liquidity requirements ere monitored on a periodical basis end manage them through Internal
accruals. Our non-current liabilities include Term Loans from Banks, Retentions & deposits.
The table have been drawn up based on the undiscounted cash Hows of financial liabilities based on the
earliest date on which the company can be required to pay.
liabilities may fluctuate with changes in market Interest rates, white interest rates en other Types of assets
nay change with a lag The risk estimates provided assume a parallel shift of 100 basis points interest
rate across all ypeid curves.. This calculation also assumes that the change occurs al the balance sheet
date and has been calculated based on risk exposures outstanding as at that date.
The persod end halances are not necessarily representative of the average debt outstanding during the
period
Capital managements
The Company''s objectives when managing capital are to safeguard the Company''s ability to continue as
s going concern in order to provide returns for shareholders and benelils for other stakeholders and lo
maintain an optimal capila! structure.
fn order to maintain or adjust The caprtaf structure, the Company may adjust the amount of dividends paid
to shareholders, return capital to shareholders, issue new shares or sell assets or by adequate funning by
the shareholders to absorb the losses of the Company,
The Company''s capital comprises equity share capita!, reLamed earnings and other equity attributable lo
equity holders The primary objective of Company''s capital management is to maximize shareholders
value. The Company manages its capita! and makes adjustment to it in tight of the changes in economic
and market conditions. The capita] qearinq ratio is provided in table below.
50. Disclosure in respect of Indian Accounting Standard (Incl AS)-19 âEmployee Benefits"
General description of various defined employee''s benefits schemes are as under:
a) Provident Fund:
Companyâs Provided fund is managed by Regional Provident Fund Commissioner Company
pays fixed contribution to provident fund at pre-determined rate.
b) Gratuity:
Gratuity is a defined benefit plan, provided in respect of past services based on the actuarial
valuation carried oulbyUCof India and corresponding contribution to the fund is expensed in
the year ol such contribution.
The scheme is funded by the company for employees and the liability is recognized on the
basis of contribution payable to the insurer, i.e the Life Insurance Corporation of India
The summarized position of various defined benefits recognized in the Statement of Profit &
Loss. Other Comprehensive Income (OCI) and Balance Sheet & other disclosures are as
under: However, the disclosure of information as required under IndAs 19 have been made in
accordance with Actuarial valuation.
The summarised position of various defined benefits recognised in the statement of Profit
and Loss, Other comprehensive income (OCI) and balance sheet and other disclosure are
as under.
54, Minimum Remoanration pnid to Managcml Personal:
In iccms al Section 15? read with Schedule V of (he Companies Act2013, the Financial Year
2024-202being the fiiltli uiat of inadequate profits tluriny die tenure (2020-25) of
Ms.inngurd Vclagapudi, Managing Director and MrVmod R.Sellil. Executive Chairman, tlicr
minimum remwiaaliuii pnnj lo Managerial Personnel of a sum of Rs.OU.55 ''- lor the Financial
Year 2024-25 is ratified by tile Board of Directors in jis Meeting held on 2S.U5.2025 based
on the re com inend atio ei of Nomination and Remuneration Committee. In pursuance of
Section 197(10), a special resolution will be placed before the shareholders tor their approval
in llie ensuing -Ynmiril Genera] Meeting.
55, The title deeds ot immutable properties are held in the name oi the Company, except in
56, The company has not revalued its property, plan band equipment during tile year. -Nil
57, The company has not iv\allied its itLUitgfble assets dm mg dir year.
5fJ, Details relating to Joant oi advances in the nauire oflbans u> Promoters, Directors, KMP
and related parties, -Nil
59, Agii\g schedule of Capilal wurk-ui-piogres Re let note no. 3(a) -Nil
GU. Del ails relating i o ageing of ini migibi e :is set s under de veto pmeni - N fl
6L Details relating to Ben ami Property held by the Company - Nfl
62, Disclosures of Borrowings from B.uihs or linajpal institutions is used ibr intended purpose.
62, Details relating to declaration of the company as wilful defaulter by any bunk or jinanci.il
instil lii ion or other lender - Nil;
64. Deidils relaiing to ilie ualure of irunsac uon cameii ou i withthe si.nmk- offcom;ianv - N ii
65. Details regarding registrurion or satisfaction ui charges ^ ith Regisrrai of
Companies beyond Lhe Statutory period - Nil
66. Details regarding compliance with number of layers of companies - Nil
67 Details regarding compliance with approved scheme of arrangements * Nil
MS. Hie Company has not advanced or loaned or invested funds tn any other percouO) or
entilyties), including foreign entirtes (Intermediaries I wiih die understanding that die
Intermediary shall:
(.i) directly or indirectly lend or invest in other persons or entities identified in any
tii.timer whatsoever by or on behalf of die company (Ultimate Benrficiarirst or
(b) provide any guarantee,security or the like to or on behalf of the Ultimate Beneficiaries
69. The Company has not received any fund from any personal or eniityl iesj. including foreign
entities (Funding Party) wit In be understanding nvheihcr recorded in writing or otherwise)
that the Company shall
(a) directly or indirect^ lend or invest in amir persons or entities identified in any
iiijnillt v. htilmIvy or oh belwli oftlic I undmg Party (1 Ultimate Beneficiaries)
or
(b) provide an y guarantee, security or Hie like on belialfofthi'' Ultimate
Beneficiaries.
70. Details relating to the transactions undertaken in Crypto or Virtual i Yrrrcncy -Nil
7J. Devils relating to the undisclosed income reported - Nil
The aocempenying nodes farm wi tniegrel parr ijrege financial statements For on-: on i>vn --ir of The %aard nt rNrecinr.
As per our report of even dale attached
for B PURUSHOTTAM & CO. IRMGARD VELAGAPUDI
Ch^rt^rod Account nts Managing Director
FRM D02B0BS DIN r 00091370
d.Mahitihar Krrishna
Partner
Mem here hip No.'' 2^3632
K.Panneer Selvan tKarthlk Narayanan KIRAN VELAGAPUDI
Place Chen rial Chief Financial Officer Company Secretary 6 Executive Director
Dale 2B/05/2O25 DMA M No.9894 Compliance Officer DIN : 00091466
WI NoA51274
Mar 31, 2024
(o) Accounting for Provisions, Contingent Liabilities and Contingent Assets:
Provisions are recognized, when there is a present legal or constructive obligation as a resuit of a past event, it is probable that an outflow of resources will be required to settle the obligation, and when a reliable estimate of the amount of the obligation can be made. If the effect of the time value of money is material, the provision is discounted using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation and the unwinding of the discount is recognised as interest expense.
Contingent liabilities are recognized only when there is a possible obligation arising from past events, due to occurrence or non-occurrence of one or more uncertain future events, not wholly within the control of the Company, or where any present obligation cannot be measured in terms of future outflow of resources, or where a reliable estimate of the obligation cannot be made. Obligations are assessed on an ongoing basis and only those having a largely probable outflow of resources are provided for. Contingent liabilities are not recognized in these financial statements, but are disclosed in Note No.44.
Contingent assets are not recognized in the financial statements.
(p) Borrowing Costs:
General and specific borrowing costs directly attributable to the acquisition or construction of qualifying assets that necessarily takes a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Borrowing costs consist of interest and other costs that the company incurs in connection with the borrowing of funds.
Interest income earned on temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. Borrowing costs that are not directly attributable to a qualifying asset are recognised in the Statement of Profit or Loss using the effective interest method.
(q) Cash and Cash Equivalent (for the purpose of cash flow statements):
Cash comprises cash on hand and demand deposits with banks. Cash equivalents are shortterm balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.
(r) Cash Flow Statement:
Cash flow''s are reported using the indirect method, whereby profit/ (loss) before tax is adjusted for the effects of transactions of no cash nature and any deferrals or accruals of past or future cash receipts or payments. Cash flow for the year are classified by operating, investing and financing activities.
(s) Earnings Per Share:
Basic earnings per share is computed by dividing the profit / (loss) after tax (including the post-tax effect of extraordinary items, if any) by the weighted average number of equity shares outstanding during the year including potential equity shares on compulsory convertible debentures. Diluted earnings per share is computed by dividing the profit / (loss) after tax
(including the post-tax effect of extraordinary items, if any) as adjusted for dividend, interest and other charges to expense or income (net of any attributable taxes) relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares.
(t) Segment Reporting:
The Company identifies operating segments based on the internal reporting provided to the Managing Director.
The Managing Director, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the committee that makes strategic decisions.
The accounting policies adopted for segment reporting are in line with the accounting policies of the Company. Segment revenue, segment expenses., segment assets and segment liabilities have been identified to segments on the basis of their relationship to the operating activities of the segment.
Inter-segment revenue is accounted on the basis of transactions which are primarily determined based on market / fair value factors. Revenue, expenses, assets and liabilities which relate to the Company as a whole and are not allocable to segments on reasonable basis have been included under âunallocated revenue / expenses / assets/liabilities".
All operating segments, operating results are reviewed regularly by the Companyâs Board of Directors to make decisions about resources to be allocated to the segments and assess their performance.
(u) Financial Instruments:
Financial Assets:
Classification
The Company classifies financial assets as subsequently measured at amortised cost, fair value through other comprehensive income or fair value through profit or loss on the basis of its business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.
Initial Recognition and measurement:
All financial assets (not measured subsequently at fair value through profit or loss) are recognised initially at fair value plus transaction costs that are attributable to the acquisition of the financial asset. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e.. the date that the Company commits to purchase or sell the asset.
Debt instruments at amortised cost
A debt instrument'' is measured at the amortised cost if both the following conditions are met:
a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and
b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.
After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income in the Statement of Profit and Loss. The losses arising from impairment are recognised in the Statement of Profit and Loss. This category generally applies to loans and advances, deposits, trade and other receivables.
Debt instruments included within the fair value through profit and loss (FVTPL) category are measured at fair value with all changes recognized in the Statement of Profit and Loss.
Equity investments
All equity investments in scope of Ind-AS 109 are measured at fair value. Equity instruments are classified as FVTPL. Investment in subsidiaries, joint ventures and associates are carried at cost less impairment, If any.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e. removed from the Companyâs balance sheet) when:
⢠The rights to receive cash flows from the asset have expired, or
⢠The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a âpass-throughâ arrangement; and either:
(a) the Company has transferred substantially all the risks and rewards of the asset, or
(b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Company continues to recognise the transferred asset to the extent of the Company''s continuing involvement. In that case, the Company also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay.
Impairment of financial assets
In accordance with Ind-AS 109, the Company applies Expected Credit Loss (ECL) model for measurement and recognition of impairment loss on the following financial assets and credit risk exposure:
a) Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, debt securities, deposits, and bank balance.
b) Trade receivables.
The Company follows âsimplified approachâ for recognition of impairment loss allowance on trade receivables which do not contain a significant financing component.
The application of simplified approach does not require the Company to track changes in credit risk. Rather, it recognises impairment loss allowance based on lifetime ECLs at each Balance Sheet dale, right from its initial recognition.
Financial Liabilities
Classification
The Company classifies all financial liabilities as subsequently measured at amortised cost, except for financial liabilities at fair value through profit or loss. Such liabilities, including derivatives that are liabilities, shall be subsequently measured at fair value
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.
The Companyâs financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, financial guarantee contracts and derivative financial instruments.
Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the Statement of Profit and Loss when the liabilities are derecognised.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR The EIR amortisation is included as finance costs in the Statement of Profit and Loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounis is recognised in the Statement of Profit and Loss.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
Eguitv instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs.
The Company''s activities expose to limited financial risks: market risk, credit risk and liquidity risk. The Company''s primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance.
Market risk
Market risk is the risk of loss of future earnings or fair values or future cash flows that may result from a change in the price of a financial instrument.
The company is exposed to market risk primarily related to foreign exchange rate risk (currency risk), Interest rate risk and the market value of its investments.
Securities Prices Risk:
The company''s exposure to equity securities price risk arises from Investments held and classified in the Balance Sheet as Fair Value through P&L. The company has investment in the form of Mutual funds and Equity shares. The company monitors the movement in the value of the Investments by observing the NAV.
Credit Risk
Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. It principally arises from the Company''s Trade Receivables, Advances and deposit(s) made.
Trade receivables
The company has outstanding trade receivables amounting to Rs.1329.20 /- and Rs. 951.32/- as of March 31. 2024 and March 31. 2023 respectively. Trade receivables are typically unsecured are derived from revenue earned from customers. Companyâs exposure to credit risk is influenced mainly by the individual characteristics of each customer. The company is not exposed to concentration of credit risk to any one single customer. Default on account of Trade Receivables happens when the counterparty fails to make contractual payment when they fall due.
Further for amounts overdue are constantly monitored by the management and provision towards expected credit loss are made in the books. Management estimated of expected credit loss for the Trade Receivables are provided below with the classification on debtors.
The Company''s objectives when managing capital are to safeguard the Company''s ability to continue as a going concern In order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure.
In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets or by adequate funding by the shareholders to absorb the losses of the Company.
The Companyâs capital comprises equity share capital, retained earnings and other equity attributable to equity holders. The primary objective of Companyâs capital management is to maximize shareholders value. The Company manages its capital and makes adjustment to it in light of the changes in economic and market conditions. The capital gearing ratio is provided in table below:
50. Disclosure in respect of Indian Accounting Standard (Ind AS)-19 âEmployee Benefitsâ
General description of various defined employee''s benefits schemes are as under:
a) Provident Fund:
Company''s Provided fund is managed by Regional Provident Fund Commissioner. Company pays fixed contribution to provident fund at pre-determined rate.
b) Gratuity:
Gratuity is a defined benefit plan, provided in respect of past services based on the actuarial valuation carried out by LIC of India and corresponding contribution to the fund is expensed in the year of such contribution.
The scheme Is funded by the company for employees and the liability is recognized on the basis of contribution payable to the insurer, i.eâ the Life Insurance Corporation of India.
The summarized position of various defined benefits recognized in the Statement of Profit & Loss, Other Comprehensive Income (OCI) and Balance Sheet & other disclosures are as under: However, the disclosure of information as required under IndAs 19 have been made in accordance with Actuarial valuation.
The summarised position of various defined benefits recognised in the statement of Profit and Loss. Other comprehensive income (OCI) and Balance sheet and other disclosure are as under:
54. Minimum Remuneration paid to Managerial Personal :
In terms of Section 197read with Schedule V of the Companies Act,2013: the Financial Year 2023-2024 being the fourth year of inadequate profits during the tenure ( 2020 - 25) of Ms.lrmgard Velagapudi, Managing Director and Mr.Vinod R.Sethi, Executive Chairman, the minimum remuneration paid to Managerial Personnel of a sum of Rs.60.52 for the Financial Year 2023-24 is ratified by the Board of Directors in its Meeting held on 29.05.2024 based on the recommendation of Nomination and Remuneration Committee. In pursuance of Section 197(10), a special resolution will be placed before the shareholders for their approval in the ensuing Annual General Meeting.
55. Details relating to loans or advances in the nature of loans to Promoters, - Nil
Directors. KMP and related parties
56. Details relating to Benaml Property held by the Company - Nil
57. Details relating to declaration of the company as wilful defaulter by any bank or - Nil
financial institution or other lender
58. Details relating to the nature of transaction carried out with the struck- off company - Nil
59. Details relating to the transactions under taken in Crypto or Virtual Currency - Nil
60. Details relating to the undisclosed income reported - Nil
61. Details regarding registration or satisfaction of charges with Registrar of - Nil
Companies, beyond the statutory period
62. Details regarding compliance with number of layers of companies - Nil
63. Details regarding compliance with approved scheme of arrangements - Nil
64. The title deeds of immovable properties are held in the name of the Company, except in respect of certain immovable properties (land and buildings), which have been transferred to the Company as per a scheme of demerger, which are In the name of the erstwhile demerged Company.
65. The Company has not advanced or loaned or Invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or
b. provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
66. The Company has not received any fund from any person(s) or enlity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Parly (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
As per our report of even date attached For and on behalf of the Board of Directors
For B. PURUSHOTTAM & CO.
Chartered Accountants
FRN 002808S IRMGARD VELAGAPUDI
Managing Director
B.Mahldhar Krrishna Din : 00091370
Partner
Membership No.: 243632
K.PANNEER SELVAN T.KARTHIK NARAYANAN KIRAN VELAGAPUDI
Place : Chennai Chief Financial Officer Company Secretary & Executive Director
Date '' 29/05/2024 CMA M No.9894 Compliance Officer Din : 00091466
MNo.A51274
Mar 31, 2023
Terms / Rights attached to Equity Shares:
The Company has only one class of Equity Shares having a Face Value of Re.1/- per share. The holders of the equity shares are entitled to receive dividends as declared from time to time, and are entitled to voting rights proportionate to their shareholding at the meetings of shareholders.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the 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.
Under Section 135 of The Companies Act, 2013 the Company is required to spend Rs. Nil/-(P.Y.Rs.Nil) during the year under review towards Corporate Social Responsibility (CSR) activities as framed by the Company in its Corporate Social Responsibility program. However, the Company has spent Rs. 18.01 lakhs, (P.Y.Rs. 17.24 lakhs).
|
44 - Contingent Liabilities: a. Outstanding Guarantees issued by Banks on behalf of the Company is Rs. 150.49 Lakhs (PY Rs. 212.02 Lakhs) b. Demands raised on the company by the respective authorities are as under: Amount in Lakhs |
|||
|
Particulars |
As at March 31, 2023 |
As at March 31, 2022 |
|
|
Share Transmission |
11.06 |
11.06 |
|
|
Labour Cases |
81. 83 |
79.54 |
|
|
Non - Enrolment of Contract Labour for the Purpose of Contribution to Provided Fund |
110.95 |
110.95 |
|
|
Case on Duty Relating to Captive Power Generation and Sale to Grid |
578.87 |
578.87 |
|
|
Value Added Tax Case |
16.61 |
37.94 |
|
|
Total |
799.32 |
818.36 |
|
|
Based on the expert opinions obtained, the Company had been advised not to make any provision in the Accounts. |
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⢠Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
⢠Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the
asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
⢠Level 3 - Inputs for the assets or liabilities that are not based on observable market data
(unobservable inputs).
c. Valuation Technique used to determine Fair Value:
Specific valuation techniques used to value financial instruments include:
⢠Use of quoted market prices for Listed instruments
48 - Financial Risk Management
The Company''s activities expose to limited financial risks: market risk, credit risk and liquidity risk. The Company''s primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance.
Market risk is the risk of loss of future earnings or fair values or future cash flows that may result from a change in the price of a financial instrument.
The company is exposed to market risk primarily related to foreign exchange rate risk (currency risk), Interest rate risk and the market value of its investments.
The Company''s exposure to equity securities price risk arises from Investments held and classified in the Balance Sheet as Fair Value through P&L. The Company has investment in the form of Mutual funds and Equity shares. The Company monitors the movement in the value of the Investments by observing the NAV / Market Price.
Credit risk refers to the risk of default on its obligation by the counter party resulting in a financial loss. It principally arises from the Company''s Trade Receivables, Advances and deposit(s) made.
The Company has outstanding trade receivables amounting to Rs.951.32 Lakhs and Rs.1267.64 Lakhs as of March 31, 2023 and March 31, 2022 respectively. Trade receivables are typically unsecured are derived from revenue earned from customers. Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The company is not exposed to concentration of credit risk to any one single customer. Default on account of Trade Receivables happens when the counterparty fails to make contractual payment when they fall due.
Further for amounts overdue are constantly monitored by the management and provision towards expected credit loss are made in the books. Management estimated of expected credit loss for the Trade Receivables are provided below with the classification on debtors.
Trade receivables are impaired in the year when recoverability is considered doubtful based on the recovery analysis performed by the company for individual trade receivables. The company considers that all the above financial assets that are not impaired for each reporting dates under review are of good credit quality.
Our liquidity needs are monitored on the basis of monthly and yearly projections. The company''s principal sources of liquidity are cash and cash equivalents, cash generated from operations, Term loans, deposits from public and short term borrowings from Bank.
The company manages liquidity needs by continuously monitoring cash inflows and by maintaining adequate cash and cash equivalents. Net cash requirements are compared to available cash in order to determine any shortfalls.
Short term liquidity requirements consist mainly of sundry creditors, expense payable, employee dues, repayment of loans and retention & deposits arising during the normal course of business as of each reporting date. We maintain a sufficient balance in cash and cash equivalents to meet our short-term liquidity requirements.
Long term liquidity requirements on a periodical basis and manage them through internal accruals. Our non-current liabilities include non-convertible debentures, optionally convertible debentures, Unsecured Loans from Promoters, Term Loans from Banks, Retentions & deposits.
The table have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the company can be required to pay.
Interest rate risk is measured by using the cash flow sensitivity for changes in variable interest rates. Any movement in the reference rates could have an impact on the Company''s cash flows as well as costs. The Company is subject to variable interest rates on some of its interest-bearing liabilities being short term borrowings .
The model assumes that interest rate changes are instantaneous parallel shifts in the yield curve. Although some assets and liabilities may have similar maturities or periods to re-pricing, these may not react correspondingly to changes in market interest rates. Also, the interest rates on some types of assets and liabilities may fluctuate with changes in market interest rates, while interest rates on other types of assets may change with a lag. The risk estimates provided assume a parallel shift of 100 basis points interest rate across all yield curves. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date.
The period end balances are not necessarily representative of the average debt outstanding during the period.
The Company''s objectives when managing capital are to safeguard the Company''s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure.
In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets or by adequate funding by the shareholders to absorb the losses of the Company.
The Company''s capital comprises equity share capital, retained earnings and other equity attributable to equity holders. The primary objective of Company''s capital management is to maximize shareholders value. The Company manages its capital and makes adjustment to it in light of the changes in economic and market conditions. The capital gearing ratio is provided in table below:
*Debt represents Long Term Borrowings. Equity represents Share capital and other Equity.
49 - Disclosure in respect of Indian Accounting Standard (Ind AS)-19 âEmployee Benefitsâ
General description of various defined employee''s benefits schemes are as under:
The company is remitting Employee and Employer PF Contributions to EPFO effective from 01/04/2021.
Gratuity is a defined benefit plan, provided in respect of past services based on the actuarial valuation carried out by LIC of India and corresponding contribution to the fund is expensed in the year of such contribution.
The scheme is funded by the company for employees and the liability is recognized on the basis of contribution payable to the insurer, i.e., the Life Insurance Corporation of India.
The summarized position of various defined benefits recognized in the Statement of Profit & Loss, Other Comprehensive Income (OCI) and Balance Sheet & other disclosures are as under: However, the disclosure of information as required under IND AS - 19 have been made in accordance with Actuarial valuation.
54. Details relating to loans or advances in the nature of loans to Promoters, Directors,
55. Details relating to Benami Property held by the Company - Nil
56. Details relating to declaration of the company as wilful defaulter by any bank or financial
institution or other lender - Nil
57. Details relating to the nature of transaction carried out with the
58. Details relating to the transactions under taken in Crypto or Virtual Currency - Nil
59. Details relating to the undisclosed income reported - Nil
60. Details regarding registration or satisfaction of charges with Registrar of
Companies, beyond the statutory period - Nil
61. Details regarding compliance with number of layers of companies - Nil
62. Details regarding compliance with approved scheme of arrangements - Nil
63. Previous year''s figures have been regrouped and reclassified wherever necessary.
64. The title deeds of immovable properties are held in the name of the company, except in respect of certain immovable properties (Land and buildings), which have been transferred to the company as per the scheme of demerger, which are in the name of the erstwhile demerged Company.
Mar 31, 2018
Note 1. Corporate Information
K.C.P Sugar and Industries Corporation Ltd is a listed entity, one among the leading sugar manufacturing companies in India . Its allied business consists of manufacturing and marketing of Rectified Spirit, Extra Neutral Alcohol, Ethanol, Incidental Cogeneration of Power, Organic Manure, Mycorrhiza Vam, Calcium Lactate and CO2. Company has two sugar factories located in Krishna District, Andra Pradesh having an aggregate crushing capacity of 11,500 tons per day. It has its registered office at 239/183, Ramakrishna Buildings, Anna Salai, Chennai, Tamil Nadu 600006, India.
The financial statements were approved by the Board of Directors and authorised for issue on 25.05.2018
2.1 Terms/rights attached to equity shares
The Company has only one class of equity shares having a par value of Re.1/- per share. The holders of the equity shares are entitled to receive dividends as declared from time to time, and are entitled to voting rights proportionate to their share holding at the meetings of shareholders.
In the event of liquidation of the company, the holders of equity shares will be entitled to receive the 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.
Secured by hypothecation of work-in-progress, finished goods, raw materials, stores and spares, book debts, all other currents assets and further secured by a second charge created on movable fixed assets of Sugar units at Vuyyuru and Lakshmipuram.
3 Transition to IND AS
These are the Companyâs first financial statements prepared in accordance with Ind AS. The accounting policies set out in Note 2 have been applied in preparing the financial statements for the year ended 31 March 2018, the comparative information presented in these financial statements for the year ended 31 March 2017 and in the preparation of an opening Ind AS balance sheet at 1 April 2016 (The Companyâs date of transition).
3.1 In preparing its first Ind AS financial statements in accordance with Ind AS 101 First-time Adoption of Indian Accounting Standards, the Company has applied the relevant mandatory exceptions and certain optional exemptions from full retrospective application of Ind AS. Material optional exemptions applied by the Company and applicable mandatory exceptions for the Company are as follows:
3.2 A: Ind AS optional exemptions and mandatory exceptions availed
1. Deemed cost of Property Plant and Equipment
Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments as required to be made as per para 10 of Ind AS 101.
The Company has elected to measure all of its property, plant and equipment and intangible assets at their previous GAAP carrying value after making the necessary adjustments now required to be made as required by the Ind AS.
2. Evaluation of arrangements in the nature of lease
Ind AS 101 allows an entity to determine whether an arrangement existing at the date of transition to Ind AS contains a lease on the basis of facts and circumstances existing at the date of transition to Ind AS, except where the effect is expected to be not material.
The Company has elected to determine whether the arrangements existing contains a lease on the basis of the facts existing on transition date.
3. Revenue from Contracts with customers
A first-time adopter is not required to restate contracts that were completed before the earliest period presented. A completed contract is a contract for which the entity has transferred all of the goods or services identified in accordance with previous GAAP
Accordingly the Company has not restated the contracts completed in accordance with the previous GAAP as as at the transition date.
3.3 B: Ind AS mandatory exceptions
1. Estimates
An entityâs estimates in accordance with Ind ASs 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 The Company made estimates for following items in accordance with Ind AS at the date of transition as these were not required under previous GAAP:
- Investment in Mutual fund carried at FVPL
- Impairment of financial assets based on expected credit loss model.
2. Classification and measurement of financial assets
Ind AS 101 requires an entity to assess classification and measurement of financial assets on the basis of the facts and circumstances that exist at the date of transition to Ind AS.
3.4 C : First time adoption
The impact on First time adoption of Ind AS is set out in Note
1. Fair valuation of investments
Uner IND AS investment in Equity and mutualfunds is measured at fair value and the changes in value are recognised in profit and loss account
2. Re measurements of post-employment benefit obligations
Under Ind AS, re measurements i.e. actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest expense on the net defined benefit liability are recognised net of tax in other comprehensive income, net of tax instead of profit or loss. Under the previous GAAP these re measurements were forming part of the profit or loss for the year.
3. Excise duty
Under the previous GAAP revenue from sale of products was presented exclusive of excise duty. Under the Ind AS, revenue from sale of goods is presented inclusive of excise duty. The excise duty paid is presented on the face of the statement of profit and loss as part of expenses. This change has resulted in an increase in the total revenue and total expenses for the year ended 31 March 2018. However there is no impact on total equity and profit.
4. Under Section 135 of The Companies Act, 2013 the company is required to spend Rs.3,22,726/- during the year under review towards Corporate Social Responsibility (CSR) activities as framed by the Company in its Corporate Social Responsibility program. However, the Company has spent Rs.21,25,577/-
5. Contingent Liabilities:
a. Outstanding Guarantees issued by Banks on behalf of the company is Rs.3,46,17,938/- (PY Rs. 3,46,53,563/-)
b. Demands raised on the company by the respective authorities are as under:
The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the yearend together with interest paid / payable as required under the Act have not been given.
Disclosure requirements of Indian Accounting Standards
6. Disclosures in respect of Ind AS 107 - Financial Instruments
a. Financial Instruments by Categories
The carrying value and fair value of financial instruments by categories were as follows:
b. Fair Value Hierarchy
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
c. Valuation Technique used to determine Fair Value:
Specific valuation techniques used to value financial instruments include:
Use of quoted market prices for Listed instruments
d. The following tables present fair value hierarchy of assets and liabilities measured at fair value:
7. Financial risk management
The Companyâs activities expose to limited financial risks: market risk, credit risk and liquidity risk. The Companyâs primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance.
Market risk
Market risk is the risk of loss of future earnings or fair values or future cash flows that may result from a change in the price of a financial instrument.
The company is exposed to market risk primarily related to foreign exchange rate risk (currency risk), Interest rate risk and the market value of its investments.
Securities Prices Risk:
The companyâs exposure to equity securities price risk arises from Investments held and classified in the Balance Sheet as Fair Value through P&L. the company has investment in a form of Mutual funds and Equity shares. The company monitors the movement in the value of the Investments by observing the NAV.
Credit Risk
Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. It principally arises from the Companyâs Trade Receivables, Advances and deposit(s) made
Trade receivables
The company has outstanding trade receivables amounting to Rs. 22,59,40,321 and Rs. 23,28,77,136 as of March 31, 2018 and March 31, 2017, respectively. Trade receivables are typically unsecured are derived from revenue earned from customers. Companyâs exposure to credit risk is influenced mainly by the individual characteristics of each customer. The company is not exposed to concentration of credit risk to any one single customer. Default on account of Trade Receivables happens when the counterparty fails to make contractual payment when they fall due.
Further for amounts overdue are constantly monitored by the management and provision towards expected credit loss are made in the books. Management estimated of expected credit loss for the Trade Receivables are provided below with the classification on debtors.
Credit risk exposure:
An analysis of age of trade receivables at each reporting date is summarized as follows:
Trade receivables are impaired in the year when recoverability is considered doubtful based on the recovery analysis performed by the company for individual trade receivables. The company considers that all the above financial assets that are not impaired for each reporting dates under review are of good credit quality.
Liquidity Risk
Our liquidity needs are monitored on the basis of monthly and yearly projections. The companyâs principal sources of liquidity are cash and cash equivalents, cash generated from operations, Term loans, deposits from public and short term borrowings from Bank.
The company manages liquidity needs by continuously monitoring cash inflows and by maintaining adequate cash and cash equivalents. Net cash requirements are compared to available cash in order to determine any shortfalls.
Short term liquidity requirements consist mainly of sundry creditors, expense payable, employee dues, repayment of loans and retention & deposits arising during the normal course of business as of each reporting date. We maintain a sufficient balance in cash and cash equivalents to meet our short-term liquidity requirements.
Long term liquidity requirements on a periodical basis and manage them through internal accruals. Our noncurrent liabilities include non-convertible debentures, optionally convertible debentures, Unsecured Loans from Promoters, Term Loans from Banks, Retentions & deposits.
The table have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the company can be required to pay.
Interest Rate Risk
Interest rate risk is measured by using the cash flow sensitivity for changes in variable interest rates. Any movement in the reference rates could have an impact on the Companyâs cash flows as well as costs. The Company is subject to variable interest rates on some of its interest-bearing liabilities being short term borrowings.
The following table represents the contractual obligation and receivables to/from financial liabilities and financial assets respectively.
The Companyâs variable interest rate exposure is mainly related to debt obligations arising from short debt borrowings
The interest expenses and impact on it on account of Increase/decrease of 100 basis points in interest rates at the balance sheet is provided in table below:
The model assumes that interest rate changes are instantaneous parallel shifts in the yield curve. Although some assets and liabilities may have similar maturities or periods to re-pricing, these may not react correspondingly to changes in market interest rates. Also, the interest rates on some types of assets and liabilities may fluctuate with changes in market interest rates, while interest rates on other types of assets may change with a lag. The risk estimates provided assume a parallel shift of 100 basis points interest rate across all yield curves. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date.
The period end balances are not necessarily representative of the average debt outstanding during the period. Capital management
The Companyâs objectives when managing capital are to safeguard the Companyâs ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure.
In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets or by adequate funding by the shareholders to absorb the losses of the Company.
The Companyâs capital comprises equity share capital, retained earnings and other equity attributable to equity holders. The primary objective of Companyâs capital management is to maximize shareholders value. The Company manages its capital and makes adjustment to it in light of the changes in economic and market conditions. The capital gearing ratio is provided in table below:
*Debt represents long term loan from banks and deposits from public.
8. Disclosure in respect of Indian Accounting Standard (Ind AS)-19 âEmployee Benefitsâ
a. General description of various defined employeeâs benefits schemes are as under:
a) Provident Fund:
The companyâs Provident Fund is managed by Regional Provident Fund Commissioner. The company pays fixed contribution to provident fund at pre-determined rate.
b) Gratuity:
Gratuity is a defined benefit plan, provided in respect of past services based on the actuarial valuation carried out by LIC of India and corresponding contribution to the fund is expensed in the year of such contribution.
The scheme is funded by the company and the liability is recognized on the basis of contribution payable to the insurer, i.e., the Life Insurance Corporation of India, however, the disclosure of information as required under Ind AS-19 have been made in accordance with the actuarial valuation.
b. The summarized position of various defined benefits recognized in the Statement of Profit & Loss, Other Comprehensive Income(OCI) and Balance Sheet & other disclosures are as under:
Movement in defined benefit obligation:
a) Under the previous GAAP dividends on equity shares recommended by the board of directors after the end of the reporting period but before the financial statements were approved for issue were recognised in the financial statements as a liability. Under Ind AS, such dividends are recognised when approved by the members in a general meeting. The effect of this change is an increase in total equity as at April 1, 2016 of Rs. 3,41,16,895, but does not affect profit before tax and total profit for the year ended March 31, 2017.
b) Under previous GAAP actuarial gains and losses were recognised in profit or loss. Under Ind AS, the actuarial gains and losses form part of remeasurernent of the net defined benefit liability / asset which is recognised in other comprehensive income. Consequently, the tax effect of the same has also been recognised in other comprehensive income under lnd AS instead of profit or loss. The actuarial losses for the year ended March 31, 2017 were Rs. 171,528/- (Net of taxes)
c) Under previous GAAP Security deposits were carried at transaction cost, while under Ind AS, present value of these deposits are retained in the financial statement and balance value of these deposits are carried as pre-paid rent.
d) Under previous GAAP there was no concept of other comprehensive income. Under Ind AS, specified items of income, expense, gains, or losses are required to be presented in other comprehensive income.
e) Under previous GAAP investments are carried at cost at the end of the reporting period. Under Ind AS, investments are carried at fair value through PL. The effect of this is reduction in total equity as at April 1, 2016 of (Rs.10,95,29,389), the effect of same on statement of profit and loss of March 31, 2017 is gain of is Rs.25,93,70,650/-
f) Under Previous GAAP Provision for bad and doubtful debts for the advances given are made on incurred loss model. Under Ind AS, provision is made on expected credit loss model.
g) Under previous GAAP Financial liabilities were carried at book value, while under Ind AS fair value of the liabilities are computed and retained in Balance sheet and interest is accounted accordingly based in the repayment. This change has resulted in increase of equity as at 01April, 2016 to the tune of Rs.5,74,65,276, the same has resulted in additional expense of Rs.2,80,72,569 to the statement of profit and loss for the year ended March 31 2017.
Mar 31, 2016
Note: The company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act 2006 and hence disclosures, if any, relating to amounts unpaid as at the yearend together with interest paid/ payable as required under the Act have not been given.
Outstanding Guarantees furnished by banks on behalf of the company is Rs.4,00,88,538/-(Rs. 3,13,30,438/-)
1. Outstanding dues to Micro, Small and Medium Enterprises
The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the yearend together with interest paid / payable as required under the Act have not been given.
Provident fund:
The Company manages Provident fund plan through a Provident Fund Trust for its employees, which is permitted under The Employees Provident Fund and Miscellaneous Provisions Act, 1952. The plan envisages contribution by the employer and employees and guarantees interest at the rate notified by the Provident Fund Authority. The contribution by employer & employee, together with interest, are payable at the time of separation from service or retirement, whichever is earlier. The benefit under this plan vests immediately on rendering of service.
The Guidance Note on implementing AS-15, Employee Benefits(revised 2005) issued by the Accounting Standard Board (ASB) states that provident fund set up by employers, which require interest shortfall to be met by the employer, need to be treated as defined benefit plan. Pending the issuance of the Guidance Note from the Acturial Society of India, the Company''s actuary has expressed inability to reliably measure the Provident fund liability. However, there is no deficit in the fund in this regard.
2. Purchase tax is payable at Rs.60/- per MT on the sugarcane purchased. In this respect, the Govt. of Andhra Pradesh is used to notify the said levy for every sugar season separately. Considering the financial hardships faced by the sugarcane farmers, the Govt. of Andhra Pradesh has been directing the sugar mills to pay the said tax to the sugarcane suppliers as an âincentive âinstead of paying the same to the Govt. of Andhra Pradesh as was done in the recent years. A notification in this respect is still awaited from the Govt. The Company is of the firm belief that the similar gesture will be extended for the current season also. The accumulated purchase tax payable on the sugarcane purchased up to 31st March, 2016 amounting to the tune of Rs.6,53,85,683/- has been classified vide Note No.10(e) â Other Current Liabilities :- Statutory Liabilities".
3. Under Section 135 of The Companies Act, 2013 the company is required to spend Rs.47,71,092/- during the year under review towards Corporate Social Responsibility (CSR) activities as framed by the Company in its Corporate Social Responsibility program. However, the Company could spend Rs.10,00,000/- due to financial downtrend faced by the sugar industries on account of supply far exceeding the demand and consequential fall in sugar prices to un-remunerative levels. The said amount was spent towards improvement of living conditions and provision of basic amenities in the villages surrounding the Company''s manufacturing units.
4. Earnings per share (EPS) - The numerators and denominators used to calculate Basic and Diluted Earnings per share
5. General :
Sundry debtors, creditors and loans and advances are subject to confirmation. Paise have been rounded off.
Figures in brackets indicate those for the previous year.
Figures for the previous year have been regrouped, wherever necessary.
Note : The above does not include of Rs 13,02,15,268/- (PYRs. 11,13,67,746/-) being the cost of Motors, Components, Pipes, Spares etc., consumed.
Mar 31, 2015
1. Contingent liabilities:
Contingent Liabilities:
Claims against the company not acknowledged as debts:
31.03.2015 31.03.2014
PARTICULARS Amount - Rs.
Share transmission 11,05,851 11,05,851
Labour cases 30,26,987 29,50,596
Case on Duty relating to Captive
Power Generation 2,61,69,375 2,61,69,375
TOTAL 3,03,02,213 3,02,25,822
Outstanding Guarantees furnished by banks on behalf of the company is
Rs.3,13,30,438/- (Rs. 1,38,99,438/-)
2. Outstanding dues to Micro, Small and Medium Enterprises
The Company has not received any intimation from suppliers regarding
their status under the Micro, Small and Medium Enterprises Development
Act, 2006 and hence disclosures, if any, relating to amounts unpaid as
at the year end together with interest paid / payable as required under
the Act have not been given.
Provident fund:
The Company manages Provident fund plan through a Provident Fund Trust
for its employees, which is permitted under The Employees Provident
Fund and Miscellaneous Provisions Act, 1952. The plan envisages
contribution by the employer and employees and guarantees interest at
the rate notified by the Provident Fund Authority. The contribution by
employer & employee, together with interest, are payable at the time of
separation from service or retirement, whichever is earlier. The
benefit under this plan vests immediately on rendering of service.
The Guidance Note on implementing AS-15, Employee Benefits(revised
2005) issued by the Accounting Standard Board (ASB) states that
provident fund set up by employers, which require interest shortfall to
be met by the employer, need to be treated as defined benefit plan.
Pending the issuance of the Guidance Note from the Acturial Society of
India, the Company's actuary has expressed inability to reliably
measure the Provident fund liability. However, there is no deficit in
the fund in this regard.
3. The Govt. of India, with a view to improve the liquidity position
of sugar factories for enabling them to clear cane price arrears of
previous sugar seasons if any, and timely settlement of cane price of
2013-14 sugar season relating to the Fair and Remunerative Price (FRP)
fixed by the Govt. of India to the sugarcane farmers, notified a scheme
namely 'Scheme for Extending Financial Assistance to Sugar
Undertaking , 2014 ' vide notification No. 20-90/2013-SP- II dt.
03-01-2014.
In this respect, The Govt. of India has directed the lending commercial
banks, to consider providing financial assistance to their sugar mills
based on the eligibility criteria with a loan duration of 5 years
including 2 years of moratorium. The interest on the said loan will be
reimbursed by the Govt. of India up to 12% per annum according to the
scheme.
The company has availed the said loan to the tune of Rs.28,68,00,000/-
(Refer Note No.4, Long term Borrowings- Secured Loan) based on the
eligibility criteria from bank in the month of March & April 2014 for
clearing the cane price (FRP) of sugar season 2013-14. The interest
paid on this loan to the tune of Rs.3,49,86,498/- has been classified
under Note No.19.(a) 'Short term loans and advances - Advances to
Suppliers and Service providers as the same is due for reimbursement
from Govt. of India.
4. Purchase tax is payable at Rs.60/- per MT on the sugarcane
purchased. In this respect, the Govt. of Andhra Pradesh is used to
notify the said levy for every sugar season separately. Considering the
financial hardships faced by the sugarcane farmers, the Govt. of Andhra
Pradesh has been directing the sugar mills to pay the said tax to the
sugarcane suppliers as an 'incentive 'instead of paying the same to
the Govt. of Andhra Pradesh in the recent years. Contrary to this
practice, the notification No.GO RT No.68 dt.07-03-2015 Issued for
sugar season 2014-2015 directed the sugar mills to remit such tax to
the Government except in the case of Cooperative sugar mills. Aggrieved
by the said notification, the private sugar mills represented to the
Govt. of Andhra Pradesh through South Indian Sugar Mills Association
(SISMA) for reconsideration and extending the facility of paying such
tax as 'incentive' to their sugar cane suppliers. The Company is of
the firm belief that this representation will be considered favorably
and hence, the purchase tax payable on the sugar cane purchased for
2014-15 sugar season up to 31st March 2015 to the tune of
Rs.6,39,91,451/- has been classified under Note No.10(e) " Other
Current Liabilities :- Statutory Liabilities".
5. The depreciation on various assets, recomputed in accordance with
Part 'C ' of Schedule II of The Companies Act 2013. Hence, the
transitional effect on account of such re-computation, to the extent of
Rs.3,90,58,105/- has been adjusted against the opening General Reserve
as on 1st April, 2014. (Refer Note No.12)
6. Under Section 135 of The Companies Act, 2013 the company is
required to spend Rs.84,87,070/- during the year under review towards
Corporate Social Responsibility (CSR) activities as framed by the
Company in its Corporate Social Responsibility program. However, the
Company could spend only Rs.15,00,000/- under the head 'Environmental
sustainability', due to the financial downtrend faced by the sugar
industries on account of supply far exceeding the demand and
consequential fall in sugar prices to un-remunerative levels.
7. General :
Sundry debtors, creditors and loans and advances are subject to
confirmation. Paise have been rounded off.
Figures in brackets indicate those for the previous year.
Figures for the previous year have been regrouped, wherever necessary..
Mar 31, 2014
1. Contingent liabilities and Capital Commitments: Contingent
Liabilities:
Claims against the company not acknowledged as debts:
31.03.2014 31.03.2013
PARTICULARS Amout in Rs.
Share transmission 1105851 1105851
Case on Duty relating to Captive Power Generation 26169375 26169375
TOTAL 27275226 27275226
Outstanding Guarantees furnished by banks on behalf of the company is
Rs.1,38,99,438/- (Rs. 1,30,99,478/-)
2. Outstanding dues to Micro, Small and Medium Enterprises
The Company has not received any intimation from suppliers regarding
their status under the Micro, Small and Medium Enterprises Development
Act, 2006 and hence disclosures, if any, relating to amounts unpaid as
at the year end together with interest paid / payable as required under
the Act have not been given.
Provident fund:
The Company manages Provident fund plan through a Provident Fund Trust
for its employees, which is permitted under The Employees Provident
Fund and Miscellaneous Provisions Act, 1952. The plan envisages
contribution by the employer and employees and guarantees interest at
the rate notified by the Provident Fund Authority. The contribution by
employer & employee, together with interest, are payable at the time of
separation from service or retirement, whichever is earlier. The
benefit under this plan vests immediately on rendering of service.
The Guidance Note on implementing AS-15, Employee Benefits(revised
2005) issued by the Accounting Standard Board (ASB) states that
provident fund set up by employers, which require interest shortfall to
be met by the employer, need to be treated as defined benefit plan.
Pending the issuance of the Guidance Note from the Acturial Society of
India, the Company''s actuary has expressed inability to reliably
measure the Provident fund liability. However, there is no deficit in
the fund in this regard.
3. Related Party Disclosures:
1 Amt. In Rs.
(AS REQUIRED UNDER PARAGRAPHS 23 AND 26 OF ACCOUNTING STANDARD 18)
(A). Names of related parties and description of relationship:
1.Subsidiaries :
a) The Eimco-K.CP.Ltd., Chennai, India.
b) KCP Sugars Agricultural Research Farms Ltd. Chennai, India.
2.Key Management Personnel :
a) Shri. Vinod R. Sethi, Executive Chairman
b) Smt. Irmgard Velagapudi M Rao, Managing Director.
c) Smt.V. Kiran Rao, Executive Director.
4. General :
Sundry debtors, creditors and loans and advances are subject to
confirmation. Paise have been rounded off.Figures in brackets indicate
those for the previous year. Figures for the previous year have been
regrouped, wherever necessary.
Note: Company does not own or operate any Business outside India.
Carrying Amounts of Geographical Assets and additions to tangible and
intagible fixed assets:
Mar 31, 2013
1. Contingent liabilities and Capital Commitments: Contingent
Liabilities:
Claims against the company not acknowledged as debts:
Particulars 31.03.2013 31.03.2012
Labour Cases 5617626 5232242
Share transmission 1105851 1105851
Case on Duty relating to
Captive Power Generation 26169375 26169375
TOTAL 32892852 32507468
Outstanding Guarantees
furnished by banks on behalf
of the company is Rs.13099478/- (Rs. 5099438/-)
2. Outstanding dues to Micro, Small and Medium Enterprises
The Company has not received any intimation from suppliers regarding
their status under the Micro, Small and Medium Enterprises Development
Act, 2006 and hence disclosures, if any, relating to amounts unpaid as
at the year end together with interest paid / payable as required under
the Act have not been given.
3. RELATED PARTY DISCLOSURES:
(AS REQUIRED UNDER PARAGRAPHS 23 AND 26 OF ACCOUNTING STANDARD 18)
(A) Names of related parties and description of relationship:
1. Subsidiaries a) The Eimco-K.C.PLtd., Chennai, India.
b) KCP Sugars Agricultural Research Farms Ltd. Chennai, India.
2. Key Management Personnel a) Shri. Vinod R. Sethi, Executive
Chairman
b) Smt. Irmgard Velagapudi M Rao, Managing Director.
c) Smt.V. Kiran Rao, Executive Director.
4. General :
Sundry debtors, creditors and loans and advances are subject to confi
rmation. Paise have been rounded off. Figures in brackets indicate
those for the previous year. Figures for the previous year have been
regrouped, wherever necessary.
Mar 31, 2012
1. Contingent liabilities and Capital Commitments: Contingent
Liabilities:
Claims against the company not acknowledged as debts:
Particulars 31.03.2012 31.03.2011
Labour Cases 5232242 4847218
Share transmission 1105851 -
Case on Duty relating to Captive
Power Generation 26169375 26169375
Total 32507468 31016593
Outstanding Guarantees furnished by banks on behalf of the company is
Rs.5099438/- (Rs. 5049438/-)
2. Outstanding dues to Micro Small and Medium Enterprises
The Company has not received any intimation from suppliers regarding
their status under the Micro Small and Medium Enterprises Development
Act 2006 and hence disclosures if any relating to amounts unpaid as at
the year end together with interest paid / payable as required under
the Act have not been given.
3. RELATED PARTY DISCLOSURES:
(As Required under paragraphs 23 and 26 of Accounting Standard 18)
(A) Names of related parties and description of relationship:
1. Subsidiaries a) The Eimco-K.C.P.Ltd. Chennai India.
b) KCP Sugars Agricultural Research Farms Ltd. Chennai India.
2. Key Management Personnel a) Shri. Vinod R. Sethi Executive Chairman
b) Smt. Irmgard Velagapudi M Rao Managing Director.
c) Smt.V. Kiran Rao Executive Director.
4. SEGMENT REPORTING
(I) The Company has identified the reportable segments as on 31-03-2012
and others taking into account the nature of products and services the
different risks and returns and the internal reporting systems. The
accounting policies for segment reporting are in line with the
accounting policies followed by the Company.
5. General :
Sundry debtorscreditors and loans and advances are subject to confi
-rmation. Paise have been rounded off. Figures in brackets indicate
those for the previous year. Figures for the previous year have been
regrouped wherever necessary.
Mar 31, 2011
1. Contingent liabilities and Capital Commitments:
i) Claims against the company not acknowledged as debts:
31.03.2011 31.03.2010
Particulars Amount - Rs.
Labour Cases 48,47,218 44,62,194
Central Excise Cases NIL 1,91,12,314
Case on Duty relating to
Captive Power Generation 2,61,69,375 2,61,69,375
TOTAL 3,10,16,593 4,97,43,883
ii) Outstanding Guarantees furnished by banks on behalf of the company
is Rs.50,49,438/- (P.Y Rs. 53,49,438/-)
2. Cash and Bank Balances include:
i) Rs.1,00,000/- (P.Y Rs. 2,81,243/-) on account of staff security
deposits.
ii) Rs.5,05,000/- (P.Y Rs. 8,83,362/-) representing Fixed Deposit
receipts lodged with bankers as margin money against guarantees issued
by them.
iii) Rs.1,54,08,000/- (P.Y Rs. 68,19,000/-) in Fixed Deposit in
accordance with the Companies (Acceptance of deposits) Rules 1975.
iv) Rs.1,31,41,994/- (P.Y Rs. 1,12,14,339/-) towards unclaimed
dividends in accordance with Section 205 of the Companies Act.
3. "Unsecured Loans" - include:
Fixed Deposits of Rs. 3,00,00,000/- (P.Y Rs. 3,00,00,000/-) received
from a Whole-time Director of the Company.
4. The Company has not received any intimation from suppliers
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence disclosures, if any, relating to
amounts unpaid as at the year end together with interest paid / payable
as required under the Act have not been given.
Provident Fund:
The Company manages Provident fund plan through a Provident Fund Trust
for its employees, which is permitted under The Employees Provident
Fund and Miscellaneous Provisions Act, 1952. The plan envisages
contribution by the employer and employees and guarantees interest at
the rate notified by the Provident Fund Authority. The contribution by
employer & employee, together with interest, are payable at the time of
separation from service or retirement, whichever is earlier. The
benefit under this plan vests immediately on rendering of service.
The Guidance Note on implementing AS-15, Employee Benefits(revised
2005) issued by the Accounting Standard Board (ASB) states that
provident fund set up by employers, which require interest shortfall to
be met by the employer, need to be treated as defined benefit plan.
Pending the issuance of the Guidance Note from the Acturial Society of
India, the Company's actuary has expressed inability to reliably
measure the Provident fund liability. However, there is no deficit in
the fund in this regard.
5. General :
Sundry debtors, creditors and loans and advances are subject to
confirmation Paise have been rounded off.
Figures in brackets indicate those for the previous year.
Figures for the previous year have been regrouped, wherever necessary.
I. THE EIMCO-KCP LIMITED:
1. The above Company is a wholly owned subsidiary of 'K.C.P.Sugar and
Industries Corporation Limited', in which the Company holds the entire
6,00,000 shares of Rs.10/- each fully paid up (including 10 shares held
by its Nominees).
II. KCP SUGARS AGRICULTURAL RESEARCH FARMS LIMITED:
1. The above Company is a wholly owned subsidiary of 'K.C.P.Sugar and
Industries Corporation Limited', in which the Company holds the entire
22,50,000 shares (P:Y:22,50,000) of Rs.10/- each fully paid up
(including 6 shares held by its Nominees) as on 31st March 2011.
3. KCP Sugars Agricultural Research Farms Limited has not proposed any
dividend for the year ended 31.03.2011.
4. No part of the above profits or reserves have been dealt with in
the Company's Accounts.
Mar 31, 2010
1. Contingent liabilities:
i) Claims against the company not acknowledged as debts:
31.03.2010 31.03.2009
Particulars
Amount - Rs.
Labour Cases 44,62,194 3,84,495
Central Excise Cases 1,91,12,314 1,91,12,314
Case on Duty relating to Captive
Power Generation 2,61,69,375 2,61,69,375
TOTAL 4,97,43,883 4,56,66,184
ii) Outstanding Guarantees furnished by banks on behalf of the company
is Rs.53,49,438/- Ã (RY Rs. 59,24,438/-)
2. Cash and Bank Balances include:
i) Rs.2,81,243/- (RY. Rs.3,17,769/-) on account of staff security
deposits.
ii) Rs.8,83,362/- (RY. Rs.8,73,362/-) representing Fixed Deposit
receipts lodged with bankers as margin money against guarantees issued
by them.
iii) Rs.68,19,000/- (RY. Rs.67,69,000/-) in Fixed Deposit in accordance
with the Companies (Acceptance of deposits) Rules 1975.
iv) Rs.1,12,14,339/- (RY. Rs.1,08,82,854/-) towards unclaimed dividends
in accordance with Section 205 of the Companies Act.
3. "Unsecured Loans" - include: Fixed Deposits of Rs. 3,00,00,000/-
(RY Rs. 3,00,00,000/-) received from a Whole-time Director of the
Company.
4. The Company has not received any intimation from suppliers regarding
their status under the Micro, Small and Medium Enterprises Development
Act, 2006 and hence disclosures, if any, relating to amounts unpaid as
at the year end together with interest paid / payable as required under
the Act have not been given.
Provident Fund:
The Company manages Provident fund plan through a Provident Fund Trust
for its employees, which is permitted under The Employees Provident
Fund and Miscellaneous Provisions Act, 1952. The plan envisages
contribution by the employer and employees and guarantees interest at
the rate notified by the Provident Fund Authority. The contribution by
employer & employee, together with interest, are payable at the time of
separation from service or retirement, whichever is earlier. The
benefit under this plan vests immediately on rendering of service.
The Guidance Note on implementing AS-15, Employee Benefits(revised
2005) issued by the Accounting Standard Board (ASB) states that
provident fund set up by employers, which require interest shortfall to
be met by the employer, need to be treated as defined benefit plan.
Pending the issuance of the Guidance Note from the Acturial Society of
India, the Companys actuary has expressed inability to reliably
measure the Provident fund liability. However, there is no deficit in
the fund in this regard.
5. Related party disclosures:
(As required under paragraphs 23 and 26 of Accounting Standard 18)
A. Note: Names of related parties and description of relationship:
1. Subsidiaries a) The Eimco-K.C.PLtd., Chennai, India.
b) KCP Sugars Agricultural Research Farms Ltd. Chennai, India.
2. Key Management Personnel a) Shri. Vinod R. Sethi, Executive
Chairman
b) Smt. Irmgard Velagapudi M Rao, Managing Director.
c) Smt. V. Kiran Rao, Executive Director.
6. General:
Sundry debtors, creditors and loans and advances are subject to
confirmation.
Paise have been rounded off.
Figures in brackets indicate those for the previous year.
Figures for the previous year have been regrouped, wherever necessary.
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