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Accounting Policies of M K Exim (India) Ltd. Company
Mar 31, 2025
1. Corporate Information
M.K. EXIM (INDIA ) Limited ("the Company") is a listed entity incorporated in India. The Company is a public limited company incorporated and domiciled in India and has its registered office at G1/150, Garment Zone, EPIP, Sitapura, Jaipur, Rajasthan, India. The Company has its listing on BSE Limited.
The details of the Company are as below:-
⢠CIN No:- L63040RJ1992PLC007111
⢠Registered Address:- G1/150, Garment Zone, EPIP,Sitapura, Jaipur, Rajasthan, India.
⢠Phone Number:- 0141-3937501/502/503/504/505
⢠Official Email id:- mkexim@gmail.com
⢠Website:- www.mkexim.com
The financial statements for the year ended March 31, 2025 were approved for issue by Company''s Board of Directors on 27.05.2025.
2. Basis of preparation and presentation
The financial statements of the Company have been prepared in accordance with Indian Accounting Standards (hereinafter referred to as Ind-AS) notified under Section 133 of Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules, 2015, as amended time to time and other relevant provisions of the Act.
The Financial Statements have been prepared on the historical cost basis except for certain financial instruments measured at fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.
Use of estimates
The estimates and judgments used in the preparation of the financial statements are continuously evaluated by the Company and are based on historical experience and various other assumptions and factors (including expectations of future events) that the Company believes to be reasonable under the existing circumstances. Differences between actual results and estimates are materialized in the period in which the results are known/ materialized. The management believes that the estimates used in the preparation of financial statements are prudent and reasonable. The said estimates are based on the facts and events, that existed as at the reporting date, or that occurred after that date but provide additional evidence about conditions existing as at the reporting date.
Critical estimates and judgments
This note provides an overview of the areas that involved a higher degree of judgment or complexity, and items which are more likely to be materially adjusted due to estimates and assumptions turning out to be different than those originally assessed. Detailed information about each of these estimates and judgments is included in relevant notes together with information about the basis of calculation for each affected line item in the financial statements.
The areas involving critical estimates or judgment are:
i) Going Concern
The management at each close makes an assessment of the Company''s ability to continue as a going concern. In making
such evaluation, it considers, inter alia, the quantum and timing of its cash flows, in particular collection of all its recoverable amount and settlement of its obligations to pay creditors and lenders on due dates. The accounting policy choices in preparation and presentation of the financial statements is based on the Company''s assessment that the Company will continue as a going concern in the foreseeable future.
ii) Useful lives of property, plant and equipment and intangible assets
Management reviews the useful lives of property, plant and equipment at least once a year. Such lives are dependent upon an assessment of both the technical lives of the assets and also their likely economic lives based on various internal and external factors including relative efficiency and operating costs. Accordingly depreciable lives are reviewed annually using the best information available to the Management.
iii) Impairment of non-financial assets
The management performs annual impairment tests on cash generating units and capital work-in-progress for which there are indicators that the carrying amount might be higher than the recoverable amount. Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm''s length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value used in calculation is based on a DCF model.
iv) Income Taxes
Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax planning strategies.
v) Recoverability of financial assets
Assessment of recoverability of trade receivables require significant judgment. Factors considered include the credit rating, assessment of intention and ability of the counter party to discharge the liability, the amount and timing of anticipated future payments and any possible actions that can be taken to mitigate the risk of non-payment.
vi) Fair value measurement of financial instruments
When the fair values of financial assets or financial liabilities recorded or disclosed in the financial statements cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the DCF model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. Judgments include consideration of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments. See Note 40 for further disclosures.
Current versus non-current classification
The company presents assets and liabilities in the standalone balance sheet based on current/ non-current classification.
All the assets and liabilities have been classified as current/non-current as per the Company''s normal operating cycle and other criteria set out in Division II to Schedule III of the Companies Act, 2013.
The operating cycle is the time between the acquisition of assets for processing and their realisation in cash or cash equivalents. Based on the nature of activities of the Company and the normal time between acquisition of assets and their realisation in cash or cash equivalents, the Company has determined its operating cycle as 12 months for the purpose of classification of its assets and liabilities as current and non-current.
3. Summary of material accounting policies:A. Property, plant and equipment
Property, plant and equipment (PPE) are stated at cost less accumulated depreciation and impairment losses, if any. Historical cost includes expenditure that is directly attributable to the acquisition of the item.
The cost of an item of PPE comprises its purchase price net of any trade discounts and rebates, any import duties and other taxes (other than those subsequently recoverable from the tax authorities), any directly attributable expenditure including brokerage and start-up costs on making the asset ready for its intended use, other incidental expenses and interest on borrowings attributable to acquisition of qualifying assets up to the date the asset is ready for its intended use.
Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated with the expenditure will flow to the Company.
An item of PPE and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset is derecognised.
Major inspections and overhauls are identified and accounted for as an asset if that component is used over more than one reporting period.
Capital work in progress comprise of those costs that relate directly to specific assets and those that are attributable to the construction or project activity in general and can be allocated to specific assets up to the date the assets are put to their intended use. At the point when an asset is operating at management''s intended use, the capital work in progress is transferred to the appropriate category of property, plant and equipment and depreciation commences.
Depreciation is provided on assets to get the initial cost down to the residual value. Land is not depreciated. Depreciation is provided on a straight-line basis over the estimated useful life of the asset or as prescribed in Schedule II to the Companies Act, 2013 or based on a technical evaluation of the asset. Cost incurred on assets under development are disclosed under capital work in progress and not
depreciated till asset is ready to use i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. Estimated useful life of items of Property, Plant and Equipment are as follows:
|
Major Class of Asset |
Estimated Useful Life |
|
Building |
60 years |
|
Plant & Machinery |
15 years |
|
Furniture & Fixture |
10 years |
|
Electric Appliance |
10 years |
|
Vehicles |
8 yea rs |
|
Computer |
3 yea rs |
The residual values and useful lives for depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.
An asset''s carrying amount is written down immediately to its recoverable amount if the asset''s carrying amount is greater than its estimated recoverable amount. Recoverable amount is higher of the value in use or exchange.
Gains and losses on disposals are determined by comparing the sale proceeds with the carrying amount and are recognised in the Statement of Profit and Loss.
B. Intangible assets
Intangible assets are recognised when it is probable that the future economic benefits that are attributable to the assets will flow to the Company and the cost of the assets can be measured reliably. Intangible assets are stated at cost less accumulated amortisation and impairment loss, if any.
Intangible assets are amortised uniformly over the best estimate of their useful lives.
The estimated useful lives for main categories of intangible assets are as below:
|
Major Class of Asset |
Estimated Useful Life |
|
Computer Software |
10 years |
A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
(A) Lease Liability
At the commencement date, the Company measures the lease liability at the present value of the lease payments that are not paid at that date. The lease payments shall be discounted using incremental borrowing rate.
(B) Right-of-use assets
Initially recognised at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives.
Subsequent measurement(A) Lease Liability
Company measure the lease liability by (a) increasing the carrying amount to reflect interest on the lease liability; (b) reducing the carrying amount to reflect the lease payments made; and (c) remeasuring the carrying amount to reflect any reassessment or lease modifications.
(B) Right-of-use assets
Subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated from the commencement date on a straight line basis over the shorter of the lease term and useful life of the under lying asset.
Short term lease is that, at the commencement date, has a lease term of 12 months or less. A lease that contains a purchase option is not a short-term lease. If the company elected to apply short term lease, the lessee shall recognise the lease payments associated with those leases as an expense on either a straight-line basis over the lease term or another systematic basis. The lessee shall apply another systematic basis if that basis is more representative of the pattern of the lessee''s benefit.
The Company as lessor
Leases for which the company is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. Lease income is recognised in the statement of profit and loss on straight line basis over the lease term.
Sale and operating income includes sale of products, services, etc. Sale of goods are recognised net of returns and trade discounts, on transfer of significant risks and rewards of ownership to the buyer. Sale of services are recognised when services are rendered and related costs are incurred.
The Company recognises revenue from contract with customers based on a five-step model as set out in Ind AS 115:
⢠Identify Contracts with a customer: A contract is defined as an agreement between two or more parties that creates enforceable rights and obligations and sets out the criteria for every contract that must be met;
⢠Identify performance obligations in the contract: A performance obligation is a promise in a contract with a customer to transfer a good or service to the customer;
⢠Determine the transaction price: The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties;
⢠Allocate the transaction price to the performance obligations in the contract: For a contract that has more than one performance obligation, the Company allocates the transaction price to each performance obligation in an amount that depicts the amount of consideration the Company expects to be entitled in exchange for satisfying each performance obligation;
⢠Recognise revenue when (or as) the entity satisfies a performance obligation.
Revenue is recognised upon rendering of promised services to customers in an amount that reflects the consideration which the Company expects to receive in exchange for those products or services. In case of charter hiring of fleet, revenue is recognized on a time proportion basis.
Revenue is measured based on the transaction price, which is the consideration, adjusted for volume discounts, service level credits, performance bonuses, price concessions and incentives, if any, as specified in the contract with the customer. Revenue also excludes taxes collected from customers.
Unearned and deferred revenue ("contract liability") is recognised when there is billings in excess of revenues. The billing schedules agreed with customers include periodic performance based payments and / or milestone based progress payments. Invoices are payable within contractually agreed credit period.
Interest income
Interest income is recognised on a time proportion basis taking into account the amount outstanding and the rate applicable. For all debt instruments measured either at amortised cost or at fair value through other comprehensive income (FVTOCI), interest income is recorded using the effective interest rate (EIR).
Dividend income
Dividend income is accounted for when the right to receive the same is established, which is generally when shareholders approve the dividend.
Other Income
Other income is accounted for on accrual basis except where the receipt of income is uncertain in which case it is accounted for on receipt basis.
E. Borrowing costs
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. Capitalisation of borrowing costs is suspended and charged to the Standalone statement of profit and loss during extended periods when active development activity on the qualifying asset is interrupted.
All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Borrowing cost also includes exchange differences to the extent regarded as an adjustment to the borrowing costs.
F. Impairment of non-financial assets
Non-financial assets other than inventories are reviewed at each standalone balance sheet date to determine whether there is any indication of impairment. If any such indication exists, or when annual impairment testing is required for an asset or group of Assets, called Cash Generating Units (CGU), the recoverable amount of an asset or CGU is estimated to determine the extent of impairment, if any. When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the CGU to which the asset belongs.
An impairment loss is recognised in the Statement of Profit and Loss to the extent, asset''s carrying amount exceeds its recoverable amount. In case of non-financial assets company estimates asset''s recoverable amount, which is higher of an asset''s or Cash Generating Units (CGU''s) fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash flows that are largely independent of those from other assets or group of assets. Value in use is based on the estimated future cash flows, discounted to their present value using pre-tax discount rate that reflects current market assessments of the time value of money and risk specific to the assets.
The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.
G. Employee benefitsShort term employee benefits:
The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees is recognised during the period when the employee renders the services. These benefits include performance incentives.
Other long term employee benefit obligations
The liabilities for earned leave are not expected to be settled wholly within period of operating cycle after the end of the period in which the employees render the related service. They are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. The benefits are discounted using the market yields at the end of the reporting period that have terms approximating to the terms of the related obligation. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognised in profit or loss. The obligations are presented as current liabilities in the balance sheet if the Company does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur.
Post-employment obligations
The Company operates the following post-employment schemes.
⢠defined benefit plan i.e. gratuity
⢠defined contribution plans such as provident fund and employees state insurance(ESI)
H. Foreign currenciesFunctional and presentation currency
The Company''s financial statements are presented in Indian Rupee (INR), which is also the Company''s functional and presentation currency.
Transactions in foreign currencies are translated into functional currency using the exchange rate at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the year-end exchange rates are generally recognised in Statement of Profit and loss. They are deferred in Equity if they relate to qualifying cash flow hedges. A monetary item for which settlement is neither
planned nor likely to occur in the foreseeable future is considered as a part of the Company''s net investment in that foreign operations.
I. Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:
⢠In the principal market for the asset or liability, or
⢠In the absence of a principal market, in the most advantageous market which can be accessed by the Company for the asset or liability.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.
The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
⢠Level 1 Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
⢠Level 2 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.
⢠Level 3 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.
J. Financial Instruments
Financial instruments comprise of financial assets and financial liabilities. Financial asset primarily comprise of investments, loans and advances, trade receivables and cash and cash equivalents. Financial liabilities primarily comprise of borrowings, trade and other payables.
Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through Statement of Profit and Loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit and loss are recognised immediately in Statement of Profit and Loss.
I. Financial assetsa) Initial recognition and measurement
All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, 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.
b) Subsequent measurement
Subsequent measurement is determined with reference to the classification of the respective financial assets. Based on the business model for managing the financial assets and the contractual cash flow characteristics of the financial asset, the Company classifies financial assets as subsequently measured at amortised cost, Fair Value through Other Comprehensive Income (FVTOCI) or Fair Value through Profit and Loss (FVTPL).
c) Investments in subsidiaries and associates
Investment in subsidiaries and associates are accounted at cost. Where the carrying amount of an investment is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount and the difference is transferred to the Statement of Profit and Loss. On disposal of investment, the difference between the net disposal proceeds and the carrying amount is charged or credited to Statement of Profit and Loss.
d) Classification of financial assets
For purposes of subsequent measurement, financial assets are classified in two broad categories:
1. Financial assets at amortised cost
2. Financial assets at fair value
Where assets are measured at fair value, gains and losses are either recognized in the statement of profit and loss (i.e. fair value through profit and loss) (FVTPL), or recognized in other comprehensive income (i.e. fair value through other comprehensive income) (FVTOCI).
Financial asset at amortised cost
Financial Assets such as trade and other receivables, security deposits and loans given are measured at the amortised cost if both the following conditions are met:
⢠The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and
⢠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 on acquisition and fees or costs that are an integral part
of the EIR. The EIR amortisation is included in finance income in the profit or loss. The losses arising from impairment are recognised in the Statement of profit and loss.
Financial assets at fair value Debt instruments
A debt instrument is classified as FVTOCI only if it meets both of the following conditions and is not recognised at FVTPL;
⢠The asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
⢠The asset''s contractual cash flows represent SPPI
Financial Assets included within the FVTOCI category are measured initially as well as at each reporting date at fair value. Fair value movements are recognized in the Other Comprehensive Income (OCI).
Debt instrument at FVTPL
FVTPL is a residual category for debt instruments. Any debt instrument, which does not meet the criteria for categorization as at amortized cost or as FVTOCI, is classified as at FVTPL. In addition, the Company may elect to designate a debt instrument, which otherwise meets amortized cost or FVTOCI criteria, as at FVTPL. However, such election is allowed only if doing so reduces or eliminates a measurement or recognition inconsistency (referred to as ''accounting mismatch''). The Company has not designated any debt instrument as at FVTPL.
Debt instruments included within the FVTPL category are measured at fair value with all changes recognized in the P&L.
Equity investments
All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments which are held for trading and contingent consideration recognised by an acquirer in a business combination to which Ind AS 103 applies are classified as at FVTPL. For all other equity instruments, the Company may make an irrevocable election to present in other comprehensive income subsequent changes in the fair value. The Company makes such election on an instrument-by-instrument basis. The classification is made on initial recognition and is irrevocable.
Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the Statement of Profit and Loss.
e) Effective interest method
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.
Income is recognised on an effective interest basis for debt instruments other than those financial assets classified as at FVTPL. Interest income is recognized in the Statement of Profit and Loss and is included in the ''Other income'' line item.
f) Derecognition of financial assets
A financial Asset is primarily derecognised when:
⢠The rights to receive cash flows from the asset have expired, or
⢠The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ''pass-through'' arrangement; and either
- The Company has transferred substantially all the risks and rewards of the asset, or
- The Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
On de-recognition, any gains or losses on all Financial Assets (other than Financial Assets measured at FVTOCI) and equity investments (measured at FVTPL) are recognized in the Statement of Profit and Loss. Gains and losses in respect of Financial Assets measured at FVTOCI and that are accumulated in OCI are reclassified to Statement of Profit And Loss on de-recognition. Gains or losses on equity investments measured at FVTOCI that are recognized and accumulated in OCI are not reclassified to Statements of Profit and Loss on de-recognition.
g) 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:
⢠Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, debt securities, deposits, trade receivables and bank balance.
⢠Financial assets measured at FVTOCI.
In case of other assets (listed as above), the Company determines if there has been a significant increase in credit risk of the financial asset since initial recognition. If the credit risk of such assets has not increased significantly, an amount equal to 12-month ECL is measured and recognized as loss allowance. However, if credit risk has increased significantly, an amount equal to lifetime ECL is measured and recognized as loss allowance.
II. Financial liabilities and equity instruments
a) Classification as debt or equity
Debt and equity instruments issued by a company are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.
b) Equity 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 recognised at the proceeds received, net of direct issue costs.
Repurchase of the Company''s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in Statement of Profit and Loss on the purchase, sale, issue or cancellation of the Company''s own equity instruments.
c) Financial liabilities
Initial recognition and measurement
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.
The Company''s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at FVTPL
Financial liabilities at FVTPL include financial liabilities designated upon initial recognition as at FVTPL. For liabilities designated as FVTPL, fair value gains/ losses attributable to changes in own credit risk are recognized in OCI. These gains/ loss are not subsequently transferred to Statement of Profit and Loss. However, the company may transfer the cumulative gain or loss within equity. All other changes in fair value of such liability are recognised in the Statement of Profit and Loss.
Financial liabilities at amortized cost
Financial liabilities classified and measured at amortised cost such as loans and borrowings are initially recognized at fair value, net of transaction cost incurred. After initial recognition, financial liabilities are subsequently measured at amortised cost using the Effective interest rate (EIR) method. Gains and losses are recognised in Statement of Profit and Loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the Statement of Profit and Loss.
Derecognition of financial liabilities:
The Company derecognises financial liabilities when, and only when, the Company''s obligations are discharged, cancelled or have expired. An exchange with a lender of debt instruments with substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability (whether or not attributable to the financial difficulty of the debtor) is accounted for as
an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in Statement of Profit or Loss.
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any differences between the proceeds (net of transaction costs) and the redemption amount is recognised in Statement of Profit and loss over the period of the borrowing using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facilities will be drawn down. In this case, the fee is deferred until the drawdown occurs.
The borrowings are removed from the Standalone balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of the financial liability that has been extinguished or transferred to another party and the consideration paid including any noncash asset transferred or liabilities assumed, is recognised in Statement of Profit and Loss as other gains/(losses).
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability of at least 12 months after the reporting period. Where there is a breach of a material provision of a long term loan arrangement on or before the end of the reporting period with the effect that the liability becomes payable on demand on the reporting date, the Company does not classify the liability as current, if the lender agreed, after the reporting period and before the approval of the financial statement for issue, not to demand payment as a consequence of the breach.
e) 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.
Current Tax
Current tax is the amount of tax payable as per special provisions relating to income of shipping companies under the Income Tax Act, 1961 on the basis of deemed tonnage income of the Company and tax payable on other taxable income for the year determined in accordance with the applicable tax rates and provisions of the Income Tax Act, 1961 and other applicable tax laws.
Deferred tax
Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the Standalone Balance sheet and the corresponding tax bases used in the computation of taxable profit and are accounted for using the liability method. Deferred tax liabilities are generally recognised for all taxable temporary
differences, and deferred tax assets are generally recognized for all deductible temporary differences, carry forward tax losses and allowances to the extent that it is probable that future taxable profits will be available against which those deductible temporary differences, carry forward tax losses and allowances can be utilised. Deferred tax assets and liabilities are measured at the applicable tax rates. Deferred tax assets and deferred tax liabilities are off set, and presented as net.
Current and deferred tax relating to items directly recognised in reserves are recognised in reserves and not in the Statement of Profit and Loss.
Further, the Company is paying taxes on the basis of deemed tonnage income therefore there is no impact on deferred tax.
L. Provisions, contingent liabilities and contingent assets
Provisions are recognised when the Company has a present obligation (legal or constructive), as a result of past event, and it is probable that an outflow of resources embodying economic benefits, that can be reliably estimated, will be required to settle such an obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
Contingent liabilities exist when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company, or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required or the amount cannot be reliably estimated. Contingent liabilities are appropriately disclosed unless the possibility of an outflow of resources embodying economic benefits is remote.
A contingent asset is a possible asset arising from past events, the existence of which will be confirmed only by occurrence or nonoccurrence of one or more uncertain future events not wholly within the control of the Company. Contingent assets are not recognised till the realisation of the income is virtually certain. However, the same are disclosed in the financial statements where an inflow of economic benefit is possible.
M. Business combinations under common control
Business combinations involving entities or businesses under common control are accounted for using the pooling of interest method.
Under pooling of interest method, the assets and liabilities of the combining entities or businesses are reflected at their carrying amounts after making adjustments necessary to harmonise the accounting policies. The financial information in the financial statements in respect of prior periods is restated as if the business combination had occurred from the beginning of the preceding period in the financial statements, irrespective of the actual date of the combination. The identity of the reserves is preserved in the same form in which they appeared in the financial statements of the transferor and the difference, if any, between the amount recorded as share capital issued plus any additional consideration in the form of cash or other assets and the amount of share capital of the transferor is transferred to capital reserve.
N. Earnings per share(i) Basic earnings per share
Basic earnings per share is calculated by dividing:
⢠The net profit or loss attributable to owners of respective class of equity shares of the Company.
⢠By the weighted average number of equity shares (respective class wise) outstanding during the financial year.
(ii) Diluted earnings per share
Diluted earnings per share adjusts the figures used in the
determination of basic earnings per share to take into account:
⢠the after income tax effect of interest and other financing costs associated with dilutive potential equity shares, and
⢠the weighted average number of additional equity shares that would have been outstanding assuming the conversion of all dilutive potential equity shares.
O. Cash and Cash equivalents
For the purpose of presentation in statement of cash flows, cash and cash equivalents includes cash on hand, deposit held at call with financial institution, other short term, highly liquid investments with original maturities of 3 months or less that are readily convertible
to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank Overdrafts are shown within borrowings in current liabilities in Standalone balance sheet.
Cash flows are reported using the indirect method, whereby profit / (loss) before exceptional items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.
Q. Exceptional items
When items of income or expense are of such nature, size or incidence that their disclosure is necessary to explain the performance of the Company for the year, the Company makes a disclosure of the nature and amount of such items separately under the head "Exceptional Items".
4. Recent accounting pronouncements:
Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2025, MCA has not notified any new standards or amendments to the existing standards applicable to the Company.
Mar 31, 2024
Depreciation:
Depreciation is provided on assets to get the initial cost down to the residual value. Land is not depreciated. Depreciation is provided on a straight-line basis over the estimated useful life of the asset or as prescribed in Schedule II to the Companies Act, 2013 or based on a technical evaluation of the asset. Cost incurred on assets under development are disclosed under capital work in progress and not depreciated till asset is ready to use i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. Estimated useful life of items of Property, Plant and Equipment are as follows:
3. Summary of material accounting policies:
A. Property, plant and equipment
Property, plant and equipment (PPE) are stated at cost less accumulated depreciation and impairment losses, if any. Historical cost includes expenditure that is directly attributable to the acquisition of the item.
The cost of an item of PPE comprises its purchase price net of any trade discounts and rebates, any import duties and other taxes (other than those subsequently recoverable from the tax authorities), any directly attributable expenditure including brokerage and startup costs on making the asset ready for its intended use, other incidental expenses and interest on borrowings attributable to acquisition of qualifying assets up to the date the asset is ready for its intended use.
Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated with the expenditure will flow to the Company.
An item of PPE and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset is derecognised.
Major inspections and overhauls are identified and accounted for as an asset if that component is used over more than one reporting period.
Capital Work in Progress:
Capital work in progress comprise of those costs that relate directly to specific assets and those that are attributable to the construction or project activity in general and can be allocated to specific assets up to the date the assets are put to their intended use. At the point when an asset is operating at management''s intended use, the capital work in progress is transferred to the appropriate category of property, plant and equipment and depreciation commences.
The residual values and useful lives for depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.
An asset''s carrying amount is written down immediately to its recoverable amount if the asset''s carrying amount is greater than its estimated recoverable amount. Recoverable amount is higher of the value in use or exchange.
Gains and losses on disposals are determined by comparing the sale proceeds with the carrying amount and are recognised in the Statement of Profit and Loss.
B. Intangible assets
Intangible assets are recognised when it is probable that the future economic benefits that are attributable to the assets will flow to the Company and the cost of the assets can be measured reliably. Intangible assets are stated at cost less accumulated amortisation and impairment loss, if any.
Intangible assets are amortised uniformly over the best estimate of their useful lives.
The estimated useful lives for main categories of intangible assets are as below:
C. Leases
A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
As a lessee
(A) Lease Liability
At the commencement date, the Company measures the lease liability at the present value of the lease payments that are not paid at that date. The lease payments shall be discounted using incremental borrowing rate.
(B) Right-of-use assets
Initially recognised at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives.
Subsequent measurement
(A) Lease Liability
Company measure the lease liability by (a) increasing the carrying amount to reflect interest on the lease liability; (b) reducing the carrying amount to reflect the lease payments made; and (c) remeasuring the carrying amount to reflect any reassessment or lease modifications.
(B) Right-of-use assets
Subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the under lying asset
Short term lease:
Short term lease is that, at the commencement date, has a lease term of 12 months or less. A lease that contains a purchase option is not a short-term lease. If the company elected to apply short term lease, the lessee shall recognise the lease payments associated with those leases as an expense on either a straightline basis over the lease term or another systematic basis. The lessee shall apply another systematic basis if that basis is more representative of the pattern of the lessee''s benefit.
The Company as lessor
Leases for which the company is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. Lease income is recognised in the statement of profit and loss on straight line basis over the lease term.
D. Revenue
Sale and operating income includes sale of products, services, etc. Sale of goods are recognised net of returns and trade discounts, on transfer of significant risks and rewards of ownership to the buyer. Sale of services are recognised when services are rendered and related costs are incurred.
The Company recognises revenue from contract with customers based on a five-step model as set out in Ind AS 115:
⢠Identify Contracts with a customer: A contract is defined as an agreement between two or more parties that creates enforceable rights and obligations and sets out the criteria for every contract that must be met;
⢠Identify performance obligations in the contract: A performance obligation is a promise in a contract with a customer to transfer a good or service to the customer;
⢠Determine the transaction price: The transaction
price is the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties;
⢠Allocate the transaction price to the performance obligations in the contract: For a contract that has more than one performance obligation, the Company allocates the transaction price to each performance obligation in an amount that depicts the amount of consideration the Company expects to be entitled in exchange for satisfying each performance obligation;
⢠Recognise revenue when (or as) the entity satisfies a performance obligation.
Revenue is recognised upon rendering of promised services to customers in an amount that reflects the consideration which the Company expects to receive in exchange for those products or services. In case of charter hiring of fleet, revenue is recognized on a time proportion basis.
Revenue is measured based on the transaction price, which is the consideration, adjusted for volume discounts, service level credits, performance bonuses, price concessions and incentives, if any, as specified in the contract with the customer. Revenue also excludes taxes collected from customers.
Unearned and deferred revenue (âcontract liabilityâ) is recognised when there is billings in excess of revenues. The billing schedules agreed with customers include periodic performance based payments and / or milestone based progress payments. Invoices are payable within contractually agreed credit period.
Interest income
Interest income is recognised on a time proportion basis taking into account the amount outstanding and the rate applicable. For all debt instruments measured either at amortised cost or at fair value through other comprehensive income (FVTOCI), interest income is recorded using the effective interest rate (EIR)
Dividend income
Dividend income is accounted for when the right to receive the same is established, which is generally when shareholders approve the dividend.
Other Income
Other income is accounted for on accrual basis except where the receipt of income is uncertain in which case it is accounted for on receipt basis.
E. Borrowing costs
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. Capitalisation of borrowing costs is suspended and charged to the Standalone statement of profit and loss during extended periods when active development activity on the qualifying asset is interrupted.
All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest
and other costs that an entity incurs in connection with the borrowing of funds. Borrowing cost also includes exchange differences to the extent regarded as an adjustment to the borrowing costs
F. Impairment of non-financial assets
Non-financial assets other than inventories are reviewed at each standalone balance sheet date to determine whether there is any indication of impairment. If any such indication exists, or when annual impairment testing is required for an asset or group of Assets, called Cash Generating Units (CGU), the recoverable amount of an asset or CGU is estimated to determine the extent of impairment, if any. When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the CGU to which the asset belongs.
An impairment loss is recognised in the Statement of Profit and Loss to the extent, asset''s carrying amount exceeds its recoverable amount. In case of non-financial assets company estimates asset''s recoverable amount, which is higher of an asset''s or Cash Generating Units (CGU''s) fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash flows that are largely independent of those from other assets or group of assets. Value in use is based on the estimated future cash flows, discounted to their present value using pre-tax discount rate that reflects current market assessments of the time value of money and risk specific to the assets.
The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.
G. Employee benefits
Short term employee benefits:
The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees is recognised during the period when the employee renders the services. These benefits include performance incentives.
Other long term employee benefit obligations
The liabilities for earned leave are not expected to be settled wholly within period of operating cycle after the end of the period in which the employees render the related service. They are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. The benefits are discounted using the market yields at the end of the reporting period that have terms approximating to the terms of the related obligation. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognised in profit or loss. The obligations are presented as current liabilities in the balance sheet if the Company does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur.
Post-employment obligations
The Company operates the following post-employment schemes.
⢠defined benefit plan i.e. gratuity
⢠defined contribution plans such as provident fund and employees state insurance(ESI)
H. Foreign currencies
Functional and presentation currency
The Company''s financial statements are presented in Indian Rupee (INR), which is also the Company''s functional and presentation currency
Transaction and balances
Transactions in foreign currencies are translated into functional currency using the exchange rate at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the year-end exchange rates are generally recognised in Statement of Profit and loss. They are deferred in Equity if they relate to qualifying cash flow hedges. A monetary item for which settlement is neither planned nor likely to occur in the foreseeable future is considered as a part of the Company''s net investment in that foreign operations.
I. Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:
⢠In the principal market for the asset or liability, or
⢠In the absence of a principal market, in the most advantageous market which can be accessed by the Company for the asset or liability.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.
The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
⢠Level 1 Quoted (unadjusted) market prices in active markets for identical assets or liabilities
⢠Level 2 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable
⢠Level 3 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each
reporting period.
J. Financial Instruments
Financial instruments comprise of financial assets and financial liabilities. Financial asset primarily comprise of investments, loans and advances, trade receivables and cash and cash equivalents. Financial liabilities primarily comprise of borrowings, trade and other payables.
Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through Statement of Profit and Loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit and loss are recognised immediately in Statement of Profit and Loss.
I. Financial assets
a) Initial recognition and measurement
All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, 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.
b) Subsequent measurement
Subsequent measurement is determined with reference to the classification of the respective financial assets. Based on the business model for managing the financial assets and the contractual cash flow characteristics of the financial asset, the Company classifies financial assets as subsequently measured at amortised cost, Fair Value through Other Comprehensive Income (FVTOCI) or Fair Value through Profit and Loss (FVTPL).
c) Investments in subsidiaries and associates
Investment in subsidiaries and associates are accounted at cost. Where the carrying amount of an investment is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount and the difference is transferred to the Statement of Profit and Loss. On disposal of investment, the difference between the net disposal proceeds and the carrying amount is charged or credited to Statement of Profit and Loss.
d) Classification of financial assets
For purposes of subsequent measurement, financial assets are classified in two broad categories:
1. Financial assets at amortised cost
2. Financial assets at fair value
Where assets are measured at fair value, gains and losses are either recognized in the statement of
profit and loss (i.e. fair value through profit and loss) (FVTPL), or recognized in other comprehensive income (i.e. fair value through other comprehensive income) (FVTOCI)
Financial asset at amortised cost
Financial Assets such as trade and other receivables, security deposits and loans given are measured at the amortised cost if both the following conditions are met:
⢠The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and
⢠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 on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income in the profit or loss. The losses arising from impairment are recognised in the Statement of profit and loss.
Financial assets at fair value
Debt instruments
A debt instrument is classified as FVTOCI only if it meets both of the following conditions and is not recognised at FVTPL;
⢠The asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
⢠The asset''s contractual cash flows represent SPPI
Financial Assets included within the FVTOCI category are measured initially as well as at each reporting date at fair value. Fair value movements are recognized in the Other Comprehensive Income (OCI).
Debt instrument at FVTPL
FVTPL is a residual category for debt instruments. Any debt instrument, which does not meet the criteria for categorization as at amortized cost or as FVTOCI, is classified as at FVTPL. In addition, the Company may elect to designate a debt instrument, which otherwise meets amortized cost or FVTOCI criteria, as at FVTPL. However, such election is allowed only if doing so reduces or eliminates a measurement or recognition inconsistency (referred to as ''accounting mismatch''). The Company has not designated any debt instrument as at FVTPL.
Debt instruments included within the FVTPL category are measured at fair value with all changes recognized in the P&L.
Equity investments
All equity investments in scope of Ind AS 109 are
measured at fair value. Equity instruments which are held for trading and contingent consideration recognised by an acquirer in a business combination to which Ind AS 103 applies are classified as at FVTPL. For all other equity instruments, the Company may make an irrevocable election to present in other comprehensive income subsequent changes in the fair value. The Company makes such election on an instrument-by-instrument basis. The classification is made on initial recognition and is irrevocable.
Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the Statement of Profit and Loss.
e) Effective interest method
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.
Income is recognised on an effective interest basis for debt instruments other than those financial assets classified as at FVTPL. Interest income is recognized in the Statement of Profit and Loss and is included in the ''Other income'' line item.
f) Derecognition of financial assets
A financial Asset is primarily derecognised when:
⢠The rights to receive cash flows from the asset have expired, or
⢠The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ''pass-through'' arrangement; and either
o The Company has transferred substantially all the risks and rewards of the asset, or
o The Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
On de-recognition, any gains or losses on all Financial Assets (other than Financial Assets measured at FVTOCI) and equity investments (measured at FVTPL) are recognized in the Statement of Profit and Loss. Gains and losses in respect of Financial Assets measured at FVTOCI and that are accumulated in OCI are reclassified to Statement of Profit And Loss on de-recognition. Gains or losses on equity investments measured at FVTOCI that are recognized and accumulated in OCI are not reclassified to Statements of Profit and Loss on de-recognition
g) 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:
⢠Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, debt securities, deposits, trade receivables and bank balance.
⢠Financial assets measured at FVTOCI.
In case of other assets (listed as above), the Company determines if there has been a significant increase in credit risk of the financial asset since initial recognition. If the credit risk of such assets has not increased significantly, an amount equal to 12-month ECL is measured and recognized as loss allowance. However, if credit risk has increased significantly, an amount equal to lifetime ECL is measured and recognized as loss allowance.
II. Financial liabilities and equity instruments
a) Classification as debt or equity
Debt and equity instruments issued by a company are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.
b) Equity 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 recognised at the proceeds received, net of direct issue costs.
Repurchase of the Company''s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in Statement of Profit and Loss on the purchase, sale, issue or cancellation of the Company''s own equity instruments.
c) Financial liabilities
Initial recognition and measurement
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.
The Company''s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at FVTPL:
Financial liabilities at FVTPL include financial liabilities designated upon initial recognition as at FVTPL. For liabilities designated as FVTPL, fair value gains/ losses attributable to changes in own credit risk are recognized in OCI. These gains/ loss are not subsequently transferred to Statement of Profit and Loss. However, the company may
transfer the cumulative gain or loss within equity. All other changes in fair value of such liability are recognised in the Statement of Profit and Loss.
Financial liabilities at amortized cost
Financial liabilities classified and measured at amortised cost such as loans and borrowings are initially recognized at fair value, net of transaction cost incurred. After initial recognition, financial liabilities are subsequently measured at amortised cost using the Effective interest rate (EIR) method. Gains and losses are recognised in Statement of Profit and Loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the Statement of Profit and Loss.
Derecognition of financial liabilities:
The Company derecognises financial liabilities when, and only when, the Company''s obligations are discharged, cancelled or have expired. An exchange with a lender of debt instruments with substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability (whether or not attributable to the financial difficulty of the debtor) is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in Statement of Profit or Loss.
d) Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any differences between the proceeds (net of transaction costs) and the redemption amount is recognised in Statement of Profit and loss over the period of the borrowing using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facilities will be drawn down. In this case, the fee is deferred until the drawdown occurs.
The borrowings are removed from the Standalone balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of the financial liability that has been extinguished or transferred to another party and the consideration paid including any noncash asset transferred or liabilities assumed, is recognised in Statement of Profit and Loss as other gains/(losses).
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability of at least 12 months after the reporting period. Where there is a breach of a material provision of a long term loan arrangement on or before the end of the reporting period with the effect that the liability becomes payable on demand on the reporting date, the Company does not
classify the liability as current, if the lender agreed, after the reporting period and before the approval of the financial statement for issue, not to demand payment as a consequence of the breach.
e) 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.
K. Taxation
Current Tax
Current tax is the amount of tax payable as per special provisions relating to income of shipping companies under the Income Tax Act, 1961 on the basis of deemed tonnage income of the Company and tax payable on other taxable income for the year determined in accordance with the applicable tax rates and provisions of the Income Tax Act, 1961 and other applicable tax laws.
Deferred tax
Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the Standalone Balance sheet and the corresponding tax bases used in the computation of taxable profit and are accounted for using the liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are generally recognized for all deductible temporary differences, carry forward tax losses and allowances to the extent that it is probable that future taxable profits will be available against which those deductible temporary differences, carry forward tax losses and allowances can be utilised. Deferred tax assets and liabilities are measured at the applicable tax rates. Deferred tax assets and deferred tax liabilities are off set, and presented as net.
Current and deferred tax relating to items directly recognised in reserves are recognised in reserves and not in the Statement of Profit and Loss.
Further, the Company is paying taxes on the basis of deemed tonnage income therefore there is no impact on deferred tax.
Mar 31, 2023
2.2 Significant Accounting Policies:
The principal accounting policies applied in the preparation of the financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
i. Property, plant and equipment:
The residual values and useful lives for depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.
An asset''s carrying amount is written down immediately to its recoverable amount if the asset''s carrying amount is greater than its estimated recoverable amount. Recoverable
Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses if any. Cost comprises the purchase price and directly attributable cost of bringing the asset to its working condition for its intended use. Any trade discounts and rebates are deducted in arriving at the purchase price.
amount is higher of the value in use or exchange.
Gains and losses on disposals are determined by comparing the sale proceeds with the carrying amount and are recognised in the Statement of Profit and Loss.
v. Foreign Currency Transaction
All Foreign currency transaction are recorded at the rates prevailing on the date. Foreign Currency transaction remaining unsettled at the Balance Sheet date are translated at the exchange rate prevailing at the Balance Sheet date or at the rate which is likely to be realized in certain specific cases. The exchange difference on settlements / conversion are credited / charged to profit. The Company has not entered into any forward exchange contract during the period.
vi. Investments:
Investments, which are readily realizable and intended to be held for not more than one year from the date on which such investments are made, are classified as current investments. All other investments are classified as longterm investments.
On initial recognition, all investments are measured at cost. The cost comprises the purchase price and directly attributable acquisition charges such as brokerage, fees and duties. If an investment is acquired, or partly acquired by the issue of shares or the other securities, the acquisition cost is the fair value of securities issued. If an investment is acquired in exchange for another asset, the acquisition is determined by reference to the fair value of the asset given up or by reference to the fair value of the investment acquired, whichever is more clearly evident.
Current investments are carried at the lower of cost and fair value determined on an individual investment basis. Longterm investments are carried at cost. However, provision for diminution in value is made to recognize a decline other than temporary in the value of the long term investments.
On disposal of an investment, the difference between its carrying amount and net disposal proceeds is charged or credited to the statement of profit and loss.
vii. Employee Benefits:
Employee benefits include provident fund, employee state insurance scheme and gratuity fund. The company has taken a policy from Life Insurance Corporation of India for the payment of gratuity. The gratuity has been provided in books on accrual basis.
viii. Inventories:
Raw materials, work in progress, traded and finished goods are stated at the lower of cost and net realisable value on FIFO Basis, net realisable value represents the estimated selling price less all estimated cost of completion and selling expenses. Stores and spares are carried at cost. Provision is made for obsolete, slow-moving and defective stocks, where necessary.
ix. Borrowing Costs:
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective asset. All other borrowing costs are expensed in the period they occur. Borrowing costs consist of interest, exchange differences arising from foreign currency borrowings to the
extent they are regarded as an adjustment to the interest cost and other costs that an entity incurs in connection with the borrowing of funds.
x. Revenue Recognition:
Revenue from Operations:- Sale and operating income includes sale of products, services, etc. Sale of goods are recognised net of returns and trade discounts, on transfer of significant risks and rewards of ownership to the buyer. Sale of services are recognised when services are rendered and related costs are incurred.
Other income:- Export benefits are accounted for in the year of exports based on eligibility and when there is no uncertainty in receiving the same. In the case of uncertainty income is booked in the year of receipt or when it becomes certain. Interest income is recognised on time proportion basis taking into account the amount outstanding and the rate applicable. Dividend income is recognised when right to receive is established. Rent income is booked as per terms of contracts.
xi. Income Tax:
a. Current Income Tax:-
Current Income Tax is measured at the amount expected to be paid to the tax authorities in accordance with local laws of various jurisdiction where the Company operates.
b. Deferred Tax:-
Deferred tax is provided using the Balance Sheet approach on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised.
The tax rates and tax laws used to compute the tax are those that are enacted or substantively enacted at the reporting date.
Current and Deferred Tax are recognized in the Statement of Profit and Loss except to items recognised directly in Other Comprehensive income or equity in which case the deferred tax is recognised in other comprehensive income and equity respectively.
xii. Earnings per share:
Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.
For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.
Mar 31, 2015
(i) Basis of Accounting
The accounts of the Company are prepared under the historical cost
convention on accural basis and in conformity with accounting standards
issued by the Institute of Chartered Accountants of India referred to
in section 133 of the Companies Act, 2013. For recognition of Income &
Expenses, accrual basis of accounting is followed.
(ii) Fixed Assets and Depreciation
Fixed Assets are stated at cost, including attributable cost of
bringing the assets to its working condition far the intended use.
Depreciation is provided from the date, the assets are installed and
put to use on straight line method based on useful life of asset as
prescribed in schedule II of the Companies Act, 2013 except in respect
of Plant & Machineries where useful life, as technically assessed, is
different than those prescribed in schedule II.
(iii) Foreign Currency Transaction
(a) All Foreign currency transaction are recorded at the rates
prevailing on the date of the transaction.
(b) Foreign Currency transaction remaining unsettled at the Balance
Sheet date are translated at the exchange rate prevailing at the
Balance Sheet date or at the rate which is likely to be realised in
certain specific cases.
(c) The exchange difference on settlements/conversion are
credited/charged to profit and Loss Account.
(d) The Company has not entered into any forward exchange contract
during the period.
(iv) Investments
Investments are stated at cost.
(v) Inventories:
(a) Raw Materials, Packing Materials and Consumables are valued at the
lower of Cost, computed on FIFO basis and estimated net realisable
value.
(b) Finished goods and Work in Process are valued at the lower of cost,
computed on FIFO basis and estimated net realisable value. Finished
goods and
work in progress include cost of conversion and other costs incurred in
bringing the inventories to their present location and condition.
(vi) Revenue Recognition
(a) The company follows mercantile system of accounting and recognizes
significant items of income & expenditure on accrual basis.
(b) DEPB is recognised when there is significant certainty regarding
the ultimate collection of the relevant export proceeds.
(vii) Retirement Benefits:
(a) Contribution to Provident Fund and Employees State Insurance is
accounted for on accrual basis.
(b) Gratuity liability is provided for on estimated basis for all
employees under the "Payment of Gratuity Act, 1972"
(viii) Borrowing Cost
Borrowing Cost that are attributable to the acquisition or construction
of qualifying assets are capitalised as part of the cost of such
assets. A qualifying asset is one that necessarily takes substantial
period of time tD get ready for intended use. All other borrowing costs
are charged to revenue.
(ix) Income Tax
(a) Income Tax comprises Current Tax and Deferred Tax.
Current Tax is the amount of tax payable as determined in accordance
with provision of Income Tax Act, 1961
(b) Deferred Income Tax is provided on all temporary differences at the
balance sheet date between the tax base of assets and liabilities and
their carrying amounts for financial purpose.
(c) Deferred Tax Assets are recognised on unabsorbed depreciation only
to the extent that there is virtual certainty supported by convincing
evidence and to the extent that there is reasonable certainty of their
realisation.
(d) Deferred tax assets and liabilities are measured using the tax
rates and the tax laws that have been enacted or substantially enacted
at the balance sheet date.
(x) Preliminary expenses are amortised over a period of five years.
(XI) Figures for the previous year have been regrouped/ rearranged to
make them comparable with the current year.
Mar 31, 2014
(i) Basis of Accounting
The accounts of the Company are prepared under the historical cost
convention on accural basis and in conformity with accounting standards
issued by the Institute of Chartered Accountants of India referred to
in section 211(3C) of the Companies Act, 1956. For recognition of
Income & Expenses, accrual basis of accounting is followed.
(ii) Fixed Assets and Depreciation
Fixed Assets are stated at cost, including attributable cost of
bringing the assets to its working condition for the intended use.
Depreciation is provided from the date, the assets are installed and
put to use on straight line method at the rates and in accordance with
schedule XIV of the Companies Act, 1956.
(iii) Foreign Currency Transaction
(a) All Foreign currency transaction are recorded at the rates
prevailing on the date of the transaction.
(b) Foreign Currency transaction remaining unsettled at the Balance
Sheet date are translated at the exchange rate prevailing at the
Balance Sheet date or at the rate which is likely to be realised in
certain specific cases.
(c) The exchange difference on settlements/conversion are
credited/charged to profit and Loss Account.
(d) The Company has not entered into any forward exchange contract
during the period.
(iv) Investments
Investments are stated at cost.
(v) Inventories:
(a) Raw Materials, Packing Materials and Consumables are valued at the
lower of Cost, computed on FIFO basis and estimated net realisable
value.
(b) Finished goods and Work in Process are valued at the lower of cost,
computed on a FIFO basis and estimated net realisable value. Finished
goods and work in progress include cost of conversion and other costs
incurred in bringing the inventories to their present location and
condition.
(vi) Revenue Recognition
(a) The company follows mercantile system of accounting and recognizes
siginificant items of income & expenditure on accrual basis.
(b) DEPB is recongnised when there is significant certainity regarding
the ultimate collection of the relevant export proceeds.
(vii) Retirement Benefits:
(a) Contribution to Provident Fund and Employees State Insurance is
accounted for on accrual basis.
(b) Gratuity liability is provided for on estimated basis for all
employees under the "Payment of Gratuity Act, 1972"
(viii) Borrowing Cost
Borrowing Cost that are attributable to the acquisition or construction
of qualifying assets are capitalised as part of the cost of such
assets. A qualifying asset is one that necessarily takes substantial
period of time to get ready for intended use. All other borrowing costs
are charged to revenue.
(ix) Income Tax
(a) Income Tax comprises Current Tax and Deferred Tax. Current Tax is
the amount of tax payable as determined in accordance with provision of
Income Tax Act, 1961
(b) Deferred Income Tax is provided on all temporary differences at the
balance sheet date between the tax base of assets and liabilities and
their carrying amounts for financial purpose.
(c) Deferred Tax Assets are recognised on unabsorbed depreciation only
to the extent that there is virtual certainty supported by convincing
evidence and to the extent that there is reasonable certainity of their
realisation.
(d) Deferred tax assets and liabilities are measured using the tax
rates and the tax laws that have been enacted or substantially enacted
at the balance sheet date.
(x) Preliminary expenses are amortised over a period of five years.
(XI) Impairment of Assets
The Company have discontinued the operation of its Garment
Manufacturing Plant. In accordance with the Accounting Standard - 28
"Impairment of Assets" issued by the Institute of Chartered Accountants
of India, the Company has not calculated the Impairment loss, if any,
on account of unavailability of information of recoverable amount of
Garment Manufacturing Plant.
(XII) Figures for the previous year have been regrouped/ rearranged to
make them comparable with the current year.
Mar 31, 2013
(i) Basis of Accounting
The accounts of the Company are prepared under the historical cost
convention on accural basis and in conformity with accounting standards
issued by the Institute of Chartered Accountants of India referred to
in section 211(3C) of the Companies Act, 1956. For recognition of
Income & Expenses, accrual basis of accounting is followed. j
(ii) Fixed Assets and Depreciation
Fixed Assets are stated at cost, including attributable cost of
bringing the assets to its working condition for the intended use.
Depreciation is provided from the date, the assets are installed and
put to use on straight line method at the rates and in accordance with
schedule XIV of the Companies Act, 1956.
(iii) Foreign Currency Transaction
(a) All Foreign currency transaction are recorded at the rates
prevailing on the date of the transaction.
(b) Foreign Currency transaction remaining unsettled at the Balance
Sheet date are translated at the exchange rate prevailing at the
Balance Sheet date or at the rate which is likely to be realised in
certain specific cases. i
(c) The exchange difference on settlements/conversion are
credited/charged to profit and Loss Account.
(d) The Company has not entered into any forward exchange contract
during the period. (iv) Investments
Investments are stated at cost. (v) Inventories :
(a) Raw Materials, Packing Materials and Consumables are valued at the
lower of Cost, computed on FIFO basis and estimated net realisable
value.
(b) Finished goods and Work in Process are valued at the lower of cost,
computed on a FIFO basis and estimated net realisable value. Finished
goods and work in progress include cost of conversion and other costs
incurred in bringing the inventories to their present location and
condition.
(vi) Revenue Recognition
(a) The company follows mercantile system of accounting and recognizes
significant items of income & expenditure on accrual basis.
(b) DEPB is recongnised when there is significant certainity regarding
the ultimate collection of the relevant export proceeds.
(vii) Retirement Benefits:
(a) Contribution to Provident Fund and Employees State Insurance is
accounted for on accrual basis.
(b) Gratuity liability is provided for on estimated basis for all
employees under the "Payment of Gratuity Act, 1972"
(viii) Borrowing Cost
Borrowing Cost that are attributable to the acquisition or construction
of qualifying assets are capitalised as part of the cost of such
assets. A qualifying asset is one that necessarily takes substantial
period of time to get ready for intended use. All other borrowing costs
are charged to revenue.
(ix) Income Tax
(a) Income Tax comprises Current Tax and Deferred Tax. Current Tax is
the amount of tax payable as determined in accordance with provision of
Income Tax Act, 1961
(b) Deferred Income Tax is provided on all temporary differences at the
balance sheet date between the tax base of assets and liabilities and
their carrying amounts for financial purpose.
(c) Deferred Tax Assets are recognised on unabsorbed depreciation only
to the extent that there is virtual certainty supported by convincing
evidence and to the extent that there is reasonable certainity of their
realisation.
(d) Deferred tax assets and liabilities are measured using the tax
rates and the tax laws that have been enacted or substantially enacted
at the balance sheet date.
(x) Preliminary expenses are amortised over a period of five years.
(XI) Impairment of Assets
The Company have discontinued the operation of its Garment
Manufacturing Plant. In accordance with the Accounting Standard - 28
"Impairment of Assets" issued by the Institute of Chartered Accountants
of India, the Company has not calculated the Impairment loss, if any,
on account of unavailability of information of recoverable amount of
Garment Manufacturing Plant.
(XII) Figures for the previous year have been regrouped/ rearranged to
make them comparable with the current year.
Mar 31, 2010
(i) Basis of Accounting
The accounts of the Company are prepared under the historical cost
convention on accural basis and in conformity with accounting standards
issued by the Institute of Chartered Accountants of India referred to
in section 211(3C) of the Companies Act, 1956. For recognition of
Income & Expenses, accrual basis of accounting is followed.
(ii) Fixed Assets and Depreciation
Fixed Assets are stated at cost, including attributable cost of
bringing the assets to its working condition for the intended use.
Depreciation is provided from the date, the assets are installed and
put to use on straight line method at the rates and in accordance with
schedule XIV of the Companies Act, 1956.
(iii) Foreign Currency Transaction
(a) All Foreign currency transaction are recorded at the rates
prevailing on the date of the transaction.
(b) Foreign Currency transaction remaining unsettled at the Balance
Sheet date are translated at the exchange rate prevailing at the
Balance Sheet date or at the rate which is likely to be realised in
certain specific cases.
(c) The exchange difference on settlements/conversion are
credited/charged to profit and Loss Account.
(d) The Company has not entered into any forward exchange contract
duting the period.
(iv) Investments
Investments are valued at cost
(v) inventories:
(a) Raw Materials, Packing Materials and Consumables are valued at the
lower of Cost, computed on a FIFO basis and estimated net realisable
value.
(b) Finished goods and Work in Process are valued at the lower of cost,
computed on a weighted average basis and estimated net realisable
value. Finished goods and work in progress include cost of conversion
and other costs incurred in bringing the inventories to their present
location and conditions.
(vi) Revenue Recognition
(a) The company follows merchntile system of accounting and recognizes
significant items of income & expenditure on accrual basis.
(b) DEPB is recognised when there is significant certainity regarding
the ultimate collection of the relevent export proceeds.
(vii) Retirement Benefits:
(a) Contribution to Provident Fund and Employees State Insurance is
accounted for on accrual basis.
(b) Gratuity liability is provided for on estimated basis for all
employees under the "Payment of Gratuity Act, 1972"
(viii) Borrowing Cost
Borrowing Cost that are attributable to the acquisition or construction
of qualifying assets are capitalised as part of the cost of such
assets. A qualifying assets is one that necessarily takes substantial
period of time to get ready for intended use. All other borrowing costs
are charged to revenue. (ix) Income Tax
(a) Income Tax comprises Current Tax and Deferred Tax. Current Tax is
the amount of tax payable as determined in accordance with provision of
Income Tax Act, 1961
(b) Deferred Income Tax is provided on all temporary differences at the
balance sheet date between the tax base of assets and liabilities and
their carrying amounts for financial purpose.
(c) Deferred Tax Assets are recognised on unabsorbed depreciation only
to the extent that there is virtual certainty supported by convincing
evidence and on other, to the extent that there is reasonable
certainity of their realisation.
(d) Deferred tax assets and liabilities are measured using the tax
rates and the tax laws that have been enacted or substantially enacted
at the balance sheet date.
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