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Notes to Accounts of NGL Fine - Chem Ltd.
Mar 31, 2025
a) The company has only one class of equity shares having a par value of '' 5 each. Each shareholder is eligible for one vote per share held. Dividend, if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Terms and conditions of loans
Interest on term loan from HDFC Bank is @ 9.1% p.a. (Previous Year: @ 9.05% p.a.) and repayment to be made in 66 monthly instalments, secured by equitable mortgage & paripasu charge on all of the companys assets including moveable & immovable property, hypothecation of inventories and book debts and personally guarantees by Mr. Rahul Nachane, Managing Director and Mr. Rajesh Lawande, Executive Director.
Interest on term loan from Kotak Bank is @ 9.25% p.a. and repayment to be made in 78 monthly instalments, secured by equitable mortgage & paripasu charge on all of the company''s assets including moveable & immovable property, hypothecation of inventories and book debts and personally guarantees by Mr. Rahul Nachane, Managing Director and Mr. Rajesh Lawande, Executive Director.
The funds received from borrowings have been utilised for purchase of property, plant and equipment which was the purpose for which the funds were borrowed.
(a) Working capital loans are personally guaranteed by Mr. Rahul Nachane, Managing Director and Mr. Rajesh Lawande, Executive Director.
(b) Working capital loans comprise of loans repayable on demand in the form of cash credit, pre shipment finance and post shipment finance. These are secured by hypothecation of inventories, trade receivables and book debts & immovable property of the company. Interest payable on these loans is MCLR 0.75% p.a. (Previous Year: MCLR 0.75% p.a.).
Fair value measurement includes both the significant financial instruments stated at amortised cost and at fair value in the statement of financial position. The carrying values of current financial instruments approximate their fair values due to the short-term maturity of these instruments and the disclosures of fair value are not made when the carrying amount of current financial instruments is a reasonable approximation of the fair value. The carrying values of the long-term financial instruments approximates the fair values as the management has considered the fair value measurement techniques using the observable data i.e. the discounting rate which was similar as to rates, tenure and the credit rating of the other instruments of the Company. The management has also considered the effect of time value of money with respect to other long term financial instruments at applicables rates.
38. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Company''s activities expose it to a variety of financial risks: market risk,credit risk and liquidity risk. The Company''s risk management assessment and policies and processes are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor such risks and compliance with the same.
The Company has constituted a Risk Management Committee consisting of its directors. The Company has a robust risk management policy to identify, evaluate business risks and opportunities. This policy seeks to create transparency, minimise adverse impact on the business objectives and enhance the Company''s competitive advantage.
Credit risk arises from the possibility that customers shall not be able to settle their obligations as agreed and arises principally from the Company''s receivables from customers, loans and investments.Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworhtiness of counterparty to which the Company grants credit terms in the normal course of business.
The Company limits its exposure to credit risk by investing in liquid securitites which primarily include mutual fund units. The Company mitigates risk from non-performance of these securities by ensuring that it does not have any significant concentration of exposures to specific industry sectors or specific country risks.
Trade receivables are typically unsecured and derived from income earned from customers. On account of adoption of Ind AS 109, the Company uses expected credit loss model to assess the impairment loss or gain, however this is modified if in the past experience of the company, there is likely mitigation of the credit risk.
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk and other price risk, such as equity price risk and commodity risk. The value of a financial instrument shall change as a result of changes in the interest rates, foreign currency exchange rates, equity price fluctuations, liquidity and other market changes. Financial instruments affected by market risk include loans and borrowings, deposits and investments.
Foreign exchange risk arises on future commercial transactions and on all recognised monetary assets and liabilities, which are denominated in a currency other than the functional currency of the Company. The Company''s management has set policy wherein exposure is identified, benchmark is set and monitored closely, and accordingly suitable hedges are undertaken. The Company''s foreign currency exposure arises mainly from foreign exchange imports and exports, primarily with respect to USD, JPY and EUR.
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements.
The Company manages the liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. The Company invests its surplus funds in bank fixed deposits and liquid schemes of mutual funds which carry limited mark to market risks. The Company also invests in equity schemes of mutual funds which carry liquidity and rate return risks.
At present, the Company expects to repay all liabilities at their contractual maturity. In order to meet such cash commitments, the operating activity is expected to generate sufficient cash inflows.
For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the company. The primary objective of the Company''s capital management is to maximise the value of shareholder.
To achieve the overall objective, the Company''s capital management aims to ensure that it meets the financial covenants attached to loans and borrowings. Breaches in meeting the covenants would permit the bank to immediately call loans and borrowings. There have been no breaches in the financial covenants of any loans and borrowings in the current year.
The tax rate used for the reconciliations above is the corporate tax rate of 25.17% payable by corporate entities in India on taxable profits under tax law in the Indian jurisdiction.
46 ADDITIONAL INFORMATION (a) Earnings per share (EPS)
Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders by the weighted average number of equity shares outstanding at the end of the year.
Diluted EPS amounts are calculated by dividing the profit attributable to equity holders by the weighted average number of equity shares outstanding at the end the year plus the weighted average number of equity shares that would be issued on conversion of all the dilutive potential equity shares into equity shares.
The Company has presented data relating to its segments based on its consolidated financial statements, which are presented in the same Annual Report. Accordingly, in terms of paragraph 4 of the Indian Accounting Standard (Ind AS 108) âOperating Segmentsâ, no disclosures related to segments are presented in these standalone financial statements.
48 REMEASUREMENT OF SECURITY DEPOSIT
Under Ind AS, all financial assets are required to be recognised at fair value. Accordingly, the Company has recorded these security deposits at fair value under Ind AS. Differences between the fair value and the transaction value of the security deposits have been recognised as prepaid rent.
49 CLASSIFICATION AND PRESENTATION OF ASSETS AND LIABILITIES
Under Ind AS, the Company is required to present its assets and liabilities bifurcated between financial assets/ financial liabilities and non-financial assets/ non-financial liabilities. Accordingly, the Company has classified and presented the assets and liabilities.
In the opinion of the management, the current assets, loans & advances have been stated at realizable value. Provision for all the known liabilities is adequate and not in excess of the amount reasonably necessary.
i) The final dividend on shares is recorded as a liability on the date of approval by the shareholders. Income tax consequences of dividends on financial instruments classified as equity will be recognized according to where the entity originally recognized those past transactions or events that generated distributable profits. The Company declares and pays dividends in Indian rupees. Companies are required to pay/distribute dividend after deducting applicable taxes. The remittance of dividends outside India is governed by Indian law on foreign exchange and is also subject to withholding tax at applicable rates. Dividends declared by the Company are based on profits available for distribution. On May 22, 2025, the Board of Directors of the Company have proposed a dividend of '' 1.75 per share in respect of the year ended March 31, 2025 subject to the approval of shareholders at the Annual General Meeting, and if approved, would result in a cash outflow of '' 108.12 lakhs.
ii) The Company evaluated all events and transactions that occurred after March 31, 2025 through May 22, 2025; the date on which the financial statements are issued. Based on the evaluation, the Company is not aware of any events or transactions that would require recognition or disclosure in the financial statements other than that mentioned above.
56 REPORTING UNDER RULE 11 (E) (I) AND RULE 11 (F) OF THE COMPANIES (AUDIT AND AUDITORS) RULES, 2014
i) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (âIntermediariesâ), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
ii) No funds have been received by the Company from any person(s) or entity(ies), including foreign entities (âFunding Partiesâ), with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the Funding Party (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
The Company received a Show Cause Notice from the Securities and Exchange Board of India (SEBI), pertaining to incorrect disclosures in the shareholding pattern for the quarters ended December 2002 to June 2019. The notice also cited non-compliance with Regulation 30(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SAST Regulations), in respect of disclosures required to be made by the promoters of the Company. In response, the Company filed a settlement application under the SEBI (Settlement Proceedings) Regulations, 2018. Pursuant to this application, as per the recommendation of the Independent High Powered Advisory Committee (HPAC), a settlement amount of C54,42,360 was proposed, taking into consideration the facts and circumstances of the case. This settlement amount has been paid by the company within the prescribed period.
58 THE PREVIOUS YEARS FIGURES HAVE BEEN REGROUPED AND REARRANGED WHEREEVER NECESSARY.
(The accompanying notes 1 to 58 are an integral part of the financial statements)
Mar 31, 2024
a) The Company has one class of equity shares having a par value of '' 5 each. Each shareholder is eligible for one vote per share held. Dividend, if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Interest on term loan from HDFC Bank is @ 9.1% p.a. (Previous Year: @ 9.05% p.a.) and repayment to be made in 60 monthly instalments, secured by exclusive mortgage & charge on all of the Companyâs assets including moveable & immovable property, hypothecation of inventories and book debts and personally guaranteed by Mr Rahul Nachane, Managing Director and Mr Rajesh Lawande, Executive Director.
(a) Working capital loans are personally guaranteed by Mr Rahul Nachane, Managing Director and Mr Rajesh Lawande, Executive Director
(b) Working capital loans comprise of loans repayable on demand in the form of cash credit, pre shipment finance and post shipment finance. These are secured by hypothecation of inventories, trade receivables and book debts. Interest payable on these loans is MCLR 0.75% p.a. (Previous Year: MCLR 0.75% p.a.)
(iii) Employee benefits (leave encashment)
The Company has provided for accumulated compensation absences (leave encashment) as per Ind AS 19 "Employee Benefits". The provision is made on the basis of actuarial evaluation carried out. The current years provision is charged under Salaries and Wages as given below. This liability is not funded.
|
35. ¦ |
CONTINGENT LIABILITY |
(Amount in '' Lakh) |
|
|
Particulars |
As at 31st March, 2024 |
As at 31st March 2023 |
|
|
(I) Provident Fund claim disputed |
|||
|
Demand raised on the Company by the provident fund department for amount payable by contractor |
17.76 |
17.76 |
|
|
36. ¦ |
COMMITMENTS |
(Amount in '' Lakh) |
|
|
Particulars |
As at 31st March, 2024 |
As at 31st March, 2023 |
|
|
(i) Estimated amount of contracts remaining to be executed on capital account and not provided Tangible assets (ii) Other commitments (specify nature) |
1,770.34 |
1,263.96 |
|
|
Guarantees issued by banks on behalf of the Company |
20.30 |
9.40 |
|
|
Letters of credit established for which goods are yet to be received |
131.14 |
99.18 |
|
Fair value measurement includes both the significant financial instruments stated at amortised cost and at fair value in the statement of financial position. The carrying values of current financial instruments approximate their fair values due to the short-term maturity of these instruments and the disclosures of fair value are not made when the carrying amount of current financial instruments is a reasonable approximation of the fair value. The carrying values of the long-term financial instruments approximates the fair values as the management has considered the fair value measurement techniques using the observable data i.e. the discounting rate which was similar as to rates, tenure and the credit rating of the other instruments of the Company. The management has also considered the effect of time value of money with respect to other long term financial instruments at applicables rates.
39*| FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Companyâs activities expose it to a variety of financial risks: market risk,credit risk and liquidity risk. The Companyâs risk management assessment and policies and processes are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls, and to monitor such risks and compliance with the same.
The Company has constituted a Risk Management Committee consisting of its directors. The Company has a robust risk management policy to identify, evaluate business risks and opportunities. This policy seeks to create transparency, minimise adverse impact on the business objectives and enhance the Companyâs competitive advantage.
Credit risk arises from the possibility that customers shall not be able to settle their obligations as agreed and arises principally from the Companyâs receivables from customers, loans and investments. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworhtiness of counterparty to which the Company grants credit terms in the normal course of business.
The Company limits its exposure to credit risk by investing in liquid securities which primarily include mutual fund units. The Company mitigates risk from non-performance of these securities by ensuring that it does not have any significant concentration of exposures to specific industry sectors or specific country risks.
Trade receivables are typically unsecured and derived from income earned from customers. On account of adoption of Ind AS 109, the Company uses expected credit loss model to assess the impairment loss or gain, however this is modified if in the past experience of the Company, there is likely mitigation of the credit risk.
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk and other price risk, such as equity price risk and commodity risk. The value of a financial instrument shall change as a result of changes in the interest rates, foreign currency exchange rates, equity price fluctuations, liquidity and other market changes. Financial instruments affected by market risk include loans and borrowings, deposits and investments.
Foreign exchange risk arises on future commercial transactions and on all recognised monetary assets and liabilities, which are denominated in a currency other than the functional currency of the Company. The Companyâs management has set policy wherein exposure is identified, benchmark is set and monitored closely, and accordingly suitable hedges are undertaken. The Companyâs foreign currency exposure arises mainly from foreign exchange imports and exports, primarily with respect to US$, JPY and EUR.
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market rates. The Companyâs exposure to the risk of changes in market rates relates primarily to the Companyâs debt obligations with floating interest rates.
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. The Company manages the liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. The Company invests its surplus funds in bank fixed deposits and liquid schemes of mutual funds which carry limited mark to market risks. The Company also invests in equity schemes of mutual funds which carry liquidity and rate return risks.
For the purpose of the Companyâs capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Companyâs capital management is to maximise the value of shareholder.
The Company monitors capital using Capital Gearing Ratio, which is net debt divided by total capital. Net debt includes loans and borrowings, trade and other payables, less cash and cash equivalents.
To achieve the overall objective, the Companyâs capital management aims to ensure that it meets the financial covenants attached to loans and borrowings. Breaches in meeting the covenants would permit the bank to immediately call loans and borrowings. There have been no breaches in the financial covenants of any loans and borrowings in the current year.
47. ADDITIONAL INFORMATION (a) Earnings per share (EPS)
Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders by the weighted average number of equity shares outstanding at the end of the year.
Diluted EPS amounts are calculated by dividing the profit attributable to equity holders by the weighted average number of equity shares outstanding at the end the year plus the weighted average number of equity shares that would be issued on conversion of all the dilutive potential equity shares into equity shares.
The following reflects the income and share data used in the basic and diluted EPS computation:
The Company has presented data relating to its segments based on its consolidated financial statements, which are presented in the same Annual Report. Accordingly, in terms of paragraph 4 of the Indian Accounting Standard (Ind AS 108) "Operating Segments", no disclosures related to segments are presented in these standalone financial statements.
49. REMEASUREMENT OF SECURITY DEPOSIT
Under Ind AS, all financial assets are required to be recognised at fair value. Accordingly, the Company has recorded these security deposits at fair value under Ind AS. Differences between the fair value and the transaction value of the security deposits have been recognised as prepaid rent.
50. CLASSIFICATION AND PRESENTATION OF ASSETS AND LIABILITIES
Under Ind AS, the Company is required to present its assets and liabilities bifurcated between financial assets/financial liabilities and non-financial assets/non-financial liabilities. Accordingly, the Company has classified and presented the assets and liabilities.
In the opinion of the management, the current assets, loans & advances have been stated at realisable value. Provision for all the known liabilities is adequate and not in excess of the amount reasonably necessary.
5l| DISCLOSURE WITH RESPECT TO LOANS OR ADVANCES GRANTED TO PROMOTERS, DIRECTORS, KMP AND THE RELATED PARTIES56. SUBSEQUENT EVENTS
i) The final dividend on shares is recorded as a liability on the date of approval by the shareholders. Income tax consequences of dividends on financial instruments classified as equity will be recognised according to where the entity originally recognised those past transactions or events that generated distributable profits. The Company declares and pays dividends in Indian rupees. Companies are required to pay/distribute dividend after deducting applicable taxes. The remittance of dividends outside India is governed by Indian law on foreign exchange and is also subject to withholding tax at applicable rates. Dividends declared by the Company are based on profits available for distribution. On 21st May, 2024, the Board of Directors of the Company have proposed a dividend of '' 1.75 per share in respect of the year ended 31st March, 2023 subject to the approval of shareholders at the Annual General Meeting, and if approved, would result in a cash outflow of ''108.12 Lakh.
ii) The Company evaluated all events and transactions that occurred after 31st March, 2024 through 21st May, 2024; the date on which the financial statements are issued. Based on the evaluation, the Company is not aware of any events or transactions that would require recognition or disclosure in the financial statements other than that mentioned above.
57. REPORTING UNDER RULE 11 (e) (i) AND RULE 11 (f) OF THE COMPANIES (AUDIT AND AUDITORS) RULES, 2014
i) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
ii) No funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
58. THE PREVIOUS YEARS FIGURES HAVE BEEN REGROUPED AND REARRANGED WHEREEVER NECESSARY.
(The accompanying notes 1 to 58 are an integral part of the financial statements)
Mar 31, 2023
2.13 Provisions and contingent liabilities
The Company recognises a provision when there is a present legal or constructive obligation as a result of a past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated.
Long term provisions are measured at the present value of management''s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense.
A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. Where there is a possible obligation or a present obligation that the likelihood of outflow of resources is remote, no provision or disclosure is made.
2.14 Impairment of non-financial assets
The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset''s recoverable amount. An asset''s recoverable amount is the higher of an asset''s or cash-generating unit''s (CGU) 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 inflows that are largely independent of those from other assets or Company''s assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
2.15 Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial asset
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. Purchase or sale 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 assets.
Investment in subsidiaries are carried at cost less impairment losses, if any. Where an indication of impairment exists, the carrying amount of the investment is assessed and written down immediately to its recoverable amount.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in four categories;
- at amortised cost through profit or loss.
- at amortised cost through other comprehensive income.
- at fair value through other comprehensive income.
- at fair value through profit or loss.
A financial asset is measured at the amortised cost if both the following conditions are met:
a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and
b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.
This category is the most relevant to the Company. All the Loans and other receivables under financial assets (except investments) are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Trade receivables do not carry any interest and are stated at their nominal value as reduced by impairment amount.
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 statement of profit and loss. The losses arising from impairment are recognised in the statement of profit and loss. This category generally applies to trade and other receivables. Financial assets at fair value through the statement of profit and loss/other comprehensive income Instruments included within the FVTPL category are measured at fair value with all changes recognised in the statement of profit and loss.
If the Company decides to classify an instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are recognised in the statement of OCI. There is no recycling of the amounts from OCI to Statement of Profit & Loss, even on sale of investment. However, the Company may transfer the cumulative gain or loss within equity.
De-recognition
A financial asset (or, where applicable, a part of a financial asset or part of a Group of similar financial assets) is primarily derecognised (i.e. removed from the Company''s balance sheet) when:
- The rights to receive cash 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 lay to a third party under a ''pass-through'' arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Company continues to recognise the transferred asset to the extent of the Company''s continuing involvement. In that case, the Company also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained.
Impairment of financials assets
The Management has evaluated the impairment provision requirement under IND AS 109 and has listed below major facts for trade and other receivables impairment provisioning:
The Company does not have any purchased or originated credit-impaired (POCI) financial assets, i.e., financial assets which are credit impaired on purchase/ origination.
Expected Credit Loss (ECL) impairment loss allowance (or reversal) recognised during the period is recognised as income/ expense in the statement of profit and loss. This amount is reflected under the head ''other expenses'' in the Statement of Profit & Loss. The balance sheet presentation for various financial instruments is described below:
Financial assets measured as at amortised cost and other contractual revenue receivables- ECL is presented as an allowance, i.e., as an integral part of the measurement of those assets in the balance sheet. The allowance reduces the net carrying amount. Until the asset meets write-off criteria, the Company does not reduce impairment allowance from the gross carrying amount.
Financial assets measured at FVTOCI- Since financial assets are already reflected at fair value, impairment allowance is not further reduced from its value. Rather, ECL amount is presented as ''accumulated impairment amount'' in the OCI.
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through the statement of profit or loss, loans and borrowings, trade payables and other payables.
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 other payables.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the statement of profit and loss when the liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the Statement of Profit and Loss.
This category generally applies to interest-bearing loans and borrowings.
De-recognition
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or it expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit and loss.
Embedded derivatives
Embedded derivative is a component of a hybrid (combined) instrument that also includes a nonderivative host contract - with the effect that some of the cash flows of the combined instrument vary in a way like a stand- alone derivative. Embedded derivative causes some or all of the cash flows that otherwise would be required by the contract to
be modified according to a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset out of the fair value through the statement of profit and loss.
If the hybrid contract contains a host that is a financial asset within the scope of lnd AS 109, the Company does not separate embedded derivatives. Rather, it applies the classification requirements contained in lnd AS 109 to the entire hybrid contract Derivatives embedded in all other host contracts are accounted for as separate derivatives and recorded at fair value if their economic characteristics and risks are not closely related to those of the host contracts and the host contracts are not held for trading or designated at fair value though profit or loss. These embedded derivatives are measured at fair value with changes in fair value recognised in profit or loss, unless designated as effective hedging instruments.
Compound instruments
Reclassification of financial assets
The Company determines classification of financial assets and liabilities on initial recognition. After initial recognition, no reclassification is made for financial assets which are equity instruments and financial liabilities. For financial assets which are debt instruments, a reclassification is made only if there is a change in the business model for managing those assets. Changes to the business model are expected to be infrequent. The Company''s senior management determines change in the business model as a result of external or internal changes which are significant to the Company''s operations. Such changes are evident to external parties. A change in the business model occurs when the Company either begins or ceases to perform an activity that is significant to its operations. If the Company reclassifies financial assets, it applies the reclassification prospectively from the reclassification date which is the first day of the immediately next reporting period following the change in business model. The Company does not restate any previously recognised gains, losses (including impairment gains or losses) or interest.
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The following table shows various reclassification and how they are accounted for: |
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Original classification |
Revised classification |
Accounting treatment |
|
Amortised cost |
FVTPL |
Fair value is measured at reclassification date. Difference between previous amortised cost and fair value is recognised in Statement of Profit & Loss. |
|
FVTPL |
Amortised cost |
Fair value at reclassification date becomes its new gross carrying amount. EIR is calculated based on the new gross carrying amount. |
|
Amortised cost |
FVTOCI |
Fair value is measured at reclassification date. Difference between previous amortised cost and fair value is recognised in OCI. No change in EIR due to reclassification. |
|
FVTOCI |
Amortised cost |
Fair value at reclassification date becomes its new amortised carrying amount. However, cumulative gain or loss in OCI is adjusted against fair value. Consequently, the asset is measured as if it had always been measured at amortised cost. |
|
FVTPL |
FVTOCI |
Fair value at reclassification date becomes its new carrying amount. No other adjustment is required. |
|
FVTOCI |
FVTPL |
Assets continue to be measured at fair value. Cumulative gain or loss previously recognised in OCI is reclassified to Statement of Profit & Loss at the reclassification date. |
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.
2.16 Cash and cash equivalents
For presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Bank overdrafts and cash credits are shown within borrowings in current liabilities in the balance sheet.
2.17 Employee benefits
i) Defined contribution plans (Provident Fund)
In accordance with Indian Law, eligible employees receive benefits from Provident Fund, which is defined contribution plan. Both the employee and employer make monthly contributions to the plan, which is administrated by the Government authorities, each equal to the specific percentage of employee''s basic salary. The Company has no further obligation under the plan beyond its monthly contributions. Obligation for contributions to the plan is recognised as an employee benefit expense in the Statement of Profit and Loss when incurred.
ii) Defined benefit plans (Gratuity)
In accordance with applicable Indian Law, the Company provides for gratuity, a defined benefit retirement plan (the Gratuity Plan) covering eligible employees. The Gratuity Plan provides a lump sum payment to vested employees, at retirement or termination of employment, and amount based on respective last drawn salary and the years of employment with the Company. The Company''s net obligation in respect of the Gratuity Plan is calculated by estimating the amount of future benefits that the employees have earned in return of their service in the current and prior periods; that benefit is discounted to determine its present value. Any unrecognised past service cost and the fair value of plan assets are deducted. The discount rate is the yield at reporting date on risk free government bonds that have maturity dates approximating the terms of the Company''s obligation. The calculation is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a benefit to the Company, the recognised asset is limited to the total of any unrecognised past service cost and the present value of the economic benefits available in the form of any future refunds from the plan or reduction in future contribution to the plan. The Company recognises all re-measurements of net defined benefit liability/asset directly in other comprehensive income.
iii) Compensated absences
The employees of the Company are entitled to compensated absences. The employees can carry forward a portion of the unutilised accrued absence and utilise it in future periods or receive cash compensation at retirement or termination of employment for the unutilised accrued compensated absence. The Company recognises an obligation for compensated absences in the period in which the employee renders the services. The Company provides for the expected cost of compensated absence in the statement of profit and loss as the additional amount that the Company expects to pay as a result of the unused entitlement that has accumulated based on actuarial valuations carried out by an independent actuary at the balance sheet date.
2.18 Segment reporting
The Company has presented data relating to its segments based on its consolidated financial statements which are presented in the same Integrated Annual Report. Accordingly in terms of paragraph 4 of the Indian Accounting Standard (Ind AS 108) "Operating Segmentsâ no disclosures related to segments are presented in these standalone financial statements .
2.19 Leases
A lease that transfers substantially all the risks and rewards incidental to ownership to the lessee is classified as a finance lease. All other leases are classified as operating leases.
Company as a lessee
Finance leases are capitalised at the commencement of the lease at the inception date fair value of the leased property or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognised in profit or loss as finance costs, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company''s general policy on the borrowing costs. Contingent rentals are recognised as expenses in the periods in which they are incurred. Operating lease payments are generally recognised as an expense in the profit or loss on a straight-line basis over the lease term. Where the rentals are structured solely to increase in line with expected general inflation to compensate for the lessor''s expected inflationary cost increases, such increases are recognised in the year in which such benefits accrue.
Ind AS 116 Leases:
In March 2019, the Ministry of Corporate Affairs, issued the Companies (Indian Accounting Standards) Amendment Rules 2018, notifying Ind AS 116 "Leasesâ which replaces Ind AS 17 "Leasesâ. The new standard shall require lessees to recognise the Leases on their Balance Sheet with limited exemptions related to low value asset and assets with a lease term of less than 12 months.
Lessees will use a single accounting model for all leases. Accordingly, the lessee is required to recognise "Right of Useâ asset representing its right to use the underlying asset and a "Lease Liabilityâ representing its obligations to make lease payments.
2.20 Government Grants
Government grants are initially recognised at fair value if there is reasonable assurance that they will be received and the Company will comply with the conditions associated with the grant;
⢠In case of capital grants, the amount of grant received is set off against the value of the property, plant and equipment against which the grant has been given.
⢠In case of grants that compensate the Company for expenses incurred are recognised in Statement of Profit and Loss on a systematic basis in the periods in which the expenses are recognised.
Export benefits available under prevalent schemes are accrued in the year in which the goods are exported and there is no uncertainty in receiving the same.
2.22 Recent accounting pronouncements
Recent pronouncements by the Ministry of Corporate Affairs ("MCAâ) notified new standard or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. On 23rd March, 2022, MCA amended the Companies (Indian Accounting Standards) Amendment Rules, 2022, applicable from 1st April, 2022, as below: Ind AS 1 - Presentation of Financial Statements -This amendment requires the entities to disclose their material accounting policies rather than their significant accounting policies. The effective date for adoption of this amendment is annual periods beginning on or after 1st April, 2023. The Company has evaluated the amendment and the impact of the
amendment is insignificant in the standalone financial statements.
Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors - This amendment has introduced a definition of ''accounting estimates'' and included amendments to Ind AS 8 to help entities distinguish changes in accounting policies from changes in accounting estimates. The effective date for adoption of this amendment is annual periods beginning on or after 1st April, 2023. The Company has evaluated the amendment and there is no impact on its standalone financial statements.
Ind AS 12 - Income Taxes - This amendment has narrowed the scope of the initial recognition exemption so that it does not apply to transactions that give rise to equal and offsetting temporary differences. The effective date for adoption of this amendment is annual periods beginning on or after 1st April, 2023. The Company has evaluated the amendment and there is no impact on its standalone financial statement.
The amendments are extensive and the Company will evaluate the same to give effect to them as required by law.
36*| RELATED PARTIES DISCLOSURES
Disclosures as required by IND AS 24 - "Related Party Disclosuresâ are given below (a) Related Parties with whom transactions have taken place during the year
(i) Associates Companies/Firms in which Directors or their relatives are interested Nupur Remedies Private Limited
(ii) Key management personnel and their relatives with whom the Company has transacted
Name Designation Relatives
Rahul Nachane Managing Director Ajita Nachane & Ahaan Nachane
Rajesh Lawande Whole time Director & CFO Ajita Nachane
Ajita Nachane Non Independent Director Rahul Nachane, Ahaan Nachane
& Rajesh Lawande
Milind Shinde Independent Director --
Jayaram Sitaram Independent Director --
Kumarapuram V Subramanian Independent Director --
Sarala Menon Women Independent Director --
Ahaan Nachane Vice President Ajita Nachane & Rahul Nachane
Pallavi Pednekar Company Secrietary -
(iii) Subsidiaries of the Company
Name % of Holding
Macrotech Polychem Private Limited 100%
~| FAIR VALUES
Fair value measurement includes both the significant financial instruments stated at amortised cost and at fair value in the statement of financial position. The carrying values of current financial instruments approximate their fair values due to the short-term maturity of these instruments and the disclosures of fair value are not made when the carrying amount of current financial instruments is a reasonable approximation of the fair value. The carrying values of the long-term financial instruments approximates the fair values as the management has considered the fair value measurement techniques using the observable data i.e. the discounting rate which was similar as to rates, tenure and the credit rating of the other instruments of the Company. The management has also considered the effect of time value of money with respect to other long term financial instruments at applicables rates.
~| FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Company''s activities expose it to a variety of financial risks: market risk,credit risk and liquidity risk. The Company''s risk management assessment and policies and processes are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls, and to monitor such risks and compliance with the same.
The Company has constituted a Risk Management Committee consisting of its directors. The Company has a robust risk management policy to identify, evaluate business risks and opportunities. This policy seeks to create transparency, minimise adverse impact on the business objectives and enhance the Company''s competitive advantage.
~| CREDIT RISK
Credit risk arises from the possibility that customers shall not be able to settle their obligations as agreed and arises principally from the Company''s receivables from customers, loans and investments.Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworhtiness of counterparty to which the Company grants credit terms in the normal course of business.
Investments
The Company limits its exposure to credit risk by investing in liquid securitites which primarily include mutual fund units. The Company mitigates risk from non-performance of these securities by ensuring that it does not have any significant concentration of exposures to specific industry sectors or specific country risks.
Trade receivables
Trade receivables are typically unsecured and derived from income earned from customers. On account of adoption of Ind AS 109, the Company uses expected credit loss model to assess the impairment loss or gain, however this is modified if in the past experience of the Company, there is likely mitigation of the credit risk.
~| MARKET RISK
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk and other price risk, such as equity price risk and commodity risk. The value of a financial instrument shall change as a result of changes in the interest rates, foreign currency exchange rates, equity price fluctuations, liquidity and other market changes. Financial instruments affected by market risk include loans and borrowings, deposits and investments.
~| FOREIGN CURRENCY RISK
Foreign exchange risk arises on future commercial transactions and on all recognised monetary assets and liabilities, which are denominated in a currency other than the functional currency of the Company. The Company''s management has set policy wherein exposure is identified, benchmark is set and monitored closely, and accordingly suitable hedges are undertaken. The Company''s foreign currency exposure arises mainly from foreign exchange imports and exports, primarily with respect to US$, JPY and EUR.
~| LIQUIDITY RISK
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. The Company manages the liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. The Company invests its surplus funds in bank fixed deposits and liquid & debt schemes of mutual funds which carry limited mark to market risks. The Company also invests in equity schemes of mutual funds which carry liquidity and rate return risks.
44~| CAPITAL MANAGEMENT
For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to maximise the value of shareholder.
The Company monitors capital using Capital Gearing Ratio, which is net debt divided by total capital. Net debt includes loans and borrowings, trade and other payables, less cash and cash equivalents.
46*| ADDITIONAL INFORMATION (a) Earnings per share (EPS)
Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders by the weighted average number of equity shares outstanding at the end of the year.
Diluted EPS amounts are calculated by dividing the profit attributable to equity holders by the weighted average number of equity shares outstanding at the end the year plus the weighted average number of equity shares that would be issued on conversion of all the dilutive potential equity shares into equity shares.
~| SEGMENTAL INFORMATION
The Company has presented data relating to its segments based on its consolidated financial statements, which are presented in the same Annual Report. Accordingly, in terms of paragraph 4 of the Indian Accounting Standard (Ind AS 108) "Operating Segmentsâ, no disclosures related to segments are presented in these standalone financial statements.
~| REMEASUREMENT OF SECURITY DEPOSIT
Under Ind AS, all financial assets are required to be recognised at fair value. Accordingly, the Company has recorded these security deposits at fair value under Ind AS. Differences between the fair value and the transaction value of the security deposits have been recognised as prepaid rent.
~| CLASSIFICATION AND PRESENTATION OF ASSETS AND LIABILITIES
Under Ind AS, the Company is required to present its assets and liabilities bifurcated between financial assets/ financial liabilities and non-financial assets/ non-financial liabilities. Accordingly, the Company has classified and presented the assets and liabilities.
In the opinion of the management, the current assets, loans & advances have been stated at realisable value. Provision for all the known liabilities is adequate and not in excess of the amount reasonably necessary.
~| SUBSEQUENT EVENTS
i) The final dividend on shares is recorded as a liability on the date of approval by the shareholders. Income tax consequences of dividends on financial instruments classified as equity will be recognised according to where the entity originally recognised those past transactions or events that generated distributable profits. The Company declares and pays dividends in Indian rupees. Companies are required to pay/distribute dividend after deducting applicable taxes. The remittance of dividends outside India is governed by Indian law on foreign exchange and is also subject to withholding tax at applicable rates. The Board of Directors have recommended a dividend of '' 1.75 per fully paid up equity share of '' 5 each aggregating to '' 108.12 Lakhs for the Financial Year 2022-23, which is based on relevant share capital as on 31st March, 2023.
ii) The Company evaluated all events and transactions that occurred after 31st March, 2023 through 15st May, 2023; the date on which the financial statements are issued. Based on the evaluation, the Company is not aware of any events or transactions that would require recognition or disclosure in the financial statements other than that mentioned above.
56. Reporting under Rule 11 (e) (i) and Rule 11 (f) of the Companies (Audit and Auditors) Rules, 2014
i) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediariesâ), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
ii) No funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding Partiesâ), with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
~| THE PREVIOUS YEARS FIGURES HAVE BEEN REGROUPED AND REARRANGED WHEREEVER NECESSARY.
(The accompanying notes 1 to 57 are an integral part of the financial statements)
As per our report of even date attached For and on behalf of the Board of Directors
For Manek & Associates Rahul Nachane Rajesh Lawande
Chartered Accountants Managing Director Whole-Time Director & CFO
Firm Registration Number: 126679W DIN: 00223346 DIN: 00327301
Shailesh Manek Pallavi Pednekar
Partner Company Secretary
Membership Number: 034925 ACS : A33498
Place: Mumbai Place: Mumbai
Date: 15th May, 2023 Date: 15th May, 2023
Mar 31, 2018
1. CORPORATE INFORMATION
NGL Fine-Chem Limited (The Company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on the Bombay Stock Exchange. The Company is a manufacturer of pharmaceuticals and intermediates for usage in veterinary and human health. The Company caters to various global companies to custom manufacture high quality pharmaceuticals.
a) The company has one class of equity shares having a par value of Rs. 5 each. Each shareholder is eligible for one vote per share held. Dividend, if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Notes:
Capital Reserve: It represents the gains of capital nature which mainly includes the excess of value of net assets acquired over consideration paid by the Company for business amalgamation transaction in earlier years.
Share Premium: This is the difference between the face value of the equity shares and the consideration received in respect of shares issued.
General Reserve: The company created a General Reserve in earlier years pursuant to the provisions of the Companies Act wherein certain percentage of profits were required to be transferred to General Reserve before declaring dividends. As per Companies Act, 2013, the requirement to transfer profits to General Reserve is not mandatory. General Reserve is a free reserve available to the company.
Amalgamation Reserve was created when certain statutory reserves needed to be maintained by the transferee company during the scheme of amalgamation, which were previously maintained in the books of transferor company.
Terms and conditions of loans
1. Term Loans from HDFC Bank are @ 9.25% interest per annum and repayment to be made in 60 monthly instalments, secured by exclusive mortgage & charge on all of the companys assets including moveable & immovable property, hypothecation of inventories and book debts and guaranteed by Rahul Nachane & Rajesh Lawande, Directors of the company.
2. For Vehicle Loans
(i) Bank of Maharashtra Vehicle loan is at 10.50% interest per annum and repayable in 36 instalments and secured by hypothecation of the vehicle
(ii) HDFC Bank loan is at 9.98% interest per annum and repayble in 60 instalments and secured by hypothecation of the vehicle.
(iii) Axis Bank loan is at 8.55% interest per annum and repayble in 48 instalments and secured by hypothecation of the vehicle.
(a) Working capital loans are guaranteed by Mr. Rahul Nachane, Managing Director and Mr. Rajesh Lawande, Executive Director.
(b) Working capital loans comprise of loans repayable on demand in the form of cash credit, pre shipment finance and post shipment finance. These are secured by hypothecation of inventories, trade receivables and book debts.
There is no principal amount and interest amount overdue to Micro and Small industries. This information as required to be disclosed under the Micro, Small & Medium Enterprises Development Act, 2006, has been determined to the extent such parties have been identified on the basis of information available with the company. This information has been relied upon by the auditors.
(iii) Short term benefits (leave encashment)
The company has provided for accumulated compensation absences (leave encashment) as per Ind AS 19 "Employee Benefits". The provision is made on the basis of actuarial evaluation carried out. The current years provision is charged under Salaries and Wages as given below. This liability is not funded.
Note: In the case of present key managerial personnel, remuneration does not include gratuity and leave encashment benefits which are determined for the company as a whole.
2. Fair values
Fair value measurement includes both the significant financial instruments stated at amortised cost and at fair value in the statement of financial position. The carrying values of current financial instruments approximate their fair values due to the short-term maturity of these instruments and the disclosures of fair value are not made when the carrying amount of current financial instruments is a reasonable approximation of the fair value. The carrying values of the long-term financial instruments approximates the fair values as the management has considered the fair value measurement techniques using the observable data i.e. the discounting rate which was similar as to rates, tenure and the credit rating of the other instruments of the Company. The management has also considered the effect of time value of money with respect to other long term financial instruments by taking the Company''s fixed deposit rate of the Company.
3. Financial risk management objectives and policies
The Company''s activities expose it to a variety of financial risks: market risk,credit risk and liquidity risk. The Companyâs risk management assessment and policies and processes are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor such risks and compliance with the same.
The Company has constituted a Risk Management Committee consisting of majority of directors and senior managerial personnel. The Company has a robust risk management policy to identify, evaluate business risks and opportunities. This policy seeks to create transparency, minimise adverse impact on the business objectives and enhance the Company''s competitive advantage.
The sensitivity analysis in the preceeding sections relate to the position as at March 31, 2018 and March 31, 2017.
The following assumption have been made in calculating the sensitivity analysis:
The sensitivity of the relevant profit or loss items is the effect of the assumed changes in respective market risks.
4. Credit risk
Credit risk arises from the possibility that customers may not be able to settle their obligations as agreed and arises principally from the Company''s receivables from customers, loans and investments.Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the credit worhtiness of counterparty to which the Company grants credit terms in the normal course of business.
Investments
The Company limits its exposure to credit risk by investing in liquid securities which primarily include mutual fund units. The Company does not expect any losses from non-performance of these securities and does not have any significant concentration of exposures to specific industry sectors or specific country risks.
Trade receivables
Trade receivables are typically unsecure and derived from revenue earned from customers. On account of adoption of Ind AS 109, the Company uses expected credit loss model to assess the impairment loss or gain, however this is modified if in the past experience of the company, there is likely mitigation of the credit risk.
5. Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk and other price risk, such as equity price risk and commodity risk. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity price fluctuations, liquidity and other market changes. Financial instruments affected by market risk include loans and borrowings, deposits and investments.
6. Foreign currency risk
Foreign exchange risk arises on future commercial transactions and on all recognised monetary assets and liabilities, which are denominated in a currency other than the functional currency of the Company. The Companyâs management has set policy wherein exposure is identified, benchmark is set and monitored closely, and accordingly suitable hedges are undertaken. The Companyâs foreign currency exposure arises mainly from foreign exchange imports and exports, primarily with respect to USD.
Interest rate sensitivity
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market rates. The Companyâs exposure to the risk of changes in market rates relates primarily to the Companyâs debt obligations with floating interest rates.
Cash flow sensitivity analysis for variable-rate instruments:
A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased (decreased) profit or loss before tax by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant:
7. Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they become due. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements.
The Group manages the liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. The Group invests its surplus funds in bank fixed deposits and liquid schemes of mutual funds which carry limited mark to market risks. The Company also invests in equity schemes of mutual funds which carry liquidity and rate return risks.
At present, the Company expects to repay all liabilities at their contractual maturity. In order to meet such cash commitments, the operating activity is expected to generate sufficient cash inflows
8. Capital management
For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the compnany. The primary objective of the Company''s capital management is to maximise the value of shareholder.
The Company monitors capital using Capital Gearing Ratio, which is net debt divided by total capital plus net debt. Net debt includes loans and borrowings, trade and other payables, less cash and cash equivalents.
To achieve the overall objective, the Companyâs capital management aims to ensure that it meets the financial covenants attached to loans and borrowings. Breaches in meeting the covenants would permit the bank to immediately call loans and borrowings. There have been no breaches in the financial covenants of any loans and borrowings in the current year.
9. Income tax
The major components of income tax expense for the years are:
The tax rate used for the reconciliations above is the corporate tax rate of 33.063% payable by corporate entities in India on taxable profits under tax law in the Indian jurisdiction.
10. Additional information
(a) Earnings per share (EPS)
Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders by the weighted average number of equity shares outstanding at the end of the year.
Diluted EPS amounts are calculated by dividing the profit attributable to equity holders by the weighted average number of equity shares outstanding at the end the year plus the weighted average number of equity shares that would be issued on conversion of all the dilutive potential equity shares into equity shares.
11. Segmental information
As the Companyâs business activities fall within a single primary business segment namely pharmaceuticals, the disclosure requirements of Ind AS 108 in this regard are not applicable.
12. Remeasurement of security deposit
Under IGAAP, interest-free lease security deposits (that are refundable in cash on completion of lease term) are recorded at their transaction value. Under Ind AS, all financial assets are required to be recognised at fair value. Accordingly, the Company has recorded these security deposits at fair value under Ind AS. Differences between the fair value and the transaction value of the security deposits have been recognised as prepaid rent. Consequent to this change , the amount of security deposits decreased by Rs. 5,72,431 at March 31, 2018 and decreased by Rs.702,551 as at March 31, 2017. The prepaid rent increased by Rs.5,32,064 as at March 31, 2018. Prepaid rent as on March 31, 2017 amounted to Rs.667,217. Due to the discounting of security deposits and unwinding of interest income, the profit for the year as at March 31, 2018 decreased by Rs.1,36,818.
13. Classification and presentation of assets and liabilities
Under IGAAP, the Company was not required to present its assets and liabilities bifurcated between financial assets/ financial liabilities and non-financial assets/ non-financial liabilities. Under Ind AS, the Company is required to present its assets and liabilities bifurcated between financial assets/ financial liabilities and non-financial assets/ non-financial liabilities. Accordingly, the Company has classified and presented the assets and liabilities.
In the opinion of the management, the current assets, loans & advances have been stated at realizable value. Provision for all the known liabilities is adequate and not in excess of the amount reasonably necessary.
14. Subsequent events
The Company evaluated all events and transactions that occurred after March 31, 2018 through May 18, 2018; the date on which the financial statements are issued. Based on the evaluation, the Company is not aware of any events or transactions that would require recognition or disclosure in the financial statements.
15. The previous years figures have been recast, regrouped and rearranged whereever necessary.
Mar 31, 2016
(e) Rights, preferences and restrictions attached to equity shares
The company has one class of equity shares having a par value of Rs. 5 each. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Terms and conditions of loans
1. Term Loans from HDFC Bank are @ 10.65% interest per annum and repayment to be made in 12 monthly installments, secured by exclusive mortgage & charge on all of the companyâs assets including moveable & immovable property, hypothecation of inventories and book debts and guaranteed by Rahul Nachane & Rajesh Lawande, Directors of the company.
2. Term Loans from Bank of Maharashtra were @ 12% interest per annum and repayment to be made in 60 monthly installments, secured by exclusive mortgage & charge on all of the companyâs assets including moveable & immovable property, hypothecation of inventories and book debts and guaranteed by Rahul Nachane & Rajesh Lawande, Directors of the company.
3. For Vehicle Loans
(i) Bank of Maharashtra Vehicle loan is at 10.50% interest per annum and repayable in 36 installments and secured by hypothecation of the vehicle.
(ii) HDFC Bank loan is at 9.98% interest per annum and repayable in 60 installments and secured by hypothecation.
Repayment Terms :
Secured by exclusive mortgage & charge on all of the companyâs assets including moveable & immovable property, hypothecation of inventories and book debts and guaranteed by Rahul Nachane & Rajesh Lawande, Directors.
(a) Long Term Retirement Benefits
Long term retirement benefits comprise of contributions to the Provident Fund and Gratuity Fund
(i) Contribution to Provident Fund: Contributions to the Provident Fund is made by the company to the Employees Provident Fund Organization, Government of India
(g) Related Parties Disclosures
Disclosures as required by Accounting Standards 18 - âRelated Party Disclosuresâ are given below
(h) Segment Reporting
Based on the guiding principles given by the Accounting Standard - 17, "Segment Reporting" issued by the Institute of Chartered Accountants of India, the company''s business comprises of only one segment - pharmaceuticals. Hence segment wise analysis is not given as the same is not applicable.
(i) MSMED Act
The company has not received any information from suppliers or service providers, whether they are covered under the "Micro, Small and Medium Enterprises (Development) Act 2006" (MSMED Act). Therefore it is not possible to give the information required under the Act.
(j) Exceptional item is insurance claim realized by company which was in litigation for last five years.
(k) Previous years figures have been recast, regrouped and rearranged wherever necessary.
Mar 31, 2015
1 Corporate information
NGL Fine-Chem Limited (CIN L24110MH1981 PLC025884) is a public company
domiciled in India and incorporated under the provisions of the
Companies Act,1956. Its Shares are listed on Bombay Stock Exchange in
India. The Company is engaged in pharmaceutical business. It undertakes
manufacturing of wide range of products.
Note 2 Additional information to the financial statements
Particulars For the year ended For the year ended
31 March, 2015 31 March, 2014
Amount (Rs.) Amount (Rs.)
(a) Contingent Liabilities
(i) Disputed direct tax 71,42,270 -
(b) Commitments
(i) Estimated amount of
contracts remaining to be
executed on capital
account and not provided for
Tangible assets 1,33,56,229 14,55,000
(ii) Other commitments (specify nature)
Letters of credit established
for which goods are yet
to be received and provided
for 1,03,37,244 77,61,290
(b) Earnings Per Share
Net profit after tax as per
Statement of Profit and Loss
attributable to Equity
Shareholders 8,33,00,726 4,52,84,554
Weighted average number of
equity shares
outstanding (Nos) 61,78,024 61,78,024
Basic and diluted earnings
per share of the face value
of Rs. 5/- each 13.48 7.33
(c) Value of imports calculated
on CIF basis:
Raw materials 6,30,41,755 5,62,12,190
Capital goods 24,32,550 10,40,340
Total 6,54,74,305 5,72,52,530
(d) Expenditure in foreign currency:
Professional and consultation fees - -
Other matters 3,85,06,550 2,28,73,238
Total 3,85,06,550 2,28,73,238
(g) Related Parties Disclosures
Disclosures as required by Accounting Standards 18 - "Related Party
Disclosures" are given below (a) Related Parties with whom
transactions have taken place during the year
(i) Associates Companies/Firms in which Directors or their relatives
are interested : Nupur Remedies Private Limited
(ii) Key management personnel and their relatives with whom the company
has transacted
Name Designation Relatives
Rahul Nachane Managing Director
Rajesh Lawande Executive Director N G Lawande
(h) Segment Reporting
Based on the guiding principles given by the Accounting Standard - 17,
"Segment Reporting" issued by the Institute of Chartered Accountants of
India, the company''s business comprises of only one segment -
pharmaceuticals. Hence segment wise analysis is not given as the same
is not applicable
(i) MSMED Act
The company has not received any information from suppliers or service
providers, whether they are covered under the "Micro, Small and Medium
Enterprises (Development) Act 2006" (MSMED Act). Therefore it is not
possible to give the information required under the Act.
(j) The rate of depreciation for each class of asset has been changed
from those prescribed under Schedule VI of the Companies Act 1956 to
rates as determined based on the useful life of each class of assets as
estimated by the management and considering provisions of Schedule II
of the Companies Act 2013. Due to this change, the resulting surplus of
depreciation of Rs. 5,76,286 upto 31st March 2014 is adjusted against
General Reserve of the Company.
(k) Exceptional item is insurance claim realized by company which was
in litigation for last five years.
(l) Previous years figures have been recast, regrouped and rearranged
wherever necessary.
Mar 31, 2014
1 Corporate information
NIL Fine-Chem Limited (CIN L24110MH1981PLC025884) is a public company
domiciled in India and incorporated under the provisions of the
Companies Act,1956. Its Shares are listed on Bombay Stock Exchange in
India. The Company is engaged in pharmaceutical business. It undertakes
manufacturing of wide range of products.
(a) Rights, preferences and restrictions attached to shares
The company has one class of equity shares having a par value of Rs. 5
each. Each shareholder is eligible for one vote per share held. The
dividend proposed by the Board of Directors is subject to the approval
of the shareholders in the ensuing Annual General Meeting, except in
case of interim dividend. In the event of liquidation, the equity
shareholders are eligible to receive the remaining assets of the
Company after distribution of all preferential amounts, in proportion
to their shareholding.
2.Terms and conditions of loans
1. Term Loans from Bank of Maharashtra are @ 13.25% interest per annum
and repayment to be made in 60 monthly instalments, secured by
exclusive mortgage & charge on all of the companys assets including
moveable & immovable property, hypothecation of inventories and book
debts and guaranteed by Rahul Nachane & Rajesh Lawande, Directors of
the company.
2. For Vehicle Loans
(i) Bank of Maharashtra Vehicle loan is at 10.50% interest per annum
and repayable in 36 instalments and secured by hypothecation of the
vehicle
Repayment Terms :
Secured by exclusive mortgage & charge on all of the companys assets
including moveable & immovable property, hypothecation of inventories
and book debts and guaranteed by Rahul Nachane & Rajesh Lawande,
Directors.
(a) Segment Reporting
Based on the guiding principles given by the Accounting Standard - 17,
"Segment Reporting" issued by the Institute of Chartered Accountants of
India, the company''s business comprises of only one segment -
pharmaceuticals. Hence segment wise analysis is not given as the same
is not applicable
(b) MSMED Act
The company has not received any information from suppliers or service
providers, whether they are covered under the "Micro, Small and Medium
Enterprises (Development) Act 2006" (MSMED Act). Therefore it is not
possible to give the information required under the Act.
(c) Previous years figures have been recast, regrouped and rearranged
whereever necessary
Mar 31, 2013
1 Corporate information
NGL Fine-Chem Limited is a public company domiciled in India and
incorporated under the provisions of the Companies Act,1956. Its Shares
are listed on Bombay Stock Exchange in India. The Company is engaged in
pharmaceutical business. It undertakes manufacturing of wide range of
products.
(a) Segment Reporting
Based on the guiding principles given by the Accounting Standard - 17,
"Segment Reporting" issued by the Institute of Chartered Accountants of
India, the company''s business comprises of only one segment -
pharmaceuticals. Hence segment wise analysis is not given as the same
is not applicable
(b) MSMED Act
The company has not received any information from suppliers or service
providers, whether they are covered under the "Micro, Small and Medium
Enterprises (Development) Act 2006" (MSMED Act). Therefore it is not
possible to give the information required under the Act.
(c) Previous years figures have been recast, regrouped and rearranged
whereever necessary
Mar 31, 2012
1 Corporate information
NGL Fine-Chem Limited is a public company domiciled in India and
incorporated under the provisions of the Companies Act,1956. Its Shares
are listed on Bombay Stock Exchange in India. The Company is engaged in
pharmaceutical business. It undertakes manufacturing of wide range of
products.
Equity Shares:
The company has one class of equity shares having a par value of 5
each. Each shareholder is eligible for one vote per share held. The
dividend proposed by the Board of Directors is subject to the approval
of the shareholders in the ensuing Annual General Meeting, except in
case of interim dividend. In the event of liquidation, the equity
shareholders are eligible to receive the remaining assets of the
Company after distribution of all preferential amounts, in proportion
to their shareholding.
Terms and conditions of loans
1. Term Loans from ICICI bank in previous year carrying interest @
12.25% and repayment to be made in 20 quarters, secured by exclusive
mortgage & charge on all of the companys assets including moveable &
immovable property, hypothecation of inventories and book debts and
guaranteed by Rahul Nachane & Rajesh Lawande, Directors of the company.
2. Term Loans from Bank of Maharashtra in carrying interest @ 12.50%
and repayment to be made in 60 monthly instalments, secured by
exclusive mortgage & charge on all of the companys assets including
moveable & immovable property, hypothecation of inventories and book
debts and guaranteed by Rahul Nachane & Rajesh Lawande, Directors of
the company.
3. For Vehicle Loans
(i) ICICI Bank Vehicle loan is at 9.07% interest and repayble in 36
instalments and secured by hypothecation of the vehicle
(ii) HDFC Bank Vehicle loan is at 13.75% interest and repayble in 36
instalments and secured by hypothecation of the vehicle
(a) Segment Reporting
Based on the guiding principles given by the Accounting Standard - 17,
"Segment Reporting" issued by the Institute of Chartered
Accountants of India, the company's business comprises of only one
segment - pharmaceuticals. Hence segment wise analysis is not given as
the same is not applicable
(b) MSMED Act
The company has not received any information from suppliers or service
providers, whether they are covered under the "Micro, Small and
Medium Enterprises (Development) Act 2006" (MSMED Act). Therefore it
is not possible to give the information required under the Act.
(c) Previous years figures have been recast, regrouped and rearranged
whereever necessary
Mar 31, 2011
1. Contingent Liabilities
(i) Estimated amount of contracts remaining to be executed on capital
account and not paid for - Rs. 1.13 lakhs (Previous year Rs. 46.87
lakhs)
(ii) Letters of credit established for which goods are yet to be
received and provided for - Rs. 50.13 lakhs (Previous year - Rs. 29.09
lakhs).
(iii) Bank Guarantees outstanding - NIL (Previous year - Rs. NIL
lakhs).
2. There is no employee drawing remuneration in excess of the limits
laid down under Section 217 (2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules 1975. (Previous year -
Nil).
3. Segment Reporting
Based on the guiding principles given by the Accounting Standard - 17
"Segment Reporting" issued by the Institute of Chartered Accountants of
India, the companys business comprises of only one segment -
pharmaceuticals. Hence segment wise analysis is not given as the same
is not applicable.
4. Related parties disclosures
Disclosures as required by Accounting Standards 18 "Related Party
Disclosures" are given below:
(a) Related parties with whom transactions have taken place during the
year.
Associate Companies/Firms in which Directors or their relatives are
interested - NIL
Key management personnel and their relatives with whom company has
transacted
Name Designation Relatives
Rahul Nachane Managing Director -
Rajesh Lawande Executive Director N. G. Lawande
A. G. Lawande
5. Retirement benefits:
Short term benefits (Leave encashment)
The company has provided for accumulated compensated absences (leave
encashment) as per AS 15 (Revised 2005) Accounting for Retirement
Benefits. The provision is made on the basis of the total accumulated
leave of employees as on Balance Sheet date valued at the current
salary or wage rate. The current years provision is charged under
Salaries & Wages amounting to Rs. 21,68,515 (Previous year Rs.
11,77,130).
6. The company has not received any information from suppliers or
service providers, whether they are covered under the "Micro, Small and
Medium Enterprises (Development) Act 2006". Therefore it is not
possible to give the information required under the Act.
7. Value added tax (VAT) recoverable has been recorded on the basis
of claims submitted or in the process of being submitted, as per rules
of the relevant act and which in the opinion of the company are
recoverable.
8. Previous years figures have been recast, regrouped and rearranged
wherever necessary.
Mar 31, 2010
1. Contingent Liabilities
(i) Estimated amount of contracts remaining to be executed on capital
account and not paid for - Rs. 46.87 lakhs (Previous year Rs. 1.06
lakhs)
(ii) Letters of credit established for which goods are yet to be
received and provided for - Rs. 29.09 lakhs (Previous year - Rs. 30.85
lakhs).
(iii) Bank Guarantees outstanding - NIL (Previous year - Rs. NIL
lakhs).
2. There is no employee drawing remuneration in excess of the limits
laid down under Section 217 (2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules 1975. (Previous year -
Nil).
3. Segment Reporting
Based on the guiding principles given by the Accounting Standard - 17
"Segment Reporting" issued by the Institute of Chartered Accountants of
India, the companys business comprises of only one segment -
pharmaceuticals. Hence segment wise analysis is not given as the same
is not applicable.
4. Retirement benefits: Contributions towards gratuity are made to the
Employees Group Gratuity Scheme operated by the Life Insurance
Corporation of India. The basis of actuarial valuation is given below:
Actuarial assumptions
Mortality rate As per 1994-96 LIC Mortality tables
Withdrawal rate 1% to 3% depending on age
Salary escalation rate 4% for each year
Discounting rate LIC discounting rate (present 8%)
Gratuity benefits As per the Payment of Gratuity Act
1972 as amended from time to time.
Short term benefits (Leave encashment)
The company has provided for accumulated compensated absences (leave
encashment) as per AS 15 (Revised 2005) Accounting for Retirement
Benefits. The provision is made on the basis of the total accumulated
leave of employees as on Balance Sheet date valued at the current
salary or wage rate. The current years provision is charged under
Salaries & Wages amounting to Rs. 11,77,130 (Previous year Rs.
3,68,099).
5. The company has provided for losses arising from forward
contract/derivates in foreign exchange to the extent of Rs. NIL
(Previous year - Rs. 1,03,866).
6. The company has not received any information from suppliers or
service providers, whether they are covered under the "Micro, Small and
Medium Enterprises (Development) Act 2006". Therefore it is not
possible to give the information required under the Act.
7. Value added tax (VAT) recoverable has been recorded on the basis
of claims submitted or in the process of being submitted, as per rules
of the relevant act and which in the opinion of the company are
recoverable.
8. Additional information pursuant to provisions of Paragraph 3, 4C
and 4D of Part II of Schedule VI to the Companies Act, 1956.
9. Previous years figures have been recast, regrouped and rearranged
wherever necessary.
10. Balance Sheet Abstract and Companys General Business Profile:
II. Capital raised during the year (Amount in Rs. thousand)
Public Issue Nil Right Issue Nil
Bonus Issue Nil Private Placement Nil
V. Generic Names of Three Principal Products/Services of Company
Item Code No. Product description
(ITC Code)
292700 Diminazene Aceturate
300939 Diminazene Granules
300939 Pharmaceutical Formulations
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