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Accounting Policies of Panyam Cements & Mineral Industries Ltd. Company
Mar 31, 2024
1.2 Material accounting policies
A. Statement of compliance
The financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed under section 1 33 of the Companies Act 201 3, ("the Act") (to the extent notified), read with Rule 3 of Companies (Indian Accounting Standards) Rules 2015 as amended thereof and guidelines issued by the Securities Exchange Board of India
The Company has consistently applied accounting policies to all periods.
B. Basis of preparation and presentation of financial statements
The financial statements have been prepared in accordance with the Indian Generally Accepted Accounting Principles on accrual basis of accounting and the historical cost convention basis except for certain financial instruments that are measured at fair values at the end of each reporting period, as explained in the accounting policies below.
The financial statements are presented in Indian Rupees rounded to nearest lakhs with two decimals. Figures less than thousands are shown as Nil.
C. Current versus non-current classification
The Company presents assets and liabilities in the balance sheet based on current/ non-current classification. An asset is treated as current when it is:
* Expected to be realized or intended to be sold or consumed in normal operating cycle;
* Held primarily for the purpose of trading;
* Expected to be realized within twelve months after the reporting period; or
* Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.
A liability is current when:
* It is expected to be settled in normal operating cycle;
* It is held primarily for the purpose of trading;
* It is due to be settled within twelve months after the reporting period; or
* It does not have an unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.
All other assets and liabilities are classified as non-Current.
The Operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalent. The company has identified 12 months as its operating cycle.
D. Use of estimates and judgments
The preparation of the financial statements requires that the management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities as at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The recognition, measurement, classification or disclosure of an item or information in the financial statements is made relying on these 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. Actual results could differ from those estimates.
Any revision to accounting estimates is recognized prospectively in current and future periods. The critical accounting judgments and key estimates followed by the Company for preparation of financial statements are described in Note 1.2 (T).
E. Property, Plant and Equipment
Freehold Land is carried at historical cost. Other property, plant and equipment are stated at historical cost less accumulated depreciation and accumulated impairment loss, if any. Historical cost includes purchase price and any expenditure that is directly attributable for the bringing the asset into intended use. Advances paid towards the acquisition of property, plant and equipment outstanding at each Balance Sheet date is classified as capital advances under Other Non-Current Assets and the cost of the assets not put to use before such date are disclosed under ''Capital work-in-progress''. Subsequent expenditures relating to property, plant and equipment is capitalized only when it is probable that future economic benefits associated with these will flow to the Company and the cost of the item can be reliably measured. Repairs and maintenance costs are recognized in the Statement of Profit and Loss when incurred. The cost and related accumulated depreciation are derecognised from the financial statements upon sale or retirement of the asset and the resultant gains or losses are recognized in the Statement of Profit and Loss. Assets to be disposed off are reported at the lower of the carrying value or the fair value less cost to sell.
F. Depreciation and Amortization
The Company depreciates property, plant and equipment over their estimated useful lives as specified in Schedule II to the Companies act, 2013 under written down value method. Depreciation is recognized to write off the cost of assets (other than freehold land and properties under construction) less their residual values over their useful lives. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period and the effect of any changes in estimate accounted for on a prospective basis.
am obligation ioi restoration, icnaumiauun anu cnviiuMmcMiai costs auses when
environmental disturbance is caused by the development or ongoing extraction from mines. The company recognizes unavoidable obligations, legal or assumed, to restore the mines upon exhaustion of reserves or end of lease period whichever is earlier.
The obligation is estimated on the basis of cash flows expected to be incurred as per applicable mining regulations, which mainly includes cost of plantation, fencing, biodiversity management, sustainable development, rainwater harvesting, etc.
The estimate of expenses are escalated for inflation, and then discounted at a discount rate that reflects the current market assessment of the time value of money and the risks, such that the amount of provision reflects the present value of the expenditures expected to be required to settle the obligation.
The company records a corresponding asset associated with the liability for final reclamation and mine closure. The obligation and corresponding assets are recognised in the period in which the liability is incurred. The asset representing the total site restoration cost as per mine closure plan is recognised as a separate item in PPE and amortised over the balance project/mine life.
The value of the provision is progressively increased over time as the effect of discounting unwinds creating an expense recognised as finance cost.
Subsequent adjustments to the obligation for changes in the estimated cash flows/ disbursement period/ discount rate are made against PPE and depreciation/ amortisation is modified prospectively.
Leases:
Leases The Company has adopted Ind AS 116 "Leases" with the date of initial application. The Company''s lease asset classes primarily consist of leases of buildings.
The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: (1) the contract involves the use of an identified asset, (2) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (3) the Company has the right to direct the use of the asset. Company as a lessee the Company applies a single recognition and measurement approach for all leases, except for short term leases and leases of low-value assets. The Company recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.
a) Right-of-use ("ROU") assets The Company recognizes right-of-use assets at the commencement date, except short term leases and low value leases. The Company''s lease asset classes primarily consist of leases for Buildings. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are amortised on a straight-line basis over the lease term. They are subsequently measured at cost less accumulated depreciation and impairment losses if any.
For the purpose of impairment testing, the recoverable amount (i.e., the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis, unless the asset does not generate cash inflows that are largely independent of those from other assets.
b) Lease liabilities The Company recognizes lease liability at the commencement date measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercised price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the initial application date, because the interest rate implicit in the lease is not readily determinable. In respect of subsequent leases, the incremental borrowing rates are determined periodically, to calculate the present value of lease payments. After the lease commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.
c) Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities include these options when it is reasonably certain that they will be exercised. Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.
d) Short term leases and leases of low-value assets
The Company applies the short term lease recognition exemption to its short term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to such leases that are considered to be of low value. Lease payments on short term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. Company as a lessor Leases in which the Company does not transfer substantially all the risks and rewards
I. Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost.
Internally generated intangibles, excluding capitalized software development costs,
are not capitalized and the related expenditure is reflected in the statement of profit
and loss in the period in which the expenditure is incurred.
The useful lives of intangible assets of the Company are assessed as finite.
Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the statement of profit and loss unless such expenditure forms part of carrying value of another asset.
Intangible assets are amortize over the finite life of the asset under straight line method.
Gains or losses arising from de-recognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit or loss when the asset is derecognized.
J. Borrowing costs:
Borrowing cost includes interest computed using Effective Interest Rate method, amortization of ancillary costs incurred and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.
Borrowing costs that are directly attributable to the acquisition, construction, production of a qualifying asset are capitalized as part of the cost of that asset which takes a substantial period of time to get ready for its intended use. The Company determines the amount of borrowing cost eligible for capitalization by applying capitalization rate to the expenditure incurred on such cost. The capitalization rate determined based on the weighted average rate of borrowing cost applicable to the borrowings of the Company which are outstanding during the period, other than borrowings made specifically towards purchase of the qualifying asset. The amount of borrowing cost that the Company capitalizes during the period does not exceed the amount of borrowing cost incurred during that period. All other borrowing costs are expensed in the period in which they occur.
K. Impairment of non-financial assets
The carrying values of the non-financial assets are reviewed at each Balance Sheet date to determine whether there is any indication of impairment of the carrying amount of the Company''s assets. If any indication exists, an asset''s recoverable amount is estimated. For the purpose of impairment testing, the recoverable amount (i.e., the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis, unless the asset does not generate cash inflows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the cash generating unit to which the asset belongs. If such assets are considered to be impaired, the impairment is recognized in the Statement of Profit
and Loss and is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in the Statement of Profit and Loss if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization or depreciation) had no impairment loss been recognized for the asset in prior years. Value in use is arrived at by discounting the future cash flows to their present value based on an appropriate discount factor.
L. 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 assets
Initial recognition and measurement
All financial assets are recognized initially at fair value except for trade receivables which are directly measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and liabilities that are not at fair value through profit or loss, are added to the fair value on initial recognition.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two
categories:
* Financial assets at amortized cost.
* Fair value through other comprehensive income.
* Fair value through Profit and Loss
Financial assets carried at amortised cost:
A financial asset is subsequently measured at amortised cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets at fair value through other comprehensive income:
A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Company has made an irrevocable election for its investments which are classified as equity instruments to present the subsequent changes in fair value in other comprehensive income based on its business model
Financial assets at fair value through profit and loss:
A financial asset which is not classified in any of the above categories are subsequently fair valued through profit and loss.
Derecognition
The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. On de-recognition of a financial asset in its entirety, the difference between the asset''s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognised in other comprehensive income and accumulated in equity is recognised in profit and loss if such gain or loss would have otherwise been recognised in profit and loss on disposal of that financial asset.
Impairment of Financial assets
The Company recognizes loss allowances using the Expected Credit Loss (ECL) model for the financial assets which are not fair valued through profit or loss.
The Company follows "Simplified approach" for recognition of impairment loss allowance on trade receivables. The application of simplified approach does not require the Company to track changes in credit risk. Rather, it recognizes impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition. For all other financial assets, expected credit losses are measured at an amount equal to the 12-monthECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL. The amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized is recognized as an impairment gain or loss in profit or loss.
As a practical expedient, the Company uses a provision matrix to determine impairment loss allowance on portfolio of its trade receivables. The provision matrix is based on its historically observed default rates over the expected life of the trade receivables and is adjusted for forward-looking estimates. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analyzed.
ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/ expense in the statement of profit and loss (P&L). The Company has not recognized ECL considering the security deposits received from debtors, in case of default from debtors the security deposits can be adjusted to the receivables.
Financial liabilities
Initial recognition and measurement
All financial liabilities are recognized 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.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Loans and borrowings
This is the category most relevant to the Company. After initial recognition, interestbearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are de-recognized as well as through the EIR amortization process.
Amortized 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 amortization is included as finance costs in the statement of profit and loss. This category generally applies to borrowings.
Derecognized
A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. 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 recognized in the statement of profit or loss.
M. Inventories
Inventories are valued at the lower of cost and net real izable value after providing for obsolescence. Costs of inventories are determined on weighted average basis. Net realizable value represents the estimated selling price for inventories less all estimated costs of completion and Costs necessary to make the sale. Cost of inventories comprises cost of purchase, cost of conversion and other costs including manufacturing overheads incurred in bringing them to their intended location and condition. Work-in-progress and finished goods include appropriate proportion of overheads. Raw Materials are always valued at Cost unless the Market value of finished products in which those raw materials are used is less than cost then Raw materials shall be valued at Replacement cost.
N. Cash and Cash equivalents
Cash and cash equivalent in the balance sheet comprise cash at banks, Cash on hand and short-term deposits with an initial maturity of three months or less, which are subject to an insignificant risk of changes in value.
O. Income Taxes
Income tax expense represents the sum of the current tax and deferred tax.
⢠Current Tax:
Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the applicable tax rates as per the provisions of the Income tax Act, 1961 and other applicable tax laws Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives future economic benefits in the form of adjustment to future tax liability, is recognized as an asset viz. MAT Credit Entitlement, to the extent there is convincing evidence that the Company will pay normal Income tax and it is highly probable that future economic benefits associated with it will flow to the Company during
the specified period. The Company reviews the "MAT Credit Entitlement" at each Balance Sheet date and writes down the carrying amount of the same to the extent there is no longer convincing evidence to the effect that the Company will pay normal Income tax during the specified period. Current tax assets and liabilities are offset, when the Company has legally enforceable right to set off the recognized amounts and intends to settle the asset and the liability on a net basis.
⢠Deferred tax:
Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences.
Deferred tax assets are generally recognized for all deductible temporary differences and unused tax losses to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from the initial recognition of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
⢠Current and Deferred Tax for the Year:
Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in Other Comprehensive Income or directly in equity, in which case, the current and deferred tax are also recognized in Other Comprehensive Income or directly in equity respectively.
Mar 31, 2023
Note 1: Corporate information and significant accounting policies
1.1.1 Corporate information
Panyam Cements & Minerals Industries Limited ("the company") a public limited company incorporated in the year 1955 and domiciled in India and has its registered office at 10/1 56, Cement Nagar, Bethamcherla Road, Bethamcherla, Nandyal district, Andhra Pradesh- 518206. The securities of the company were listed in Bombay Stock Exchange of India Limited. The Company is engaged in the business of manufacture and sale of cement and cementitious articles. The financial statements for the year ended March 31,2023, were approved by the Board of Directors on 27th May, 2023.
1.1.2 The company management decisions were made and affairs were held by the Implementation and Monitoring Committee (IMC) of the Company from beginning of the financial year up to 1 3th January, 2023, post which, they have discharged their duties and handed-over the affairs of the Company to the newly constituted board of directors of the Company.
1.1.3 Note on revised accounts:
The financial statements for the year ended March 31,2023, were approved by the Board of Directors on 27th May 2023. Later, it was noticed that the approved financials have miscalculated depreciation amounting to Rs. 550 lakhs which resulted in over statement of loss for the quarter ended and for the year ended March 31,2023 by Rs. 550 lakhs to rectify this miscalculation the board revised the financial statements and approved the same in its meeting held on 04th September, 2023.
|
S. NO. |
Particulars |
Amount in Lakhs |
|
1 |
Profit/ (Loss) as per initial approved financials |
(6,535) |
|
2 |
Changes in Depreciations due to miscalculation |
550 |
|
3 |
Profit/ (Loss) as per revised financials |
(5,985) |
1.2 Significant accounting policies
A. Statement of compliance
The financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed under section 1 33 of the Companies Act 201 3, ("the Act") (to the extent notified) , read with Rule 3 of Companies (Indian Accounting Standards) Rules 2015 as amended thereof and guidelines issued by the Securities Exchange Board of India
Accounting policies are consistently applied except were a newly inserted accounting standard is initially adopted or a revision to an existing accounting standard required a change in the accounting policy hitherto in use.
B. Basis of preparation and presentation of financial statements
The financial statements have been prepared in accordance with the Indian Generally Accepted Accounting Principles on accrual basis of accounting and the historical cost convention basis except for certain financial instruments that are measured at fair values at the end of each reporting period, as explained in the accounting policies below.
The financial statements are presented in Indian Rupees rounded to nearest lakhs with two decimals. Figures less than thousands are shown as Nil.
C. Current versus non-current classification
The Company presents assets and liabilities in the balance sheet based on current/ non-current classification. An asset is treated as current when it is:
* Expected to be realized or intended to be sold or consumed in normal operating
cycle
* Held primarily for the purpose of trading
* Expected to be realized within twelve months after the reporting period, or
* Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.
A liability is current when:
* It is expected to be settled in normal operating cycle
* It is held primarily for the purpose of trading
* It is due to be settled within twelve months after the reporting period, or
* It does not have an unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.
* All other assets and liabilities are classified as non-Current.
The Operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalent. The company has identified 12months as its operating cycle.
D. Use of estimates and judgments
The preparation of the financial statements requires that the management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities as at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The recognition, measurement, classification or disclosure of an item or information in the financial statements is made relying on these 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. Actual results could differ from those estimates.
Any revision to accounting estimates is recognized prospectively in current and future periods. The critical accounting judgments and key estimates followed by the Company for preparation of financial statements are described in Note 1.2 (V).
E. Property, Plant and Equipment
Freehold Land is carried at historical cost. Other property, plant and equipment are stated at historical cost less accumulated depreciation and accumulated impairment loss if any,. Historical cost includes purchase price and expenditure that is directly attributable for the bringing the asset into intended use. Advances paid towards the acquisition of property, plant and equipment outstanding at each Balance Sheet date is classified as capital advances under Other Non-Current Assets and the cost of the assets not put to use before such date are disclosed under ''Capital work-in-progress''. Subsequent expenditures relating to property, plant and equipment is capitalized only when it is probable that future economic benefits associated with these will flow to the Company and the cost of the item can be reliably measured. Repairs and maintenance costs are recognized in the Statement of Profit and Loss when incurred. The cost and related accumulated depreciation are derecognised from the financial statements upon sale or retirement of the asset and the resultant gains or losses are recognized in the Statement of Profit and Loss. Assets to be disposed off are reported at the lower of the carrying value or the fair value less cost to sell.
F. Depreciation and Amortization
The Company depreciates property, plant and equipment over their estimated useful lives as specified in Schedule II to the Companies act, 2013 using the in respect of plant and machinery and buildings and in respect of other assets on written down value method. Depreciation is recognized so as to write off the cost of assets (other than freehold land and properties under construction) less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period and with the effect of any changes in estimate accounted for on a prospective basis.
G. Impairment of Property, plant and equipment
Property, plant and equipment are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e., the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the cash generating unit to which the asset belongs. If such assets are considered to be impaired, the impairment is recognized in the Statement of Profit and Loss and is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in the Statement of Profit and Loss if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization or depreciation) had no impairment loss been recognized for the asset in prior years.
H. Mine closure, site restoration and decommissioning obligations:
An obligation for restoration, rehabilitation and environmental costs arises when environmental disturbance is caused by the development or ongoing extraction from mines. The company recognises unavoidable obligations, legal or assumed, to restore
the mines upon exhaustion of reserves/end of lease period whichever is earlier.
The obligation is estimated on the basis of cash flows expected to be incurred as per applicable mining regulations, which mainly includes cost of plantation, fencing, biodiversity management, sustainable development, rainwater harvesting, etc.
The estimate of expenses are escalated for inflation, and then discounted at a discount rate that reflects the current market assessment of the time value of money and the risks, such that the amount of provision reflects the present value of the expenditures expected to be required to be settle the obligation.
The company records a corresponding asset associated with the liability for final reclamation and mine closure. The obligation and corresponding assets are recognised in the period in which the liability is incurred. The asset representing the total site restoration cost as per mine closure plan is recognised as a separate item in PPE and amortised over the balance project/mine life.
The value of the provision is progressively increased over time as the effect of discounting unwinds creating an expense recognised as financial expenses.
Subsequent adjustments to the obligation for changes in the estimated cashflows/ disbursement period/ discount rate are made against fixed assets and depreciation/ amortisation is modified prospectively.
I. Right of use asset:
Leases The Company has adopted Ind AS 116 "Leases" with the date of initial application being April 01,2022. Ind AS 116 replaces Ind AS 17 - Leases & related interpretation & guidance. The Company''s lease asset classes primarily consist of leases of building.
The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: (1) the contract involves the use of an identified asset, (2) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (3) the Company has the right to direct the use of the asset.
Company as a lessee The Company applies a single recognition and measurement approach for all leases, except for short term leases and leases of low-value assets. The Company recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.
a) Right-of-use ("ROU") assets The Company recognizes right-of-use assets at the commencement date, except short term leases and low value leases. The Company''s lease asset classes primarily consist of leases for Buildings. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are amortised on a straight-line basis over the lease term. They are subsequently measured at cost less accumulated depreciation and impairment losses if any. For the purpose of impairment testing, the recoverable amount (i.e., the higher
of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets.
b) Lease liabilities The Company recognizes lease liability at the commencement date measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the initial application date i.e., April 01, 2022, because the interest rate implicit in the lease is not readily determinable. In respect of subsequent leases, the incremental borrowing rates are determined periodically, to calculate the present value of lease payments. After the lease commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.
c) Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities include these options when it is reasonably certain that they will be exercised. Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.
d) Short term leases and leases of low-value assets
The Company applies the short term lease recognition exemption to its short term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to such leases that are considered to be of low value. Lease payments on short term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. Company as a lessor Leases in which the Company does not transfer substantially all the risks and rewards
J. Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost.
Internally generated intangibles, excluding capitalized software development costs,
are not capitalized and the related expenditure is reflected in the statement of profit
and loss in the period in which the expenditure is incurred.
The useful lives of intangible assets of the Company are assessed as finite.
Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the statement of profit and loss unless such expenditure forms part of carrying value of another asset.
Intangible assets are amortised over the finite life of the asset under straight line method.
Gains or losses arising from de-recognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit or loss when the asset is derecognized.
The useful life of the Intangible assets is estimated as under:
Asset type Useful life
Com puter Software 10 Years
K. Borrowing costs:
Borrowing cost includes interest computed using Effective Interest Rate method, amortization of ancillary costs incurred and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.
Borrowing costs that are directly attributable to the acquisition, construction, production of a qualifying asset are capitalized as part of the cost of that asset which takes a substantial period of time to get ready for its intended use. The Company determines the amount of borrowing cost eligible for capitalization by applying capitalization rate to the expenditure incurred on such cost. The capitalization rate determined based on the weighted average rate of borrowing cost applicable to the borrowings of the Company which are outstanding during the period, other than borrowings made specifically towards purchase of the qualifying asset. The amount of borrowing cost that the Company capitalizes during the period does not exceed the amount of borrowing cost incurred during that period. All other borrowing costs are expensed in the period in which they occur.
L. Impairment of non-financial assets
The carrying values of the non-financial assets are reviewed at each Balance Sheet date to determine whether there is any indication of impairment of the carrying amount of the Company''s assets. If any indication exists, an asset''s recoverable amount is estimated. An impairment loss is recognized whenever the carrying amount of the asset exceeds the recoverable amount. The recoverable amount is the greater of the net selling price and their value in use. Value in use is arrived at by discounting the future cash flows to their present value based on an appropriate discount factor.
When there is indication that an impairment loss recognized for an asset in earlier accounting periods no longer exists or may have decreased such reversal of impairment loss is recognized in the statement of profit and loss.
M. 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 assets
Initial recognition and measurement
All financial assets are recognized initially at fair value except for trade receivables which are directly measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and liabilities that are not at fair value through profit or loss, are added to the fair value on initial recognition.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two
categories:
* Financial assets at amortized cost
* Equity instruments at fair value through other comprehensive income (FVTOCI) Financial assets at amortized cost
A ''Financial asset'' is measured at the amortized cost if both of 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. After initial measurement, such financial assets are subsequently measured at amortized cost using the effective interest rate (EIR) method. Amortized 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 amortization is included in finance income in the profit or loss. The losses arising from impairment are recognized in the profit or loss. This category generally applies to trade receivables.
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 recognized by an acquirer in a business combination to which Ind AS103 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.
If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are recognized in the OCI. There is no recycling of the amounts from OCI to P&L, even on sale of investment. However, the Company may transfer the cumulative gain or loss within equity.
Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the P&L
Derecognition
A financial asset (where applicable, a part of a financial asset) is primarily derecognized (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 delay to a third party under a ''pass-through'' arrangement and either
(a) The Company has transferred substantially all the risks and reward s 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.
Impairment of Financial assets
The Company recognizes loss allowances using the Expected Credit Loss (ECL) model for the financial assets which are not fair valued through profit or loss.
The Company follows "Simplified approach" for recognition of impairment loss allowance on trade receivables. The application of simplified approach does not require the Company to track changes in credit risk. Rather, it recognizes impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition. For all other financial assets, expected credit losses are measured at an amount equal to the 12-monthECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL. The amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized is recognized as an impairment gain or loss in profit or loss.
As a practical expedient, the Company uses a provision matrix to determine impairment loss allowance on portfolio of its trade receivables. The provision matrix is based on its historically observed default rates over the expected life of the trade receivables and is adjusted for forward-looking estimates. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analyzed.
ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/ expense in the statement of profit and loss (P&L). This amount is reflected under the head ''other expenses'' in the P&L.
Initial recognition and measurement
All financial liabilities are recognized 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.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Loans and borrowings
This is the category most relevant to the Company. After initial recognition, interestbearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are de-recognized as well as through the EIR amortization process.
Amortized 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 amortization is included as finance costs in the statement of profit and loss. This category generally applies to borrowings.
Derecognized
A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. 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 recognized in the statement of profit or loss.
N. Investment in associates
An associate is an entity over which the Company has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.
Such investments in which the Company has no significant influence are accounted under Ind AS 109 at fair value and 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.
If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are recognized in the OCI. There is no recycling of the amounts from OCI to P&L, even on sale of investment. However, the Company may transfer the cumulative gain or loss within equity.
O. Inventories
Inventories are valued at the lower of cost and net realizable value after providing for obsolescence. Costs of inventories are determined on weighted average basis. Net realizable value represents the estimated selling price for inventories less all estimated costs of completion and Costs necessary to make the sale. Cost of inventories comprises cost of purchase, cost of conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and condition.
Cash and cash equivalent in the balance sheet comprise cash at banks, Cash on hand and short-term deposits with an initial maturity of three months or less, which are subject to an insignificant risk of changes in value.
Q. Income Taxes
Income tax expense represents the sum of the tax currently payable and deferred tax.
Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the applicable tax rates as per the provisions of the Income tax Act, 1961 and other applicable tax laws Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives future economic benefits in the form of adjustment to future tax liability, is recognized as an asset viz. MAT Credit Entitlement, to the extent there is convincing evidence that the Company will pay normal Income tax and it is highly probable that future economic benefits associated with it will flow to the Company during the specified period. The Company reviews the "MAT Credit Entitlement" at each Balance Sheet date and writes down the carrying amount of the same to the extent there is no longer convincing evidence to the effect that the Company will pay normal Income tax during the specified period. Current tax assets and liabilities are offset, when the Company has legally enforceable right to set off the recognized amounts and intends to settle the asset and the liability on a net basis.
⢠Deferred tax:
Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences.
Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognized if the temporary difference arises from the initial recognition of goodwill.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
⢠Current and Deferred Tax for the Year:
Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in Other Comprehensive Income or directly in equity, in which case, the current and deferred tax are also recognized in Other Comprehensive Income or directly in equity respectively.
R. Provisions, Contingent liabilities and Commitments
Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
When the Company expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement.
If the effect of the time value of money is material, provisions are discounted using a current pretax 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 recognized as a finance cost.
Contingent liability:
Contingent liability is a possible obligation that may arise from past events and its existence will be confirmed only by occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the same are not recognized but disclosed in the financial statements.
Contingent asset
Wherever there is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. A contingent asset is disclosed when the inflow of economic benefit is probable.
S. Revenue Recognition
Revenue from sale of goods is recognized when control of the products being sold is transferred to customer and when there are no unfulfilled obligations.
The Performance Obligations in our contracts are fulfilled at the time of dispatch, delivery or upon formal customer acceptance depending on customer terms.
Revenue is measured at fair value of the consideration received or receivable, after deduction of any trade discounts, volume rebates and any taxes or duties collected on behalf of the government such as goods and services tax, etc.
The Company provides discounts to customers on the achievement of the performance criteria based on agreed terms and conditions. There is no significant financing component with regard to sale of products for the Company as per Ind AS 115. The Company do not have any non-cash consideration.
Revenue is only recognized to the extent that it is highly probable a significant reversal will not occur.
Our customers have the contractual right to return goods only when authorized by the Company.
Income from services rendered is recognized based on agreements/arrangements with the customers as the service is performed and there are no unfulfilled obligations.
Interest income is recognized using the effective interest rate (EIR) method.
Dividend income on investments is recognized when the right to receive dividend is established.
Other Operating Income and Other Income:
Revenue with respect to Other Operating Income and Other Income including incentives are recognized when a reasonable certainty as to its realization exists.
T. Employee Benefits
Short term Employee Benefits:
All employee benefits payable wholly within twelve months of rendering the services are classified as short-term employee benefits. Benefits such as salaries, wages etc. and the expected cost of Bonus, Ex-gratia, Leave Travel Allowance, Reimbursement of Medical Expenses, Personal Accident Policy, and Deposit Linked Insurance Policy are recognized in the period in which the employee renders the related services.
Post-Employment Benefits:
(i) Defined Contribution Plan:
The Company''s contribution paid / payable during the year to Provident Fund are considered as defined contribution plans.
The Contribution paid / payable under these plans are recognized in the Statement of Profit and Loss during the period in which the employee renders the services.
(ii) Defined Benefit Plans:
Gratuity/superannuation and leave encashment benefits payable on retirement/ resignation of employees is recognized on retirement/payment basis.
U. Earnings per share
Basic earnings per share are computed by dividing the profit or loss attributable to equity shareholders of the Company by the weighted average number of equities shares outstanding during the period. Diluted EPS is calculated after considering the potential equity shares to be issued with respect to Hon''ble NCLT order.
V. Estimates and assumptions
The preparation of the Company''s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.
Revenue recognition:
The Company applies judgement to determine whether each product or services promised to a customer are capable of being distinct, and are distinct in the context of the contract, if not, the promised product or services are combined and accounted as a single performance obligation. The Company allocates the arrangement consideration to separately identifiable performance obligation deliverables based on their relative stand-alone selling price. Because the financial reporting of these contracts depends on estimates that are assessed continually during the term of these contracts, recognized revenue and profit are subject to revisions as the contract progresses to completion.
Useful lives and residual value of property, plant and equipment:
The Company reviews the useful life and residual value of property, plant and equipment at the end of each reporting period. This reassessment may result in change in depreciation expense in future periods.
Allowance for expected credit losses:
Note 1.2(M) describes the use of practical expedient by computing the expected credit loss allowance for trade receivables based on provision matrix. The expected credit allowance is based on the aging of the days receivables which are past due, and the rates derived based on past history of defaults in the provision matrix.
Fair value of investments:
The Company has invested in the equity instruments of various companies. However, the percentage of shareholding of the Company in such investee companies is very low and hence, it has not been provided with future projections including projected profit and loss account by those investee companies. Hence, the valuation exercise carried out by the Company with the help of available historical annual reports and other information in the public domain.
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 judgement 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.
Contingent liability judgment:
Note 28 describes claims against the Company not acknowledged as debt. Contingencies may arise from the ordinary course of business in relation to claims
against the Company, including legal, contractor and other claims. By their nature, contingencies will be resolved only when one or more uncertain future events occur or fail to occur. The assessment of the existence, and potential quantum of contingencies inherently involve the exercise of significant judgment and the use of estimates regarding the outcome of future events.
Mar 31, 2016
Significant Accounting Policies and Notes to Accounts for the year ended 31st March, 2016 25.1 SIGNIFICANT ACCOUNTING POLICIES:
A. Basis of Preparation and Presentation of Financial Statements:
The financial statements are prepared under the historical cost convention as a going concern and in accordance with Accounting principles generally accepted in India and the provisions of the Companies Act, 2013. The Company follows the mercantile method of accounting.
B. Inventories:
Inventories of Finished goods and process stocks are valued at lower of cost or net realizable value. Inventories of Raw materials and Stores & Spares are valued at weighted average cost. Scrap and disposables are valued at net realizable value. Cost of Inventories consist of purchase price including duties and taxes (other than CENVAT credit and input tax credit recoverable under A.P. VAT Act), cost of conversion and other costs incurred in bringing the inventories to their present location and condition. Value of finished goods includes central excise duty as cost of production in accordance with Accounting Standard (AS-2).
C. Depreciation:
Depreciation on Fixed Assets has been provided from 01.04.2014 on straight line method in respect of plant and machinery situated at Cement Division and in respect of all other assets on Written down Value method as per section 123 and the useful lives of assets as specified in Schedule II to the Companies Act, 2013. Accordingly the useful lives of fixed assets adopted as specified in Schedule II to the Companies Act, 2013,, for all the fixed assets, except, for Buildings-Factory (i.e. 28 years adopted as against 30 years prescribed) Buildings Residential & Non Factory (i.e. 58 years adopted as against 60 years prescribed) Buildings-Others(temporary) (i.e. 2 years adopted as against 3 years prescribed) continuous process plants (i.e. 18 years adopted as against 25 years prescribed) and Thermal Power Plant (i.e. 20 years adopted as against 40 years prescribed) Plant and Machinery-others (i.e. 18 years adopted as against 40 years prescribed) Ropeways (i.e. 9 years adopted as against 15 years prescribed) based on internal assessment and technical evaluation report.
D. Retirement Benefits to Employees:
Gratuity /superannuation and leave encashment benefits payable on retirement / resignation of employees provided on retirement/ payment.
E. Revenue Recognition:
(i) Sales revenue is recognized on supply of goods. Gross Turnover includes VAT, Excise Duty and Education Cess in respect of goods sold. Income and Expenditure are recognized on accrual basis except for transactions below Rs. 10,000/- per transaction and are accounted in the year of payment / receipt.
(ii) Dividend on investments is recognized when the right to receive is established.
(iii) Interest on delay payments to creditors / by debtors accounted on the basis of debit notes / Credit notes raised / received from the parties.
(iv) Insurance claims are accounted on the basis of claims lodged.
(v) Interest/Hire Charges on Hire Purchase Loans taken into account on due and payable basis.
F. Investments:
Long term investments are stated at cost of acquisition and if there is permanent diminution in the value of investments, the same is considered for valuation of investments. Current investments are valued at lower of cost or fair market value.
G. Fixed Assets and Capital works-in-progress:
Fixed Assets are stated at cost (net of CENVAT credit and including related financial costs till commencement of commercial production) less accumulated depreciation. Capital work-in progress includes indirect cost and pre-operative expenses related or attributable to the capital works and trial run expenses incurred up to commencement of commercial production are added to the cost of fixed assets. Advance paid towards the acquisition of Fixed Assets outstanding at the Balance Sheet Date are disclosed as "Capital Advancesâ under long term loans and advances as per Schedule III to the Companies Act, 2013.
H. Borrowing Costs:
Interest and other costs incurred in connection with the borrowing of funds that are directly attributable to the acquisition, construction or erection of a qualifying asset, are capitalized as cost of such asset and the other borrowing costs are expensed in the year in which incurred.
I. Segment Reporting:
The business activity and geographical operations of the company is in one segment of cement product and segment reporting is not applicable.
J. Lease:
Lease payments in respect of operational leases are recognized as an expenditure on due and payable basis as per the lease agreements and the future lease payments under non cancelable operational leases for each period are disclosed in notes to accounts.
K. Accounting for taxes on income:
Current tax and deferred tax liability, if any, for the year is recognized for tax payable on the taxable income and for timing differences, subject to consideration of prudence in respect of deferred tax asset and the same is treated as tax expense in determination of net profit for the year.
L. Impairment of Assets:
The company determines any indication of impairment in carrying value of assets and the impairment loss is recognized wherever the carrying amount of the assets exceeds its recoverable amount.
M. PROVISIONS AND CONTINGENT LIABILITIES/ASSETS:
Contingent liabilities are not recognized in Accounts but are disclosed in the notes to accounts. Contingent assets are neither recognized nor disclosed in financial statements. Provisions involving substantial degree of estimation in measurement are recognized when there is present obligation and it is probable that there will be out flow of resources.
Mar 31, 2015
A. Basis of Preparation and Presentation of Financial Statements:
The financial statements are prepared under the historical cost
convention as a going concern and in accordance with Accounting
principles generally accepted in India and the provisions of The
Companies Act, 2013. The Company follows the mercantile method of
accounting.
B. Inventories:
Inventories of Finished goods and process stocks are valued at lower of
cost or net realizable value. Inventories of Raw materials and Stores &
Spares are valued at waited average cost. Scrap and disposables are
valued at net realizable value. Cost of Inventories consist of purchase
price including duties and taxes ( other than CENVAT credit and input
tax credit recoverable under A.P. VAT Act), cost of conversion and
other costs incurred in bringing the inventories to their present
location and condition. Value of finished goods includes central excise
duty as cost of production in accordance with Accounting Standard
(AS-2).
C. Depreciation:
Depreciation is provided on straight line method in respect of plant
and machinery situated at Cement Division and all other assets have
been depreciated on Written down Value method as per the rates
prescribed in Schedule XIV to the Companies Act, 1956 up to 31.03.2014
and from 01.04.2014 depreciation has been provided on the same method
on the basis of useful lives of the assets in accordance with the
provisions of Schedule II to the Companies Act, 2013 Change in
Accounting Policy of Depreciation on Fixed Assets:
Consequent to the provisions of New Companies Act, 2013, there is a
change in accounting policy of Depreciation. As per Section 123 and
Schedule II of Companies Act, 2013 depreciation is to be provided based
on useful lives of assets as specified in the Schedule II. Accordingly,
we have adopted the useful lives of fixed assets as prescribed in
Schedule II to the Companies Act, 2013, for all the fixed assets,
except, for Buildings-Factory (i.e. 28 years adopted as against 30
years prescribed) Buildings-Residential & Non Factory (i.e. 58 years
adopted as against 60 years prescribed) Buildings-Others(temporary)
(i.e. 2 years adopted as against 3 years prescribed) continuous process
plants (i.e.18 years adopted as against 25 years prescribed) and
Thermal Power Plant (i.e. 20 years adopted as against 40 years
prescribed) Plant and Machinery-others (i.e.18 years adopted as against
40 years prescribed) Ropeways (i.e. 9 years adopted as against 15 years
prescribed). For these class of assets, based on internal assessment
and past experience of the company and the technical evaluation report,
the Management believes that the previously assessed useful lives as
given above best represent the period expected to use these assets.
Though the useful lives for these assets is different, but it is less
than the useful lives prescribed under Part C of Schedule II to the
Companies Act, 2013.
On account of change in accounting policy of depreciation, it will have
impact on financial results of this year and future years. Therefore,
as a result of change in depreciation policy stated above based on
useful lives of assets, the depreciation charged during the year
amounts to Rs.592.50 lakhs as against the depreciation of Rs. 663.60
lakhs as per the earlier method i.e. at the rates as prescribed under
Schedule XIV to the Companies Act, 1956.
D. Retirement Benefits to Employees:
Gratuity /superannuation and leave encashment benefits payable on
retirement / resignation of employees provided on retirement/ payment.
E. Revenue Recognition:
(i) Sales revenue is recognized on supply of goods. Gross Turnover
includes VAT, Excise Duty and Education Cess in respect of goods sold.
Income and Expenditure are recognized on accrual basis except for
transactions below Rs.10,000/- per transaction and are accounted in the
year of payment / receipt.
(ii) Dividend on investments is recognized when the right to receive is
established.
(iii) Interest on delay payments to creditors / by debtors accounted on
the basis of debit notes Credit notes raised / received from the
parties.
(iv) Insurance claims are accounted on the basis of claims lodged.
(v) Interest/Hire Charges on Hire Purchase Loans taken into account on
due and payable basis.
F. Investments:
Long term investments are stated at cost of acquisition and if there is
permanent diminution in the value of investments, the same is
considered for valuation of investments. Current investments are valued
at lower of cost or fair market value.
G. Fixed Assets and Capital works-in-progress
Fixed Assets are stated at cost (net of CENVAT credit and including
related financial costs till commencement of commercial production)
less accumulated depreciation. Capital work-in progress includes
indirect cost and pre-operative expenses related or attributable to the
capital works and trial run expenses incurred up to commencement of
commercial production are added to the cost of fixed assets. Advance
paid towards the acquisition of Fixed Assets outstanding at the Balance
Sheet Date are disclosed as "Capital Advances" under long term loans
and advances as per revised Schedule II to the Companies Act, 2013.
H. Borrowing Costs:
Interest and other costs incurred in connection with the borrowing of
funds that are directly attributable to the acquisition, construction
or erection of a qualifying asset, are capitalised as cost of such
asset and the other borrowing costs are expensed in the year in which
incurred.
I. Segment Reporting:
The business activity and geographical operations of the company is in
one segment of cement product and segment reporting is not applicable.
J. Lease:
Lease payments in respect of operational leases are recognized as an
expenditure on due and payable basis as per the lease agreements and
the future lease payments under non cancelable operational leases for
each period are disclosed in notes to accounts.
K. Accounting for taxes on income:
Current tax and deferred tax liability, if any, for the year is
recognized for tax payable on the taxable income and for timing
differences, subject to consideration of prudence in respect of
deferred tax asset and the same is treated as tax expense in
determination of net profit for the year.
L. Impairment of Assets:
The company determines any indication of impairment in carrying value
of assets and the impairment loss is recognized wherever the carrying
amount of the assets exceeds its recoverable amount.
M. PROVISIONS AND CONTINGENT LIABILITIES/ASSETS:
Contingent liabilities are not recognized in Accounts but are disclosed
in the notes to accounts. Contingent assets are neither recognized nor
disclosed in financial statements. Provisions involving substantial
degree of estimation in measurement are recognized when there is
present obligation and it is probable that there will be out flow of
resources.
Mar 31, 2014
A. Basis of Preparation and Presentation of Financial Statements:
The financial statements are prepared under the historical cost
convention as a going concern and in accordance with Accounting
principles generally accepted in India and comply with the Accounting
Standards notified under the Companies (Accounting Standards) Rules,
2006 and relevant provisions of The Companies Act, 1956. The Company
follows the mercantile method of accounting.
B. Inventories:
Inventories of Finished goods and process stocks are valued at lower of
cost or net realizable market value. Inventories of Raw materials and
Stores & Spares are valued at waited average cost. Scrap and
disposables are valued at net realizable value. Cost of Inventories
consist of purchase price including duties and taxes ( other than
CENVAT credit and input tax credit recoverable under A.P. VAT Act),
cost of conversion and other costs incurred in bringing the inventories
to their present location and condition. Value of finished goods
includes central excise duty as cost of production in accordance with
Accounting Standard (AS-2).
C. Depreciation:
Depreciation is provided on straight line method in respect of some
plant and machinery situated at Cement Division and all other assets
have been depreciated on Written down Value method. Depreciation has
been calculated at the rates specified in Schedule XIV to the Companies
Act, 1956.
D. Retirement Benefits to Employees:
Gratuity /superannuation and leave encashment benefits payable on
retirement / resignation of employees provided on retirement/ payment.
E. Revenue Recognition:
(i) Sales revenue is recognized on supply of goods. Gross Turnover
includes VAT, Excise Duty and Education Cess in respect of goods sold.
Income and Expenditure are recognized on accrual basis except for
transactions below Rs.10,000/- per transaction and are accounted in the
year of payment / receipt.
(ii) Dividend on investments is recognized when the right to receive is
established.
(iii) Interest on delay payments to creditors / by debtors accounted on
the basis of debit notes/ credit notes raised / received from the
parties.
(iv) Insurance claims are accounted on the basis of claims lodged.
(v) Interest/Hire Charges on Hire Purchase Loans taken into account on
due and payable basis.
F. Investments:
Long term investments are stated at cost of acquisition and if there is
permanent diminution in the value of investments, the same is
considered for valuation of investments. Current investments are valued
at lower of cost or fair market value.
G. Fixed Assets and Capital works-in-progress:
Fixed Assets are stated at cost (net of CENVAT credit and including
related financial costs till commencement of commercial production)
less accumulated depreciation. Capital work-in progress includes
indirect cost and pre-operative expenses related or attributable to the
capital works and trial run expenses incurred up to commencement of
commercial production are added to the cost of fixed assets. Advance
paid towards the acquisition of Fixed Assets outstanding at the Balance
Sheet Date are disclosed as "Capital Advances "under long term
loans and advances as per revised Schedule VI to the Companies Act,
1956.
H. Borrowing Costs:
Interest and other costs incurred in connection with the borrowing of
funds that are directly attributable to the acquisition, construction
or erection of a qualifying asset, are capitalised as cost of such
asset and the other borrowing costs are expensed in the year in which
incurred.
I. Segment Reporting:
The business activity and geographical operations of the company is in
one segment of cement product and segment reporting is not applicable.
J. Lease:
Lease payments in respect of operational leases are recognized as an
expenditure on due and payable basis as per the lease agreements and
the future lease payments under non cancelable operational leases for
each period are disclosed in notes to accounts.
K. Accounting for taxes on income:
Current tax and deferred tax liability, if any, for the year is
recognized for tax payable on the taxable income and for timing
differences, subject to consideration of prudence in respect of
deferred tax asset and the same is treated as tax expense in
determination of net profit for the year.
L. Impairment of Assets:
The company determines any indication of impairment in carrying value
of assets and the impairment loss is recognized wherever the carrying
amount of the assets exceeds its recoverable amount.
M. PROVISIONS AND CONTINGENT LIABILITIES/ASSETS:
Contingent liabilities are not recognized in Accounts but are disclosed
in the notes to accounts. Contingent assets are neither recognized nor
disclosed in financial statements. Provisions involving substantial
degree of estimation in measurement are recognized when there is
present obligation and it is probable that there will be out flow of
resources.
Mar 31, 2013
A. Basis of Preparation and Presentation of Financial Statements:
The financial statements are prepared under the historical cost
convention as a going concern and in accordance with Accounting
principles generally accepted in India and comply with the Accounting
Standards notified under the Companies (Accounting Standards) Rules,
2006 and relevant provisions of The Companies Act, 1956. The Company
follows the mercantile method of accounting.
B. Inventories:
Inventories of Finished goods and process stocks are valued at lower of
cost or net realizable market value. Inventories of Raw materials and
Stores & Spares are valued at waited average cost. Scrap and
disposables are valued at net realisable value. Cost of Inventories
consist of purchase price including duties and taxes ( other than
CENVAT credit and input tax credit recoverable under A.P. VAT Act),
cost of conversion and other costs incurred in bringing the inventories
to their present location and condition. Value of finished goods
includes central excise duty as cost of production in accordance with
Accounting Standard (AS-2).
C. Depreciation:
Depreciation is provided on straight line method in respect of some
plant and machinery situated at Cement Division and all other assets
have been depreciated on Written down Value method. Depreciation has
been calculated at the rates specified in Schedule XIV to the Companies
Act, 1956.
D. Retirement Benefits to Employees:
Gratuity /superannuation and leave encashment benefits payable on
retirement / resignation of employees provided on retirement/ payment.
E. Revenue Recognition:
(i) Sales revenue is recognised on supply of goods. Gross Turnover
includes VAT, Excise Duty and Education Cess in respect of goods sold.
Income and Expenditure are recognised on accrual basis except for
transactions below Rs. 10,000/- per transaction and are accounted in
the year of payment / receipt.
(ii) Dividend on investments is recognised when the right to receive is
established.
(iii) Interest on delay payments to creditors / by debtors accounted on
the basis of debit notes / Credit notes raised / received from the
parties.
(iv) Insurance claims are accounted on the basis of claims lodged.
(v) Interest/Hire Charges on Hire Purchase Loans taken into account on
due and payable basis.
F. Investments:
Long term investments are stated at cost of acquisition and if there is
permanent diminution in the value of investments, the same is
considered for valuation of investments. Current investments are valued
at lower of cost or fair market value.
G. Fixed Assets and Capital works-in-progress:
Fixed Assets are stated at cost (net of CENVAT credit and including
related financial costs till commencement of commercial production)
less accumulated depreciation. Capital work-in progress includes
indirect cost and pre-operative expenses related or attributable to the
capital works and trial run expenses incurred up to commencement of
commercial production are added to the cost of fixed assets. Advance
paid towards the acquisition of Fixed Assets outstanding at the Balance
Sheet Date are disclosed as "Capital Advances " under long term loans
and advances as per revised Schedule VI to the Companies Act, 1956.
H. Borrowing Costs:
Interest and other costs incurred in connection with the borrowing of
funds that are directly attributable to the acquisition, construction
or erection of a qualifying asset, are capitalised as cost of such
asset and the other borrowing costs are expensed in the year in which
incurred.
I. Segment Reporting:
The business activity and geographical operations of the company is in
one segment of cement product and segment reporting is not applicable.
J. Lease:
Lease payments in respect of operational leases are recognized as an
expenditure on due and payable basis as per the lease agreements and
the future lease payments under non cancelable operational leases for
each period are disclosed in notes to accounts.
K. Accounting for taxes on income:
Current tax and deferred tax liability, if any, for the year is
recognized for tax payable on the taxable income and for timing
differences, subject to consideration of prudence in respect of
deferred tax asset and the same is treated as tax expense in
determination of net profit for the year.
L. Impairment of Assets:
The company determines any indication of impairment in carrying value
of assets and the impairment loss is recognized wherever the carrying
amount of the assets exceeds its recoverable amount.
M. PROVISIONS AND CONTINGENT LIABILITIES/ASSETS:
Contingent liabilities are not recognized in Accounts but are disclosed
in the notes to accounts. Contingent assets are neither recognized nor
disclosed in financial statements. Provisions involving substantial
degree of estimation in measurement are recognized when there is
present obligation and it is probable that there will be out flow of
resources.
Mar 31, 2012
A. Basis of Preparation and Presentation of Financial Statements:
The financial statements are prepared under the historical cost
convention as a going concern and in accordance with Accounting
principles generally accepted in India and comply with the Accounting
Standards notified under the Companies (Accounting Standards) Rules,
2006 and relevant provisions of The Companies Act, 1956. The Company
follows the mercantile method of accounting.
B. Inventories:
Inventories of Finished goods and process stocks are valued at lower of
cost or net realizable market value. Inventories of Raw materials and
Stores & Spares are valued at waited average cost. Scrap and
disposables are valued at net realisable value. Cost of Inventories
consist of purchase price including duties and taxes ( other than
CENVAT credit and input tax credit recoverable under A.P. VAT Act),
cost of conversion and other costs incurred in bringing the inventories
to their present location and condition. Value of finished goods
includes central excise duty as cost of production in accordance with
Accounting Standard (AS-2).
C. Depreciation:
Depreciation is provided on straight line method in respect of some
plant and machinery situated at Cement Division and all other assets
have been depreciated on Written down Value method. Depreciation has
been calculated at the rates specified in Schedule XIV to the Companies
Act, 1956.
D. Retirement Benefits to Employees:
Gratuity /superannuation and leave encashment benefits payable on
retirement / resignation of employees provided on retirement/ payment.
E. Revenue Recognition:
(i) Sales revenue is recognised on supply of goods. Gross Turnover
includes VAT, Excise Duty and Education Cess in respect of goods sold.
Income and Expenditure are recognised on accrual basis except for
transactions below Rs. 10,000/- per transaction and are accounted in
the year of payment / receipt.
(ii) Dividend on investments is recognised when the right to receive is
established.
(iii) Interest on delay payments to creditors / by debtors accounted on
the basis of debit notes Credit notes raised / received from the
parties.
(iv) Insurance claims are accounted on the basis of claims lodged.
(v) Interest/Hire Charges on Hire Purchase Loans taken into account on
due and payable basis.
F. Investments:
Long term investments are stated at cost of acquisition and if there is
permanent diminution in the value of investments, the same is
considered for valuation of investments. Current investments are valued
at lower of cost or fair market value.
G Fixed Assets and Capital works-in-progress:
Fixed Assets are stated at cost (net of CENVAT credit and including
related financial costs till commencement of commercial production)
less accumulated depreciation. Capital work-in-progress includes
indirect cost & pre-operative expenses related or attributable to the
capital works and trial run expenses incurred up to commencement of
commercial production are added to the cost of fixed assets. Advance
paid towards the acquisition of Fixed Assets outstanding at the Balance
Sheet Date are disclosed as "Capital Advances" under long term loans
and advances as per revised Schedule VI to the Companies Act, 1956.
H. Borrowing Costs :
Interest and other costs incurred in connection with the borrowing of
funds that are directly attributable to the acquisition, construction
or erection of a qualifying asset, are capitalised as cost of such
asset and the other borrowing costs are expensed in the year in which
incurred.
I. Segment Reporting:
The business activity and geographical operations of the company is in
one segment of cement product and segment reporting is not applicable.
J. Lease:
Lease payments in respect of operational leases are recognized as an
expenditure on due and payable basis as per the lease agreements and
the future lease payments under non cancelable operational leases for
each period are disclosed in notes to accounts.
K. Accounting for taxes on income:
Current tax and deferred tax liability, if any, for the year is
recognized for tax payable on the taxable income and for timing
differences, subject to consideration of prudence in respect of
deferred tax asset and the same is treated as tax expense in
determination of net profit for the year.
L. Impairment of Assets:
The company determines any indication of impairment in carrying value
of assets and the impairment loss is recognized wherever the carrying
amount of the assets exceeds its recoverable amount.
M. PROVISIONS AND CONTINGENT LIABILITIES/ASSETS:
Contingent liabilities are not recognized in Accounts but are disclosed
in the notes to accounts. Contingent assets are neither recognized nor
disclosed in financial statements. Provisions involving substantial
degree of estimation in measurement are recognized when there is
present obligation and it is probable that there will be out flow of
resources.
Mar 31, 2011
1.01) Depreciation:
Depreciation is provided on straight line method in respect of some
plant and machinery situated at Cement Division and all other assets
have been depreciated on Written down Value method. Depreciation has
been calculated at the rates specified in Schedule XIV to the Companies
Act, 1956 as modified by the Department of Company Affairs vide
Notification No.GSR 756(E) dated 16th December, 2003.
1.02) Valuation of Inventories:
i) Raw materials, stores and spares valued at weighted average cost.
ii) Process stock and finished goods valued at cost or market price
whichever is lower.
iii) Waste and scrap valued at realizable value.
1.03) Gratuity and Superannuation:
Gratuity /superannuation provided on retirement of employees.
1.04) Insurance Claims:
Insurance claims are taken on the basis of claims lodged/accepted.
1.05) Investments:
Investments are valued at cost.
1.06) Fixed Assets and Capital works-in-progress:
Fixed Assets are stated at cost (Net of CENVAT credit) and including
related financial costs till commencement of commercial production less
accumulated depreciation. Capital work-in progress includes advances
paid for capital items/works. Indirect and pre-operative expenses
related or attributable to the capital works and trial run expenses
incurred upto commencement of commercial production are added to the
cost of fixed assets in the year of commencement of commercial
production.
1.07) Segment Reporting:
The business activity and geographical operations of the company is in
one segment of cement product and segment reporting is not applicable.
1.08) Lease:
Lease payments in respect of operational leases are recognized as an
expenditure on due and payable basis as per the lease agreements and
the future lease payments under non cancelable operational leases for
each period are disclosed in notes to accounts.
1.09) Accounting for taxes on income:
a) Current tax and deferred tax liability, if any, for the year is
recognized for the estimated tax payable on the taxable income and
timing differences, subject to consideration of prudence in respect of
deferred tax asset and the same is treated as tax expense in
determination of net profit for the year.
b) Deferred tax liability as on 31.03.2011, if any, is recognized for
all timing differences arising on account of difference in
methods/rates of depreciation and deferred tax asset is considered in
respect of deferred revenue expenditure and expenditure allowable under
section 43B and carry forward losses/allowances on the principle of
prudence.
Mar 31, 2010
1.01) Depreciation:
Depreciation is provided on straight line method in respect of some
plant and machinery situated at Cement Division and all other assets
have been depreciated on Written down Value method. Depreciation has
been calculated at the rates specified in Schedule XIV to the Companies
Act, 1956 as modified by the Department of Company Affairs vide
Notification No.GSR 756(E) dated 16th December, 2003.
1.02) Valuation of Inventories:
i) Raw materials, stores and spares valued at weighted average cost.
ii) Process stock and finished goods valued at cost or market price
whichever is lower.
iii) Waste and scrap valued at realizable value.
1.03) Gratuity and Superannuation:
Gratuity/superannuation provided on retirement of employees.
1.04) Insurance Claims:
Insurance claims are taken on the basis of claims lodged/accepted.
1.05) Investments:
Investments are valued at cost.
1.06) Fixed Assets and Capital works-in-progress:
Fixed Assets are stated at cost (Net of CENVAT credit) and including
related financial costs till commencement of commercial production less
accumulated depreciation. Capital work-in-progress includes advances
paid for capital items/works. Indirect and pre-operative expenses
related or attributable to the capital works and trial run expenses
incurred upto commencement of commercial production are added to the
cost of fixed assets in the year of commencement of commercial
production.
1.07) Deferred Revenue Expenditure:
The compensation to employees under Voluntary Retirement Scheme at
Cement Division, the benefits of which are expected to accrue in future
years has been treated as deferred revenue expenditure and amortized
over a period of five years.
1.08) Segment Reporting:
The business activity and geographical operations of the company is in
one segment of cement product and segment reporting is not applicable.
1.09) Lease:
Lease payments in respect of operational leases are recognized as an
expenditure on due and payable basis as per the lease agreements and
the future lease payments under non cancelable operational leases for
each period are disclosed in notes to accounts.
1.10) Accounting for taxes on income:
a). Current tax and deferred tax liability, if any, for the year is
recognized for the estimated tax payable on the taxable income and
timing differences, subject to consideration of prudence in respect of
deferred tax asset and the same is treated as tax expense in
determination of net profit for the year.
b) Deferred tax liability as on 31.03.2010, if any, is recognized for
all timing differences arising on account of difference in
methods/rates of depreciation and deferred tax asset is considered in
respect of deferred revenue expenditure and expenditure allowable under
section 43B and carry forward losses/allowances on the principle of
prudence.
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