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Accounting Policies of Radix Industries (India) Ltd. Company
Mar 31, 2025
2. Material Accounting Policies and Key Accounting Estimates and Judgements
A. Statement of compliance
These financial statements are prepared in accordance with Indian Accounting Standards "Ind
AS" notified under Section 133 of the Companies Act, 2013 "the Act" read together with the
Companies (Indian Accounting Standards) Rules, 2015 (as amended). The financial statements
have also been prepared in accordance with the relevant presentation requirements of the Act
B. Basis of preparation and presentation
These financial statements have been prepared on historical cost convention and on an accrual
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 set out below. These financial statements
are presented in Indian Rupees (Rs) and rounded to nearest Lakhs which is also the Company''s
functional currency.
Historical cost is generally based on the fair value of the consideration given in exchange for
goods and services.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date, regardless of whether
that price is directly observable or estimated using another valuation technique. In estimating the
fair value of an asset or liability, the Company takes into account the characteristics of the asset
or liability if market participants would take those characteristics into account when pricing the
asset or liability at the measurement date.
C. Operating Cycle
The company assets and liabilities have been classified as current or non-current as per the
company''s operating cycle and other criteria set out below.
An asset is classified as current if:
a) it is expected to be realized or sold or consumed in the Company''s normal operating cycle;
b) it is held primarily for the purpose of trading;
c) it is expected to be realized within twelve months after the reporting period; or
d) it is cash or a cash equivalent unless it is restricted from being exchanged or used to settle
a liability for at least twelve months after the reporting period.
All other assets are classified as non-current.
A liability is classified as current if:
a) it is expected to be settled in normal operating cycle;
b) it is held primarily for the purpose of trading;
c) it is expected to be settled within twelve months after the reporting period;
d) it has no unconditional right to defer the settlement of the liability for at least twelve months
after the reporting period.
All other liabilities are classified as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The operating cycle is the time between acquisition of assets for processing and their realization
in cash and cash equivalents. The Company''s normal operating cycle is twelve months.
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D. Use of estimates, Judgements and Assumptions
The preparation of financial statements, in conformity with the IND AS, requires management to
make certain estimates and assumptions that affect the amounts reported in the financial
statements and notes thereto. The management believes that these estimates and assumptions
are reasonable and prudent. However, actual results could differ from these estimates. Any revision
to accounting estimates is recognized prospectively in the current and future period. The application
of Accounting policies that require critical accounting estimates involving complex and subjective
judgments and the use of assumptions in these financial statements have been disclosed below:
i Measurement of Lease liabilities and Right of Use Asset
E. Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and impairment
losses, if any. The cost of property, plant and equipment comprises its purchase price net of any
trade discounts and rebates, any import duties and other taxes (other than those subsequently
recoverable from the tax authorities),any directly attributable expenditure on making the asset
ready for its intended use, other incidental expenses and borrowings costs attributable to acquisition
of qualifying property, plant and equipment up to the date the asset is ready for its intended use
and initial estimate cost of decommissioning & restoring the site on which it is located.
Construction Period Expenses on Projects:- All identifiable revenue expenses including interest
on term loans incurred in respect of various projects/ expansions are allocated to capital cost of
respective assets/ capital work in progress.
An item of property, plant and equipment is derecognised upon disposal or when no future
economic benefits are expected to arise from the continued use of the asset. Any gain or loss
arising on the disposal or retirement of an item of property, plant and equipment is determined as
the difference between the sales proceeds and the carrying amount of the asset and is recognised
in profit or loss.
Factory building on Leasehold Land: The Company has constructed Factory building Leasehold
Land. These are capitalised as Property, Plant and Equipment under Ind AS 16- Property,
Plant and Equipment. The buildings are depreciated our their estimated useful life, or the lease
period of the underlying land, whichever is shorter
Depreciation and amortization
Depreciation on property, plant and equipment has been provided on the written down value
method as per the useful life prescribed in Schedule II to the Act.
In case of immovable assets constructed on leasehold land, useful life as per Schedule-II to the
Act or lease period of land (including renewable/likely renewable period), whichever is lower
The estimated useful lives, residual values and depreciation method are reviewed at the end of
each reporting period, with the effect of any changes in estimate accounted for on a prospective
basis.
Assets individually costing Rs. 5,000 and below are fully depreciated in the year of acquisition.
An item of property, plant and equipment is derecognised upon disposal or when no future
economic benefits are expected to arise from the continued use of asset. Any gain or loss arising
on the disposal or retirement of an item of property, plant and equipment is determined as the
difference between the net disposal proceeds and the carrying amount of the asset and is
recognised in the Statement of Profit and Loss when the asset is derecognised.
F. Capital work-in-progress
Tangible assets not ready for the intended use on the date of Balance Sheet are disclosed as
"Capital work-in progress". Advances given towards acquisition /construction of fixed assets
outstanding at each Balance Sheet date are disclosed as Capital Advances under "Other Non¬
Current Assets".
G. Impairment of assets
Impairment loss, if any, is provided to the extent, the carrying amount of assets or cash generat¬
ing units exceed their recoverable amount.
Recoverable amount is higher of an asset''s net selling price and its value in use. Value in use is
the present value of estimated future cash flows expected to arise from the continuing use of an
asset or cash generating unit and from its disposal at the end of its useful life.
Impairment loss recognised in prior years are reversed when there is an indication that the
impairment losses recognised no longer exist or have decreased. Such reversals are recognised
as an increase in carrying amounts of assets to the extent that it does not exceed the carrying
amounts that would have been determined (net of amortization or depreciation) had no impairment
loss been recognised in previous years
H. Foreign currency transactions and translations
In preparing the financial statements of the Company, transactions in currencies other than the
entity''s functional currency (foreign currencies) are recognised at the rate of exchange prevailing
at the dates of the transactions. The date of transaction for the purpose of determining the ex¬
change rate on initial recognition of the related asset, expense or income (part of it) is the date on
which the entity initially recognises the non-monetary asset or non-monetary liability arising from
payment or receipt of advance consideration. Monetary assets and liabilities relating to foreign
currency transactions remaining unsettled at the end of each reporting period are translated at
the exchange rates prevailing at that date. Non-monetary items that are measured at historical
cost in a foreign currency are translated using the exchange rate at the date of the transaction.
I. Government grants
Government grants are recognised when there is reasonable assurance that the grant will be
received, and the Company will comply with the conditions attached to the grant.
Government grants related to revenue are recognised on a systematic basis in the Statement of
Profit and Loss over the periods necessary to match them with the related costs which they are
intended to compensate. Such grants are deducted in reporting the related expense. When the
grant relates to an asset, it is recognised as deferred revenue in the Balance Sheet and trans¬
ferred to the Statement of Profit and Loss on a systematic and rational basis over the useful lives
of the related assets.
The benefit of a government loan at a below-market rate of interest is treated as a government
grant, measured as the difference between proceeds received and the fair value of the loan
based on prevailing market interest rates
J. Employee benefits
(i) Defined contribution plans
The Company''s contributions to Provident Fund (Government administered), Employees'' State
Insurance Scheme and Superannuation Fund (under a scheme of Life Insurance Corporation of
India), considered as defined contribution plans are charged as an expense in the Statement of
Profit and Loss when the employees have rendered services entitling them to the contributions.
(ii) Defined benefit plans
The Company does not have any Post-employment obligations like gratuity since the payment of
gratuity Act is not applicable to the Company.
K. Revenue recognition
Sale of goods:
Revenue is recognised net of returns and discounts, when control over the goods is transferred
to the customer which is mainly upon delivery of goods as per the terms of contracts with customers.
_y
Sale of services:
Revenue from sale of services is recognised based on the contracts with customers and when
the services are rendered by measuring progress towards satisfaction of performance obligation
for such services.
Other Income:
Interest income is recognised using effective interest method. Dividend income is accounted for
in the year when the right to receive such dividend is established and the amount of dividend can
be measured reliably.
L. Leases
The Company assesses whether a contract contains a lease, at inception of a contract. A con¬
tract is, or contains, a lease if the contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration. To assess whether a contract conveys
the right to control the use of an identified asset, the Company assesses whether, (i) the contract
involves the use of an identified asset (ii) the Company has substantially all of the economic
benefits from use of the asset through the period of the lease and (iii) the Company has the right
to direct the use of the asset.
At the date of commencement of the lease, the Company recognizes a right-of-use asset (ROU)
and a corresponding lease liability for all lease arrangements in which it is a lessee, except for
leases with a term of twelve months or less (short-term leases) and low value leases. For these
short-term and low value leases, the Company recognizes the lease payments as an operating
expense on a straight line basis over the term of the lease.
Certain lease arrangements includes the options to extend or terminate the lease before the end
of the lease term. ROU assets and lease liabilities includes these options when it is reasonably
certain that they will be exercised.
The right-of-use assets are initially recognized at cost, which comprises the initial amount of the
lease liability adjusted for any lease payments made at or prior to the commencement date of the
lease plus any initial direct costs less any lease incentives. They are subsequently measured at
cost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated from the commencement date on a straight-line basis over
the shorter of the lease term and useful life of the underlying asset. Right of use assets 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 recover¬
able 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 (CGU) to which the asset belongs.
The lease liability is initially measured at amortized cost at the present value of the future lease
payments. The lease payments are discounted using the interest rate implicit in the lease or, if
not readily determinable, using the incremental borrowing rates in the country of domicile of
these leases. Lease liabilities are remeasured with a corresponding adjustment to the related
right of use asset if the Company changes its assessment if whether it will exercise an extension
or a termination option
Lease liability and ROU asset have been separately presented in the Balance Sheet and lease
payments have been classified as financing cash flows.
M. Financial instruments, Financial assets, Financial liabilities
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 and financial liabilities are
recognized when the Company becomes a party to the contractual provisions of the relevant
instrument and are initially measured at fair value. Transaction costs that are directly attributable
to the acquisition or issue of financial assets and financial liabilities (other than financial assets
and financial liabilities measured at fair value through profit or loss) are added to or deducted
from the fair value on initial recognition of financial assets or financial liabilities. Transaction costs
directly attributable to the acquisition of financial asset or financial liabilities at fair value through
profit or loss are recognized immediately in the Statement of Profit and Loss.
Purchase or sale of financial assets that require delivery of assets within a time frame established
by regulation or convention in the market place (regular way trade) are recognised on the trade
date i.e. the date when the Company commits to purchase or sell the asset.
The classification of financial instruments depends on the objective of the Company''s business
model for which it is held and on the substance of the contractual terms / arrangements.
Management determines the classification of its financial instruments at initial recognition.
i) Financial assets
Recognition: Financial assets include Investments, Trade receivables, Security Deposits,
Cash and cash equivalents. Such assets are initially recognised at transaction price when
the Company becomes party to contractual obligations. The transaction price includes
transaction costs unless the asset is being fair valued through the Statement of Profit and
Loss.
Classification: Financial assets are classified as those measured at:
a) amortised cost, where the financial assets are held within a business model solely for
collection of cash flows arising from payments of principal and/ or interest as per
contractual terms. Such assets are subsequently measured at amortised cost using
the effective interest method, less any impairment loss.
b) fair value through other comprehensive income (FVTOCI), where the financial assets
are held not only for collection of cash flows arising from payments of principal and
interest but also from the sale of such assets. Such assets are subsequently measured
at fair value, with unrealised gains and losses arising from changes in the fair value
being recognised in other comprehensive income.
c) fair value through profit or loss (FVTPL), where the assets are managed in accordance
with an approved investment strategy that triggers purchase and sale decisions based
on the fair value of such assets. Such assets are subsequently measured at fair
value, with unrealised gains and losses arising from changes in the fair value being
recognised in the Statement of Profit and Loss in the period in which they arise.
FVTPL is a residual category for financial assets. Any financial asset which does not
meet the criteria for categorization as at amortised cost or as FVTOCI, is classified as
FVTPL.
ii) Financial liabilities
Borrowings, trade payables and other financial liabilities are initially recognised at the value
of the respective contractual obligations. They are subsequently measured at amortised
cost using the effective interest method.
The effective interest method is a method of calculating the amortised cost of a financial
liability and of allocating interest expense over the relevant period. The effective interest
rate is the rate that exactly discounts estimated future cash payments through the expected
life of the financial liability, or (where appropriate) a shorter period, to the net carrying
amount on initial recognition.
Financial liabilities are derecognised when the liability is extinguished, that is, when the
contractual obligation is discharged, cancelled and on expiry. The difference between the
carrying amount of the financial liabilities de-recognised and the consideration paid and
payable is recognised in the Statement of Profit and Loss.
Offsetting Financial Instruments
Financial assets and liabilities are offset and the net amount is included in the Balance
Sheet where there is a legally enforceable right to offset the recognised amounts and there
is an intention to settle on a net basis or realize the asset and settle the liability simulta¬
neously.
N. Income Taxes
Income tax expense represents the sum of the tax currently payable and deferred tax. Current
and deferred tax are recognised in the Statement of Profit and Loss, except when they relate to
items that are recognised in other comprehensive income or directly in equity, in which case, the
current and deferred tax are also recognised in other comprehensive income or directly in equity
respectively.
Current Tax
Current tax is measured at the amount expected to be paid to or recovered from the taxation
authorities based on the taxable profit for the year. Taxable profit differs from Profit before tax as
reported in the Statement of Profit and Loss because of items of income or expense that are
taxable or deductible in other years and items that are never taxable or deductible under the
Income Tax Act, 1961. The tax rates and tax laws used to compute the current tax amount are
those that are enacted by the reporting date and applicable for the period. The Company offsets
current tax assets and current tax liabilities, where it has a legally enforceable right to set off the
recognized amounts and where it intends either to settle on a net basis or to realize the asset and
liability simultaneously.
Deferred Tax
Deferred tax is recognised 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 recognised for all taxable temporary differ¬
ences. Deferred tax assets are generally recognised for all deductible temporary differences to
the extent it is probable that taxable profits will be available against which those deductible tem¬
porary differences can be utilised. Such deferred tax assets and liabilities are not recognised 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.
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 such deferred tax assets to be utilised.
Deferred tax assets and liabilities 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 date. Deferred tax assets
and liabilities are offset when there is a legally enforceable right to offset the corresponding
current tax assets and liabilities and when the deferred tax balances relate to the same taxation
authority
Mar 31, 2024
2. Material Accounting Policies and Key Accounting Estimates and Judgements
A. Statement of compliance
These financial statements are prepared in accordance with Indian Accounting Standards "Ind AS" notified under Section 133 of the Companies Act, 2013 "the Act" read together with the Companies (Indian Accounting Standards) Rules, 2015 (as amended). The financial statements have also been prepared in accordance with the relevant presentation requirements of the Act
B. Basis of preparation and presentation
These financial statements have been prepared on historical cost convention and on an accrual 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 set out below. These financial statements are presented in Indian Rupees which is also the Company''s functional currency.
Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date.
C. Operating Cycle
All assets have been classified as current or non-current as per the Company''s normal operating cycle and other criteria set out in the Schedule III to the Act and Ind AS 1 -Presentation of Financial Statements, based on the nature of the products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents.
D. Use of estimates and judgements
The estimates and judgments used in the preparation of the financial statements are continuously evaluated by the Company and are based on historical experience and various other assumptions and factors (including expectations of future events) that the Company believes to be reasonable under the existing circumstances. Differences between actual results and estimates are recognized in the period in which the results are known/materialized. The said estimates are based on the facts and events, that existed as at the reporting date, or that occurred after that date but provide additional evidence about conditions existing as at the reporting date.
E. Property, plant and equipment
Freehold Land is carried at historical cost. All other items of Property Plant and Equipment are stated at cost of acquisition or construction less accumulated depreciation / amortization and impairment, if any. Cost includes purchase price, taxes and duties, Labour cost and directly attributable overheads incurred upto the date the asset is ready for its intended use. However, cost excludes Excise Duty, Value Added Tax and Service Tax, to the extent credit of the duty or tax is availed of.
Subsequent costs are included in the asset''s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as separate asset is de-recognized when replaced. All other repairs and maintenance are charged to Profit or Loss during the reporting period in which they are incurred.
Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss within other gains/ (losses).
Depreciation and amortization
Depreciation on property, plant and equipment has been provided on the written down value method as per the useful life prescribed in Schedule II to the Act.
Assets individually costing '' 5,000 and below are fully depreciated in the year of acquisition.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the net disposal proceeds and the carrying amount of the asset and is recognised in the Statement of Profit and Loss when the asset is derecognised.
F. Capital work-in-progress
Projects under commissioning and other Capital work-in-progress are carried at cost comprising of direct and indirect costs, related incidental expenses and attributable interest. Depreciation on Capital work-in-progress commences when assets are ready for their intended use and transferred from Capital work-in-progress Group to Tangible Fixed Assets Group.
Gl Impairment of assets
Impairment loss, if any, is provided to the extent, the carrying amount of assets or cash generating units exceed their recoverable amount.
Recoverable amount is higher of an asset''s net selling price and its value in use. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset or cash generating unit and from its disposal at the end of its useful life.
Impairment loss recognised in prior years are reversed when there is an indication that the impairment losses recognised no longer exist or have decreased. Such reversals are recognised as an increase in carrying amounts of assets to the extent that it does not exceed the carrying amounts that would have been determined (net of amortization or depreciation) had no impairment loss been recognised in previous years.
H. Foreign currency transactions and translations
In preparing the financial statements of the Company, transactions in currencies other than the entity''s functional currency (foreign currencies) are recognised at the rate of exchange prevailing at the dates of the transactions. The date of transaction for the purpose of determining the exchange rate on initial recognition of the related asset, expense or income (part of it) is the date on which the entity initially recognises the non-monetary asset or non-monetary liability arising from payment or receipt of advance consideration. Monetary assets and liabilities relating to foreign currency transactions remaining unsettled at the end of each reporting period are translated at the exchange rates prevailing at that date. Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.
I. Government grants
Government grants are recognised when there is reasonable assurance that the grant will be received, and the Company will comply with the conditions attached to the grant.
Government grants related to revenue are recognised on a systematic basis in the Statement of Profit and Loss over the periods necessary to match them with the related costs which they are intended to compensate. Such grants are deducted in reporting the related expense. When the grant relates to an asset, it is recognised as deferred revenue in the Balance Sheet and transferred to the Statement of Profit and Loss on a systematic and rational basis over the useful lives of the related assets.
The benefit of a government loan at a below-market rate of interest is treated as a government grant, measured as the difference between proceeds received and the fair value of the loan based on prevailing market interest rates.
J. Employee benefits
(i) Defined contribution plans
The Company''s contributions to Provident Fund (Government administered), Employees'' State Insurance Scheme and Superannuation Fund (under a scheme of Life Insurance Corporation of India), considered as defined contribution plans are charged as an expense in the Statement of Profit and Loss when the employees have rendered services entitling them to the contributions.
ii) Defined benefit plans:
The Company does not have any Post-employment obligations like gratuity since the payment of gratuity Act is not applicable to the Company.
K. Revenue recognition Sale of goods:
Revenue is recognised net of returns and discounts, when control over the goods is transferred to the customer which is mainly upon delivery of goods as per the terms of contracts with customers.
Sale of services:
Revenue from sale of services is recognised based on the contracts with customers and when the services are rendered by measuring progress towards satisfaction of performance obligation for such services.
Other Income:
Interest income is recognised using effective interest method. Dividend income is accounted for in the year when the right to receive such dividend is established and the amount of dividend can be measured reliably.
L. Leases
The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether, (i) the contract involves the use of an identified asset (ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset.
At the date of commencement of the lease, the Company recognizes a right-of-use asset (ROU) and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straightline basis over the term of the lease.
Certain lease arrangements includes the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.
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The right-of-use assets are initially recognized at cost, which comprises the initial amount of the
lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset. Right of use assets 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 (CGU) to which the asset belongs.
The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right of use asset if the Company changes its assessment if whether it will exercise an extension or a termination option.
Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.
M. Financial instruments, Financial assets, Financial liabilities
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 and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the relevant instrument and are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities measured at fair value through profit or loss) are added to or deducted from the fair value on initial recognition of financial assets or financial liabilities. Transaction costs directly attributable to the acquisition of financial asset or financial liabilities at fair value through profit or loss are recognized immediately in the Statement of Profit and Loss.
Purchase or sale of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trade) are recognised on the trade date i.e. the date when the Company commits to purchase or sell the asset.
The classification of financial instruments depends on the objective of the Company''s business model for which it is held and on the substance of the contractual terms / arrangements. Management determines the classification of its financial instruments at initial recognition.
i) Financial assets
Recognition: Financial assets include Investments, Trade receivables, Security Deposits, Cash and cash equivalents. Such assets are initially recognised at transaction price when the Company becomes party to contractual obligations. The transaction price includes transaction costs unless the asset is being fair valued through the Statement of Profit and Loss.
Classification: Financial assets are classified as those measured at:
a) amortised cost, where the financial assets are held within a business model solely for collection of cash flows arising from payments of principal and/ or interest as per contractual terms. Such assets are subsequently measured at amortised cost using the effective interest method, less any impairment loss.
b) fair value through other comprehensive income (FVTOCI), where the financial assets
are held not only for collection of cash flows arising from payments of principal and interest but also from the sale of such assets. Such assets are subsequently measured at fair value, with unrealised gains and losses arising from changes in the fair value being recognised in other comprehensive income.
c) fair value through profit or loss (FVTPL), where the assets are managed in accordance with an approved investment strategy that triggers purchase and sale decisions based on the fair value of such assets. Such assets are subsequently measured at fair value, with unrealised gains and losses arising from changes in the fair value being recognised in the Statement of Profit and Loss in the period in which they arise.
FVTPL is a residual category for financial assets. Any financial asset which does not meet the criteria for categorization as at amortised cost or as FVTOCI, is classified as FVTPL.
ii) Financial liabilities
Borrowings, trade payables and other financial liabilities are initially recognised at the value of the respective contractual obligations. They are subsequently measured at amortised cost using the effective interest method.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition.
Financial liabilities are derecognised when the liability is extinguished, that is, when the contractual obligation is discharged, cancelled and on expiry. The difference between the carrying amount of the financial liabilities de-recognised and the consideration paid and payable is recognised in the Statement of Profit and Loss.
Offsetting Financial Instruments
Financial assets and liabilities are offset and the net amount is included in the Balance Sheet where there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.
N. Income Taxes
Income tax expense represents the sum of the tax currently payable and deferred tax. Current and deferred tax are recognised in the Statement of Profit and Loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively.
Current Tax
Current tax is measured at the amount expected to be paid to or recovered from the taxation authorities based on the taxable profit for the year. Taxable profit differs from Profit before tax as reported in the Statement of Profit and Loss because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible under the Income Tax Act, 1961. The tax rates and tax laws used to compute the current tax amount are those that are enacted by the reporting date and applicable for the period. The Company offsets current tax assets and current tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis or to realize the asset and liability simultaneously.
Deferred Tax
Deferred tax is recognised 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 recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised 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.
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 such deferred tax assets to be utilised.
Deferred tax assets and liabilities 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 date. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset the corresponding current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority.
Mar 31, 2023
1. Corporate Information
Radix Industries (India) Limited (the company) is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956 vide CIN No: L37200AP1993PLC016785. Its shares are listed on Bombay Stock exchange. The company is engaged in the manufacturing and selling of human hair products.
2. Significant Accounting Policies
A. Statement of compliance
These financial statements are prepared in accordance with Indian Accounting Standards "Ind AS" notified under Section 133 of the Companies Act, 2013 "the Act" read together with the Companies (Indian Accounting Standards) Rules, 2015 (as amended). The financial statements have also been prepared in accordance with the relevant presentation requirements of the Act
B. Basis of preparation and presentation
These financial statements have been prepared on historical cost convention and on an accrual 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 set out below. These financial statements are presented in Indian Rupees (?) which is also the Company''s functional currency.
Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date.
Pursuant to amendment to the Schedule III of the Companies Act, 2013 issued by the Ministry of Corporate Affairs, current portion of long-term borrowings disclosed under the head of ''Other Financial Liabilities'' in the previous year has been disclosed under ''Borrowings''
C. Use of estimates and judgements
The estimates and judgments used in the preparation of the financial statements are continuously evaluated by the Company and are based on historical experience and various other assumptions and factors (including expectations of future events) that the Company believes to be reasonable under the existing circumstances. Differences between actual results and estimates are recognized in the period in which the results are known/materialized. The said estimates are based on the facts and events, that existed as at the reporting date, or that occurred after that date but provide additional evidence about conditions existing as at the reporting date.
D. Property, plant and equipment
Freehold Land is carried at historical cost. All other items of Property Plant and Equipment are stated at cost of acquisition or construction less accumulated depreciation / amortization and impairment, if any. Cost includes purchase price, taxes and duties, Labour cost and directly attributable overheads incurred upto the date the asset is ready for its intended use. However, cost excludes Excise Duty, Value Added Tax and Service Tax, to the extent credit of the duty or tax is availed of.
Subsequent costs are included in the asset''s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount
of any component accounted for as separate asset is de-recognized when replaced. All other repairs and maintenance are charged to Profit or Loss during the reporting period in which they are incurred.
Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss within other gains/ (losses).
Depreciation and amortization
Depreciation on property, plant and equipment has been provided on the written down value method as per the useful life prescribed in Schedule II to the Act.
Assets individually costing '' 5,000 and below are fully depreciated in the year of acquisition.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the net disposal proceeds and the carrying amount of the asset and is recognised in the Statement of Profit and Loss when the asset is derecognised.
E. Impairment of assets
Impairment loss, if any, is provided to the extent, the carrying amount of assets or cash generating units exceed their recoverable amount.
Recoverable amount is higher of an asset''s net selling price and its value in use. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset or cash generating unit and from its disposal at the end of its useful life.
Impairment loss recognised in prior years are reversed when there is an indication that the impairment losses recognised no longer exist or have decreased. Such reversals are recognised as an increase in carrying amounts of assets to the extent that it does not exceed the carrying amounts that would have been determined (net of amortization or depreciation) had no impairment loss been recognised in previous years
F. Foreign currency transactions and translations
In preparing the financial statements of the Company, transactions in currencies other than the entity''s functional currency (foreign currencies) are recognised at the rate of exchange prevailing at the dates of the transactions. The date of transaction for the purpose of determining the exchange rate on initial recognition of the related asset, expense or income (part of it) is the date on which the entity initially recognises the non-monetary asset or non-monetary liability arising from payment or receipt of advance consideration. Monetary assets and liabilities relating to foreign currency transactions remaining unsettled at the end of each reporting period are translated at the exchange rates prevailing at that date. Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.
G Government grants
Government grants are recognised when there is reasonable assurance that the grant will be received, and the Company will comply with the conditions attached to the grant.
Government grants related to revenue are recognised on a systematic basis in the Statement of Profit and Loss over the periods necessary to match them with the related costs which they are intended to compensate. Such grants are deducted in reporting the related expense. When the grant relates to an asset, it is recognised as deferred revenue in the Balance Sheet and transferred to the Statement of Profit and Loss on a systematic and rational basis over the useful lives of the related assets.
The benefit of a government loan at a below-market rate of interest is treated as a government grant, measured as the difference between proceeds received and the fair value of the loan based on prevailing market interest rates
(i) Defined contribution plans
The Company''s contributions to Provident Fund (Government administered), Employees'' State Insurance Scheme and Superannuation Fund (under a scheme of Life Insurance Corporation of India), considered as defined contribution plans are charged as an expense in the Statement of Profit and Loss when the employees have rendered services entitling them to the contributions.
I. Revenue recognition Sale of goods:
Revenue is recognised net of returns and discounts, when control over the goods is transferred to the customer which is mainly upon delivery of goods as per the terms of contracts with customers.
Revenue from sale of services is recognised based on the contracts with customers and when the services are rendered by measuring progress towards satisfaction of performance obligation for such services.
Interest income is recognised using effective interest method. Dividend income is accounted for in the year when the right to receive such dividend is established and the amount of dividend can be measured reliably.
The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether, (i) the contract involves the use of an identified asset (ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset.
At the date of commencement of the lease, the Company recognizes a right-of-use asset (ROU) and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straightline basis over the term of the lease.
Certain lease arrangements includes the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.
The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset. Right of use assets 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 (CGU) to which the asset belongs.
The lease Nability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right of use asset if the Company changes its assessment if whether it will exercise an extension or a termination option
Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.
Income tax expense represents the sum of the tax currently payable and deferred tax. Current and deferred tax are recognised in the Statement of Profit and Loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively.
Current tax is measured at the amount expected to be paid to or recovered from the taxation authorities based on the taxable profit for the year. Taxable profit differs from Profit before tax as reported in the Statement of Profit and Loss because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible under the Income Tax Act, 1961. The tax rates and tax laws used to compute the current tax amount are those that are enacted by the reporting date and applicable for the period. The Company offsets current tax assets and current tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis or to realize the asset and liability simultaneously.
Deferred tax is recognised 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 recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised 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.
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 such deferred tax assets to be utilised.
Deferred tax assets and liabilities 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 date. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset the corresponding current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority
L. Provisions, Contingent Liabilities and Contingent assets
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle such obligation and a reliable estimate can be made of the amount of such obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (where the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be recovered and the amount of the receivable can be measured reliably.
A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not require an outflow of resources embodying economic benefits or the amount of such obligation cannot be measured reliably. When there is a possible obligation or a present obligation in respect of which likelihood of outflow of resources embodying economic benefits is remote, no provision or disclosure is made
M. Earnings per share
Basic earnings per share is computed by dividing profit or loss attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is determined by adjusting the profit or loss attributable to equity shareholders and the weighted average number of equity shares outstanding for the effects of all dilutive potential equity shares.
N. Cash and cash equivalents
Cash and cash equivalents for purposes of cash flow statement include cash on hand, in banks and demand deposits with banks, net of outstanding bank overdrafts that are repayable on demand, book overdraft and are considered part of the Company''s cash management system.
O. Borrowings
Borrowing cost incurred in connection with the funds borrowed for acquisition/erection of assets that necessarily take substantial period of time to get ready for intended use, are capitalized as part of such assets. Interest income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing cost eligible for capitalization. Borrowing cost also includes exchange differences to the extent regarded as an adjustment to the borrowing costs. All other borrowing costs are charged to revenue.
Inventories are stated at the lower of cost and net realizable value. Net realizable value represents the estimated selling price for inventories less all estimated costs of completion and cost necessary to make the sale.
i) Cost of raw materials, components, stores, spares are valued at cost, determined on a first-in-first-out basis.
ii) Materials and supplies held for use in production of inventories are not written down if the finished products in which they will be used are expected to be sold at or above cost. Slow and non-moving material, obsolesces, defective inventories are duly provided for.
iii) By-products and scrap are valued at net realizable value and it is reduced from cost of the main product.
iv) Excess/ shortages, if any, arising on physical verification are absorbed in the respective consumption accounts.
v) The net realisable value of work-in-progress is determined with reference to the selling prices of related finished products.
Cash flows are reported using the indirect method, whereby the profit for the period is adjusted for the effects of transactions of non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the company are segregated.
Mar 31, 2018
I. Company Overview
Radix Industries (India) Limited (the company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956 vide CIN NO: L37200AP1993PLC016785. Its shares are listed on Bombay Stock exchanges. The company is engaged in the manufacturing and selling of human hair products.
II. Compliance with Indian Accounting Standards
1. The financial statements are prepared in accordance with Indian Accounting Standards (Ind AS) as notified under section 133 of the Companies Act 2013 (the Act), read with Companies (Indian Accounting Standard) Rules 2015. The company has uniformly applied all the applicable accounting policies during the periods presented.
2. The financial statements up to and for the period ended March 31, 2017 were prepared in accordance with the Companies (Accounting Standards) Rules 2006, notified under section 133 of the Act. The company has adopted all the Ind AS standard and the adoption was carried out in accordance with Ind AS 101, First Time Adoption of Indian Accounting Standards. The transition was carried out from Indian Accounting Principles Generally Accepted in India as prescribed under section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.
3. Year ended March 31, 2018 is the first time of adoption of Ind AS. Accordingly the opening Balance Sheet of the company as at April 01, 2016 is presented based on which the Balance Sheets of March 31, 2017 and March 31, 2018 are prepared under Ind AS. In preparing the said Balance Sheets the company has opted for the exemptions given in Ind AS 101 for first time adoption of Ind AS.
Exemptions availed on first time adoption of Ind AS 101
a) Deemed Cost
For transition to Ind AS, the company has elected to continue with the carrying value of all its property, plant and equipment, Investment property and intangible assets are recognised as of April 1, 2016 (transition date) measured as per the previous GAAP and use that carrying value as its deemed cost as of the transition date, as there is no change in its functional currency.
III. Overall Considerations
The financial statements have been prepared using significant accounting policies that are in effect as at March 31, 2018 as presented in detail hereunder. In accordance with Ind AS 101, âFirst Time Adoption of Indian Accounting Standardsâ, the company resents Balance Sheets for three years, Statement of Profit and Loss and Cash Flows for two years, and related notes including comparative information for all these statements.
IV. Accounting Policies and Other Information
1. System of Accounting:
i. The company follows mercantile system of accounting and recognizes income and expenditure on accrual basis.
ii. The financial statements have been prepared in all material respects with Indian Accounting Standards as relevant and notified by the Central Government.
iii. The financial statements are prepared as a going concern and on historical cost basis except for certain financial assets and liabilities that are measured at fair value.
2. Revenue Recognition
Sales are accounted for net of discounts and rebates. Export Sales are initially accounted at the exchange rate prevailing on the date of documentation/invoicing and the same is adjusted with the difference in the rate of exchange arising on actual receipt of proceeds in foreign exchange.
3. i. Tangible Assets ( Property, Plant and Equipment)
Property, Plant and Equipments are stated at cost of acquisition less accumulated depreciation. Cost of acquisition of fixed assets is inclusive of freight, duties and taxes, borrowing costs, if any, on specific borrowings utilized for financing the assets up to the date of commissioning, the cost of installation/erection and other incidental expenses incurred to bring the asset to its present location and condition but exclusive of duties and taxes that are subsequently recoverable from taxing authorities.
ii. Intangible Assets
Intangible assets are recorded at the cost of acquisition of such assets and are carried at cost less accumulated amortization and impairment, if any.
4. Depreciation and Amortization
Depreciable amount for Plant and Equipments are the cost of the asset, or other amount substituted for cost, less its estimated residual value. Depreciation on tangible fixed assets has been provided on the written-down method as per the useful life prescribed in Schedule II to the Companies Act, 2013
In respect of assets sold or disposed off during the year, depreciation / amortization is provided till the month of sale or disposal of the assets.
5. Basis of Accounting and preparation
The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting Standards specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014. The financial statements have been prepared on an accrual basis and under the historical cost convention.
The accounting policies adopted in the preparation of financial statements are consisted with those of previous period.
6. Borrowing Costs
Borrowing Costs, that are directly attributable to the acquisition or construction of assets, that necessarily take a substantial period of time to get ready for its intended use, are capitalized as part of the cost of qualifying asset when it is possible that they will result in future economic benefits and the cost can be measured reliably.
Other borrowing costs are recognized as an expense in the period in which they are incurred.
7. Inventories
Valuation of inventories is made as under:
i) Finished goods are valued at lower of cost or net realizable value.
ii) Raw materials, work-in-progress and stores and spares are valued at cost, following the FIFO Basis.
iii) Work-in-Progress, raw materials, stores, spares are valued at cost except where the net realizable value of the finished goods they are used in is less than the cost of finished goods and in such an event, if the replacement cost of such materials etc., is less than their books value, they are valued at replacement cost.
iv) By-products and scrap are valued at net realizable value.
8. Income Taxes
Income tax expense comprises current and deferred taxes.
i) Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.
ii) Deferred tax is recognised under the liability method, on timing differences, being
the difference between taxable income and accounting income that originate in one period and capable of reversal in one or more subsequent periods, at the rate of tax enacted or substantively enacted by the balance sheet date.
9. Provisions, Contingent Liabilities and Contingent assets
Provisions are recognised only when there is a present obligation as a result of past events and when a reliable estimate of the amount of obligation can be made. Provisions are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates.
Contingent liability is disclosed for (i) Possible obligation which will be confirmed only by future events not wholly within the control of the Company or (ii) Present obligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made. The company does not recognise contingent liabilities but the same are disclosed in the Notes.
Contingent assets are not recognised in the financial statements since this may result in the recognition of income that may never be realized.
10. Earnings per share
Earnings per share is calculated by dividing the net profit or loss for the year after tax attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.
11. Foreign Exchange Transactions
i) Transactions in foreign currency are initially accounted at exchange rate prevailing on the date of transaction, and adjusted appropriately, with the difference in the rate of exchange arising on actual receipt/payment during the period under report.
ii) At each Balance Sheet date foreign currency monetary items being receivables/payables are reported using the rate of exchange on that date and difference is recognized as income or expense. Foreign currency non-monetary items are reported using the exchange rate at which they were initially recognized.
iii) In respect of forward exchange contracts in the nature of hedges. Premium or discount on the contract is amortized over the term of the contract. Exchange differences on the contract are recognized as profit or loss in the period in which they arise.
12. Government Grants:
Grants from government are recognized when there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. Government grants relating to assets the company has opted âcapital approachâ method. Accordingly, the grant is deducted from the gross value of the assets concerned in arriving at their books value.
Government grants in the nature of export incentives are recognised in the statement of Profit and Loss in the year in which the licenses was approved by respective authorities and the same is considered as reasonable assurance that the enterprise has complied the conditions attached to them and the benefits have been earned by the enterprise is reasonably certain and the ultimate collection will be made.
For the purpose of the above details the Status of the âSuppliersâ under the Act has been determined to the extent of and based on the information furnished by the respective parties, and has accordingly been relied upon by the company and its auditors.
Mar 31, 2016
1. Corporate information
Radix Industries (India) Limited (the company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges in India. The company is engaged in the manufacturing and selling of human hair products. The company caters to both domestic and international markets.
2. Statement on Accounting Policies
a. Basis of Accounting and preparation
The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting Standards specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014. The financial statements have been prepared on an accrual basis and under the historical cost convention.
The accounting policies adopted in the preparation of financial statements are consisted with those of previous period.
Use of Estimates
The preparation of financial statements requires the management of the Company to make judgments, estimates and assumptions that affect the reported balance of assets and liabilities, revenues and expenses and disclosures relating to the contingent liabilities and commitments. The management believes that the estimates used in preparation of the financial statements are prudent and reasonable. The judgments, estimates and underlying assumptions are made with the management''s best knowledge of the business environment and are reviewed on an ongoing basis. However, future results could differ from these estimates. Any revision to these accounting estimates is recognized prospectively in the current and future periods.
b. Tangible fixed assets
Fixed assets are stated at cost of acquisition less accumulated depreciation. Cost of acquisition of fixed assets is inclusive of freight, duties and taxes, borrowing costs, if any, on specific borrowings utilized for financing the assets up to the date of commissioning, the cost of installation/erection and other incidental expenses incurred to bring the asset to its present location and condition but exclusive of duties and taxes that are subsequently recoverable from taxing authorities.
c. Depreciation and Amortization
Depreciable amount for assets is the cost of the asset, or other amount substituted for cost, less its estimated residual value. Depreciation on tangible fixed assets has been provided on the written-down method as per the useful life prescribed in Schedule II to the Companies Act, 2013
In respect of assets sold or disposed off during the year, depreciation / amortization is provided till the month of sale or disposal of the assets.
d. Borrowing Costs
Borrowing Costs, that are directly attributable to the acquisition or construction of assets, that necessarily take a substantial period of time to get ready for its intended use, are capitalized as part of the cost of qualifying asset when it is possible that they will result in future economic benefits and the cost can be measured reliably.
Other borrowing costs are recognized as an expense in the period in which they are incurred.
e. Inventories
Valuation of inventories is made as under:
i) Finished goods are valued at lower of cost or net realizable value.
ii) Raw materials, work-in-progress and stores and spares are valued at cost, following the FIFO Basis.
iii) Work-in-Progress, raw materials, stores, spares are valued at cost except where the net realizable value of the finished goods they are used in is less than the cost of finished goods and in such an event, if the replacement cost of such materials etc., is less than their books value, they are valued at replacement cost.
iv) By-products and scrap are valued at net realizable value.
f. Revenue Recognition
i. Sales are accounted for net of discounts and rebates. Export Sales are initially accounted at the exchange rate prevailing on the date of documentation/invoicing and the same is adjusted with the difference in the rate of exchange arising on actual receipt of proceeds in foreign exchange.
g. Income Taxes
Income tax expense comprises current and deferred taxes.
i) Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.
ii) Deferred tax is recognized under the liability method, on timing differences, being the difference between taxable income and accounting income that originate in one period and capable of reversal in one or more subsequent periods, at the rate of tax enacted or substantively enacted by the balance sheet date.
h. Provisions, Contingent Liabilities and Contingent assets
Provisions are recognized only when there is a present obligation as a result of past events and when a reliable estimate of the amount of obligation can be made. Provisions are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates.
Contingent liability is disclosed for (i) Possible obligation which will be confirmed only by future events not wholly within the control of the Company or (ii) Present obligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made. The company does not recognize contingent liabilities but the same are disclosed in the Notes.
Contingent assets are not recognized in the financial statements since this may result in the recognition of income that may never be realized.
i. Earnings per share
Earnings per share is calculated by dividing the net profit or loss for the year after tax attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.
j. Foreign Exchange Transactions
i) Transactions in foreign currency are initially accounted at exchange rate prevailing on the date of transaction, and adjusted appropriately, with the difference in the rate of exchange arising on actual receipt/payment during the period under report.
ii) At each Balance Sheet date foreign currency monetary items being receivables/payables are reported using the rate of exchange on that date and difference is recognized as income or expense. Foreign currency non-monetary items are reported using the exchange rate at which they were initially recognized.
iii) In respect of forward exchange contracts in the nature of hedges. Premium or discount on the contract is amortized over the term of the contract. Exchange differences on the contract are recognized as profit or loss in the period in which they arise.
Mar 31, 2014
A. Basis of Accounting and preparation
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rules, 2006, (as amended)
and the revised provisions of the Companies Act, 1956. The financial
statements have been prepared on an accrual basis and under the
historical cost convention.
The accounting policies adopted in the preparation of financial
statements areconsisted with those of previous period.
b. Tangible fixed assets
Fixed assets are stated at cost of acquisition less accumulated
depreciation. Cost of acquisition of fixed assets is inclusive of
freight, duties and taxes, borrowing costs, if any, on specific
borrowings utilised for financing the assets upto the date of
commissioning, the cost of installation/erection and other incidental
expenses incurred to bring the asset to its present location and
condition but exclusive of duties and taxes that are subsequently
recoverable from taxing authorities.
c. Depreciation and Amortization
Depreciation is charged on pro-rata basis under written-down method
value method by following the rates prescribed in schedule XIV to the
Companies Act, 1956.
In respect of assets sold or disposed off during the year, depreciation
/ amortization is provided till the month of sale or disposal of the
assets.
d.Borrowing Costs
Borrowing Costs, that are directly attributable to the acquisition or
construction of assets, that necessarily take a substantial period of
time to get ready for its intended use, are capitalised as part of the
cost of qualifying asset when it is possible that they will result in
future economic benefits and the cost can be measured reliably.
Other borrowing costs are recognized as an expense in the period in
which they are incurred.
e. Inventories
Valuation of inventories is made as under:
i) Finished goods are valued at lower of cost or net realizable value.
ii) Raw materials, work-in-progress and stores and spares are valued at
cost, following the FIFO Basis.
iii) Work-in-Progress, raw materials, stores, spares are valued at cost
except where the net realizable value of the finished goods they are
used in is less than the cost of finished goods and in such an event,
if the replacement cost of such materials etc., is less than their
books value, they are valued at replacement cost.
iv) By-products and scrap are valued at net realizable value.
f. Revenue Recognition
Sales are accounted for net of discounts and rebates. Export Sales are
initially accountedat the exchange rate prevailing on the date of
documentation/invoicing and the same is adjusted with the difference in
the rate of exchange arising on actual receipt of proceeds in foreign
exchange.
g. Income Taxes
Income tax expense comprises current and deferred taxes.
i) Current tax is the amount of tax payable on the taxable income for
the yearas determined in accordance with the provisions of the Income
Tax Act, 1961.
ii) Deferred tax is recognised under the liability method, on timing
differences, being the difference between taxable income and accounting
income that originate in one period and capable of reversal in one or
more subsequent periods, at the rate of tax enacted or substantively
enacted by the balance sheet date.
h. Provisions, Contingent Liabilities and Contingent assets
Provisions are recognised only when there is a present obligation as a
result of past events and when a reliable estimate of the amount of
obligation can be made. Provisions are not discounted to their present
value and are determined based on the best estimate required to settle
the obligation at the reporting date. These estimates are reviewed at
each reporting date and adjusted to reflect the current best estimates.
Contingent liability is disclosed for (i) Possible obligation which
will be confirmed only by future events not wholly within the control
of the Company or (ii) Present obligations arising from past events
where it is not probable that an outflow of resources will be required
to settle the obligation or a reliable estimate of the amount of the
obligation cannot be made. The company does not recognise contingent
liabilities but the same are disclosed in the Notes.
Contingent assets are not recognised in the financial statements since
this may result in the recognition of income that may never be
realized.
i. Earnings per share
Earnings per share is calculated by dividing the net profit or loss for
the year after tax attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period. For the
purpose of calculating diluted earnings per share, the net profit or
loss for the period attributable to equity shareholders and the
weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.
j. Foreign Exchange Transactions
i) Transactions in foreign currency are initially accounted at exchange
rate prevailing on the date of transaction, and adjusted appropriately,
with the difference in the rate of exchange arising on actual
receipt/payment during the period under report.
ii) At each Balance Sheet date Foreign currency monetary items being
receivables/payables are reported using the rate of exchange on that
date and difference is recognized as income or expense. Foreign
currency non-monetary items are reported using the exchange rate at
which they were initially recognized.
iii) In respect of forward exchange contracts in the nature of hedges.
Premium or discount on the contract is amortized over the term of the
contract. Exchange differences on the contract are recognized as profit
or loss in the period in which they arise.
k. Government Grants:
Grants from government are recognized when there is reasonable
assurance that the grant will be received and all attaching conditions
will be complied with. Government grants relating to assets the company
has opted "capital approach" method. Accordingly, the grant is
deducted from the gross value of the assets concerned in arriving at
their books value.
For the purpose of the above details the Status of the ''Suppliers''
under the Act has been determined to the extent of and based on the
information furnished by the respective parties, and has accordingly
been relied upon by the company and its auditors.
A. List of Related parties:
Key Management Personnel
a) Sri.G.Raghu Rama Raju, Chairman & Mg.Director
b) Smt.G.Parvathi, Director
c) Sri G.G.R. Prabhakara Raju, Director
Companies controlled by Key Management Personnel:
M/S. Diamond Drop Property Holdings(India) Private Limited (Smt.
G.Parvathi , Director interested as Director in the Company)
Mar 31, 2013
A. Basis of Accounting and preparation
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rules, 2006, (as amended)
and the revised provisions of the Companies Act, 1956. The financial
statements have been prepared on an accrual basis and under the
historical cost convention.
The accounting policies adopted in the preparation of financial
statements are consisted with those of previous period.
b. Tangible fixed assets
Fixed assets are stated at cost of acquisition less accumulated
depreciation. Cost of acquisition of fixed assets is inclusive of
freight, duties and taxes, borrowing costs, if any, on specific
borrowings utilised for financing the assets upto the date of
commissioning, the cost of installation/erection and other incidental
expenses incurred to bring the asset to its present location and
condition but exclusive of duties and taxes that are subsequently
recoverable from taxing authorities.
c. Depreciation and Amortization
Depreciation is charged on pro-rata basis under written-down method
value method by following the rates prescribed in schedule XIV to the
Companies Act, 1956.
In respect of assets sold or disposed off during the year, depreciation
/ amortisation is provided till the month of sale or disposal of the
assets.
d. Borrowing Costs
Borrowing Costs, that are directly attributable to the acquisition or
construction of assets, that necessarily take a substantial period of
time to get ready for its intended use, are capitalised as part of the
cost of qualifying asset when it is possible that they will result in
future economic benefits and the cost can be measured reliably.
Other borrowing costs are recognized as an expense in the period in
which they are incurred.
e. Inventories
Valuation of inventories is made as under:
i) Finished goods are valued at lower of cost or net realizable value.
ii) Raw materials, work-in-progress and stores and spares are valued at
cost, following the FIFO Basis.
iii) Work-in-Progress, raw materials, stores, spares are valued at cost
except where the net realizable value of the finished goods they are
used in is less than the cost of finished goods and in such an event,
if the replacement cost of such materials etc., is less than their
books value, they are valued at replacement cost.
iv) By-products and scrap are valued at net realizable value.
f. Revenue Recognition
Sales are accounted for net of discounts and rebates. Export Sales are
initially accounted at the exchange rate prevailing on the date of
documentation/invoicing and the same is adjusted with the difference in
the rate of exchange arising on actual receipt of proceeds in foreign
exchange.
g. Income Taxes
Income tax expense comprises current and deferred taxes.
i) Current tax is the amount of tax payable on the taxable income for
the year as determined in accordance with the provisions of the Income
Tax Act, 1961.
ii) Deferred tax is recognised under the liability method, on timing
differences, being the difference between taxable income and accounting
income that originate in one period and capable of reversal in one or
more subsequent periods, at the rate of tax enacted or substantively
enacted by the balance sheet date.
h. Provisions, Contingent Liabilities and Contingent assets
Provisions are recognised only when there is a present obligation as a
result of past events and when a reliable estimate of the amount of
obligation can be made. Provisions are not discounted to their present
value and are determined based on the best estimate required to settle
the obligation at the reporting date. These estimates are reviewed at
each reporting date and adjusted to reflect the current best estimates.
Contingent liability is disclosed for (i) Possible obligation which
will be confirmed only by future events not wholly within the control
of the Company or (ii) Present obligations arising from past events
where it is not probable that an outflow of resources will be required
to settle the obligation or a reliable estimate of the amount of the
obligation cannot be made. The company does not recognise contingent
liabilities but the same are disclosed in the Notes.
Contingent assets are not recognised in the financial statements since
this may result in the recognition of income that may never be
realised.
i. Earnings per share
Earnings per share is calculated by dividing the net profit or loss for
the year after tax attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period. For the
purpose of calculating diluted earnings per share, the net profit or
loss for the period attributable to equity shareholders and the
weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.
j. Foreign Exchange Transactions
i) Transactions in foreign currency are initially accounted at exchange
rate prevailing on the date of transaction, and adjusted appropriately,
with the difference in the rate of exchange arising on actual
receipt/payment during the period under report.
ii) At each Balance Sheet date Foreign currency monetary items being
receivables/ payables are reported using the rate of exchange on that
date and difference is recognized as income or expense. Foreign
currency non-monetary items are reported using the exchange rate at
which they were initially recognized.
iii) In respect of forward exchange contracts in the nature of hedges.
Premium or discount on the contract is amortized over the term of the
contract. Exchange differences on the contract are recognized as profit
or loss in the period in which they arise.
k. Government Grants:
Grants from government are recognized when there is reasonable
assurance that the grant will be received and all attaching conditions
will be complied with. Government grants relating to assets the company
has opted "capital approach" method. Accordingly, the grant is deducted
from the gross value of the assets concerned in arriving at their books
value.
Mar 31, 2012
A. GENERAL:
The accounts are prepared under the historical cost convention and in
accordance with generally accepted accounting practices.
b. FIXED ASSETS:
Fixed Assets are stated at cost less accumulated depreciation. Cost of
acquisition of fixed assets is inclusive of freight, duties, taxes,
incidental expenses relating to the cost of acquisition and the cost of
installation/erection, as applicable.
c. DEPRECIATION:
Depreciation is provided under Written Down Value method in accordance
with the rates and rules prescribed under schedule XIV of the Companies
Act 1956. The company has used the following rates to provide
depreciation on its fixed assets.
d. INVENTORIES:
Valuation of inventories is made as under:
i) Finished goods are valued at lower of cost or net realizable value.
ii) Raw materials, work-in-progress and stores and spares are valued at
cost, following the FIFO Basis.
iii) Work-in-Progress, raw materials, stores, spares are valued at cost
except where the net realizable value of the finished goods they are
used in is less than the cost of finished goods and in such an event,
if the replacement cost of such materials etc., is less than their
books value, they are valued at replacement cost.
iv) By-products and scrap are valued at net realizable value.
e. SALES:
Sales are accounted for net of discounts and rebates. Export Sales are
initially accounted at the exchange rate prevailing on the date of
documentation/invoicing and the same is adjusted with the difference in
the rate of exchange arising on actual receipt of proceeds in foreign
exchange.
f. FOREIGN EXCHANGE TRANSACTIONS:
i) Transactions in foreign currency are initially accounted at exchange
rate prevailing on the date of transaction, and adjusted appropriately,
with the difference in the rate of exchange arising on actual
receipt/payment during the period under report.
ii) At each Balance Sheet date Foreign currency monetary items being
receivables/ payables are reported using the rate of exchange on that
date and difference is recognized as income or expense. Foreign
currency non-monetary items are reported using the exchange rate at
which they were initially recognized.
iii) In respect of forward exchange contracts in the nature of hedges.
Premium or discount on the contract is amortized over the term of the
contract. Exchange differences on the contract are recognized as profit
or loss in the period in which they arise.
g. CONTINGENT LIABILITIES:
Contingent Liabilities are not recognized in the accounts, but are
disclosed after a careful evaluation of the concerned facts and legal
issues involved.
For the purpose of the above details the Status of the ''Suppliers''
under the Act has been determined to the extent of and based on the
information furnished by the respective parties, and has accordingly
been relied upon by the company and its auditors.
Jun 30, 2011
1. The accounts are prepared under the historical cost convention and
in accordance with generally accepted accounting practices.
2. The company has not carried out any operations during the year
under report. Hence furnishing of quantitative particulars as required
under part II of Schedule VI of the Companies Act, 1956 does not arise
during the year.
3. Note for Share Capital, Unsecured Loans and Accumulated Losses:
The Company has proposed a Scheme of Arrangement between the Company
and Its Shareholders and Unsecured Creditors. The Appointed date of the
Scheme is 01st April 2010 and the scheme shall be effective upon fling
of certified copies of the court order confirming the scheme of
arrangement by the Hon'ble High Court of AP with the Registrar of
Companies, A.P.
The salient features of the Scheme are :
a. The Paid up share capital of the Company shall with effect from the
appointed date stand reduced from Rs. 3,54,78,000/- (Rupees Three Crore
Fifty Four Lakhs Seventy Eight Thousand Only) divided into 35,47,800
(Thirty Five Lakhs Forty Seven Thousand Eight Hundred Only) equity
shares of Rs.10/- (Rupees Ten Only) each. to Rs. 35,47,800/- (Thirty
Five Lakhs Forty Seven Thousand Eight Hundred Only) divided into
35,47,800 (Thirty Five Lakhs Forty Seven Thousand Eight Hundred Only)
equity shares of Rs 1/- each ( Rupees One Only) each with balance of
Rs.9/- (Rupees Nine Only) being cancelled off the paid up value of each
share in the paid up share capital of the company.
b. Upon such reduction, the total number of shares shall be reduced
and consolidated into equity shares of Rs.10/- each at the rate of 10
equity shares of Rs.1/- each into one (1) Equity share of Rs. 10/-
each. Accordingly the Paid up share capital of the Company shall be
35,47,800 (Thirty Five Lakhs Forty Seven Thousand Eight Hundred Only)
divided into 3,54,780 (Three Lacs Fifty Four Thousand Seven Hundred And
Eighty) equity shares of Rs.10/- (Rupees Ten Only) each.
c. Consequent to the reduction of the paid up share capital, an amount
of Rs. 3,19,30,200 /- (Rupees Three Crores Nineteen Lakhs Thirty
Thousand Two Hundred Only) representing the reduced paid up capital,
shall be used to set off the accumulated losses, out of the total
amount of Rs. 5,55,48,251/- (Rupees Five Crores Fifty Five Lakhs fourty
eight Thousand Two Hundred and Fifty OneOnly) as at 30.06.2011.
d. The unsecured loans of Rs. 2,65,00,000/- as on 30.06.2011, will be
converted into fully paid equity shares by allotment of 26,50,000
equity shares of Rs.10/- each at the rate of Rs.10/- per share.
e. The Capital Structure of the Company subsequent to reduction,
consolidation and fresh issue and allotment of shares as contemplated
in this Scheme shall be as follows:
Note :
i. For the purpose of the scheme, 90% reduction of capital has also
been effected on 41,53,000 Equity Shares representing the Forfeited
Shares.
ii. For Issue of Fresh Shares upon conversion of unsecured loans,
4,15,300 balance shares out of the Forfeited Shares after reduction of
capital will be first used to issue fresh shares.
iii. The post restructuring paid up capital includes reduction of
capital, consolidation of shares and fresh issue of shares upon
conversion of unsecured loans into equity shares.
f. We have been informed that, the Scheme has been approved
unanimously by the shareholders and presently the Petition to Sanction
the scheme has been fled with the High Court of AP.
g. Accordingly upon the scheme being effective, the above
restructuring will be carried out and a revised balance sheet will be
prepared.
Mar 31, 2010
I) DEPRECIATION:
Depreciation on Fixed assets has been provided on Fixed straight line
method at the rate and in the manner specified in Schedule XIV of the
Companies Act, 1956. However the Company does not have asset.
ii) STOCK:
Stocks are valued at cost
iii) FOREIGN CURRENCY TRANSACTION:
There are no transactions involving foreign currency.
iv) DIRECTORS REMUNERATION:
Due to insufficient funds Managing Director is not drawn any
remuneration.
v) OTHER INCOME:
Secured loans, Interest payable and TDS written off and credited to
Profit and Loss account.
Mar 31, 2009
I) DEPRECIATION:
Depreciation on Fixed assets has been provided on Fixed Straight Line
method at the rates and in the manner specified in Schedule XIV of the
Companies Act, 1956.However the company does not have any asset.
ii) STOCKS:
Stocks are valued at cost.
iii) PRELIMINARY EXP &SHARE ISSUE EXPENSES
Share issue expenses, though amortized have not been proportionally
written off during the year due to losses.
iv) DIRECTORS REMUNERATION:
Due to insufficient funds Managing Director is not drawing any
remuneration.
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