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Notes to Accounts of Shiva Texyarn Ltd.
Mar 31, 2025
2.17 Provisions and contingencies liabilities
Provisions are recognised when the Company has a present obligation (legal or constructive), as a result of past events, and it is
probable that an outflow of resources, that can be reliably estimated, will be required to settle such an obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the
balance sheet date, 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 (when 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 recognized as an asset if it is virtually certain that reimbursement will be received 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. When there is a possible obligation that the likelihood of outflow of resources is remote, no
provision or disclosure is made.
2.18 Financial Instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the
instruments. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable
to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value
through Statement of Profit and Loss (FVTPL)) are added to or deducted from the fair value of the financial assets or financial liabilities,
as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities
at fair value through profit and loss are recognised immediately in Statement of Profit and Loss.
All financial instruments are recognised initially at fair value. Transaction costs that are attributable to the acquisition of the financial
asset and financial liabilities (other than financial assets and financial liabilities recorded at fair value through profit or loss) are added
to or deducted from the fair value of the financial assets or financial liabilities , as appropriate, on initial recognition. Purchase or sales
of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place
(regular way trade) are recognised on trade date.
For the purpose of subsequent measurement, financial instruments of the Company are classified in the following categories: non¬
derivative financial assets comprising amortised cost, debt instruments at fair value through other comprehensive income (FVTOCI),
equity instruments at FVTOCI or fair value through profit and loss account (FVTPL) and financial liabilities at amortised cost or FVTPL.
The classification of financial instruments depends on the objective of the business model for which it is held. Management
determines the classification of its financial instruments at initial recognition.
A) Non-derivative financial assets
(i) Financial assets at amortised cost
A financial asset shall be measured at amortised cost if both of the following conditions are met:
(a) the financial asset is held within a business model whose objective is to hold financial assets in order to collect
contractual cash flows and
(b) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest (SPPI) on the principal amount outstanding.
They are presented as current assets, except for those maturing later than 12 months after the reporting date which are
presented as non-current assets. Financial assets are measured initially at fair value plus transaction costs and subsequently
carried at amortized cost using the effective interest method, less any impairment loss.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest
income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts
(including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and
other premiums or discounts) through the expected life of the debt instrument, or where appropriate, a shorter period, to
the gross carrying amount on initial recognition.
Financial assets at amortised cost are represented by trade receivables, security deposits, cash and cash equivalents,
employee and other advances and eligible current and non-current assets.
Income is recognised on an effective interest basis for debt instruments other than those financial assets classified as at
FVTPL. Interest income is recognised in profit or loss and is included in the "Other Income" line item.
(ii) De-recognition of financial assets
The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when
it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the
Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the
transferred asset, the Company recognises its retained interest in the asset and an associated liability for amounts it may
have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset,
the Company continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds
received.
On De-recognition of a financial asset in its entirety, the difference between the asset''s carrying amount and the sum of the
consideration received and receivable and the cumulative gain or loss that had been recognised in other comprehensive
income and accumulated in equity is recognised in profit or loss if such gain or loss would have otherwise been recognised
in profit or loss on disposal of that financial asset.
On De-recognition of a financial asset other than in its entirety (e.g. when the Company retains an option to repurchase
part of a transferred asset), the Company allocates the previous carrying amount of the financial asset between the part it
continues to recognise under continuing involvement, and the part it no longer recognises on the basis of the relative fair
values of those parts on the date of the transfer. The difference between the carrying amount allocated to the part that
is no longer recognised and the sum of the consideration received for the part no longer recognised and any cumulative
gain or loss allocated to it that had been recognised in other comprehensive income is recognised in profit or loss if such
gain or loss would have otherwise been recognised in profit or loss on disposal of that financial asset. A cumulative gain
or loss that had been recognised in other comprehensive income is allocated between the part that continues to be
recognised and the part that is no longer recognised on the basis of the relative fair values of those parts.
B) Non-derivative financial liabilities
(i) Financial liabilities at amortised cost
Financial liabilities at amortised cost represented by borrowings, trade and other payables are initially recognized at fair
value, and subsequently carried at amortized cost using the effective interest rate method.
(ii) Financial liabilities at FVTPL
Financial liabilities at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognised in profit
or loss. The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability and is included
in the ''Finance costs'' line item. The Company derecognises financial liabilities when, and only when, the Company''s
obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability
derecognised and the consideration paid and payable is recognised in Statement of Profit and Loss.
For financial liabilities that are denominated in a foreign currency and are measured at amortised cost at the end of each
reporting period, the foreign exchange gains and losses are determined based on the amortised cost of the instruments
and are recognised in the statement of profit and loss. The fair value of financial liabilities denominated in a foreign
currency is determined in that foreign currency and translated at the spot rate at the end of the reporting period. For
financial liabilities that are measured as at FVTPL, the foreign exchange component forms part of the fair value gains or
losses and is recognised in profit or loss.
(iii) De-recognition of non-derivative financial liabilities
The Company derecognises financial liabilities when, and only when, the Company''s obligations are discharged, cancelled
or have expired. An exchange between with a lender of debt instruments with substantially different terms is accounted
for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, a
substantial modification of the terms of an existing financial liability (whether or not attributable to the financial difficulty
of the debtor) is accounted for as an extinguishment of the original financial liability and the recognition of a new financial
liability. The difference between the carrying amount of the financial liability derecognised and the consideration paid and
payable is recognised in profit or loss.
2.19 Impairment
(i) Financial Assets
The Company assesses at each date of balance sheet whether a financial asset or a group of financial assets is impaired. Ind AS
109 requires expected credit losses to be measured through a loss allowance. The Company recognizes lifetime expected losses
for all contract assets and / or all trade receivables that do not constitute a financing transaction. For all other financial assets,
expected credit losses are measured at an amount equal to the 12- month expected credit losses or at an amount equal to the
life time expected credit losses, if the credit risk on the financial asset has increased significantly since initial recognition.
(ii) Non-financial assets
The Company periodically assesses whether there is any indication that an asset or a group of assets comprising a cash
generating unit may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset.
For an asset or group of assets that does not generate largely independent cash inflows, the recoverable amount is determined
for the cash-generating unit to which the asset belongs. If such recoverable amount of the asset or the recoverable amount
of the cash generating unit to which the asset belongs is less than its carrying amount, the carrying amount is reduced to its
recoverable amount. The reduction is treated as an impairment loss and is recognised in the statement of profit and loss. If at
the balance sheet date there is an indication that if a previously assessed impairment loss no longer exists, the recoverable
amount is reassessed and the asset is reflected at the recoverable amount subject to a maximum of depreciable historical cost.
An impairment loss is reversed only to the extent that the amount of asset does not exceed the net book value that would have
been determined if no impairment loss had been recognised
2.20 Fair Value Measurements
The Company measures financial instruments at fair value at each balance sheet date. Fair value is the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair
value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:
a) In the principal market for the asset or liability, or
b) In the absence of a principal market, in the most advantageous market for the asset or liability
The principal or the most advantageous market must be accessible by the Company. The fair value of an asset or a liability is
measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market
participants act in their economic best interest. A fair value measurement of a non financial assets takes into account a market
participant''s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another
market participant that would use the asset in its highest and best use.
For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether
transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level Input that is
significant to the fair value measurement as a whole) at the end of each reporting period.
44.1 b) Defined benefit plan - gratuity
In accordance with applicable Indian laws, the Company provides for gratuity, a defined benefit retirement plan (Gratuity plan). The Gratuity plan
provides a lump sum payment to vested employees, at retirement or termination of employment, an amount based on the respective employee''s
last drawn eligible salary and the years of employment with the Company. The Company provides the gratuity benefit through annual contribu¬
tions to a fund managed by the Insurer included as part of''Contribution to provident and other funds'' in Note 34 Employee benefit expense. Under
this plan, the settlement obligation remains with the Company.
Description of Risk Exposures
i) Interest Rate Risk: The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the
ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability (as shown in financial statements).
ii) Investment Risk: The probability or likelihood of occurrence of losses relative to the expected return on any particular investment.
iii) Salary Escalation Risk: The present value of the defined benefit plan is calculated with the assumption of salary increase rate of plan
participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase in salary used to
determine the present value of obligation will have a bearing on the plan''s liability.
iv) Demographic Risk: The Company has used certain mortality and attrition assumptions in valuation of the liability. The Company is
exposed to the risk of actual experience turning out to be worse compared to the assumption.
v) Liquidity Risk: This is the risk that the Company is not able to meet the short-term gratuity pay-outs. This may arise due to non-availability
of enough cash/cash equivalent to meet the liabilities or holding of illiquid assets not being sold in time.
vi) In respect of the plan in India, the most recent actuarial valuation of the plan assets and the present value of the defined benefit obligation
were carried out as at March 31,2025 by Mr. N Srinivasan, Fellow of the Institute of Actuaries of India. The present value of the defined benefit
obligation, and the related current service cost and past service cost, were measured using the projected unit credit method.
The management assessed that fair value of cash and Balances with Bank, trade receivables, trade payables, and other current financial assets and
liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.
The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction
between willing parties, other than in a forced or liquidation sale.
The following methods and assumptions were used to estimate the fair values:
i) Long-term fixed-rate receivables/borrowings are evaluated by the Company based on parameters such as interest rates, specific country risk
factors, individual creditworthiness of the customer and the risk characteristics of the financed project. Based on this evaluation, allowances
are taken into account for the expected losses of these receivables.
ii) Fair values of the Company''s interest-bearing borrowings and loans are determined by using DCF method using discount rate that reflects
the issuer''s borrowing rate as at the end of the reporting period. The own non- performance risk as at March 31, 2025 was assessed to be
insignificant.
iii) The fair values of the unquoted equity shares have been estimated using a discounted cash flow model. The valuation requires management
to make certain assumptions about the model inputs, including forecast cash flows, discount rate, credit risk and volatility, the probabilities
of the various estimates within the range can be reasonably assessed and are used in management''s estimate of fair value for these unquoted
equity investments.
51. Fair value hierarchy
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or
indirectly (i.e. derived from prices).
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
53. Financial Risk Management
The Company''s principal financial liabilities, comprise loans and borrowings, trade and other payables. The main purpose of these financial liabili¬
ties is to finance the company''s operations and to provide guarantees to support its operations. The Company''s principal financial assets include
loans, trade and other receivables, and cash and short-term deposits that derive directly from its operations.
The Company''s activities expose it to a variety of financial risks: credit risk, liquidity risk, foreign currency risk and interest rate risk. The Company''s
primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance.
The primary market risk to the company is foreign exchange risk. The Company uses foreign currency borrowings to mitigate foreign exchange
related risk exposures.
The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below:
Credit Risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obliga¬
tions, and arises principally from the Company''s receivables from customers and investment securities. Credit risk arises from cash held with banks
and financial institutions, as well as credit exposure to clients, including outstanding accounts receivable. The maximum exposure to credit risk is
equal to the carrying value of the financial assets. The objective of managing counterparty credit risk is to prevent losses in financial assets. The
Company assesses the credit quality of the counterparties, taking into account their financial position, past experience and other factors.
Trade and Other Receivables
The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer,
including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment.
The following table gives details in respect of percentage of revenues generated from top customer and top 5 customers:
Market Risk
The Company limits its exposure to credit risk by generally investing in liquid securities and only with counterparties that have a good credit rat¬
ing. The company does not expect any losses from non- performance by these counter-parties, and does not have any significant concentration
of exposures to specific industry sectors.
Liquidity Risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity
risk through credit limits with banks.
The Company''s corporate treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and
policies related to such risks are overseen by senior management.
The working capital position of the Company is given below:
Foreign Currency risk
The Company''s exchange risk arises from its foreign operations, foreign currency revenues and expenses, (primarily in U.S. dollars, British pound
sterling and Euros and foreign currency borrowings (primarily in U.S. dollars, British pound sterling and Euros). A significant portion of the Com¬
pany''s revenues are in these foreign currencies, while a significant portion of its costs are in Indian rupees. As a result, if the value of the Indian
rupee appreciates relative to these foreign currencies, the Company''s revenues measured in rupees may decrease. The exchange rate between the
Indian rupee and these foreign currencies has changed substantially in recent periods and may continue to fluctuation substantially in the future.
The Company''s management meets on a periodic basis to formulate the strategy for foreign currency risk management.
Consequently, the Company management believes that the borrowings in foreign currency and its assets in foreign currency shall mitigate the
foreign currency risk mutually to some extent
Foreign Currency Sensitivity Analysis
The company has very minimal presence in the export market .The Company is mainly exposed to the currency USD/EURO on account of outstand¬
ing trade receivables and trade payables in USD.
The following table details the Company''s sensitivity to a 5% increase and decrease in INR against the relevant foreign currency. 5% is the
sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management''s assessment
of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated
monetary items and adjusts their translation at the period end for a 5% change in foreign currency rates. A positive number below indicates
an increase in profit or equity where the INR strengthens 5% against the relevant currency. For a 5% weakening of the INR against the relevant
currency, there would be a comparable impact on the profit or equity as shown in the below table
Interest Rate Risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.
The Company''s exposure to the risk of changes in market interest rates relates primarily to the Company''s debt obligations with floating interest
rates and investments.
55. Additional Disclosure relating to Schedule III Amendment of Companies Act ,2013
(i) Details of Benami property :
No proceedings have been initiated or are pending against the Company for holding any Benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.
(ii) Utilisation of borrowed funds and share premium:
A) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:
a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company (Ultimate Beneficiaries) or
b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
B) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:
a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party (Ultimate Beneficiaries) or
b) Provide any guarantee, security or the like on behalf of the ultimate beneficiaries.
(iii) Compliance with number of layers of companies:
The Company has complied with the number of layers prescribed under the Companies Act,2013.
(iv) Undisclosed income:
There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income
Tax Act, 1961, that has not been recorded in the books of account.
(v) Details of crypto currency or virtual currency:
The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.
(vi) Valuation of Property, Plant and Equipment, intangible asset and investment property:
The Company has not revalued its property, plant and equipment (including Right of Use Assets) or intangible assets or both during the
current or previous year.
(vii) Struck off Companies:
The company does not have any transaction with companies struck off .
(viii) Wilful Defaulter:
The Company had not been declared a wilful defaulter by any bank or financial institution or other lender (as defined under the
Companies Act, 2013) or consortium thereof, in accordance with the guidelines on wilful defaulters issued by the Reserve Bank of India.
(ix) The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies (ROC) beyond the
statutory period.
56. The amounts and disclosures included in the financial statements of the previous year have been reclassified wherever necessary to conform
to the current year classification.
57. All figures are in lakhs unless otherwise stated and rounded off to the nearest two decimals.
Subject to our report of even date attached For and on behalf of the Board of Directors
For VKS Aiyer & Co,
Chartered Accountants S V Alagappan S K Sundararaman
C S Sathyanarayanan Chairman Managing Director
Partner DIN:00002450 DIN:00002691
Membership No. 028328 C Krishnakumar R Srinivasan
Coimbatore Chief Financial Officer Company Secretary
22-05-2025 ACS No.21254
Mar 31, 2024
2.17 Provisions and contingencies liabilities
Provisions are recognised when the Company has a present obligation (legal or constructive), as a result of past events, and it is probable that an outflow of resources, that can be reliably estimated, will be required to settle such an obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, 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 (when 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 recognized as an asset if it is virtually certain that reimbursement will be received 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. When there is a possible obligation that the likelihood of outflow of resources is remote, no provision or disclosure is made.
2.18 Financial Instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through Statement of Profit and Loss (FVTPL)) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit and loss are recognised immediately in Statement of Profit and Loss.
All financial instruments are recognised initially at fair value. Transaction costs that are attributable to the acquisition of the financial asset and financial liabilities (other than financial assets and financial liabilities recorded at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities , as appropriate, on initial recognition. Purchase or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trade) are recognised on trade date.
For the purpose of subsequent measurement, financial instruments of the Company are classified in the following categories: nonderivative financial assets comprising amortised cost, debt instruments at fair value through other comprehensive income (FVTOCI), equity instruments at FVTOCI or fair value through profit and loss account (FVTPL) and financial liabilities at amortised cost or FVTPL.
The classification of financial instruments depends on the objective of the business model for which it is held. Management determines the classification of its financial instruments at initial recognition.
A) Non-derivative financial assets
(i) Financial assets at amortised cost
A financial asset shall be measured at amortised cost if both of the following conditions are met:
(a) the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and
(b) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.
They are presented as current assets, except for those maturing later than 12 months after the reporting date which are presented as non-current assets. Financial assets are measured initially at fair value plus transaction costs and subsequently carried at amortized cost using the effective interest method, less any impairment loss.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the debt instrument, or where appropriate, a shorter period, to the gross carrying amount on initial recognition.
Financial assets at amortised cost are represented by trade receivables, security deposits, cash and cash equivalents, employee and other advances and eligible current and non-current assets.
Income is recognised on an effective interest basis for debt instruments other than those financial assets classified as at FVTPL. Interest income is recognised in profit or loss and is included in the "Other Income" line item.
(ii) De-recognition of financial assets
The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.
On De-recognition of a financial asset in its entirety, the difference between the asset''s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognised in other comprehensive income and accumulated in equity is recognised in profit or loss if such gain or loss would have otherwise been recognised in profit or loss on disposal of that financial asset.
On De-recognition of a financial asset other than in its entirety (e.g. when the Company retains an option to repurchase part of a transferred asset), the Company allocates the previous carrying amount of the financial asset between the part it continues to recognise under continuing involvement, and the part it no longer recognises on the basis of the relative fair values of those parts on the date of the transfer. The difference between the carrying amount allocated to the part that is no longer recognised and the sum of the consideration received for the part no longer recognised and any cumulative gain or loss allocated to it that had been recognised in other comprehensive income is recognised in profit or loss if such gain or loss would have otherwise been recognised in profit or loss on disposal of that financial asset. A cumulative gain or loss that had been recognised in other comprehensive income is allocated between the part that continues to be recognised and the part that is no longer recognised on the basis of the relative fair values of those parts.
B) Non-derivative financial liabilities
(i) Financial liabilities at amortised cost
Financial liabilities at amortised cost represented by borrowings, trade and other payables are initially recognized at fair value, and subsequently carried at amortized cost using the effective interest rate method.
(ii) Financial liabilities at FVTPL
Financial liabilities at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability and is included in the ''Finance costs'' line item. The Company derecognises financial liabilities when, and only when, the Company''s obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in Statement of Profit and Loss.
For financial liabilities that are denominated in a foreign currency and are measured at amortised cost at the end of each reporting period, the foreign exchange gains and losses are determined based on the amortised cost of the instruments and are recognised in the statement of profit and loss. The fair value of financial liabilities denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of the reporting period. For financial liabilities that are measured as at FVTPL, the foreign exchange component forms part of the fair value gains or losses and is recognised in profit or loss.
(iii) De-recognition of non-derivative financial liabilities
The Company derecognises financial liabilities when, and only when, the Company''s obligations are discharged, cancelled or have expired. An exchange between with a lender of debt instruments with substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability (whether or not attributable to the financial difficulty of the debtor) is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss.
2.19 Impairment
(i) Financial Assets
The Company assesses at each date of balance sheet whether a financial asset or a group of financial assets is impaired. Ind AS 109 requires expected credit losses to be measured through a loss allowance. The Company recognizes lifetime expected losses for all contract assets and / or all trade receivables that do not constitute a financing transaction. For all other financial assets, expected credit losses are measured at an amount equal to the 12- month expected credit losses or at an amount equal to the life time expected credit losses, if the credit risk on the financial asset has increased significantly since initial recognition.
(ii) Non-financial assets
The Company periodically assesses whether there is any indication that an asset or a group of assets comprising a cash generating unit may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. For an asset or group of assets that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. If such recoverable amount of the asset or the recoverable amount of the cash generating unit to which the asset belongs is less than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognised in the statement of profit and loss. If at the balance sheet date there is an indication that if a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount subject to a maximum of depreciable historical cost. An impairment loss is reversed only to the extent that the amount of asset does not exceed the net book value that would have been determined if no impairment loss had been recognised
2.20 Fair Value Measurements
The Company measures financial instruments at fair value at each balance sheet date. Fair value is the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair
value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:
a) In the principal market for the asset or liability, or
b) In the absence of a principal market, in the most advantageous market for the asset or liability
The principal or the most advantageous market must be accessible by the Company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non financial assets takes into account a market participant''s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level Input that is significant to the fair value measurement as a whole) at the end of each reporting period.
44.1 b) Defined benefit plan - gratuity
In accordance with applicable Indian laws, the Company provides for gratuity, a defined benefit retirement plan (Gratuity plan). The Gratuity plan provides a lump sum payment to vested employees, at retirement or termination of employment, an amount based on the respective employee''s last drawn eligible salary and the years of employment with the Company. The Company provides the gratuity benefit through annual contributions to a fund managed by the Insurer included as part of ''Contribution to provident and other funds'' in Note 34 Employee benefit expense. Under this plan, the settlement obligation remains with the Company.
Description of Risk Exposures
i) Interest Rate Risk: The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability (as shown in financial statements).
ii) Investment Risk: The probability or likelihood of occurrence of losses relative to the expected return on any particular investment.
iii) Salary Escalation Risk: The present value of the defined benefit plan is calculated with the assumption of salary increase rate of plan participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase in salary used to determine the present value of obligation will have a bearing on the plan''s liability.
iv) Demographic Risk: The Company has used certain mortality and attrition assumptions in valuation of the liability. The Company is exposed to the risk of actual experience turning out to be worse compared to the assumption.
v) Liquidity Risk: This is the risk that the Company is not able to meet the short-term gratuity pay-outs. This may arise due to non-availability of enough cash/cash equivalent to meet the liabilities or holding of illiquid assets not being sold in time.
vi) In respect of the plan in India, the most recent actuarial valuation of the plan assets and the present value of the defined benefit obligation were carried out as at March 31,2024 by Mr. N Srinivasan, Fellow of the Institute of Actuaries of India. The present value of the defined benefit obligation, and the related current service cost and past service cost, were measured using the projected unit credit method.
53. Financial risk management
The Company''s principal financial liabilities, comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the company''s operations and to provide guarantees to support its operations. The Company''s principal financial assets include loans, trade and other receivables, and cash and short-term deposits that derive directly from its operations.
The Company''s activities expose it to a variety of financial risks: credit risk, liquidity risk, foreign currency risk and interest rate risk. The Company''s primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The primary market risk to the company is foreign exchange risk. The Company uses foreign currency borrowings to mitigate foreign exchange related risk exposures.
The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below:
Credit Risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers and investment securities. Credit risk arises from cash held with banks and financial institutions, as well as credit exposure to clients, including outstanding accounts receivable. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing counterparty credit risk is to prevent losses in financial assets. The Company assesses the credit quality of the counterparties, taking into account their financial position, past experience and other factors.
Trade and Other Receivables
The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment.
Market Risk
The Company limits its exposure to credit risk by generally investing in liquid securities and only with counterparties that have a good credit rating. The company does not expect any losses from non- performance by these counter-parties, and does not have any significant concentration of exposures to specific industry sectors.
Liquidity Risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk through credit limits with banks.
The Company''s corporate treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management.
(v) Details of crypto currency or virtual currency
The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.
(vi) Valuation of Property, Plant and Equipment, intangible asset and investment property:
The Company has not revalued its property, plant and equipment (including Right of Use Assets) or intangible assets or both during the current or previous year.
(vii) Struck off Companies
The company does not have any transaction with companies struck off .
(viii) Wilful Defaulter:
The Company had not been declared a wilful defaulter by any bank or financial institution or other lender (as defined under the Companies Act, 2013) or consortium thereof, in accordance with the guidelines on wilful defaulters issued by the Reserve Bank of India.
(ix) The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies (ROC) beyond the statutory period.
56. The amounts and disclosures included in the financial statements of the previous year have been reclassified wherever necessary to conform to the current year classification.
57. All figures are in lakhs unless otherwise stated and rounded off to the nearest two decimals.
Subject to our report of even date attached For and on behalf of the Board of Directors
For VKS Aiyer & Co, Chartered Accountants Shiva Texyarn Limited
Leena M Sathyanarayanan S V Alagappan S K Sundararaman
Partner Chairman Managing Director
Membership No. 204177 DIN:00002450 DIN:00002691
Coimbatore C Krishnakumar R Srinivasan
Date: 24-05-2024 Chief Financial Officer Company Secretary
ACS No.21254
Mar 31, 2018
32 Fair value hierarchy
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
The following table presents the fair value measurement hierarchy of financial assets and liabilities measured at fair value on recurring basis as at March 31, 2018, March 31, 2017and April 1, 2016.
|
(Rs. in lakhs) |
|||||||
|
Fair value measurement using |
|||||||
|
Particulars |
As at |
Date of valuation |
Total |
Quoted prices in active markets (Level 1) |
Significant obervable inputs (Level 2) |
Significant un obervable inputs (Level 3) |
|
|
Financial assets measured at fair value : |
|||||||
|
1 |
FVTOCI financial assets designated at fair value: |
||||||
|
Investment in equity instruments (quoted) |
31-3-2018 |
31-3-2018 |
69.59 |
69.59 |
- |
- |
|
|
31-3-2017 |
31-3-2017 |
68.58 |
68.58 |
- |
- |
||
|
1-4-2016 |
1-4-2016 |
49.09 |
49.09 |
- |
- |
||
|
2 |
FVTPL financial assets designated at fair value: |
||||||
|
Investment in equity instruments (unquoted) |
31-3-2018 |
31-3-2018 |
9.67 |
- |
- |
9.67 |
|
|
31-3-2017 |
31-3-2017 |
13.73 |
- |
- |
13.73 |
||
|
1-4-2016 |
1-4-2016 |
11.41 |
- |
- |
11.41 |
||
There have been no transfers among Level 1, Level 2 and Level 3 during the year. 33 Financial Risk Management
The Company''s principal financial liabilities, comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the company''s operations and to provide guarantees to support its operations. The Company''s principal financial assets include loans, trade and other receivables, and cash and short-term deposits that derive directly from its operations.
The Company''s activities expose it to a variety of financial risks: credit risk, liquidity risk, foreign currency risk and interest rate risk. The Company''s primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The primary market risk to the company is foreign exchange risk. The Company uses foreign currency borowings to mitigate foreign exchange related risk exposures.
The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below: Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Compan/s receivables from customers and investment securities. Credit risk arises from cash held with banks and financial institutions, as well as credit exposure to clients, including outstanding accounts receivable. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing counterparty credit risk is to prevent losses in financial assets. The Company assesses the credit quality of the counterparties, taking into account their financial position, past experience and other factors.
Trade and other receivables
The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment.
The following table gives details in respect of percentage of revenues generated from top customer and top 5 customers :
|
(Rs. in lakhs) |
||
|
Particulars |
For the year ended March 31,2018 |
For the year ended March 31,2017 |
|
Revenue from top customer |
4,900.00 |
1,663.49 |
|
Revenue from top 5 customers |
9,147.92 |
6,396.81 |
One customer accounted for more than 10% of the revenue for the year ended March 31, 2018 , however two of the customers accounted for more than 10% of the receivables for the year ended March 31, 2018. One customer accounted for more than 10% of the revenue for the year March 31, 2017, however four of the customers accounted for more than 10% of the receivables for the year ended March 31, 2017.
Investments
The Company limits its exposure to credit risk by generally investing in liquid securities and only with counterparties that have a good credit rating. The company does not expect any losses from non- performance by these counter-parties, and does not have any significant concentration of exposures to specific industry sectors.
Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk through credit limits with banks.
The Company''s corporate treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management.
The working capital position of the Company is given below :
|
Particulars |
As at March 31, 2018 |
As at March 31, 201 7 |
As at April 1, 2016 |
|
Cash and cash equivalents |
886.33 |
571.44 |
571.99 |
|
Total |
886.33 |
571.44 |
571.99 |
The table below provides details regarding the contractual maturities of significant financial liabilities as at March 31, 2018, March 31, 2017 and Aprill, 2016.
|
Particulars |
As at |
Less than 1 year |
1 -2 years |
2 years and above |
|
Borrowings |
March 31 ,2018 |
10,806.81 |
7,106.34 |
115.00 |
|
March 31 , 2017 |
10,818.28 |
5,670.84 |
115.00 |
|
|
April 1 , 2016 |
10,873.32 |
7,554.25 |
115.00 |
|
|
Trade payables |
March 31, 2018 |
2,615.06 |
- |
_ |
|
March 31, 2017 |
3,739.01 |
- |
- |
|
|
April 1,2016 |
1,821.07 |
- |
- |
|
|
Other financial liabilities |
March 31, 2018 |
309.41 |
- |
- |
|
March 31, 2017 |
412.04 |
- |
||
|
April 1, 2016 |
161.26 |
- |
Foreign Currency risk
The Company''s exchange risk arises from its foreign operations, foreign currency revenues and expenses, (primarily in U.S. dollars, British pound sterling and euros) and foreign currency borrowings (primarily in U.S. dollars, British pound sterling and euros). A significant portion of the Company''s revenues are in these foreign currencies, while a significant portion of its costs are in Indian rupees. As a result, if the value of the Indian rupee appreciates relative to these foreign currencies, the Compan/s revenues measured in rupees may decrease. The exchange rate between the Indian rupee and these foreign currencies has changed substantially in recent periods and may continue to fluctuate substantially in the future. The Compan/s management meets on a periodic basis to formulate the strategy for foreign currency risk management.
Consequently, the Company management believes that the borrowings in foreign currency and its assets in foreign currency shall mitigate the foreign currency risk mutually to some extent.
The following table presents foreign currency risk from non-derivative financial instruments as of March 31, 2018, March 31, 2017 and April 1, 2016.
|
Particulars |
As at |
US $ |
Euro |
Pount / Sterling |
Total |
|
Assets |
|||||
|
Trade receivables |
March 31, 2018 |
694099 |
- |
694099 |
|
|
March 31, 2017 |
559433 |
- |
- |
559433 |
|
|
April 1, 2016 |
714346 |
- |
- |
714346 |
|
|
Cash and Cash equivalents |
March 31, 2018 |
- |
- |
- |
|
|
March 31, 2017 |
- |
- |
- |
- |
|
|
April 1,2016 |
- |
- |
- |
||
|
Liabilities |
|||||
|
Trade receivables |
March 31, 2018 |
- |
- |
- |
- |
|
March 31, 2017 |
- |
- |
- |
||
|
April 1, 2016 |
- |
- |
- |
- |
|
|
Borrowings |
March 31, 2018 |
- |
- |
- |
- |
|
March 31, 2017 |
- |
- |
- |
||
|
April 1, 2016 |
- |
- |
- |
- |
|
|
Net Assets / (Liabilities) |
March 31, 2018 |
694099 |
- |
694099 |
|
|
March 31, 2017 |
559433 |
- |
- |
559433 |
|
|
April 1, 2016 |
714346 |
- |
714346 |
Foreign currency sensitivity analysis
The Company is mainly exposed to the currency USD on account of outstanding trade receivables and trade payables in USD.
The following table details the Company''s sensitivity to a 5% increase and decrease in INR against the USD. 5% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management''s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 5% change in foreign currency rates. A positive number below indicates an increase in profit or equity where the INR strengthens 5% against the relevant currency. For a 5% weakening of the INR against the relevant currency, there would be a comparable impact on the profit or equity, and the balances below would be negative.
|
(Rs. in lakhs) |
||
|
Particulars |
For the year ended March 31,2018 |
For the year ended March 31,2017 |
|
Impact on profit or (loss) for the year |
2.14 |
- |
For a 5% weakening of the INR against the relevant currency, there would be equivalent amount of impact on the profit as mentioned in the above table.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the Compan/s debt obligations with floating interest rates and investments.
Interest rate sensitivity analysis
If interest rates had been 1 % higher and all other variables were held constant, the company''s profit for the year ended would have impacted in the following manner:
|
Particulars |
For the year ended March |
For the year ended March |
|
31,2018 |
31,2017 |
|
|
Increase / (decrease) in the Profit for the year |
(244.42) |
(259.67) |
If interest rates were 1% lower, the compan/s profit would have increased by the equivalent amount as shown in the above table.
Capital management
The Company''s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Company monitors the return on capital. The Compan''s objective when managing capital is to maintain an optimal structure so as to maximize shareholder value.
|
The capital structure is as follows : |
(Rs. in lakhs) |
||
|
Particulars |
As at March 31, 2018 |
As at March 31, 201 7 |
As at April 1, 2016 |
|
Total equity attributable to the equity share holders of the company |
10,810.42 |
9,922.77 |
9,160.78 |
|
As percentage of total capital |
37% |
37% |
33% |
|
Current borrowings |
8,161.84 |
7,331.74 |
7,319.53 |
|
Non-current borrowings |
9,866.31 |
9,272.38 |
11,223.04 |
|
Total borrowings |
18,028.15 |
16,604.12 |
18,542.57 |
|
As a percentage of total capital |
63% |
63% |
67% |
|
Total capital (borrowings and equity) |
28,838.57 |
26,526.89 |
27,703.35 |
The Company is predominantly debt financed which is evident from the capital structure table.
34 Transition to Ind AS
The Company''s financial statements for the year ended March 31, 2018 are prepared in accordance with Ind AS notified under the Companies (Indian Accounting Standards) Rules, 2015. The adoption of Ind AS was carried out in accordance with Ind AS 101, using April 1, 2016 as the transition date. Ind AS 101 requires that all Ind AS standards and interpretations that are effective for the interim Ind AS financial statements for the year ended March 31, 2017 be applied consistently and retrospectively for all fiscal years presented. All applicable Ind AS have been applied consistently and retrospectively wherever required. The resulting difference between the carrying amounts of the assets and liabilities in the financial statements under both Ind AS and Indian GAAP as at the transition date have been recognized directly in equity at the transition date.
In preparing these financial statements, the Company has availed itself of certain exemptions and exceptions in accordance with Ind AS 101 as explained below:
a) Exceptions from full retrospective application :
Estimates exception: Upon an assessment of the estimates made under Indian GAAP, the Company has concluded that there was no necessity to revise such estimates under Ind AS, except where estimates were required by Ind AS and not required by Indian GAAP.
b) Exemptions from retrospective application :
a. The Company has elected to restate the carrying value of the plant and equipment and capital work in progress in accordance with Ind AS, as of April 01, 2016 (transition date) as its deemed cost as of the transition date.
c) Reconciliations:
The following reconciliations provide a quantification of the effect of significant differences arising from the transition from Indian GAAP to Ind AS in accordance with Ind AS 101: equity as at April 1, 2016; equity as at March 31,2017 total comprehensive income for the year ended March 31, 2017; explanation of material adjustments to cash flow statements.
|
i) Equity reconciliation : |
(Rs. in lakhs) |
||
|
Particulars |
Explanation Note |
As at March 31, 201 7 |
As at April 1, 2016 |
|
Equity under previous GAAP |
16,312.10 |
15,889.28 |
|
|
Change in treatment of dividend including tax there on |
i) |
- |
288.60 |
|
Remeasurement of defined benefit obligations |
ii) |
2.43 |
(8.55) |
|
Fair value of quoted investment (net of tax) |
iii) |
10.01 |
(5.66) |
|
Assets derecognised |
iv) |
(32.99) |
- |
|
Demerger adjustment done as at April 1 , 2016 |
v) |
(634.09) |
|
|
Equity as per Incl AS |
16,291.55 |
15,529.56 |
ii) Total comprehensive income reconciliation
|
Particulars |
Explanation Note |
For the year ended March 31,2017 |
|
Net income / (loss) under previous GAAP |
1,053.11 |
|
|
Remeasurement of defined benefit obligations |
(ii) |
8.35 |
|
Assets derecognised |
(iv) |
(32.99) |
|
Others |
||
|
Profit for the year under Ind AS |
1,028.47 |
|
|
Remeasurement of defined benefit obligations (Net of taxes) |
(iii) |
2.63 |
|
Fair value of quoted investment (net of tax) |
(iv) |
15.67 |
|
Total comprehensive income under Ind AS |
1,046.77 |
iii) There were no significant reconciliation items between cash flows prepared under Indian GAAP and those prepared under Ind AS.
Explanation notes for Ind AS transition :
i) Under Ind AS, liability for dividend is recognized in the period in which the obligation to pay is established. Under previous GAAP
(till March 31, 2016), a liability is recognized in the period to which the dividend relates, even though the dividend may be approved by the shareholders subsequent to the reporting date.
ii) Under the previous GAAP, actuarial gains or losses were recognised in the statement of profit and loss. Under Ind AS, the actuarial gains or losses from part of remeasurement of the net defined benefit liability / asset is recognised in other comprehensive income. Change in the defined benefit obligation on account of Ind AS is recognised in the statement of profit and loss.
iii) The Company has made an irrevocable election to present the subsequent changes to the fair value of quoted equity onvestments in OCI. Accordingly all fair value changes on the instrument, excluding dividend are recognised in OCI which is not subsequently recycled to statement of profit and loss. Under the previous GAAP these investments were recognised at cost.
iv) Demerger expenses not qualifying for recognition under Ind AS is de-recognised under Ind AS.
v) Under Ind AS the adjustment for business combination (Demerger) is recognised with effect from the appointed date as per the scheme of demerger governed by the court of law i.e April 1, 2015. Under previous GAAP demerger effect was given during the year ended March 31, 2017. Therefore adjustment of the net profit earned by the resulting Company during the year ended March 31, 2017 in the financials as per the previous GAAP is not required.
35 Scheme of demerger
The National Company Law Tribunal (NCLT) vide their proceedings dated 24th August 2017 in Company Petition No.3598360 of 2016, renumbered as TCP/22823/CAA/2017, approved the scheme for demerger of the business of Spinning Unit-1 along with connected wind mills ("approved scheme", in favour of Shiva Mills Limited (formerly known as STYL Ventures Limited) ("SML"). The demerger comes in to effect from April 1, 2015, the appointed day fixed under the Scheme.
The net assets to be transferred to SML as on the appointed day, as per the approved scheme is recognised and disclosed as "Demerger Adjustment Account" to be adjusted against the equity of the Company when shares are allotted by SML to the share holders of Demerged Company.
During the year shares of SML were alloted in accordance with the scheme. Accordingly the demerger adjustment account is adjusted with the equity.
Signatories for notes and additional notes which form part of Balance Sheet and Statement of Profit and Loss.
|
Subject to our report of even date attached |
For and on behalf of the Board |
||
|
For Deloitte Haskins & Sells LLP |
|||
|
Chartered Accountants |
S V Alagappan |
S V Arumugam |
S K Sundararaman |
|
C.R. Rajagopal |
Chairman |
Director |
Managing Director |
|
Partner |
DIN : 00002450 |
DIN : 00002458 |
DIN : 00002691 |
|
Membership No. 23418 |
|||
|
Coimbatore 28th May, 2018 |
C Krishnakumar Chief Financial Officer |
R Srinivasan Company Secretary ACS No. 21254 |
|
Mar 31, 2016
IV DISCLOSURES PURSUANT TO MICRO, SMALL & MEDIUM ENTERPRISES (DEVELOPMENT) ACT, 2006
The management has initiated the process of identifying enterprises ''which have provided goods and services to the company and ''which qualify under the definition of micro and small enterprises as defined under Micro, Small and Medium Enterprises Development Act, 2006. Accordingly, the disclosure in respect of the amounts payable touch enterprises as at 31st March, 2016 has been made in the financial statements based on information received and available ''with the company. The company has not received any claim for interest from any supplier under the said Act.
V OTHER DISCLOSURES
1 Status of income tax, interest tax, wealth tax and fringe benefit tax assessments :
a) The income tax assessments have been completed up to the assessment year 2013-14 ;
b) The ''wealth tax assessments have been completed up to the assessment year 2013-14 ;
c) No further liability likely to arise as against the completed or pending assessments.
2 In the opinion of Board of Directors :
a) Assets Other than Fixed Assets and Non Current Assets would realize the value stated in the normal course of Business
b) There are no overdue payments to Micro, Small and Medium Enterprises attracting interest in terms of Micro, Shall & Medium^ Enterprises (Development) Act, 2006.
c) There are no amounts required to be transferred to Central Government under the Investor Education and Protection Fund.
3 The previous year figures have been regrouped/reclassified, wherever necessary to conform to the current year presentation.
Mar 31, 2015
1. Rights, Preferences and restrictions attaching to each class of
shares including restrictions on distribution of dividends and
repayments of Capital :
The Company has only one class of equity shares having par value of
Rs.10/- each; Each equity share carries one vote; the shares carry
equal right with respect to payment of dividend and repayment of
capital in any event.
2. Terms of any securities convertible into Equity/Preference Shares
issued along with earliest date of conversion in descending order
starting from earliest such date : Not applicable
3. Shares reserved for issue under option and Contract / Commitments
for the sale of shares / disinvestment including terms and amounts :
Not applicable
4. OTHER NOTES TO FINANCIAL STATEMENTS (Rs. in lakhs)
As at As at
Particu|ars 31.03.2015 31.03.2014
I ADDITIONAL NOTES TO BALANCE SHEET
A Contingent liabilities
a) Claims against the Company not acknowledged - -
as debt
b) Guarantees - -
c) Other money for which the Company is
contingently liable:
i) Disputed demands from ESI Authorities
pertaining to Corporate office 11.28 11.28
ii) Disputed income tax demand pending
in appeal before the first Appellate
authority - 1.05
iii) Disputed central sales tax demand in
respect of which interim stay granted
by Hon'ble High Court of Madras - 16.02
iv) Disputed TNVAT demand in respect
of which interim stay granted by
Hon'ble High Court of Madras 127.17 404.13
B Commitments
a) Estimated amount of contracts
remaining to be executed
on capital account and not provided for 105.09 157.06
b) Uncalled liability on shares and other
investments partly paid - -
c) Other Commitments:
The amount of duty concession availed
against the pending obligation for import
of capital goods under concessional
customs duty linked to fulfillment of
export obligations 298.61 3,704.81
5. DISCLOSURES PURSUANT TO ACCOUNTING STANDARDS
a) AS 2 - Valuation of inventories
Closing stock of finished goods in textile division is valued excluding
excise duty as the company opted for clearance at "Nil" duty and hence
no provision for excise duty is made as expense. The method of
valuation has no impact on the net profits.
i. Raw materials At weighted average method
ii. Process At weighted average method
(incl. appropriate
production overhead)
iii. Finished goods At weighted average method
(incl. appropriate production
overhead)
iv. Stock of packing materials At weighted average method
and stores and spares
b) AS 17 - Segment reporting
The company's business relates to single segment only i.e, Textiles and
hence no segment reporting is given.
c) AS 18 - Related party disclosures
A. Related parties
i) Holding and Subsidiary Companies : Nil
ii) Associates :
Anamallais Automobiles Private Ltd Anamallais Motors Private Ltd
Annamallai Retreading Company Private Ltd Bannari Amman Spinning Mills
Ltd Sakthi Murugan Transports Ltd Shiva Cargo Movers Ltd Young Brand
Apparel Private Ltd Sundar Ram Enterprise Private Ltd
iii) Key management personnel :
Sri S V Alagappan - Chairman and Managing Director
Sri S K Sundararaman - Executive Director
iv) Relatives of key management personnel :
Dr S V Balasubramaniam - Brother of Chairman and Managing Director
Sri S V Kandasami - Brother of Chairman, Managing Director and F/o.
Executive Director
Sri S V Arumugam - Brother of Chairman and Managing Director
Smt A Lalitha - Daughter of Chairman and Managing Director
d) AS 19 - Accounting for leases
Accounting for lease rentals paid under contract for operating lease
and rental on time schedule, charged to revenue as and when incurred.
The company has not entered into any contract for finance lease.
e) AS 28 - Impairment of assets
The assets of the company have not suffered any impairment as assessed
by the Management.
f) AS 29 - Provision, contingent liabilities and contingent assets
a) Provisions : Nil
b) Contingent liabilities
Contingent liabilities are not provided for, but disclosed in the notes
on accounts.
c) Contingent assets
i) In the opinion of the management there are no contingent assets.
ii) Contingent assets as a policy are not recognized.
6. DISCLOSURES PURSUANT TO MICRO, SMALL & MEDIUM ENTERPRISES
(DEVELOPMENT) ACT, 2006
The management has initiated the process of identifying enterprises
which have provided goods and services to the company and which qualify
under the definition of micro and small enterprises as defined under
Micro, Small and Medium Enterprises Development Act,2006. Accordingly,
the disclosure in respect of the amounts payable to such enterprises as
at 31st March, 2015 has been made in the financial statements based on
information received and available with the company. The company has
not received any claim for interest from any supplier under the said
Act.
7. OTHER DISCLOSURES
1 Status of income tax, interest tax, wealth tax and fringe benefit tax
assessments :
a) The income tax assessments have been completed upto the assessment
year 2012-13.
b) The wealth tax assessments have been completed upto the assessment
year 2012-13.
c) No further liability likely to arise as against completed or pending
assessments
2 In the opinion of Board of Directors :
a) Assets Other than Fixed Assets and Non Current Assets would realize
the value stated in the normal course of Business.
b) There are no overdue payments to Micro, Small and Medium Enterprises
attracting interest in terms of Micro, Small & Medium Enterprises
(Development) Act, 2006.
c) There are no amounts required to be transferred to Central
Government under the Investor Education and Protection Fund.
8. The previous year figures have been regrouped/reclassified, wherever
necessary to conform to the current year presentation.
Mar 31, 2014
I ADDITIONAL NOTES TO BALANCE SHEET
A Contingent liabilities
(a) Claims against the Company not
acknowledged as debt - -
(b) Guarantees - -
(c) Other money for which the Company is
contingently liable: (i)
Disputed demands from ESI Authorities
pertaining to Corporate office 11.28 11.28
(ii) Disputed income tax demand pending in
appeal before the first Appellate
authority 1.05 1.05
(iii) Disputed central sales tax demand in
respect of which interim stay granted
by Hon''ble High Court of Madras 16.02 16.02
(iv) Disputed TNVAT demand in respect of which interim
stay granted by Hon''ble High Court of Madras 404.13 -
III DISCLOSURES PURSUANT TO ACCOUNTING STANDARDS
1) AS 2 - Valuation of inventories
Closing stock of finished goods in textile division is valued excluding
excise duty as the company opted for clearance at "Nil" duty and hence
no provision for excise duty is made as expense. The method of
valuation has no impact on the net profits.
i. Raw materials At weighted average method
ii. Process
At weighted average method (incl. appropriate production overhead)
iii. Finished goods
At weighted average method (incl. appropriate production overhead)
iv. Stock of packing materials and stores and spares At weighted
average method
In the absence of detailed information regarding plan assets which is
funded with Life Insurance Corporation of India, the composition of
each major category of plan assets, the percentage or amount for each
category to the fair value of plan assets has not been disclosed. The
details of experience adjustments arising on account of plan assets and
liabilities as required by paragraph 120(n)(ii) of AS 15 (Revised) on
"Employees Benefits" are not readily available in the valuation report
furnished by LIC of India and hence, are not furnished.
3) AS 17 - Segment reporting
The company''s business relates to single segment only i.e, Textiles and
hence no segment reporting is given.
4) AS 18 - Related party disclosures
A. Related parties
(i) Holding and Subsidiary Companies : Nil
(ii) Associates :
Anamallais Agencies Private Ltd
Anamallais Automobiles Private Ltd
Annamallai Retreading Company Private Ltd
Bannari Amman Flour Mill Ltd
Bannari Amman Spinning Mills Ltd
Sakthi Murugan Transports Ltd
Shiva Cargo Movers Ltd
Shiva Distilleries Ltd
Vedanayagam Hospital Ltd
Sundar Ram Enterprise Private Ltd
(iii) Key management personnel :
Sri S V Alagappan - Chairman and Managing Director
Sri S K Sundararaman - Executive Director
(iv) Relatives of key management personnel :
Dr S V Balasubramaniam - Brother of Chairman and Managing Director
Sri S V Kandasami - Brother of Chairman, Managing Director and F/o.
Executive Director
Sri S V Arumugam - Brother of Chairman and Managing Director
Smt A Lalitha - Daughter of Chairman and Managing Director
9) AS 29 - Provision, contingent liabilities and contingent assets
(a) Provisions : Nil
(b) Contingent liabilities
Contingent liabilities are not provided for, but disclosed in the notes
on accounts.
(c) Contingent assets
(i) In the opinion of the management there are no contingent assets.
(ii) Contingent assets as a policy are not recognized.
V OTHER DISCLOSURES
1 Status of income tax, interest tax, wealth tax and fringe benefit tax
assessments :
(a) The income tax assessments have been completed upto the assessment
year 2011-12; disputed income tax demand pending in appeal before the
first Appellate authority Rs.1.05 lakhs
(b) The wealth tax assessments have been completed upto the assessment
year 2011-12; No further liability in likely to arise as against
completed or pending assessments
2 In the opinion of Board of Directors :
(a) Assets Other than Fixed Assets and Non Current Assets would realize
the value stated in the normal course of Business
(b) There are no overdue payments to Micro, Small and Medium
Enterprises attracting interest in terms of Micro, Small & Medium
Enterprises (Development) Act, 2006
(c) There are no amounts required to be transferred to Central
Government under the Investor Education and Protection Fund
3 The previous year figures have been regrouped/reclassified, wherever
necessary to conform to the current year presentation.
1. General Instructions:
a. There will be one Postal Ballot Form/e-voting for every Client ID
No. / Folio No., irrespective of the number of joint holders.
b. Members have option to vote either through Postal Ballot Form or
through e-voting. If a member has opted for Physical Postal Ballot,
then he/she should not vote by e-voting and vice versa. However, in
case Shareholders cast their vote through both physical postal ballot
and e-voting, then vote cast through e-voting shall prevail and vote
cast through Physical Postal Ballot shall be considered as invalid.
c. Voting in the Postal ballot/e-voting cannot be exercised by a
proxy. However, corporate and institutional members shall be entitled
to vote through their authorised representatives with proof of their
authorization, as stated below.
d. Any query in relation to the Resolutions proposed to be passed by
Postal Ballot may be addressed to Mrs M Shyamala, Company Secretary, at
the Registered Office of the Company.
e. The Scrutinizer''s decision on the validity of a Postal
Ballot/E-voting shall be final and binding.
2. Instructions for voting physically by Postal Ballot Form:
a. A member desirous of exercising his/her Vote by Postal Ballot may
complete this Postal Ballot Form and send it to the Scrutinizer, Mr R
Dhanasekaran, Practicing Company Secretary (CP No.7745), C/o. M/s.
S.K.D.C. CONSULTANTS LTD Kanapathy Towers, 3rd Floor, 1391/A-1, Sathy
Road, Ganapathy, Coimbatore - 641 006.
b. This Form must be completed and signed by the Member, as per
specimen signature registered with the Company or Depository
Participant, as the case may be. In case of joint holding, this Form
must be completed and signed (as per the specimen signature registered
with the Company) by the first named Member and in his/her absence, by
the next named Member.
c. In respect of shares held by corporate and institutional members
(companies, trusts, societies, etc.), the completed Postal Ballot Form
should be accompanied by a certified copy of the relevant Board
Resolution/appropriate authorization, with the specimen signature(s) of
the authorized signatory(ies) duly attested.
d. Voting rights shall be reckoned in proportion to the paid-up equity
shares registered in the name of the Member as on 11th July, 2014.
e. The consent must be accorded by recording the assent in the column
''FOR'' or dissent in the column ''AGAINST'' by placing a tick mark (3) in
the appropriate column in the Postal Ballot Form. The assent or dissent
received in any other form shall not be considered valid.
f. Members are requested to fill the Postal Ballot Form in indelible
ink and avoid filling it by using erasable writing medium(s) like
pencil.
g. Duly completed Postal Ballot Form should reach the Scrutinizer not
later than the close of working hours (17:00 hrs.) on 22nd August,
2014. All Postal Ballot Forms received after this date will be strictly
treated as if no reply has been received from the Member.
h. A Member may request the Company for a duplicate Postal Ballot
Form, if so required, and the same duly completed should reach the
Scrutinizer not later than the date specified under instruction No.
2(g) above.
i. Members are requested not to send any other paper along with the
Postal Ballot Form. They are also requested not to write anything in
the Postal Ballot Form except giving their assent or dissent and
putting their signature. If any such other paper is sent, the same will
be destroyed by the Scrutinizer.
j. Incomplete, unsigned or incorrectly ticked Postal Ballot Forms will
be rejected.
k. The results would be displayed on the Company''s website
www.shivatex.co.in, besides communicating to the Stock Exchanges where
the Company''s shares are listed.
Mar 31, 2013
1) AS 17 - Segment reporting
The company''s business relates to single segment only i.e, Textiles and
hence no segment reporting is given.
2) AS 18 - Related party disclosures
A. Related parties
(i) Holding and Subsidiary Companies : Nil
(ii) Associates :
Anamallais Agencies Private Ltd
Anamallais Automobiles Private Ltd
Annamallai Infrastructures Ltd
Annamallai Retreading Company Private Ltd
Bannari Amman Flour Mill Ltd
Bannari Amman Spinning Mills Ltd
Sakthi Murugan Transports Ltd
Shiva Cargo Movers Ltd
Shiva Distilleries Ltd
Vedanayagam Hospital Ltd
Sundar Ram Enterprise Private Ltd (iii) Key management personnel :
Sri S V Alagappan - Chairman and Managing Director
Sri S K Sundararaman - Executive Director
(iv) Relatives of key management personnel :
Dr S V Balasubramaniam - Brother of Chairman and Managing Director
Sri S V Kandasami - Brother of Chairman, Managing Director and F/o.
Executive Director
Sri S V Arumugam - Brother of Chairman and Managing Director
Smt A Lalitha - Daughter of Chairman and Managing Director
3) AS 28 - Impairment of assets
The assets of the company have not suffered any impairment as assessed
by the Management.
4) AS 29 - Provision, contingent liabilities and contingent assets
(a) Provisions : Nil
(b) Contingent liabilities
Contingent liabilities are not provided for, but disclosed in the notes
on accounts.
(c) Contingent assets
(i) In the opinion of the management there are no contingent assets.
(ii) Contingent assets as a policy are not recognized.
Mar 31, 2012
I. ADDITIONAL NOTES TO BALANCE SHEET
As at As at
31.03.2012 31.03.2011
(Rupees in lakhs)
A Contingent liabilities
(a) Claims against the
Company not acknowledged as debt - -
(b) Guarantees - -
(c) Other money for which the
Company is contingently liable:
Disputed demands from ESI
Authorities pertaining to
Corporate office 5.32 5.32
B Commitments
(a) Estimated amount of
contracts remaining to be
executed on capital
account and not provided for 333.81 332.04
(b) Uncalled liability on shares
and other investments partly paid - -
(c) Other Commitments :
The amount of duty concession
availed against the pending
obligation for import of
capital goods under confessional
customs duty linked to
fulfillment of export
obligations 3,365.10 3,298.81
C Proposed dividends
(a) On Preference Shares :
Total amount of proposed dividend - -
Number of Shares - -
Amount of dividend per share - -
Arrears of cumulative dividend - -
(b) On Equity Shares :
Total amount of proposed
dividend - 324.07
Number of shares 21,604,521 21,604,521
Amount of dividend per share - 1.50
D Unutilised amount of
proceeds of securities issued
for specific purpose Nil Nil
E Diminution in value of
assets other than fixed assets
& non-current investments Nil Nil
In the absence of detailed information regarding plan assets which is
funded with Life Insurance Corporation of India, the composition of
each major category of plan assets, the percentage or amount for each
category to the fair value of plan assets has not been disclosed. The
details of experience adjustments arising on account of plan assets and
liabilities as required by paragraph 120(n)(ii) of AS 15 (Revised) on
"Employees Benefits" are not readily available in the valuation report
furnished by LIC of India and hence, are not furnished.
1 AS 17 - Segment Reporting
The company's business relates to single segment only i.e, Textiles and
hence no segment reporting is given.
2 AS 18 - Related party disclosures A. Related parties
(i) Holding and Subsidiary Companies :
Nil
(ii) Associates :
Anamallais Agencies Private Ltd Anamallais Automobiles Private Ltd
Annamallai Infrastructures Ltd Annamallai Retreading Company Private
Ltd
3 AS 19 - Accounting for leases
Accounting for lease rentals paid under contract for operating lease
and rental on time schedule, charged to revenue as and when incurred.
The company has not entered into any contract for finance lease.
V OTHER DISCLOSURES
1 Status of income tax, interest tax, wealth tax and fringe benefit tax
assessments :
(a) The income tax assessments have been completed upto the assessment
year 2009-10; No further liability likely to arise as against completed
or pending assessments
(b) The wealth tax assessments have been completed upto the assessment
year 2009-10; No further liability likely to arise as against completed
or pending assessments
2 In the opinion of the Board of Directors, all the current assets,
loans and advances would realisse value stated in the normal course of
business of the company
3 There are no amounts required to be transferred to Central Government
under the Investor Education and Protection Fund
4 These financial statements have been prepared in the format
prescribed by the Revised Schedule VI to the Companies Act 1956.
Previous period figures have been recasted/restated to confirm to the
classification of the current period.
Mar 31, 2010
I. OTHER INFORMATION 1. SECURED LOANS
i) Term Loan granded by Canara Bank :
The loan is secured by hypothecation of windmills installed by the
Company and by equitable mortgage of the land on which the wind mills
are installed. The loan is further secured by personal guarantees of
Chairman, Managing Director and a Director of the Company.
ii) Term Loans granted by ICICI Bank:
a) The loans are secured by the immovable properties as first mortgage
and also by hypothecation of the movables, both belonging to the
Companys Spinning Unit I, subject to the charges created/to be created
in favour of the banks on current assets for working capital finance.
b) A loan with an outstanding amount of Rs.98.96 lakhs (Rs.178.12
lakhs) is secured by a Corporate Guarantee executed by Shiva
Distilleries Ltd.
c) A loan with an outstanding amount of Rs.237.50 lakhs (Rs.287.50
lakhs) is also secured by personal guarantee of a Director of the
Company.
iii) Short Term Loan granted by ICICI Bank & IDBI Bank:
The loans are secured by a subservient charge on the current assets of
the spinning unit(s) subject to the charges created/to be created in
favour of the banks on current assets for working capital finance.
iv) Term Loan granted by Indian Overseas Bank:
The loan is secured by hypothecation of windmills acquired by the
Company and dedicated for consumption of power at the Spinning Unit-I;
the loan is further secured by equitable mortgage of the land on which
the windmills are installed.
v) Term Loan granted by Bank of Maharastra:
The loan is secured by hypothecation of the movables belonging to the
Companys Spinning Unit-I, subject to the charges created/to be created
in favour of the banks on current assets for working capital finance
and First charge on the immovables of the said unit on pari passu
basis, which is pending for creation.
vi) Term Loan granted by Indian Overseas Bank, UCO Bank, State Bank of
Hyderabad & Canara Bank:
The loans availed for the new spinning, knitting, garment units and
processing facilities are secured by hypothecation of movables and also
by a first charge on the immovables of the new spinning and knitting
units.
vii) Term Loan granted by Bank of Baroda:
The loan availed for meeting long term working capital requirements is
secured by hypothecation of movables subject to charges created/to be
created in favour of bank for working capital requirments and also by a
first charge on the immovables of the Spinning Unit-I at Dindigul on
pari passu basis.
viii) Term Loan granted by Indian Overseas Bank:
The loan availed for augmenting wind power capacity by an additional
5.75 MW is secured by hypothecation of new windmills installed by the
Company and by Equitable Mortgage of the land on which the wind mills
are installed.
ix) Working Capital facilities from Canara Bank, Indian Overseas Bank &
ICICI Bank:
The Working Capital facilities are secured by hypothecation of
companys current assets of the textile Spinning Unit-I at Dindigul
viz. stock of raw materials, stock in process, finished goods, stores
and spares, bills receivables, book debts and other movables wherever
situated. The charges are ranking pari passu. These working capital
limits are further secured by second mortgage of the immovable
properties of the textile Spinning Unit-I.
x) Working Capital facilities from Indian Overseas Bank & Canara Bank:
The Working Capital Limit facilities for the new spinning unit are
secured by hypothecation of current assets of the new Spinning unit
viz. stock of raw materials, stock in process, finished goods, stores
and spares, bills receivables, book debts and other movables wherever
situated. The charges are ranking pari passu. These working capital
limits are further secured/to be secured by second mortgage of the
immovable properties of the new Spinning unit-II.
2. CURRENT ASSETS
i) Balances with scheduled banks in deposit accounts subject to
lien/pledge in favour of Government authorities in the ordinary course
of the business of the Company, is Rs. 240.00 Lakhs (Previous year
Rs.280.00 Lakhs).
ii) Closing stock of finished goods in textile division is valued
excluding excise duty as the Company opted for clearance at ÃNil duty
and hence no provision for excise duty is made as expense. The method
of valuation has no impact on the netprofits.
iii) In the opinion of the Board of Directors, all the current assets,
loans and advances would realize value stated in the normal course of
business of the Company.
In the absence of detailed information regarding Plan assets which is
funded with Life Insurance Corporation of India, the composition of
each major category of plan assets, the percentage or amount for each
category to the fair value of plan assets has not been disclosed. The
details of experience adjustments arising on account of plan assets and
liabilities as required by paragraph 120(n)(ii) of AS 15 (Revised) on
"Employees Benefits" are not readily available in the valuation report
furnished by LIC of India and hence, are not furnished.
3 . CONTINGENT LIABILITIES
The Company is contingently liable for:
Current Year Previous Year
(Rs. in lakhs)
i) Disputed Income Tax demand remanded
by the second Appellate Authority,
pending revision for the assessment
year 1998-99 30.13 30.13
ii) Disputed Interest Tax demands remanded
by the second Appellate Authority,
pending revision of assessments. 61.98 61.77
iii) The amount of duty concession availed
against the pending 2991.15 2319.34
obligation (for import of capital goods
under concessional customs duty linked
to fulfillment of export obligations)
iv) Disputed demands from ESI Authorities
pertaining to Corporate Office 5.32 5.32
4. RELATED PARTIES DISCLOSURE AS REQUIRED BY ACCOUNTING STANDARD 18 A.
Related parties:
i) Holding and Subsidiary Companies:Nil
ii) Associates:
Anamallais Agencies Private Ltd
Anamallais Automobiles Private Ltd
AA Tyre Retreading Company Private Ltd
Annamallai Infrastructures Ltd
Bannari Amman Flour Mill Ltd
Bannari Amman Spinning Mills Ltd
Bannari Amman Sugars Ltd
Sakthi Murugan Transports Private Ltd
Shiva Cargo Movers Ltd
Shiva Distilleries Ltd
iii) Joint venture:
Bannari Amman Apparel Private Ltd
iv) (1) Key management personnel:
Sri S V Alagappan - Managing Director
Sri A Senthil - Executive Director
(2) Relatives of key management personnel:
Dr S V Balasubramaniam - Brother of Managing Director
Sri S V Arumugam - Brother of Managing Director
and Father of Executive Director
Sri S V Balakrishnan - Brother of Managing Director
Smt A Lalitha - Daughter of Managing Director
5. DISCLOSURE FOR IMPAIRMENT LOSS AS PRESCRIBED UNDER ACCOUNTING
STANDARD 28
No impairment loss was incurred during the year 2009-10 as per
assessment made by the Company with reference to fixed assets owned by
the Company as at the close of the year.
6. INCOME TAX, INTEREST TAX, WEALTH TAX AND FBT ASSESSMENTS
i) Status of Assessments:
a) The income tax assessments have been completed up to the assessment
year 2007-08. Against completed assessments, wherever revision of
assessments are pending for giving effect to Appellate Orders,
provision if any required, which may not be significant, will be made
on completion of revision proceedings.
b) Differential provision, if any required, for tax on book profit U/s
115JA or U/s 115JB, based on retrospective amendments made by Finance
(No.2) Act, 2009, will be considered on cumulative basis (net of
refund) upon revision of all tax assessments with effect from Asst.
Year 1998-99; the amount of net provision, may not be significant.
c) Levy of interest tax was withdrawn with effect from Asst. Year
2000-01; for past assessments, where revision orders are pending as
against Appellate orders, provision, if any required, will be made on
completion of revision proceedings.
d) The wealth tax assessment is pending for completion for the
assessment year 2007-08; provision if any will be made based on outcome
of the assessment.
7. DUES TO MICRO, SMALL AND MEDIUM ENTERPRISES
The Company has not received any memorandum (as required to be filed by
the suppliers with the notified authority under the Micro, Small and
Medium Enterprises Development Act, 2006) claiming their status as micro,
small or medium enterprises. Consequently, the amount paid/payable to these
parties during the year is NIL.
In the opinion of the Board of Directors, there were no overdue sundry
creditors requiring payment of any interest on overdue liability.
8. There are no amounts required to be transferred to Central
Government under the Investor Education and Protection Fund.
9. Previous years figures are regrouped wherever required to conform
to current year groupings and figures in brackets denote previous
years figures.
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