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Accounting Policies of Shree Rama Newsprint Ltd. Company
Mar 31, 2025
2. MATERIAL ACCOUNTING POLICIES
This note provides a list of the material accounting policies adopted in the preparation of these financial
statements.
a. Basis of Preparation:
i) Statement of Compliance with Ind AS:
These financial statements for the year ended 31 March 2025 comprising of Balance Sheet, Statement
of Profit and Loss (including other comprehensive income), Statement of Changes in Equity and
Statement of Cash Flows have been prepared in accordance with the Indian Accounting Standards
(hereinafter referred to as the ''Ind AS'') as notified by Ministry of Corporate Affairs under Section 133
of the Companies Act, 2013 (''Act'') read with of the Companies (Indian Accounting Standards) Rules,
2015 as amended and other relevant provisions of the Act.
The accounting policies are applied consistently to all the periods presented in the financial statements
unless otherwise stated.
ii) Historical cost convention:
The financial statements have been prepared on an accrual basis and under the historical cost basis,
except for the following which have been measured at fair value or revalued amount:
(1) Certain financial assets and liabilities that are measured at fair value; and
(2) defined benefit plans - plan assets measured at fair value.
iii) Current non-current classification:
All assets and liabilities have been classified as current or non-current as per the Company''s normal
operating cycle (twelve months) and other criteria set out in Schedule III to the Act.
iv) Rounding of amounts:
All amounts disclosed in the financial statements and notes have been rounded off to the nearest
lakhs as per the requirement of Schedule III unless otherwise stated.
b. Use of Estimates and Judgements:
The preparation of the financial statements requires the management to make estimates and assumptions
that affect the reported amounts of assets, liabilities, income and expenses and disclosure of contingent
liabilities at the date of the financial statements and the results of operations during the reporting period.
The actual results could differ from those estimates. Any revision to accounting estimates is recognised
prospectively in current and future periods.
In the process of applying the Company''s accounting policies, the management has made the following
estimates, assumptions, and judgements, which have significant effect on the amounts recognised in the
financial statements:
(a) Property, plant and equipment
The management engages the internal technical team to assess the remaining useful lives and residual
value of property, plant and equipment. The management believes that the assigned useful lives and
residual value are reasonable.
(b) Impairment of non-financial assets
Impairment exists when the carrying value of an asset or cash-generating unit (CGU) exceeds its recoverable
amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less
costs of disposal calculation is based on available data from binding sales transactions, conducted at arm''s
length, for similar assets or observable market prices less incremental costs for disposing of the asset.
The value-in-use calculation is based on a Discounted Cash Flow (DCF) model. The cash flows are derived
from the budget and do not include restructuring activities that the Company is not yet committed to
or significant future investments that will enhance the asset''s performance of the CGU being tested. The
recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future
cash-inflows and the growth rate used for extrapolation purposes.
(c) Income taxes
The management''s judgment is required for the calculation of provisions for income taxes and deferred
tax assets and liabilities. The Company reviews at each balance sheet date the carrying amount of deferred
tax assets/liabilities. The factors used in estimates may differ from the actual outcome which could lead to
significant adjustments to the amounts reported in the Financial Statements.
(d) Contingencies
The management''s judgement is required for estimating the possible outflow of resources, if any, in respect
of contingencies/claims/litigations against the Company as it is not possible to predict the outcome of
pending matters with accuracy.
(e) Allowance for doubtful trade receivables
Trade receivables are stated at their amortised cost as reduced by appropriate allowances for estimated
irrecoverable amounts. Individual trade receivables are written off when management deems them not to
be collectable.
(f) Retirement benefit obligations
The Company''s retirement benefit obligations are subject to several assumptions including discount
rates, inflation, salary growth and mortality rate. Significant assumptions are required when setting these
criteria and a change in these assumptions would have a significant impact on the amount recorded in
the Company''s balance sheet and the statement of profit and loss. The Company sets these assumptions
based on previous experience and third-party actuarial advice. The assumptions are reviewed annually
and adjusted following actuarial and experience changes.
c. Revenue Recognition:
Revenue from the sale of Products:
Revenue is recognized upon transfer of control of promised products or services to customers either over
time or at a point of time at an amount that reflects the consideration the Company expects to be entitled
to in exchange for those products or services. Control is defined as the ability to direct the use of and
obtain substantially all of the economic benefits from an asset.
Revenue is measured based on the transaction price, which is the expected consideration to be received,
to the extent that it is highly probable that there will not be a significant reversal of revenue in future
periods.
At the inception of the contract, the Company identifies the goods or services promised in the contract and
assesses which of the promised goods or services shall be identified as separate performance obligations.
Promised goods or services give rise to separate performance obligations if they are capable of being
distinct.
Revenue from the delivery of products is recognised at the point in time when control over the products
is passed to the customers, which is determined based on the individual terms of delivery agreed in the
customer contract.
Revenue from the rendering of services:
Revenue from providing services is recognised in the accounting period in which the services are rendered and
based on a straight-line basis over the period of the performance obligation.
The Company recognises contract liabilities for consideration received in respect of unsatisfied performance
obligations and reports these amounts as other liabilities. Similarly, if the Company satisfies a performance
obligation before it receives the consideration, the Company recognises either a contract asset or a receivable,
depending on whether something other than the passage of time is required before the consideration is due.
The Company does not expect to have any contracts where the period between the transfer of the promised
goods or services to the customer and payment by the customer exceeds one year. As a consequence, it does
not adjust any of the transaction prices for the time value of money.
Interest Income: Interest income is recognised using the effective interest rate method. The effective interest
rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial
asset to the gross carrying amount of a financial asset. When calculating the effective interest rate, the Company
estimates the expected cash flows by considering all the contractual terms of the financial instrument (for
example, prepayment, extension, call and similar options) but does not consider the expected credit losses.
Dividend Income: Dividends are recognised in profit or loss only when the right to receive payment is
established, it is probable that the economic benefits associated with the dividend will flow to the Company,
and the amount of the dividend can be measured reliably.
Export Incentive: Incentive on export income is recognized when certainty of receipts is established.
Insurance Claim: Insurance claims are accounted for to the extent the Company is reasonably certain of their
ultimate collection.
d. Property, Plant and Equipment:
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment
losses thereon. The cost of property, plant and equipment comprises the purchase price and any attributable
cost of bringing the asset to its working condition for its intended use.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits
are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement
of an item of property, plant and equipment is determined as the difference between the sales proceeds and the
carrying amount of the asset and is recognised in the statement of profit or loss. An asset''s carrying amount is
written down immediately to its recoverable amount if the asset''s carrying amount is greater than its estimated
recoverable amount.
Subsequent costs are included in the asset''s carrying amount or recognised as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the Company
and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a
separate asset is derecognised when replaced. All other repairs and maintenance are charged to the statement
of profit or loss during the reporting period in which they are incurred.
Capital work in progress:
Expenditure incurred on the construction of assets which are not ready for their intended use are carried at
cost less impairment (if any), under Capital work-in-progress. The cost includes the purchase cost of materials,
including import duties and non refundable taxes, interest on borrowings used to finance the construction of
the asset and any directly attributable costs of bringing assets ready for their intended use.
e. Depreciation:
Freehold land is not depreciated.
Depreciation on property, plant and equipment is provided in a Straight-Line Method. The Company depreciates
its property, plant and equipment over the useful life in the manner prescribed in Schedule II to the Act, and
management believes that the useful life of assets are same as those prescribed in Schedule II to the Act,
except for buildings, plant and machinery, vehicles and computers which based on an independent technical
forming part of the financial statements for the year ended March 31, 2025
evaluation, is different from that prescribed in Schedule II to the Act and the life ranges of each class of assets
are as under-from 5 to 43 years.
⢠Building and Road - 10 to 43 Years
⢠Plant & Machinery - 10 to 25 Years
⢠Computer and its peripheral devices - 3 to 5 Years
⢠Vehicles - 5 to 10 Years
⢠Furniture & Fixtures - 5 to 10 Years
⢠Office Equipment - 3 to 10 Years
The residual values are not more than 5% of the original cost of the asset. The asset''s residual values and useful
lives are reviewed and adjusted if appropriate, at the end of each reporting period.
f. Intangible Assets and Amortisation:
Intangible assets are stated at the cost of acquisition less accumulated amortization and accumulated
impairment loss, if any. Intangible asset i.e., Software, is amortized over its estimated useful life of 5 years on a
straight-line basis.
g. Borrowing Costs:
Borrowing costs directly attributable to the acquisition, construction, or production of qualifying assets, which
are assets that necessarily take a substantial period to get ready for their intended use or sale, are added to the
cost of those assets until the assets are substantially ready for their intended use or sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on
qualifying assets is deducted from the borrowing costs eligible for capitalisation.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
h. Foreign Currency Transactions:
(i) Functional and Presentation Currency
Items included in the financial statements of the Company are measured using the currency of the primary
economic environment in which the entity operates ("the functional currency"). The Company''s financial
statements are presented in Indian Rupees, which is also the Company''s functional and presentation
currency.
(ii) Foreign Currency Transactions
Foreign currency transactions are translated into functional currency using the exchange rates prevailing
at the dates of the respective transactions. Foreign-currency-denominated monetary assets and liabilities
are translated into the functional currency at exchange rates in effect at the reporting date.
Foreign exchange gains and losses resulting from the settlement of such transactions and such translation of
monetary assets and liabilities denominated in foreign currencies are generally recognised in the statement of
profit and loss.
Non-monetary assets and liabilities denominated in a foreign currency and measured at fair value are translated
at the exchange rate prevalent at the date when the fair value was determined. Non-monetary assets and
liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange
rate prevalent at the date of the transaction. Foreign currency gains and losses are reported on a net basis. This
includes changes in the fair value of foreign exchange derivative instruments, which are accounted at fair value
through profit or loss.
i. Impairment of Non-Financial Assets:
At the date of the balance sheet, if there are indications of impairment and the carrying amount of the cash¬
generating unit exceeds its recoverable amount (i.e., the higher of the fair value less costs of disposal and value
in use), an impairment loss is recognised. The carrying amount is reduced to the recoverable amount and the
reduction is recognised as an impairment loss in the statement of profit and loss.
The impairment loss recognised in the prior accounting period is reversed if there has been a change in the
estimate of the recoverable amount. Post impairment, depreciation is provided on the revised carrying value of
the impaired asset over its remaining useful life.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit)
is increased to the revised estimate of its recoverable amount, so that the increased carrying amount does not
exceed the carrying amount that would have been determined had no impairment loss been recognised for the
asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised in the statement of
profit and loss immediately.
j. Taxation:
The income tax expense or credit for the period is the tax payable on the current period''s taxable income based
on the applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable to
temporary differences and unused tax losses.
The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the
end of the reporting period. Management periodically evaluates positions taken in tax returns with respect to
situations in which applicable tax regulation is subject to interpretation and considers whether it is probable
that a taxation authority will accept an uncertain tax treatment. The Company measures its tax balances
either based on the most likely amount or the expected value, depending on which method provides a better
prediction of the resolution of the uncertainty.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between
the tax bases of assets and liabilities and their carrying amount in the financial statement. Deferred income
tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the
reporting period and are excepted to apply when the related deferred income tax assets are realised, or the
deferred income tax liability is settled.
Deferred tax assets are recognised for all deductible temporary differences and unused tax losses, only if, it is
probable that future taxable amounts will be available to utilise those temporary differences and losses.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and
tax liabilities are offset where the Company has a legally enforceable right to offset and intends either to settle
on a net basis or to realize the asset and settle the liability simultaneously.
The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the
extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the
deferred income tax asset to be utilised.
Current and deferred tax is recognised in the Statement of Profit and Loss, except to the extent that it relates to
items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in
other comprehensive income or directly in equity, respectively.
Minimum Alternate Tax (MAT) credit is recognised as a deferred tax asset only when and to the extent there is
convincing evidence that the Company will pay normal income tax during the specified period. Such asset is
reviewed at each Balance Sheet date and the carrying amount of the MAT credit asset is written down to the
extent there is no longer convincing evidence to the effect that the Company will pay normal income tax during
the specified period.
k. Inventories:
Inventories are valued at lower of cost and net realizable value. Goods-in-Transit are stated ''at cost. Cost
comprises all costs of purchase, cost of conversion and other costs incurred in bringing the inventories to their
present location and condition. The costs for valuation are determined as under:
Finished goods and Stock-in-process: Cost or Net Realisable Value whichever is lower
Raw materials and others: Weighted Average Cost
Coal and Chemicals: Weighted Average Cost
Stores and Spares: Weighted Average Cost
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of
completion and the estimated costs necessary to make the sale.
l. Research & Development Expenditure:
Research expenditure is recognised as an expense when it is incurred. Development costs are capitalised only
after the technical and commercial feasibility of the asset for sale or use has been established. Thereafter, all
directly attributable expenditures incurred to prepare the asset for its intended use are recognised as the cost
of such assets. Internally generated brands and customer lists are not recognised as intangible assets.
m. Cash Flow Statement:
For presentation in the statement of cash flows, cash and cash equivalents include cash in hand, deposits held
at calls with banks/ financial institutions, other short-term highly liquid investments with original maturities
of three months or less that are readily convertible to known amounts of cash and which are subject to an
insignificant risk of changes in value and bank overdrafts.
Mar 31, 2024
2. MATERIAL ACCOUNTING POLICIES
This note provides a list of the material accounting policies adopted in the preparation of these financial statements.
a. Basis of Preparation:
i) Statement of Compliance with Ind AS:
These financial statements for the year ended 31 March 2024 comprising of Balance Sheet, Statement of Profit and Loss (including other comprehensive income), Statement of Changes in Equity and Statement of Cash Flows have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the ''Ind AS'') as notified by Ministry of Corporate Affairs under Section 133 of the Companies Act, 2013 (''Act'') read with of the Companies (Indian Accounting Standards) Rules, 2015 as amended and other relevant provisions of the Act.
The accounting policies are applied consistently to all the periods presented in the financial statements unless otherwise stated.
ii) Historical cost convention:
The financial statements have been prepared on an accrual basis and under the historical cost basis, except for the following which have been measured at fair value or revalued amount:
(1) Certain financial assets and liabilities that are measured at fair value; and
(2) defined benefit plans - plan assets measured at fair value.
iii) Current non-current classification:
All assets and liabilities have been classified as current or non-current as per the Company''s normal operating cycle (twelve months) and other criteria set out in Schedule III to the Act.
iv) Rounding of amounts:
All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakhs as per the requirement of Schedule III unless otherwise stated.
b. Use of Estimates and Judgements:
The preparation of the financial statements requires the management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses and disclosure of contingent liabilities at the date of the financial statements and the results of operations during the reporting period. The actual results could differ from those estimates. Any revision to accounting estimates is recognised prospectively in current and future periods.
In the process of applying the Company''s accounting policies, the management has made the following estimates, assumptions, and judgements, which have significant effect on the amounts recognised in the financial statements:
(a) Property, plant and equipment
The management engages the internal technical team to assess the remaining useful lives and residual value of property, plant and equipment. The management believes that the assigned useful lives and residual value are reasonable.
(b) Impairment of non-financial assets
Impairment exists when the carrying value of an asset or cash-generating unit (CGU) exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm''s length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value-in-use calculation is based on a Discounted Cash Flow (DCF) model. The cash flows are derived from the budget and do not include restructuring activities that the Company is not yet committed to or significant future investments that will enhance the asset''s performance of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes.
(c) Income taxes
The management''s judgment is required for the calculation of provisions for income taxes and deferred tax assets and liabilities. The Company reviews at each balance sheet date the carrying amount of deferred tax assets/liabilities. The factors used in estimates may differ from the actual outcome which could lead to significant adjustments to the amounts reported in the Financial Statements.
(d) Contingencies
The management''s judgement is required for estimating the possible outflow of resources, if any, in respect of contingencies/claims/litigations against the Company as it is not possible to predict the outcome of pending matters with accuracy.
(e) Allowance for doubtful trade receivables
Trade receivables are stated at their amortised cost as reduced by appropriate allowances for estimated irrecoverable amounts. Individual trade receivables are written off when management deems them not to be collectable.
(f) Retirement benefit obligations
The Company''s retirement benefit obligations are subject to several assumptions including discount rates, inflation, salary growth and mortality rate. Significant assumptions are required when setting these criteria and a change in these assumptions would have a significant impact on the amount recorded in the Company''s balance sheet and the statement of profit and loss. The Company sets these assumptions based on previous experience and third-party actuarial advice. The assumptions are reviewed annually and adjusted following actuarial and experience changes.
c. Revenue Recognition:
Revenue from the sale of Products:
Revenue is recognized upon transfer of control of promised products or services to customers either over time or at a point of time at an amount that reflects the consideration the Company expects to be entitled to in exchange for those products or services. Control is defined as the ability to direct the use of and obtain substantially all of the economic benefits from an asset.
Revenue is measured based on the transaction price, which is the expected consideration to be received, to the extent that it is highly probable that there will not be a significant reversal of revenue in future periods.
At the inception of the contract, the Company identifies the goods or services promised in the contract and assesses which of the promised goods or services shall be identified as separate performance obligations. Promised goods or services give rise to separate performance obligations if they are capable of being distinct.
Revenue from the delivery of products is recognised at the point in time when control over the products is passed to the customers, which is determined based on the individual terms of delivery agreed in the customer contract.
Revenue from the rendering of services:
Revenue from providing services is recognised in the accounting period in which the services are rendered and based on a straight-line basis over the period of the performance obligation.
The Company recognises contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts as other liabilities. Similarly, if the Company satisfies a performance obligation before it receives the consideration, the Company recognises either a contract asset or a receivable, depending on whether something other than the passage of time is required before the consideration is due.
The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, it does not adjust any of the transaction prices for the time value of money.
Interest Income: Interest income is recognised using the effective interest rate method. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the gross carrying amount of a financial asset. When calculating the effective interest rate, the Company estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but does not consider the expected credit losses.
Dividend Income: Dividends are recognised in profit or loss only when the right to receive payment is established, it is probable that the economic benefits associated with the dividend will flow to the Company, and the amount of the dividend can be measured reliably.
Export Incentive: Incentive on export income is recognized when certainty of receipts is established.
Insurance Claim: Insurance claims are accounted for to the extent the Company is reasonably certain of their ultimate collection.
d. Property, Plant and Equipments:
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses thereon. The cost of property, plant and equipment comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the statement of profit or loss. An asset''s carrying amount is written down immediately to its recoverable amount if the asset''s carrying amount is greater than its estimated recoverable amount.
Subsequent costs are included in the asset''s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to the statement of profit or loss during the reporting period in which they are incurred.
Capital work in progress:
Expenditure incurred on the construction of assets which are not ready for their intended use are carried at cost less impairment (if any), under Capital work-in-progress. The cost includes the purchase cost of materials, including import duties and nonrefundable taxes, interest on borrowings used to finance the construction of the asset and any directly attributable costs of bringing assets ready for their intended use.
e. Depreciation:
Freehold land is not depreciated.
Depreciation on property, plant and equipment is provided in a Straight-Line Method. The Company depreciates its property, plant and equipment over the useful life in the manner prescribed in Schedule II to the Act, and management believes that the useful life of assets are same as those prescribed in Schedule II to the Act, except for buildings, plant and machinery, vehicles and computers which based on an independent technical
forming part of the financial statements for the year ended March 31, 2024
evaluation, is different from that prescribed in Schedule II to the Act and the life ranges of each class of assets are as under-from 05 to 43 years.
⢠Building and Road - 10 to 43 Years
⢠Plant & Machinery - 10 to 25 Years
⢠Computer and its peripheral devices - 3 to 5 Years
⢠Vehicles - 5 to 10 Years
⢠Furniture & Fixtures - 5 to 10 Years
⢠Office Equipment - 3 to 10 Years
The residual values are not more than 5% of the original cost of the asset. The asset''s residual values and useful lives are reviewed and adjusted if appropriate, at the end of each reporting period.
f. Intangible Assets and Amortisation:
Intangible assets are stated at the cost of acquisition less accumulated amortization and accumulated impairment loss, if any. Intangible asset i.e., Software, is amortized over its estimated useful life of 5 years on a straight-line basis.
g. Borrowing Costs:
Borrowing costs directly attributable to the acquisition, construction, or production of qualifying assets, which are assets that necessarily take a substantial period to get ready for their intended use or sale, are added to the cost of those assets until the assets are substantially ready for their intended use or sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
h. Foreign Currency Transactions:
(i) Functional and Presentation Currency
Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the entity operates ("the functional currency"). The Company''s financial statements are presented in Indian Rupees, which is also the Company''s functional and presentation currency.
(ii) Foreign Currency Transactions
Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the dates of the respective transactions. Foreign-currency-denominated monetary assets and liabilities are translated into the functional currency at exchange rates in effect at the reporting date.
Foreign exchange gains and losses resulting from the settlement of such transactions and such translation of monetary assets and liabilities denominated in foreign currencies are generally recognised in the statement of profit and loss.
Non-monetary assets and liabilities denominated in a foreign currency and measured at fair value are translated at the exchange rate prevalent at the date when the fair value was determined. Non-monetary assets and liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of the transaction. Foreign currency gains and losses are reported on a net basis. This includes changes in the fair value of foreign exchange derivative instruments, which are accounted at fair value through profit or loss.
i. Impairment of Non-Financial Assets:
At the date of the balance sheet, if there are indications of impairment and the carrying amount of the cashgenerating unit exceeds its recoverable amount (i.e., the higher of the fair value less costs of disposal and value in use), an impairment loss is recognised. The carrying amount is reduced to the recoverable amount and the
reduction is recognised as an impairment loss in the statement of profit and loss.
The impairment loss recognised in the prior accounting period is reversed if there has been a change in the estimate of the recoverable amount. Post impairment, depreciation is provided on the revised carrying value of the impaired asset over its remaining useful life.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised in the statement of profit and loss immediately.
j. Taxation:
The income tax expense or credit for the period is the tax payable on the current period''s taxable income based on the applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and unused tax losses.
The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the end of the reporting period. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Company measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amount in the financial statement. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are excepted to apply when the related deferred income tax assets are realised, or the deferred income tax liability is settled.
Deferred tax assets are recognised for all deductible temporary differences and unused tax losses, only if, it is probable that future taxable amounts will be available to utilise those temporary differences and losses.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the Company has a legally enforceable right to offset and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.
The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised.
Current and deferred tax is recognised in the Statement of Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
Minimum Alternate Tax (MAT) credit is recognised as a deferred tax asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. Such asset is reviewed at each Balance Sheet date and the carrying amount of the MAT credit asset is written down to the extent there is no longer convincing evidence to the effect that the Company will pay normal income tax during the specified period.
k. Inventories:
Inventories are valued at lower of cost and net realizable value. Goods-in-Transit are stated ''at cost. Cost comprises all costs of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition. The costs for valuation are determined as under:
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale.
l. Research & Development Expenditure:
Research expenditure is recognised as an expense when it is incurred. Development costs are capitalised only after the technical and commercial feasibility of the asset for sale or use has been established. Thereafter, all directly attributable expenditures incurred to prepare the asset for its intended use are recognised as the cost of such assets. Internally generated brands and customer lists are not recognised as intangible assets.
m. Cash Flow Statement:
For presentation in the statement of cash flows, cash and cash equivalents include cash in hand, deposits held at calls with banks/ financial institutions, other short-term highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value and bank overdrafts.
Mar 31, 2023
1. CORPORATE INFORMATION:
Shree Rama Newsprint Limited ("the Company") is a public company incorporated and domiciled in India. It is engaged in the business of manufacturing and selling of Newsprint and Writing & printing papers. The Company is also operating segment of Water bottle plant. The Company>s equity share is listed on the Bombay Stock Exchange Ltd. and National Stock Exchange of India Ltd.
2. SIGNIFICANT ACCOUNTING POLICIES
a. Basis of Preparation:
i) Statement of Compliance with Ind AS:
These financial statements for the year ended 31st March, 2023, comprising of Balance Sheet, Statement of Profit and Loss (Including other comprehensive income), Statement of Changes in Equity and Statement of Cash Flows have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the ''Ind AS'') as notified by Ministry of Corporate Affairs pursuant to Section 133 of the Companies Act, 2013 (''Act'') read with of the Companies (Indian Accounting Standards) Rules, 2015 as amended and other relevant provisions of the Act.
The accounting policies are applied consistently to all the periods presented in the financial statements.
ii) Historical cost convention:
The financial statements have been prepared on a historical cost basis on Going concern basis, except for the following:
1) Certain financial assets and liabilities that are measured at fair value; and
2) defined benefit plans - plan assets measured at fair value.
iii) Current non-current classification:
All assets and liabilities have been classified as current or non-current as per the Company''s normal operating cycle (twelve months) and other criteria set out in the Schedule III to the Act.
iv) Rounding of amounts:
All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakhs as per the requirement of Schedule III, unless otherwise stated.
b. Use of Estimates and Judgements:
The preparation of the financial statements, in conformity with the recognition and measurement principles of Ind AS, requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities on the date of the financial statements, disclosures relating to contingent liabilities as at the date of Financial Statements and the reported amounts of revenues and expenses during the reporting Year. Estimates and underlying assumptions are reviewed on an ongoing basis. Such Estimates & assumptions are based on management evaluation of relevant facts & circumstances as on date of financial statements. Differences between actual results and estimates are recognized in the year in which the results are known / materialized.
c. Revenue Recognition:
Revenue from Products: Revenue from sale of products and services are recognised at a time on which the performance obligation is satisfied over time or at a point in time. The period over which revenue is recognised is based on right to payment for performance completed. In determining whether an entity has right to payment, the entity shall consider whether it would have an enforceable right to demand or retain payment for performance completed to date if the contract were to be terminated before completion for reasons other than entity''s failure to perform as per the terms of the contract. An asset is transferred when (or as) the customer obtains control of that asset.
Revenue is recognized at the transaction price (which excludes estimates of variable consideration that are constrained in accordance with paragraphs 56-58 of Ind AS 115) that is allocated to that performance obligation.
Transaction price is the amount of consideration to which an company expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties.
The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, it does not adjust any of the transaction prices for the time value of money.
Interest and Dividend Income: Interest income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable. Dividend income is recognized when the shareholders'' right to receive dividend is established.
Export Incentive: Incentive on Export Income is recognized when certainty of receipts is established.
Insurance Claim: Claims receivable are accounted at the time when such income has been earned by the Company depending on the certainty of receipts.
Rent: Rent Income is recognized on the accrual basis based on agreement entered by the Company with the tenants.
d. Property, Plant and Equipments:
Property, plant & equipment are stated at cost less accumulated depreciation thereon. The cost of property, plant & equipment comprises purchase price and any attributable cost of bringing the asset to its working condition for its intended use. Project under commissioning and other capital work-in-progress are carried at cost, comprising direct cost, related incidental pre-operative expenses, and attributed interest.
Land and buildings held for use in the production or supply of goods or services, or for administrative purposes, are stated in the balance sheet at cost less accumulated depreciation and accumulated impairment losses. Freehold land is not depreciated.
Fixtures and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the statement of profit or loss.
Subsequent costs are included in the asset''s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably.
e. Depreciation:
Depreciation on property, plant and equipment is provided on a Straight Line Method. The Company depreciates its property, plant and equipment over the useful life in the manner prescribed in Schedule II to the Act, and management believe that useful life of assets are same as those prescribed in Schedule II to the Act, except for buildings, plant and machinery, vehicles and computers which based on an independent technical evaluation, is different from that prescribed in schedule II to the Act and the life ranges from 05 to 43 years.
The residual values are not more than 5% of the original cost of the asset. The assets residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
f. Intangible Assets and Amortisation:
Intangible assets are stated at cost of acquisition less accumulated amortization and accumulated impairment loss, if any. Intangible asset i.e. Software, is amortized over its estimated useful life of 5 years on straight line basis.
g. Borrowing Costs:
Borrowing Costs that are attributable to the acquisition or construction of qualifying assets are capitalized
as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are recognised in the statement of profit or loss in the period in which they are incurred.
h. Foreign Currency Transactions:
(i) Functional and Presentation Currency
The financial statements are presented in Indian rupee (INR), which is Company''s functional and presentation currency.
(ii) Foreign Currency Transactions
Foreign Currency Current Assets and Current Liabilities are recorded at the actual transaction rate. The gain or loss arising out of settlement/ translation of the assets and liabilities at the closing rates due to exchange fluctuations is recognized as income/ expenditure in the Statement of Profit and loss.
Receipt or payment of advance consideration in a foreign currency is not restricted to revenue transactions. Accordingly, as per appendix B of Ind AS 21 the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income when any amount is received or paid advance consideration in a foreign currency.
Premium or discount arising at the inception of forward exchange contract is amortized as expense or income over the life of the contract. Any gain or losses arising due to exchange difference at the end of the year on such contract are recognized in Statement of Profit & loss.
Foreign exchange differences regarded as an adjustment to borrowing cost are presented in the statement of profit and loss, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit and loss on a net basis under other income/expenses.
i. Impairment Of Assets:
The carrying value of Company''s assets / cash generating units are reviewed for impairment annually or more often if there is an indication of decline in value. If any indication of such impairment exists, the recoverable amounts of those assets are estimated and impairment loss is recognized, if the carrying amount of those assets exceeds their recoverable amount. The recoverable amount is the greater of the net selling price or their value in use, or value in use is arrived at by discounting the estimated future cash flows to their present value based on appropriate discount factor. Net selling price is the estimated selling price in the ordinary course of business, less estimated cost of completion and to make the sale. As per the assessment conducted by the Company at March 31, 2023, there were no indications that the fixed assets have suffered an impairment loss.
j. Taxation:
The income tax expense or credit for the period is the tax payable on the current period''s taxable income based on the applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amount in the financial statement. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are excepted to apply when the related deferred income tax assets is realised or the deferred income tax liability is settled.
Deferred tax assets are recognised for all deductible temporary differences and unused tax losses, only if, it is probable that future taxable amounts will be available to utilise those temporary differences and losses.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the Company has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.
Current and deferred tax is recognised in the Statement of Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
Minimum Alternate Tax credit is recognised as deferred tax asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. Such asset is reviewed at each Balance Sheet date and the carrying amount of the MAT credit asset is written down to the extent there is no longer a convincing evidence to the effect that the Company will pay normal income tax during the specified period.
Inventories are valued at Lower of cost and Net Realizable Value. Goods-in-Transit are stated ''at cost''. Cost comprises all cost of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition. The costs for the purpose of valuation are determined as under:
Finished goods and Stock-in-process : Cost or Net Realisable Value whichever is lower
Raw materials & others : Weighted Average Cost
Coal & Chemicals : Weighted Average cost.
Stores & Spares : Weighted Average cost
GST payable on finished goods is accounted for on clearance of goods. Input Tax Credit on Capital Goods, inputs and Services is accounted in accordance with the input tax credit rules as defined under the GST Act.
The Company''s management has made an irrevocable choice, on initial recognition, to present fair value gains and losses on equity investments in other comprehensive income and there is no subsequent reclassification, on sale or otherwise, of fair value gains and losses to the statement of profit and loss.
n. Research & Development Expenditure:
Revenue expenditure on research & development is charged to Statement of Profit & Loss account and capital expenditure is added to the cost of fixed assets in the year in which it is incurred.
Bad debts or advances are written off in the year in which they become irrecoverable.
p. Cash Flow Statement:
The Cash Flow Statement is prepared by the "indirect method" set out in Indian Accounting Standard 7 (Ind AS 7) on "Statement of Cash Flows" and presents the cash flows by operating, investing and financing activities of the Company. Cash and cash equivalents presented in the Cash Flow Statements consist of cash on hand and balances with bank.
q. Derivative Contracts:
Derivative financial instruments such as forward contracts, option contracts and cross currency swaps, to hedge its foreign currency risks are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value with changes in fair value recognised in the Statement of Profit and Loss in the period when they arise.
r. Provisions, Contingent Liabilities and Contingent Assets:
A provision is recognized when the Company has a present legal or constructive obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which reliable estimate can be made. Provisions (excluding long term benefits) are not discounted to its present value and are determined based on best estimates required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current
best estimates. Contingent liabilities are not recognized but are disclosed in the notes to the Financial Statements. A contingent asset is not recognized but is disclosed when an inflow of economic benefits is probable.
On 30 March 2019, the Ministry of Corporate Affairs notified Ind AS 116 - Leases. Ind AS 116, which substantially converges with IFRS 16 on leases, requires lessees to recognise all leases on the balance sheet, with a few exemptions. The standard is effective for annual periods beginning on or after 1 April 2019.
Transition: Company has implemented Ind as 116 in accordance with Para C8 (b) and (c)(ii) to value Lease Liability and Lease asset.
Company as a Lessee
Recognition: At the commencement date, right-of-use asset and a lease liability are recognized. Measurement:
Right of Use Asset
At the commencement date, right-of-use asset us measured at cost.
The cost of the right-of-use asset shall comprise:
(a) the amount of the initial measurement of the lease liability.
(b) any lease payments made at or before the commencement date, less any lease incentives received.
(c) any initial direct costs incurred by the lessee; and
(d) an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories. The lessee incurs the obligation for those costs either at the commencement date or as a consequence of having used the underlying asset during a particular period.
Lease Liability:
The lease liability is measured at the present value of the lease payments that are not paid. The lease payments are discounted using the incremental borrowing rate of the Company.
At the commencement date, the lease payments included in the measurement of the lease liability comprise the following payments for the right to use the underlying asset during the lease term that are not paid at the commencement date:
(a) fixed payments (including in-substance fixed payments), less any lease incentives receivable.
(b) variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date.
(c) amounts expected to be payable by the lessee under residual value guarantees.
(d) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and
(e) payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease.
Company has not recognized operating lease accounting and not recognize lease assets and lease liabilities for leases with a lease term of 12 months or less (i.e., short-term leases).
Subsequent measurement & depreciation
Lessees accrete lease liability to reflect interest and reduce the liability to reflect lease payments made. The depreciation requirements in Ind AS 16, Property, Plant and Equipment is applied, in depreciating the
right-of-use asset, subject to the requirements If the lease transfers ownership of the underlying asset to the lessee by the end of the lease term or if the cost of the right-of-use asset reflects that the lessee will exercise a purchase option, the lessee shall depreciate the right-of-use asset from the commencement date to the end of the useful life of the underlying asset. Otherwise, the lessee shall depreciate the right-of-use asset from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term.
Right-to-use assets are subject to impairment testing under IAS 36 Impairment of Assets.
t. Borrowings:
Borrowings are initially recognised at net of transaction costs incurred and measured at amortised cost.
The fair value of zero coupon optionally non-convertible debentures is determined using a base interest rate for other bank borrowing. This amount is recorded as a liability on an amortised cost basis until extinguishment on conversion or redemption of debentures. The remainder of the proceed is booked as other income.
The fair value of the liability portion of zero coupon optionally convertible debentures is determined using a market interest rate for an equivalent debenture. This amount is recorded as a liability on an amortised cost basis until extinguishment on conversion or redemption of debentures. The remainder of the proceed is attributable to the equity portion of the compound instrument. This is recognised and included in the shareholders'' equity and is not subsequently remeasured.
The Company classifies its financial assets in the following measurement categories:
(1) Those to be measured subsequently at fair value (either through other comprehensive income, or through the Statement of Profit and Loss), and
(2) Those measured at amortised cost.
The classification depends on the Company''s business model for managing the financial assets and the contractual terms of the cash flows.
At initial recognition, the Company measures a financial asset at its fair value. Transaction costs of financial assets carried at fair value through the Profit and Loss are expensed in the Statement of Profit and Loss.
The Company measures the expected credit loss associated with its assets based on historical trend, industry practices and the business environment in which the entity operates or any other appropriate basis. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
v. Non-current assets held for sale and discontinued operations:
Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell.
An impairment loss is recognised for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognised for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative impairment loss previously recognised. A gain or loss not previously recognised by the date of the sale of the noncurrent asset (or disposal group) is recognised at the date of de-recognition. Non-current assets (including those that are part of a disposal group) are not depreciated or amortised while they are classified as held for sale. Non-current assets classified as held for sale are presented separately from the other assets in the balance sheet.
A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose of such a line of business or area of operations. The results of discontinued operations are presented separately in the statement of profit and loss.
(i) Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees'' services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled.
(ii) Other long-term employee benefit obligations
The liabilities for earned leave that are not expected to be settled wholly within 12 months are measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. The benefits are discounted using the market yields at the end of the reporting period that have terms approximating to the terms of the related obligation. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognised in the Statement of Profit and Loss.
(iii) Post-employment obligations
The Company operates the following post-employment schemes:
(a) Defined benefit plans such as gratuity; and
(b) Defined contribution plans such as provident fund & employees'' state insurance.
Gratuity obligations:
The liability recognised in the balance sheet in respect of defined benefit gratuity plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by reference to market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related obligation.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Statement of Profit and Loss.
Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.
Defined Contribution Plans such as Provident Fund and Employees'' State Insurance are charged to the Statement of Profit and Loss as incurred. The Company has no further payment obligations once the contributions have been paid.
x. Earnings Per Equity Share:
Basic earnings per equity share are computed by dividing the net profit attributable to the equity holders of the company by the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the company by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.
The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for any share splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the Board of Directors.
y. Contributed Equity:
Equity Shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.
z. Critical Estimates and Judgements:
The preparation of financial statements requires the use of accounting estimates which by definition will seldom equal the actual results. Management also needs to exercise judgment in applying the accounting policies.
This note provides an overview of the areas that involved a higher degree of judgment or complexity, and items which are more likely to be materially adjusted due to estimates and assumptions turning out to be different than those originally assessed. Detailed information about each of these estimates and judgments is included in relevant notes together with information about the basis of calculation for each affected line item in the financial statements.
Mar 31, 2018
1. SIGNIFICANT ACCOUNTING POLICIES
a. Basis of Preparation:
i) Statement of Compliance with Ind AS:
These financial statements for the year ended 31st March, 2018, comprising of Balance Sheet, Statement of Profit and Loss (Including other comprehensive income), Statement of Changes in Equity and Statement of Cash Flows have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the âInd ASâ) as notified by Ministry of Corporate Affairs pursuant to Section 133 of the Companies Act, 2013 (âActâ) read with of the Companies (Indian Accounting Standards) Rules, 2015 as amended and other relevant provisions of the Act.
The accounting policies are applied consistently to all the periods presented in the financial statements.
ii) Historical cost convention:
The financial statements have been prepared on a historical cost basis, except for the following:
1) Certain financial assets and liabilities that are measured at fair value; and
2) defined benefit plans - plan assets measured at fair value;
iii) Current non-current classification:
All assets and liabilities have been classified as current or non-current as per the Companyâs normal operating cycle (twelve months) and other criteria set out in the Schedule III to the Act.
iv) Rounding of amounts:
All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakhs as per the requirement of Schedule III, unless otherwise stated.
b. Use of Estimates and Judgements:
The preparation of the financial statements, in conformity with the recognition and measurement principles of Ind AS, requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities on the date of the financial statements, disclosures relating to contingent liabilities as at the date of Financial Statements and the reported amounts of revenues and expenses during the reporting Year. Estimates and underlying assumptions are reviewed on an ongoing basis. Such Estimates & assumptions are based on management evaluation of relevant facts & circumstances as on date of financial statements. Differences between actual results and estimates are recognized in the year in which the results are known / materialized.
c. Revenue Recognition:
Revenue is recognized to the extent it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the value of the consideration received or receivable. Amounts disclosed as revenue are inclusive of excise duty and net of returns, trade allowances, rebates, discounts, value added taxes and amounts collected on behalf of third parties
Under the GST regime, the collection of GST by company would not be an inflow on the companyâs own account but it shall be made on behalf of the government authorities. Accordingly, the revenue from operations is presented net of GST.
Sale of Product: Revenue is recognized when the significant risks & rewards of ownership of the goods have passed to the buyer.
Interest and Dividend Income: Interest income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable. Dividend income is recognized when the shareholdersâ right to receive dividend is established.
Export Incentive: Incentive on Export Income is recognized when certainty of receipts is established.
Insurance Claim: Claims receivable are accounted at the time when such income has been earned by the Company depending on the certainty of receipts.
Rent: Rent Income is recognized on the accrual basis based on agreement entered by the Company with the tenants.
d. Property, Plant and Equipments:
Property, plant & equipment are stated at cost less accumulated depreciation thereon. The cost of property, plant & equipment comprises purchase price and any attributable cost of bringing the asset to its working condition for its intended use. Project under commissioning and other capital work-in-progress are carried at cost, comprising direct cost, related incidental pre-operative expenses, and attributed interest.
Land and buildings held for use in the production or supply of goods or services, or for administrative purposes, are stated in the balance sheet at cost less accumulated depreciation and accumulated impairment losses. Freehold land is not depreciated.
Fixtures and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the statement of profit or loss.
Subsequent costs are included in the assetâs carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably.
e. Depreciation:
Depreciation on property, plant and equipment is provided on a Straight Line Method. The Company depreciates its property, plant and equipment over the useful life in the manner prescribed in Schedule II to the Act, and management believe that useful life of assets are same as those prescribed in Schedule II to the Act, except for buildings, plant and machinery, vehicles and computers which based on an independent technical evaluation, is different from that prescribed in schedule II to the Act and the life ranges from 05 to 43 years.
The residual values are not more than 5% of the original cost of the asset. The assets residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
f. Intangible Assets and Amortisation:
Intangible assets are stated at cost of acquisition less accumulated amortization and accumulated impairment loss, if any. Intangible asset i.e. Software, is amortized over its estimated useful life of 5 years on straight line basis.
g. Borrowing Costs:
Borrowing Costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are recognised in the statement of profit or loss in the period in which they are incurred.
h. Foreign Currency Transactions:
(i) Functional and Presentation Currency
The financial statements are presented in Indian rupee (INR), which is Companyâs functional and presentation currency.
(ii) Foreign Currency Transactions
Foreign Currency Current Assets and Current Liabilities are recorded at the actual transaction rate. The gain or loss arising out of settlement/ translation of the assets and liabilities at the closing rates due to exchange fluctuations is recognized as income/ expenditure in the Statement of Profit and loss.
Premium or discount arising at the inception of forward exchange contract is amortized as expense or income over the life of the contract. Any gain or losses arising due to exchange difference at the end of the year on such contract are recognized in Statement of Profit & loss.
Foreign exchange differences regarded as an adjustment to borrowing cost are presented in the statement of profit and loss, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit and loss on a net basis under other income/expenses.
i. Impairment of Assets:
The carrying value of Companyâs assets / cash generating units are reviewed for impairment annually or more often if there is an indication of decline in value. If any indication of such impairment exists, the recoverable amounts of those assets are estimated and impairment loss is recognized, if the carrying amount of those assets exceeds their recoverable amount. The recoverable amount is the greater of the net selling price or their value in use, or value in use is arrived at by discounting the estimated future cash flows to their present value based on appropriate discount factor. Net selling price is the estimated selling price in the ordinary course of business, less estimated cost of completion and to make the sale. As per the assessment conducted by the Company at March 31, 2018, there were no indications that the fixed assets have suffered an impairment loss.
j. Taxation:
The income tax expense or credit for the period is the tax payable on the current periodâs taxable income based on the applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amount in the financial statement. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are excepted to apply when the related deferred income tax assets is realised or the deferred income tax liability is settled.
Deferred tax assets are recognised for all deductible temporary differences and unused tax losses, only if, it is probable that future taxable amounts will be available to utilise those temporary differences and losses.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the Company has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.
Current and deferred tax is recognised in the Statement of Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
Minimum Alternate Tax credit is recognised as deferred tax asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. Such asset is reviewed at each Balance Sheet date and the carrying amount of the MAT credit asset is written down to the extent there is no longer a convincing evidence to the effect that the Company will pay normal income tax during the specified period.
k. Inventories:
Inventories are valued at Lower of cost and Net Realizable Value. Goods-in-Transit are stated âat costâ. Cost comprises all cost of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition. The costs for the purpose of valuation are determined as under:
Finished goods and Stock-in-process: Manufacturing Costs.
Raw materials & others : Weighted Average Cost
Coal & Chemicals : Weighted Average cost.
Stores & Spares : Weighted Average cost
l. GST:
GST payable on finished goods is accounted for on clearance of goods. Input Tax Credit on Capital Goods, inputs and Services is accounted in accordance with the input tax credit rules as defined under the GST Act.
m. Investments:
The Companyâs management has made an irrevocable choice, on initial recognition, to present fair value gains and losses on equity investments in other comprehensive income and there is no subsequent reclassification, on sale or otherwise, of fair value gains and losses to the statement of profit and loss.
n. Research & Development Expenditure:
Revenue expenditure on research & development is charged to Statement of Profit & Loss account and capital expenditure is added to the cost of fixed assets in the year in which it is incurred.
o. Bad Debts / Advances:
Bad debts or advances are written off in the year in which they become irrecoverable. p. Cash Flow Statement:
The Cash Flow Statement is prepared by the âindirect methodâ set out in Indian Accounting Standard 7 (Ind AS 7) on âStatement of Cash Flowsâ and presents the cash flows by operating, investing and financing activities of the Company. Cash and cash equivalents presented in the Cash Flow Statements consist of cash on hand and balances with bank.
q. Derivative Contracts:
Derivative financial instruments such as forward contracts, option contracts and cross currency swaps, to hedge its foreign currency risks are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value with changes in fair value recognised in the Statement of Profit and Loss in the period when they arise.
r. Provisions, Contingent Liabilities and Contingent Assets:
A provision is recognized when the Company has a present legal or constructive obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which reliable estimate can be made. Provisions (excluding long term benefits) are not discounted to its present value and are determined based on best estimates required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent liabilities are not recognized but are disclosed in the notes to the Financial Statements. A contingent asset is not recognized but is disclosed when an inflow of economic benefits is probable.
s. Leases:
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.
Operating Lease: Company as a lessee
Payments made under operating leases are charged to the Statement of Profit and Loss on a straight-line basis over the period of the lease unless the payments are structured to increase in line with expected general inflation to compensate for the Companyâs expected inflationary cost increases.
t. Borrowings:
Borrowings are initially recognised at net of transaction costs incurred and measured at amortised cost.
The fair value of zero coupon non-convertible debentures is determined using a base interest rate for other bank borrowing. This amount is recorded as a liability on an amortised cost basis until extinguishment on redemption of debentures. The remainder of the proceed is booked as other income.
u. Other Financial Assets:
The Company classifies its financial assets in the following measurement categories:
(1) Those to be measured subsequently at fair value (either through other comprehensive income, or through the Statement of Profit and Loss), and
(2) Those measured at amortised cost.
The classification depends on the Companyâs business model for managing the financial assets and the contractual terms of the cash flows.
At initial recognition, the Company measures a financial asset at its fair value. Transaction costs of financial assets carried at fair value through the Profit and Loss are expensed in the Statement of Profit and Loss.
The Company measures the expected credit loss associated with its assets based on historical trend, industry practices and the business environment in which the entity operates or any other appropriate basis. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
v. Employee Benefits:
(i) Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employeesâ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled.
(ii) Other long-term employee benefit obligations
The liabilities for earned leave that are not expected to be settled wholly within 12 months are measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. The benefits are discounted using the market yields at the end of the reporting period that have terms approximating to the terms of the related obligation.
Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognised in the Statement of Profit and Loss.
(iii) Post-employment obligations
The Company operates the following post-employment schemes:
(a) Defined benefit plans such as gratuity; and
(b) Defined contribution plans such as provident fund & employeesâ state insurance.
Gratuity obligations:
The liability recognised in the balance sheet in respect of defined benefit gratuity plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by reference to market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related obligation.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Statement of Profit and Loss.
Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.
Defined Contribution Plans:
Defined Contribution Plans such as Provident Fund and Employeesâ State Insurance are charged to the Statement of Profit and Loss as incurred. The Company has no further payment obligations once the contributions have been paid.
w. Earnings Per Equity Share:
Basic earnings per equity share are computed by dividing the net profit attributable to the equity holders of the company by the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the company by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.
The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for any share splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the Board of Directors.
x. Contributed Equity:
Equity Shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.
y. Critical Estimates and Judgements:
The preparation of financial statements requires the use of accounting estimates which by definition will seldom equal the actual results. Management also needs to exercise judgment in applying the accounting policies.
This note provides an overview of the areas that involved a higher degree of judgment or complexity, and items which are more likely to be materially adjusted due to estimates and assumptions turning out to be different than those originally assessed. Detailed information about each of these estimates and judgments is included in relevant notes together with information about the basis of calculation for each affected line item in the financial statements.
The areas involving critical estimates or judgment are:
Estimation of Defined benefit obligation - refer note 25
Estimation of Intangible Assets & Property, Plant & Equipment - refer note 2(d), 2(e) & 2(f).
Mar 31, 2015
A) BASIS OF PREPARATION
The financial statements have been prepared to comply with all material
respects with the Accounting Standards specified under Section 133 of
the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 and
the relevant provisions of the Companies Act, 2013. The financial
statements have been prepared under the historical cost convention on
an accrual basis. The accounting policies have been consistently
applied by the Company.
b) Use of estimates
-The preparation of the financial statements, in conformity with the
generally accepted accounting principles, requires estimates and
assumptions to be made that affect the reported amounts of assets and
liabilities on the date of the financial statements and the reported
amounts of revenues and expenses during the reporting Year. Such
Estimates & assumptions are based on management evaluation of relevant
facts & circumstances as on date of financial statements. Differences
between actual results and estimates are recognized in the Year in
which the results are known / materialized.
Estimates and underlying assumptions are reviewed on an ongoing basis.
Any revision to the accounting estimates is recognized prospectively in
the current and future periods.
c) Revenue recognition
Revenue is recognized to the extent it is probable that the economic
benefits will flow to the Company and the revenue can be reliably
measured.
i) Sale of Product:
Revenue is recognized when the significant risks & rewards of ownership
of the goods have passed to the buyer.
ii) Interest and Dividend Income
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the rate applicable. Dividend income
is recognized when the shareholders' right to receive dividend is
established.
iii) Export Incentive
Incentive on Export Income is recognized when certainty of receipts is
established. Representing Custom. Duty. Rebate entitlement against
export made under scheme of Duty Drawback.
iv) Insurance Claim
Claims receivable are accounted at the time when such income has been
earned by the Company depending on the certainty of receipts.
v) Rent
Rent Income is recognized on the accrual basis based on agreement
entered by the Company with the tenants.
d) Fixed Assets:
Fixed Assets are stated at cost less accumulated depreciation thereon.
The cost of fixed assets comprises purchase price and any attributable
cost of bringing the asset to its working condition for its intended
use.
Project under commissioning and other capital work-in-progress are
carried at cost, comprising direct cost, related incidental
pre-operative expenses, and attributed interest.
e) Borrowing cost:
Borrowing Costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial Year of time to get ready for intended use. All other
borrowing costs are charged to the revenue.
f) Depreciation:
Depreciation on Fixed assets, has been provided on the straight line
method (pro-rata on additions and deletions during the period) based on
remaining useful lives of the assets in compliance with the provisions
as specified in Schedule II of the Companies Act, 2013.
g) Foreign Currency Transactions:
i) Fixed Assets acquired out of foreign currency loans are recorded at
the actual transaction rate. As per revised Accounting Standard  11
"The Effects of changes in Foreign Exchange Rates", the gain or loss
due to exchange rate fluctuations on repayment of such loans during the
year is recorded at the actual transaction rates and consequent
adjustments are made to the Statement of Profit & Loss. The gain or loss
on translation of such loan liabilities at the year-end is adjusted in
the Statement of Profit & Loss.
ii) Foreign Currency Current Assets and Current Liabilities are
recorded at the actual transaction rate. The gain or loss arising out
of settlement/ translation of the assets and liabilities at the closing
rates due to exchange fluctuations is recognized as income/ expenditure
in the Statement of Profit and loss.
iii) Premium or discount arising at the inception of forward exchange
contract is amortized as expense or income over the life of the
contract. Any gain or loss arising due to exchange difference at the
end of the year on such contract are recognized in Statement of Profit &
loss.
h) Impairment of Assets:
The carrying value of assets of the Company's cash generating units are
reviewed for impairment annually or more often if there is an
indication of decline in value. If any indication of such impairment
exists, the recoverable amount of those assets are estimated and
impairment loss is recognized, if the carrying amount of those assets
exceeds their recoverable amount. The recoverable amount is the greater
of the net selling price and their value in use. Value in use is
arrived at by discounting the estimated future cash fows to their
present value based on appropriate discount factor. Net selling price
is the estimated selling price in the ordinary course of business, less
estimated cost of completion and to make the sale. As per the
assessment conducted by the Company at March 31, 2015, there were no
indications that the fixed assets have suffered an impairment loss.
i) Taxation:
Income-tax expense comprises current tax (i.e. amount of tax for the
Year determined in accordance with the income-tax law), deferred tax
charge or credit (reflecting the tax effect of timing differences
between accounting income and taxable income for the Year)
i) Current Tax:
Provision for current tax is made on the basis of estimated taxable
income for the accounting year in accordance with the Income Tax Act,
1961.
ii) Deferred taxation:
In compliance with Accounting Standard  22 issued by the Institute of
Chartered Accountants of India, The deferred tax charge or credit and
the corresponding deferred tax liabilities and assets are recognized
using the tax rates that have been enacted or substantively enacted by
the balance sheet date Deferred tax assets, subject to the
consideration of prudence, are recognized and carried forward only to
the extent that there is reasonable certainty that the sufficient future
taxable income will be available against which such deferred tax can be
realized. However, where there is unabsorbed depreciation or carried
forward loss under taxation laws, deferred tax assets are recognized
only if there is virtual certainty of realizations of the assets.
j) Earnings per Share:
Basic earnings per share is calculated by dividing the net Profit after
tax for the year attributable to Equity Shareholders of the Company by
the weighted average number of Equity shares outstanding during the
year. Diluted earnings per Share is calculated by dividing net Profit
attributable to equity shareholders (after adjustment for diluted
earnings) by average number of weighted equity shares outstanding
during the year.
k) Inventories:
Inventories are valued at Lower of cost and NRV whichever is lower. The
costs for the purpose of valuation are determined as under:
--Finished goods and Stock-in-process : - Manufacturing cost
--Raw materials & others : - Weighted Average cost
--Coal & Chemicals : - FIFO
--Stores & Spares : - Weighted Average cost
l) Central Excise Duty:
Excise Duty payable on finished goods is accounted for on clearance of
goods. CENVAT Credit on Capital Goods and inputs is accounted for on
the date of actual receipt of the same, respectively.
m) Investments:
Investments are classified into Non-Current investments and current
investments. Non-Current investments are valued at cost. Provision for
diminution in value of Non-Current investments is made if in the
opinion of management such a decline is other than temporary and
Current investments are valued at cost or market/fair value, whichever
is lower.
n) Research & Development Expenditure:
Revenue expenditure on research & development is charged to Statement
of Profit & Loss account and capital expenditure is added to the cost of
fixed assets in the year in which it is incurred.
o) Preliminary and Issue Expenses:
Preliminary and share/debenture issue expenses are amortized over a
Year of ten years.
p) Bad debts/ advances are written off in the year in which they become
irrecoverable.
q) Cash Flow Statement:
The Cash Flow Statement is prepared by the "indirect method" set out in
Accounting Standard 3 (AS 3) on "Cash Flow Statements" and presents the
cash flows by operating, investing and financing activities of the
Company. Cash and cash equivalents presented in the Cash Flow
Statements consist of cash on hand and demand deposits with banks.
r) Provisions, Contingent Liabilities and Contingent Assets:
A provision is recognized when the Company has a present legal or
constructive obligation as a result of past event and it is probable
that an outflow of resources will be required to settle the obligation,
in respect of which reliable estimate can be made. Provisions
(excluding long term benefits) are not discounted to its present value
and are determined based on best estimated required to settle the
obligation at the balance sheet date. These are reviewed at each
balance sheet date and adjusted to reflect the current best estimates.
Contingent liabilities are not recognized but are disclosed in the
notes to the Financial Statements. A contingent asset is neither
recognized nor disclosed.
t) Employee Benefits
Contributions to defined contribution schemes such as Provident Fund
etc. are charged to the Statement of Profit and Loss account as
incurred. The Company also provides for retirement/post-retirement
benefits in the form of gratuity and leave encashment. Such defined
benefits are charged to the Statement of Profit and Loss account based on
valuations, as at the balance sheet date, conducted by independent
actuaries.
Mar 31, 2014
A) Method of Accounting:
The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles in India and the provisions of the Companies Act, 1956 on
the basis of accrual basis of accounting, except unascertained
insurance claims and comply in all material respects with the
accounting standards issued by the Institute of Chartered Accountants
of India / accounting standards notifed under sub-section (3C) of
section 211 of the Companies Act, 1956 (to the extent applicable).
b) Use of estimates
The preparation of the financial statements, in conformity with the
generally accepted accounting principles, requires estimates and
assumptions to be made that affect the reported amounts of assets and
liabilities on the date of the financial statements and the reported
amounts of revenues and expenses during the reporting Year. Differences
between actual results and estimates are recognized in the Year in
which the results are known / materialize.
c) Revenue recognition
Revenue is recognized to the extent it is probable that the economic
benefits will fow to the Company and the revenue can be reliably
measured.
i) Sale of Product:
Revenue is recognized when the significant risks & rewards of ownership
of the goods have passed to the buyer.
ii) Interest and Dividend Income
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the rate applicable. Dividend income
is recognized when the shareholders'' right to receive dividend is
established.
iii) Export Incentive
Incentive on Export Income is recognized when certainty of receipts is
established.
iv) Insurance Claim
Claims receivable are accounted at the time when such income has been
earned by the Company depending on the certainty of receipts.
v) Rent
Rent Income is recognized on the accrual basis based on agreement
entered by the Company with the tenants.
d) Fixed Assets:
Fixed Assets are stated at cost less accumulated depreciation thereon.
The cost of fixed assets comprises purchase price and any attributable
cost of bringing the asset to its working condition for its intended
use.
e) Borrowing cost:
Borrowing Costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial Year of time to get ready for intended use. All other
borrowing costs are charged to the revenue.
f) Depreciation:
Depreciation has been provided on straight-line basis pursuant to
Schedule XIV of the Companies Act, 1956
g) Foreign Currency Transactions:
i) Fixed Assets acquired out of foreign currency loans are recorded at
the actual transaction rate. As per revised Accounting Standard  11
"The Effects of changes in Foreign Exchange Rates", the gain or loss
due to exchange rate fuctuations on repayment of such loans during the
year is recorded at the actual transaction rates and consequent
adjustments are made to the Statement of Profit & Loss Account. The gain
or loss on translation of such loan liabilities at the year-end is
adjusted in the Statement of Profit & Loss Account.
ii) Foreign Currency Current Assets and Current Liabilities are
recorded at the actual transaction rate. The gain or loss arising out
of settlement/ translation of the assets and liabilities at the closing
rates due to exchange fuctuations is recognized as income/ expenditure
in the Statement of Profit and loss account.
iii) Premium or discount arising at the inception of forward exchange
contract is amortized as expense or income over the life of the
contract. Any gain or loss arising due to exchange difference at the
end of the year on such contract are recognized in Statement of Profit &
loss account.
h) Taxation:
Income-tax expense comprises current tax (i.e. amount of tax for the
year determined in accordance with the income-tax law), deferred tax
charge or credit (refecting the tax effect of timing differences
between accounting income and taxable income for the Year)
i) Current Tax:
Provision for current tax is made on the basis of estimated taxable
income for the accounting year in accordance with the Income Tax Act,
1961.
ii) Deferred taxation:
In compliance with Accounting Standard  22 issued by the Institute of
Chartered Accountants of India, The deferred tax charge or credit and
the corresponding deferred tax liabilities and assets are recognized
using the tax rates that have been enacted or substantively enacted by
the balance sheet date Deferred tax assets, subject to the
consideration of prudence, are recognized and carried forward only to
the extent that there is reasonable certainty that the suffcient future
taxable income will be available against which such deferred tax can be
realized. However, where there is unabsorbed depreciation or carried
forward loss under taxation laws, deferred tax assets are recognized
only if there is virtual certainty of realizations of the assets.
i) Inventories:
Inventories are valued at Lower of cost and NRV whichever is lower. The
costs for the purpose of valuation are determined as under:
--Finished goods and Stock-in-process : - Manufacturing cost
--Raw materials & others : - Weighted Average cost
--Coal & Chemicals : - FIFO
j) Investments:
Investments are classifed into Non-Current investments and current
investments. Non-Current investments are valued at cost. Provision for
diminution in value of Non-Current investments is made if in the
opinion of management such a decline is other than temporary and
Current investments are valued at cost or market/fair value, whichever
is lower.
k) Research & Development Expenditure:
Revenue expenditure on research & development is charged to Statement
of Profit & Loss account and capital expenditure is added to the cost of
fixed assets in the year in which it is incurred.
l) Preliminary and Issue Expenses:
Preliminary and share/debenture issue expenses are amortized over a
Year of ten years.
m) Bad debts/ advances are written off in the year in which they become
irrecoverable.
n) Contingent Liabilities are shown by way of notes(o).
o) Employee benefits :
Contributions to Defined contribution schemes such as Provident Fund
etc. are charged to the Statement of Profit and Loss account as
incurred. The Company also provides for retirement/post-retirement
benefits in the form of gratuity and leave encashment. Such Defined
benefits are charged to the Statement of Profit and Loss account based on
valuations, as at the balance sheet date, conducted by independent
actuaries.
Mar 31, 2013
A) Method of Accounting:
The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles in India and the provisions of the Companies Act, 1956 on
the basis of accrual basis of accounting, except unascertained
insurance claims and comply in all material respects with the
accounting standards issued by the Institute of Chartered Accountants
of India / accounting standards notified under sub-section (3C) of
section 211 of the Companies Act, 1956 (to the extent applicable).
b) Use of estimates:
The preparation of the financial statements, in conformity with the
generally accepted accounting principles, requires estimates and
assumptions to be made that affect the reported amounts of assets and
liabilities on the date of the financial statements and the reported
amounts of revenues and expenses during the reporting Year. Differences
between actual results and estimates are recognized in the Year in
which the results are known / materialize.
c) Revenue recognition:
Revenue is recognized to the extent it is probable that the economic
benefits will flow to the Company and the revenue can be reliably
measured.
i) Sale of Product
Revenue is recognized when the significant risks & rewards of ownership
of the goods have passed to the buyer.
ii) Interest and Dividend Income
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the rate applicable. Dividend income
is recognized when the shareholders'' right to receive dividend is
established.
iii) Export Incentive
Incentive on Export Income is recognized when certainty of receipts is
established.
iv) Insurance Claim
Claims receivable are accounted at the time when such income has been
earned by the Company depending on the certainty of receipts.
v) Rent
Rent Income is recognized on the accrual basis based on agreement
entered by the Company with the tenants.
d) Fixed Assets:
Fixed Assets are stated at cost less accumulated depreciation thereon.
The cost of fixed assets comprises purchase price and any attributable
cost of bringing the asset to its working condition for its intended
use.
e) Borrowing cost:
Borrowing Costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial Year of time to get ready for intended use. All other
borrowing costs are charged to the revenue.
f) Depreciation:
Depreciation has been provided on straight-line basis pursuant to
Schedule XIV of the Companies Act, 1956.
g) Foreign Currency Transactions:
i) Fixed Assets acquired out of foreign currency loans are recorded at
the actual transaction rate. As per revised Accounting Standard - 11
"The Effects of changes in Foreign Exchange Rates", the gain or loss
due to exchange rate fluctuations on repayment of such loans during the
year is recorded at the actual transaction rates and consequent
adjustments are made to the Statement of Profit & Loss Account. The
gain or loss on translation of such loan liabilities at the year-end is
adjusted in the Statement of Profit and Loss.
ii) Foreign Currency Current Assets and Current Liabilities are
recorded at the actual transaction rate. The gain or loss arising out
of settlement/ translation of the assets and liabilities at the closing
rates due to exchange fluctuations is recognized as income/ expenditure
in the Statement of Profit and Loss.
iii) Premium or discount arising at the inception of forward exchange
contract is amortized as expense or income over the life of the
contract. Any gain or loss arising due to exchange difference at the
end of the year on such contract are recognized in Statement of Profit
and Loss.
h) Taxation:
Income-tax expense comprises current tax (i.e. amount of tax for the
Year determined in accordance with the income-tax law), deferred tax
charge or credit (reflecting the tax effect of timing differences
between accounting income and taxable income for the Year)
i) Current Tax:
Provision for current tax is made on the basis of estimated taxable
income for the accounting year in accordance with the Income Tax Act,
1961.
ii) Deferred taxation:
In compliance with Accounting Standard - 22 issued by the Institute of
Chartered Accountants of India, the deferred tax charge or credit and
the corresponding deferred tax liabilities and assets are recognized
using the tax rates that have been enacted or substantively enacted by
the balance sheet date Deferred tax assets, subject to the
consideration of prudence, are recognized and carried forward only to
the extent that there is reasonable certainty that the sufficient
future taxable income will be available against which such deferred tax
can be realized. However, where there is unabsorbed depreciation or
carried forward loss under taxation laws, deferred tax assets are
recognized only if there is virtual certainty of realizations of the
assets.
i) Inventories:
Inventories are valued at Lower of cost and NRV. The costs for the
purpose of valuation are determined as under:
- Finished goods and Stock-in-process - Manufacturing cost
- Raw materials & others - Weighted Average cost -- Coal & Chemicals -
FIFO
j) Investments:
Investments are classified into Non-Current investments and Current
investments. Non-Current investments are valued at cost. Provision for
diminution in value of Non-Current investments is made if in the
opinion of management such a decline is other than temporary and
Current investments are valued at cost or market/fair value, whichever
is lower.
k) Research & Development Expenditure:
Revenue expenditure on research & development is charged to Statement
of Profit and Loss and capital expenditure is added to the cost of
fixed assets in the year in which it is incurred.
I) Preliminary and Issue Expenses:
Preliminary and share/debenture issue expenses are amortized over a
period of ten years.
m) Bad debts/ advances are written off in the year in which they become
irrecoverable.
n) Contingent Liabilities are shown by way of notes.
o) Employee Benefits
Contributions to defined contribution schemes such as Provident Fund
etc. are charged to the Statement of Profit and Loss as incurred. The
Company also provides for retirement/post-retirement benefits in the
form of gratuity and leave encashment. Such defined benefits are
charged to the Statement of Profit and Loss based on valuations, as at
the Balance Sheet date, conducted by independent actuaries.
Mar 31, 2012
A) Method of Accounting:
The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles in India and the provisions of the Companies Act, 1956 on
the basis of accrual basis of accounting, except unascertained
insurance claims and comply in all material respects with the
accounting standards issued by the Institute of Chartered Accountants
of India / accounting standards notified under sub-section (3C) of
section 211 of the Companies Act, 1956 (to the extent applicable).
b) Use of estimates:
The preparation of the financial statements, in conformity with the
generally accepted accounting principles, requires estimates and
assumptions to be made that affect the reported amounts of assets and
liabilities on the date of the financial statements and the reported
amounts of revenues and expenses during the reporting Year. Differences
between actual results and estimates are recognized in the Year in
which the results are known / materialize.
c) Revenue recognition:
Revenue is recognized to the extent it is probable that the economic
benefits will flow to the Company and the revenue can be reliably
measured.
i) Sale of Product:
Revenue is recognized when the significant risks & rewards of ownership
of the goods have passed to the buyer. Sales include the amount of
Sales Tax/Vat refunds received/due in accordance with incentive scheme.
ii) Interest and Dividend Income:
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the rate applicable. Dividend income
is recognized when the shareholders' right to receive dividend is
established.
iii) Export Incentive:
Incentive on Export Income is recognized when certainty of receipts is
established.
iv) Insurance Claim:
Claims receivable are accounted at the time when such income has been
earned by the Company depending on the certainty of receipts.
v) Rent:
Rent Income is recognized on the accrual basis based on agreement
entered by the Company with the tenants.
d) Fixed Assets:
Fixed Assets are stated at cost less accumulated depreciation thereon.
The cost of fixed assets comprises purchase price and any attributable
cost of bringing the asset to its working condition for its intended
use.
e) Borrowing cost:
Borrowing Costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial year of time to get ready for intended use. All other
borrowing costs are charged to the revenue.
f) Depreciation:
Depreciation has been provided on straight-line basis pursuant to
Schedule XIV of the Companies Act, 1956.
g) Foreign Currency Transactions:
i) Fixed Assets acquired out of foreign currency loans are recorded at
the actual transaction rate. As per revised Accounting Standard - 11
"The Effects of changes in Foreign Exchange Rates", the gain or
loss due to exchange rate fluctuations on repayment of such loans
during the year is recorded at the actual transaction rates and
consequent adjustments are made to the Statement of Profit & Loss
Account. The gain or loss on translation of such loan liabilities at
the year-end is adjusted in the Statement of Profit & Loss Account.
ii) Foreign Currency Current Assets and Current Liabilities are
recorded at the actual transaction rate. The gain or loss arising out
of settlement/ translation of the assets and liabilities at the closing
rates due to exchange fluctuations is recognized as income/ expenditure
in the Statement of Profit and loss account.
iii) Premium or discount arising at the inception of forward exchange
contract is amortized as expense or income over the life of the
contract. Any gain or loss arising due to exchange difference at the
end of the year on such contract are recognized in Statement of Profit
& loss account.
h) Taxation:
Income-tax expense comprises current tax (i.e. amount of tax for the
Year determined in accordance with the income-tax law), deferred tax
charge or credit (reflecting the tax effect of timing differences
between accounting income and taxable income for the Year)
i) Current Tax:
Provision for current tax is made on the basis of estimated taxable
income for the accounting year in accordance with the Income Tax Act,
1961.
ii) Deferred Taxation:
In compliance with Accounting Standard - 22 issued by the Institute of
Chartered Accountants of India, The deferred tax charge or credit and
the corresponding deferred tax liabilities and assets are recognized
using the tax rates that have been enacted or substantively enacted by
the balance sheet date Deferred tax assets, subject to the
consideration of prudence, are recognized and carried forward only to
the extent that there is reasonable certainty that the sufficient
future taxable income will be available against which such deferred tax
can be realized. However, where there is unabsorbed depreciation or
carried forward loss under taxation laws, deferred tax assets are
recognized only if there is virtual certainty of realizations of the
assets.
i) Inventories:
Inventories are valued at cost or net realizable value whichever is
lower. The costs for the purpose of valuation are determined as under:
--Finished goods and Stock-in-process : Manufacturing cost
--Raw materials & others : Weighted Average cost
--Coal & Chemicals : FIFO
j) Investments:
Investments are classified into Non-Current investments and current
investments. Non-Current investments are valued at cost. Provision for
diminution in value of Non-Current investments is made if in the
opinion of management such a decline is other than temporary and
Current investments are valued at cost or market/fair value, whichever
is lower.
k) Research & Development Expenditure:
Revenue expenditure on research & development is charged to Statement
of Profit and Loss account and capital expenditure is added to the cost
of fixed assets in the year in which it is incurred.
l) Preliminary and Issue Expenses:
Preliminary and share/debenture issue expenses are amortized over a
period of ten years.
m) Bad debts/ advances are written off in the year in which they
become irrecoverable.
n) Contingent Liabilities are shown by way of notes.
o) Employee Benefits
Contributions to defined contribution schemes such as provident fund
etc. are charged to Statement of Profit and Loss as incurred. The
Company also provides for retirement/post-retirement benefits in the
form of gratuity and leave encashment. Such defined benefits are
charged to Statement of Profit and Loss based on valuations, as at the
balance sheet date, conducted by independent actuaries.
Mar 31, 2011
A) Method of Accounting:
The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles in India and the provisions of the Companies Act, 1956 on
the basis of accrual basis of accounting, except unascertained
insurance claims and comply in all material respects with the
accounting standards issued by the Institute of Chartered Accountants
of India / accounting standards notified under sub-section (3C) of
section 211 of the Companies Act, 1956 (to the extent applicable).
b} Use of estimates
The preparation of the financial statements, in conformity with the
generally accepted accounting principles, requires estimates and
assumptions to be made that affect the reported amounts of assets and
liabilities on the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period.
Differences between actual results and estimates are recognized in the
period in which the results are known / materialize.
c) Revenue recognition
Revenue is recognized to the extent it is probable that the economic
benefits will flow to the Company and the revenue can be reliably
measured.
i) Sale of Product:
Revenue is recognized when the significant risks & rewards of ownership
of the goods have passed to the buyer. Sales include the amount of
Sales TaxA/at refunds received/due in accordance with incentive scheme.
ii) Interest and Dividend Income
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the rate applicable. Dividend income
is recognized when the shareholders' right to receive dividend is
established.
iii) Export Incentive
Incentive on Export Income is recognized when certainty of receipts is
established.
iv) Insurance Claim
Claims receivable are accounted at the time when such income has been
earned by the Company depending on the certainty of receipts. , æ .
v) Rent
Rent Income is recognized on the accrual basis based on agreement
entered by the Company with the tenants.
d) Fixed Assets :
Fixed Assets are stated at cost less accumulated depreciation thereon.
The cost of fixed assets comprises purchase price and any attributable
cost of bringing the asset to its working condition for its intended
use.
e) Borrowing cost:
Borrowing Costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial period of time to get ready for intended use. All other
borrowing costs are charged to the revenue.
f) Depreciation:
Depreciation has been provided on straight-line basis pursuant to
Schedule XIV of the Companies Act, 1956.
g) Foreign Currency Transactions:
i) Fixed Assets acquired out of foreign currency loans are recorded at
the actual transaction rate. As per revised Accounting Standard -11
'The Effects of changes in Foreign Exchange Rates", the gain or loss
due to exchange rate fluctuations on repayment of such loans during the
year is recorded at the actual transaction rates and consequent
adjustments are made to the Profit & Loss Account. The gain or loss on
translation of such loan liabilities at the year- end is adjusted in
the Profit & Loss Account.
ii) Foreign Currency Current Assets and Current Liabilities are
recorded at the actual transaction rate. The gain or loss arising out
of settlement/ translation of the assets and liabilities at the closing
rates due to exchange fluctuations is recognized as income/ expenditure
in the profit and loss account.
iii) Premium or discount arising at the inception of forward exchange
contract is amortized as expense or income over the life of the
contract. Any gain or loss arising due to exchange difference at the
end of the year on such contract are recognized in profit & loss
account.
h) Taxation:
Income Tax expense comprises current tax (i.e. amount of tax for the
period determined in accordance with the income- tax law), deferred tax
charge or credit (reflecting the tax effect of timing differences
between accounting income and taxable income for the period)
i) Current Tax:
Provision for current tax is made on the basis of estimated taxable
income for the accounting year in accordance with the Income Tax Act,
1961.
ii) Deferred taxation:
In compliance with Accounting Standard - 22 issued by the Institute of
Chartered Accountants of India, The deferred tax charge or credit and
the corresponding deferred tax liabilities and assets are recognized
using the tax rates that have been enacted or substantively enacted by
the balance sheet date Deferred tax assets, subject to the consid-
eration of prudence, are recognized and carried forward only to the
extent that there is reasonable certainty that the sufficient future
taxable income will be available against which such deferred tax can be
realized. However, where there is unabsorbed depreciation or carried
forward loss under taxation laws, deferred tax assets are recognized
only if there is virtual certainty of realizations of the assets.
i) Inventories:
Inventories are valued at cost or net realizable value whichever is
lower. The costs for the purpose of valuation are
determined as under:
-Finished goods and
Stock-in-process :- Manufacturing cost
-Raw materials & others :- Weighted Average cost
-Coal & Chemical :- FIFO
j) Investments:
Investments are classified into long-term investments and current
investments. Investments that are intended to be held for one year or
more are classified as long-term investments and investments that are
intended to be held for less than one year are classified as current
investments.
Long-term investments are valued at cost. Provision for diminution in
value of long term investments is made if in the opinion of management
such a decline is other than temporary.
Current investments are valued at cost or market/fair value, whichever
is lower.
k) Research & Development Expenditure:
Revenue expenditure on research & development is charged to Profit &
Loss account and capital expenditure is added to the cost of fixed
assets in the year in which it is incurred.
I) Preliminary and Issue Expenses:
Preliminary and share/debenture issue expenses are amortized over a
period of ten years.
m) Bad debts/ advances are written off in the year in which they become
irrecoverable.
n) Contingent Liabilities are shown by way of notes.
o) Employee Benefits
Contributions to defined contribution schemes such as Provident Fund
etc. are charged to the Profit and Loss account as incurred. The
Company also provides for retirement/post-retirement benefits in the
form of gratuity and leave encashment. Such defined benefits are
charged to the Profit and Loss account based on valuations, as at the
balance sheet date, conducted by independent actuaries.
Mar 31, 2010
1) Method of Accounting :
The financial statements are prepared under the historical cost
convention in accordance with the generally accepted account- ing
principles in India and the provisions of the Companies Act, 1956 on
the basis of accrual basis of accounting, except unascertained
insurance claims and comply in all material respects with the
accounting standards issued by the Institute of Chartered Accountants
of India / accounting standards notified under sub-section (3C) of
section 211 of the Companies Act, 1956 (to the extent applicable).
2) Use of estimates :
The preparation of the financial statements, in conformity with the
generally accepted accounting principles, requires estimates and
assumptions to be made that affect the reported amounts of assets and
liabilities on the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period.
Differences between actual results and estimates are recognized in the
period in which the results are known / materialize.
3) Revenue recognition :
(a) Revenue is recognized to the extent it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
i) Sale of Product
Revenue is recognized when the significant risks & rewards of ownership
of the goods have passed to the buyer. Sales include the amount of
Sales Tax/Vat refunds received/due in accordance with incentive scheme.
ii) Interest and Dividend Income
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the rate applicable. Dividend income
is recognized when the shareholders right to receive dividend is
established.
iii) Export Incentive
Incentive on Export Income is recognized when certainty of receipts is
established.
iv) Insurance Claim
Claims receivable are accounted at the time when such income has been
earned by the Company depending on the certainty of receipts.
v) Rent
Rent Income is recognized on the accrual basis based on agreement
entered by the Company with the tenants.
b) Fixed Assets :
Fixed Assets are stated at cost less accumulated depreciation thereon.
The cost of fixed assets comprises purchase price and any attributable
cost of bringing the asset to its working condition for its intended
use.
c) Borrowing cost:
Borrowing Costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial period of time to get ready for intended use. All other
borrowing costs are charged to the revenue.
d) Depreciation:
Depreciation has been provided on straight-line basis pursuant to
Schedule XIV of the Companies Act, 1956.
e) Foreign Currency Transactions:
i) Fixed Assets acquired out of foreign currency loans are recorded at
the actual transaction rate. As per revised Accounting Standard à 11
ÃThe Effects of changes in Foreign Exchange RatesÃ, the gain or loss
due to exchange rate fluctuations on repayment of such loans during the
year is recorded at the actual transaction rates and consequent
adjustments are made to the Profit & Loss Account. The gain or loss on
translation of such loan liabilities at the year- end is adjusted in
the Profit & Loss Account.
ii) Foreign Currency Current Assets and Current Liabilities are
recorded at the actual transaction rate. The gain or loss arising out
of settlement/ translation of the assets and liabilities at the closing
rates due to exchange fluctuations is recognized as income/ expenditure
in the profit and loss account.
iii) Premium or discount arising at the inception of forward exchange
contract is amortized as expense or income over the life of the
contract. Any gain or loss arising due to exchange difference at the
end of the year on such contract are recognized in profit & loss
account.
f) Taxation:
Income-tax expense comprises current tax (i.e. amount of tax for the
period determined in accordance with the income- tax law), deferred tax
charge or credit (reflecting the tax effect of timing differences
between accounting income and taxable income for the period)
i) Current Tax:
Provision for current tax is made on the basis of estimated taxable
income for the accounting year in accordance with the Income Tax Act,
1961.
ii) Deferred taxation:
In compliance with Accounting Standard - 22 issued by the Institute of
Chartered Accountants of India, The deferred tax charge or credit and
the corresponding deferred tax liabilities and assets are recognized
using the tax rates that have been enacted or substantively enacted by
the balance sheet date Deferred tax assets, subject to the consid-
eration of prudence, are recognized and carried forward only to the
extent that there is reasonable certainty that the sufficient future
taxable income will be available against which such deferred tax can be
realized. However, where there is unabsorbed depreciation or carried
forward loss under taxation laws, deferred tax assets are recognized
only if there is a virtual certainty of realizations of the assets.
g) Inventories:
Inventories are valued at cost or net realizable value whichever is
lower. The costs for the purpose of valuation are
determined as under:
-- Finished goods and Stock-in-process : - Manufacturing cost
-- Raw materials & others : - Weighted Average cost
-- Coal & Chemical : - FIFO
h) Investments:
Investments are classified into long-term investments and current
investments. Investments that are intended to be held
for one year or more are classified as long-term investments and
investments that are intended to be held for less than one year are
classified as current investments.
Long-term investments are valued at cost. Provision for diminution in
value of long term investments is made if in the opinion of management
such a decline is other than temporary. Current investments are valued
at cost or market/fair value, whichever is lower.
i) Research & Development Expenditure:
Revenue expenditure on research & development is charged to Profit &
Loss account and capital expenditure is added to the cost of fixed
assets in the year in which it is incurred.
j) Preliminary and Issue Expenses:
Preliminary and share/debenture issue expenses are amortized over a
period of ten years.
k) Bad debts/ advances are written off in the year in which they become
irrecoverable.
l) Contingent Liabilities are shown by way of notes.
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Shree Rama Newsprint Ltd. Corporate Announcements
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