Note:
1 Corporate information
IOL Chemicals and Pharmaceuticals Limited (“the Company”) is a public company domiciled in India and incorporated on 29th September, 1986 under the provisions of the Companies Act, 1956. The shares of the company are listed on two stock exchanges in India i.e. at National Stock Exchange of India Limited (NSE) and at Bombay Stock Exchange Limited (BSE). The company is engaged in the manufacturing and selling of API’s / bulk drugs and speciality chemicals. The company caters to both domestic and international market.
The registered office of the company is situated at Trident Complex, Raikot Road, Barnala- 148101, Punjab.
The financial statements are approved for issue by the Company’s Board of Directors on 16th May, 2018.
Note:
2 (i) Critical accounting estimates
Useful lives of property, plant and equipment The estimated useful lives of property, plant and equipment are based on a number of factors including the effects of obsolescence, internal assessment of user experience and other economic factors (such as the stability of the industry, and known technological advances) and the level of maintenance expenditure required to obtain the expected future cash flows from the asset.
The Company reviews the useful life of property, plant and equipment at the end of each reporting date.
Recoverable amount of property, plant and equipment
The recoverable amount of property plant and equipment is based on estimates and assumptions regarding the expected market outlook and expected future cash flows. Any changes in these assumptions may have a material impact on the measurement of the recoverable amount and could result in impairment.
Post-retirement benefit plans
Employee benefit obligations are measured on the basis of actuarial assumptions including any changes in these assumptions that may have a material impact on the resulting calculations.
Recognition of deferred tax assets
Recognition of deferred tax assets depends upon the availability of future profits against which tax losses carried forward can be used.
2 (ii) Recent accounting pronouncements:
Appendix B to Ind AS 21, Foreign currency transactions and advance consideration:
On 28 March 2018, Ministry of Corporate Affairs (“MCA”) has notified the Companies (Indian Accounting Standards) Amendment Rules, 2018 containing Appendix B to Ind AS 21, “Foreign Currency Transactions and Advance Consideration” which clarifies 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 is the date on which an entity initially recognises the non-monetary asset or nonmonetary liability arising from the payment or receipt of advance consideration.
The amendment is applicable for annual reporting periods beginning on or after 1 April 2018. The company is evaluating the impact of this amendment on its financial statements.
2 (iii) Ind AS 115- “Revenue from Contract with Customers”:
On 28 March 2018, Ministry of Corporate Affairs (“MCA”) has notified the Ind AS- 115, Revenue from Contract with Customers. The core principle of the new standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
Specifically, the standard introduces a 5-step approach to revenue recognition:
Step 1: Identify the contract(s) with a customer
Step 2: Identify the performance obligation in contract
Step 3: Determine the transaction price
Step 4: Allocate the transaction price to the performance
obligations in the contract
Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation
Under Ind AS- 115, an entity recognises revenue when (or as) a performance obligation is satisfied, i.e. when ‘control’ of the goods or services underlying the particular performance obligation is transferred to the customer.
Further the new standard requires enhanced disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts with customers. The effective date for adoption of Ind AS-115 is financial periods beginning on or after 1 April 2018.
The company is evaluating the impact of this amendment on its financial statements.
The company has availed the exemption available under Ind AS 101, whereas the carrying value of property, plant and equipment has been carried forwarded at the amount as determined under the previous GAAP netting of Ind AS adjustment such as government grants and processing fee etc. Considering the FAQ issued by the ICAI, regarding application of deemed cost, the company has disclosed the cost as at 1st April 2016 net of accumulated depreciation. However, information regarding gross block of assets, accumulated depreciation has been disclosed by the company separately as follows:
Had the company not prepared financial statements as per Indian Accounting Standards (Ind AS), the status of the gross block, accumulated depreciation and net block would have been as under as on the reported date of financial statement (carrying value as on 1 April 2016 taken as deemed cost at the date of transition):
b. Rights, preferences and restrictions attached to equity shares
The company presently has one class of equity shares having a par value of ?10/- each. Each holder of equity shares is entitled to one vote per share. The dividend if proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
The company has not declared dividend during the year ended 31 March 2018.
Rights attached to preference shares
The company has not issued preference shares during the current and previous year.
Nature and purpose of reserve
Capital reserve: The excess of net assets taken, over the cost of consideration paid, were treated as capital reserve in accordance with previous GAAP.
Securities premium account: The amount received in excess of face value of the equity shares is recognised in Securities Premium Reserve. It can be utilized in accordance with the provisions of the Act, to issue bonus shares, to provide for premium on redemption of shares or debentures, write-off equity related expenses like underwriting costs etc. Retained earnings: Retained earnings if any represents the net profits after all distributions and transfers to other reserves.
Other comprehensive income: Remeasurements of defined benefit plan comprises actuarial gains and losses and return on plan assets (excluding interest income).
A Details of security for term loans
1 Term loans from banks and financial institutions are secured by way of equitable mortgage of all present and future immovable properties of the company ranking pari-passu charge by way of hypothecation of all the Company’s movable properties, save and except book debts but including movable machinery, spares, tools and accessories both present and future subject to prior charges created / to be created in favour of the company’s bankers on specified movable properties for securing borrowings for working capital requirements.
2 Further, the term loans from banks and financial institutions are secured by second pari-passu charge on all current assets present and future and the personal guarantee of the Managing Director of the company and corporate guarantee by a promoter company.
3 Term loan from others are secured by hypothecation of vehicles purchased against these loans.
C Unsecured loans from related party has been brought in pursuance to the stipulation imposed by lending banks and are repayable after the repayment of loans so obtained from banks.
D Unsecured loan granted by NBFC/Bank against the collateral security provided by related party under the head other loans and advances.
Loans repayable on demand from banks are secured by way of first pari-passu charge on all present and future finished goods, work-in-progress, raw materials, stores and spares, book debts and second pari-passu charge on fixed assets and further secured by personal guarantee of the Managing Director of the company and corporate guarantee by a promoter company.
Terms:-
1. Working capital borrowings from banks are repayable on demand.
2. Working capital borrowings from bank carries interest @ 11% P.A.
xii) Actuarial risks exposures:
valuations are based on certain assumptions, which are dynamic in nature and vary over time. As such company is exposed to various risks as follows:
a) Salary increases - Actual salary increases will increase the plan’s liability. Increase in salary increase rate assumption in future valuations will also increase the liability.
b) Investment risk - If plan is funded then assets liabilities mismatch and actual investment return on assets lower than the discount rate assumed at the last valuation date can impact the liability.
c) Discount rate- Reduction in discount rate in subsequent valuations can increase the plan’s liability.
d) Mortality and disability - Actual death and disability cases proving lower or higher than assumed in the valuation can impact the liabilities
e) Withdrawals - Actual withdrawals proving higher or lower than assumed withdrawals and change of withdrawals rates at subsequent valuations can impact plan’s liability.
xiii) The company expects to contribute Rs.0.88 Crore to the gratuity trust during the fiscal 2019.
3 Disclosures as required by Indian Accounting Standard (Ind AS) 17 Lease
Operating lease commitments:
The company’s significant leasing arrangements are in respect of operating leases for premises (residential, godown etc.). These leasing arrangements, which are non-cancellable with range from 11 months to 99 years and are usually renewable by mutual consent on mutually agreeable terms. The aggregate lease rentals payable are charged as Rent under ‘Other Expenses’.
Future minimum rentals payable under non-cancellable operating leases are as follows:
(b) Basis of fair value of financial assets and liabilities
(i) Fair value hierarchy
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
4 Segment information
I Segment Accounting Policies:
a. Products and services from which reportable segment derive their revenues.
Based on the nature and class of product and services, their customers and assessment of differential risk and returns and financial reporting results reviewed by chief operating decision maker, the company has identified the business segments which comprised:
The “Chemicals” segment produces and sells Ethyl Acetate, Iso Butyl benzene, Acetyl Chloride and Mono Chloro Acetic Acid.
The “Drugs” segment produces and sells various API’s viz. Ibuprofen, Metformin, Fenofibrate, Lemotrigine, etc.
The operating businesses are organized and managed separately according to the nature of the products produced, with each segment representing a strategic business unit that offers different products and serves different markets.
b. Geographical segments
The geographical segments considered for diclosure are based on markets, as under:
i. India
ii. Rest of the world
c. Segment accounting policies:
In addition to the significant accounting policies applicable to the business, the accounting policies in relation to segment accounting are as under:
i. Segment assets and liabilities:
Segment assets include all operating assets used by a segment and consists principally of cash, debtors, inventories and fixed assets, net of allowances and provisions, which are reported as direct off set in the balance sheet. Segment liabilities include all operating liabilities and consist principally of creditors and accrued liabilities.
ii. Segment revenue and expenses:
Joint revenue and expenses of segment are allocated amongst them on reasonable basis. All other segment revenue and expenses are directly attributable to the segments.
iii. Inter segment sales:
Inter segment sales are eliminated in consolidation.
iv. Segment results:
Segment results represents the profit before tax earned by each segment without allocation of other income and unallocable expenses as well as finance costs.
5 First time adoption of Ind AS
This financial statement is the first financial statement that has been prepared in accordance with Ind AS together with the comparative period data as at and for the year ended 31st March 2017, as described in the summary of significant accounting policies. The transition to Ind AS has been carried out in accordance with Ind AS 101 “First time adoption of Indian Accounting Standards” with 1st April 2016 as transition date.
This note explains the exemptions availed by the company on first time adoption of Ind AS and principal adjustments made by the Company in restating its Indian GAAP financial statements as at 1st April 2016 and financial statements as at and for the year ended 31st March 2017 in accordance with Ind AS 101.
Exemptions applied
Ind AS 101 allows first time adopters certain exemptions from the retrospective application of certain requirements under Ind AS. The company has, accordingly, applied following exemptions:
a) The company has elected to continue with the carrying value of all items of its property, plant and equipment and intangible assets measured as per Indian GAAP as recognized in the financial statements as at the date of transition, as deemed cost at the date of transition. The effect of consequential changes arising on the application of other Ind AS has been adjusted to the deemed cost of Property, Plant and Equipment.
b) The company has availed the exemption of fair value measurement of financial assets or liabilities at initial recognition and accordingly will apply fair value measurement of financial assets or liabilities at initial recognition prospectively to transactions entered into on or after 1st April 2016.
c) The estimates as at 1st April 2016 and at 31st March 2017 are consistent with those made for the same dates in accordance with Indian GAAP (after adjustments to reflect any differences in accounting policies) apart from the following items under Indian GAAP did not require estimation:
- Fair values of Financials Assets and Financial Liabilities
- Impairment of financial assets based on expected credit loss modal
- Discount rates
The estimates used by the company to present these amounts in accordance with Ind AS reflect conditions as at 1st April 2016 and 31st March 2017.
Notes to the reconciliation of equity as at 1st April 2016 and 31st March 2017 and total comprehensive income for the year ended.
1. Leasehold land
Under previous GAAP, leasehold land was recorded and classified as fixed assets. Under Ind AS, leasehold land is recognised as operating lease. Therefore, net block of leasehold land (31st March, 2017 Rs.0.17 Crore, 1st April 2016 Rs.0.18 Crore has been re-classified under the head “Other non-current assets” (31st March, 2017 ?0.17 Crore , 1st April 2016 Rs.0.18 Crore and “Other current assets” (31st March, 2017 Rs.43,522/-, 1st April 2016 Rs.43,522/-) as ‘Prepayment of leasehold land’. Further, the amortization of leasehold payment for the year ended 31st March 2017 amounting to Rs.43,522/- has been reclassified from ‘Depreciation and amortization expenses’ to Other expenses’. However, the same has no impact on the total equity as at 31st March, 2017.
2. Fair valuation of Investments
Under previous GAAP, investments in mutual funds were classified as long term investments or current investments based on the intended holding period and reliability. Long tern investments were classified at cost less provision for temporary diminution in the value of investments. Current investments were carried at lower of cost and fair value. Ind AS requires such investments to be measured at fair value except investment in subsidiaries, associates and joint venture for which exemptions has been availed.
Accordingly, the company has designated such investments as investments measured at FVTPL/FVTOCI/amortized cost in accordance with Ind AS. The difference between the instrument’s fair value and carrying amount as per Indian GAAP has been recognized in retained earnings. This has resulted in increase in retained earnings of Rs.28,517/- as at 1st April 2016 and Rs.1,26,479/as at 31st March 2017.
3. Borrowings
(i) Under previous GAAP, processing fees related to term loans borrowed for acquiring Property, Plant and Equipment were capitalised to Property, Plant and Equipment. Under Ind AS, such loans are accounted at amortized cost using effective interest rate method. The net effect of change is decrease in Property, Plant and Equipment by Rs.1.46 Crore as at 1st April 2016 and Rs.1.36 Crore as at 31st March 2017 and decrease in non current borrowings on account of unamortized amount of processing charges by Rs.1.10 Crore as at 1st April 2016 and Rs.0.94 Crore as at 31st March 2017. There had been decrease in retained earning by Rs.0.36 Crore as at 1st April 2016 and Rs.0.43 Crore as at 31st March 2017.
(ii) Under previous GAAP, transaction costs incurred in connection with borrowings are amortized and charged to the statement of profit and loss for the period. Under Ind AS, transaction costs are included in the initial recognition amount of financial liability and charged to the statement of profit and loss using effective interest method. This has resulted in decrease in non current borrowings on account of unamortized amount of processing charges with a corresponding adjustment in retained earnings of Rs.0.10 Crore as at 1st April 2016 and nil as at 31st March 2017.
4 Capital grant
(i) Under the previous GAAP, certain capital grant received from Government as ‘Promoter Contribution’ is shown under the head ‘Capital reserve’. Under Ind AS, such grants are treated as deferred income and are recognized as income over the useful life of assets for which such grants are received. This has resulted in decrease in Capital Reserve by Rs.1.15 Crore as at 01 April 2016 and 31st March 2017 with a corresponding adjustment in retained earnings Rs.0.61 Crore as at 01 April 2016 and Rs.0.67 Crore as at 31st March 2017 and deferred income for capital subsidy Rs.0.54 Crore as at 01 April 2016 and Rs.0.48 Crore as at 31st March 2017. Profit for the year ended 31st March 2017 has been increased with ?0.07 Crore on account of income of capital grants pertaining to financial year 2016-17.
(ii) Under previous GAAP, Government grant related to Property, plant and equipment is reduced from the cost of respective asset. Under Ind AS, Government grant related to Property, plant and equipment is treated as deferred income and recognized in the statement of profit and loss on a systematic basis over the useful life of the asset. This has resulted in increase in Property, plant and equipment as at 01 April 2016 Rs.0.68 Crore and as at 31st March 2017 Rs.0.62 Crore with a corresponding increase in non current liability (Deferred Government grants related to Property, Plant and Equipment) by Rs.0.64 Crore as at 01 April 2016 and Rs.0.57 Crore as at 31st March 2017 with corresponding increase in retained earnings by Rs.0.04 Crore as at 01 April 2016 and Rs.0.05 Crore as at 31st March 2017.
5. Defined benefit obligation
Under Ind AS, re-measurements i.e. actuarial gains and losses are to be recognized in ‘Other comprehensive income’ and are not to be reclassified to profit and loss in a subsequent period. Under the Indian GAAP, these remeasurements were forming part of the profit or loss. Therefore, actuarial gain/loss amounting to ?0.55 Crore for the financial year 2016-17 has been recognized in OCI which was earlier recognized as Employee Benefit Expense/ Income. However, the same has no impact on the total equity as at 31st March 2017
6. Sale of goods
Under previous GAAP, sale of goods was presented as net of excise duty. However, under Ind AS, sale of goods included excise duty. Thus, sale of goods under Ind AS has increased by Rs.0.62 Crore with a corresponding increase in expenses during the financial year 2016-17.
7 MAT Credit entitlement
Under the previous GAAP MAT credit entitlement was shown under the head Non current loans and advances. In accordance with the Guidance Note on Division II of Ind AS Schedule III to the Companies Act, 2013 the MAT credit entitlement is grouped as part of Deferred tax Assets (net). The effecting this change is decrease in non current assets and increase in deferred tax assets by Rs.7.91 Crore as at 1st April 2016 and Rs.7.78 Crore as at 31st March 2017.
8 Deferred tax
Under the previous GAAP, deferred tax was recognized for the temporary timing differences which focus on differences between taxable profits and accounting profits for the period. Ind AS requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount of an assets or liability in the balance sheet and its tax base. Further, the application of Ind AS has resulted in recognition of certain temporary differences which was not required under Indian GAAP. Accordingly, deferred tax adjustments have been recognized in correlation to the underlying transactions in retained earnings/OCI in accordance with Ind AS. This has resulted decrease in retained earnings on 1st April 2016 by Rs.9869 and increase in retained earnings on 31st March 2017 by Rs.18,47,054/- with corresponding adjustment in Deferred Tax Liability/(Asset)
9 Statement of cash flows
The transition from Indian GAAP to Ind AS has had no material impact on statement of cash flows.
FIRST TIME IND AS ADOPTION RECONCILIATIONS
Effect of Ind As adoption on the Balance Sheet as at 31-March-2017 and 1st April 2016
6. Financial Risk Management
The financial assets of the company include investments, loans, trade and other receivables, and cash and bank balances that derive directly from its operations.
The financial liabilities of the company, other than derivatives, include loans and borrowings, trade and other payables and the main purpose of these financial liabilities is to finance the day to day operations of the company.
The company is mainly exposed to the following risks that arise from financial instruments:
(i) Market risk
(ii) Liquidity risk
(iii) Credit risk
The Company’s senior management oversees the management of these risks and that advises on financial risks and the appropriate financial risk governance framework for the Company.
This note explains the risks which the company is exposed to and policies and framework adopted by the company to manage these risks:
(i) Market Risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise two types of risk: foreign currency risk and interest rate risk.
(a) Foreign currency risk
The company imports certain Property, Plant and Equipment and material from outside India and export finished goods. The exchange rate between the Indian rupee and foreign currencies has fluctuated in recent years and may fluctuate substantially in the future. Consequently the company is exposed to foreign currency risk and the results of the company may be affected as the rupee appreciates/depreciates against foreign currencies. Foreign exchange risk arises from the future probable transactions and recognized assets and liabilities denominated in a currency other than company’s functional currency.
The company measures the risk through a forecast of highly probable foreign currency cash flows and manages its foreign currency risk by hedging appropriately. The company manages its foreign currency risk through the process of adjusting inward remittances in foreign currency for its payment of outward remittances (i.e. considering it as natural hedge). The company may use foreign exchange forward contracts to mitigate the risk whenever it is required. The Company’s exposure to foreign currency risk was based on the following amounts as at the reporting dates:
Foreign currency sensitivity analysis
Any changes in the exchange rate of USD and EURO against INR is not expected to have significant impact on the Company’s profit due to the less exposure of these currencies. Accordingly, a 2% appreciation/depreciation of the INR as indicated below, against the USD and EURO would have increased/reduced profit by the amounts shown below. This analysis is based on the foreign currency exchange rate variances that the Company considered to be reasonably possible at the end of the reporting period. The analysis assumes that all other variable remains constant:
(b) Interest Rate Risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s debt obligations with floating interest rates.
As the Company has no significant interest-bearing assets, the income and operating cash flows are substantially independent of changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s debt obligations with floating interest rates, which are included in interest bearing loans and borrowings in these financial statements if any. All the company’s fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest rate risk, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.
At the reporting date the interest rate profile of the Company’s interest bearing financial instrument is at its fair value:
Cash flow sensitivity analysis for variable rate instruments
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected. A change of 100 basis points in interest rates for variable rate instruments at the reporting date would have increased/(decreased) profit or loss for the below years by the amounts shown below. With all other variables held constant, the Company’s profit before tax is affected through the impact on floating rate borrowings, as follows:
(ii) Liquidity Risk
The financial liabilities of the company include loans and borrowings, trade and other payables. The company’s principal sources of liquidity are cash and cash equivalents and the cash flow that is generated from operations.
The company monitors its risk of shortage of funds to meet the financial liabilities using a liquidity planning tool. The company plans to maintain sufficient cash to meet the obligations as and when falls due.
The below is the detail of contractual maturities of the financial liabilities of the company at the end of each reporting period:
(iii) Credit Risk
Credit risk refers to the risk of default on its contractual terms or obligations by the counterparty resulting in a financial loss. The maximum exposure to the credit risk at the reporting date is primarily from trade receivables which are typically unsecured.
Credit risk on cash and bank balances is limited as the company generally invests in deposits with banks and financial institutions with high credit ratings assigned by credit rating agencies.
The company assesses the creditworthiness of the customers internally to whom goods are sold on credit terms in the normal course of business. The credit limit of each customer is defined in accordance with this assessment
The impairment analysis is performed on client to client basis for the debtors that are past due at the end of each reporting date. The company has not considered an allowance for doubtful debts in case of Trade receivables that are past due but there has not been a significant change in the credit quality and the amounts are still considered recoverable.
The following is the detail of revenues generated from top five customers of the company and allowance for lifetime expected credit loss:
7. Capital Management
The capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the company. The primary objective of the company’s capital management is to maintain optimum capital structure to reduce cost of capital and to maximize the shareholder value.
The company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants which otherwise would permit the banks to immediately call loans and borrowings. In order to maintain or adjust the capital structure, the company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company’s gearing ratio was as follows:
There were no changes in the objectives, policies or processes for managing capital during the year ended 31st March 2018 and 31st March 2017.
8. In accordance with the Ind AS-36 on Impairment of Assets, the Company has assessed as on the balance sheet date, whether there are any indications with regard to the impairment of any of the assets. Based on such assessment it has been ascertained that no potential loss is present and therefore, formal estimate of recoverable amount has not been made. Accordingly no impairment loss has been provided in the books of account
9. Reconciliation of Cash flow from financing Activities
In pursuant to amendment in the companies (Indian Accounting Standards) Rules, 2017 via MCA notification G.S.R 258(E) dated 17th March, 2017 Para 44A to Para 44E has been inserted after Para 44 in Indian accounting Standard-7 “ Statement of Cash Flows” for the period beginning on 1st April, 2017
10 Amortisation of intangible assets
a Software’s have been amortised on estimated useful life of six years.
b Technical know how have been amortised on estimated useful life of five years.
Due to Micro, Small and Medium Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the management. this has been relied upon by the auditors
11 In accordance with Ind AS 18 on “Revenue” and Schedule III to the Companies Act, 2013, Sales for the previous year ended 31 March 2017 and for the period 1 April to 30 June 2017 were reported gross of Excise Duty and net of VAT/ CST. Excise Duty was reported as a separate expense line item. Consequent to the introduction of Goods and Services Tax (GST) with effect from 1 July 2017, VAT/CST, Excise Duty etc. have been subsumed into GST and accordingly the same is not recognised as part of sales as per the requirements of Ind AS 18. This has resulted in lower reported sales in the current year in comparison to the sales reported under the pre-GST structure of indirect taxes. With the change in structure of indirect taxes, certain expenses where credit of GST is available are also being reported net of taxes.
12 Corporate Social Responsibility (CSR)
The provisions of Section 135 of the Companies Act 2013 regarding Corporate Social Responsibility activity is not applicable to the company.
13 Figures in bracket indicate deductions.
14 Previous year figures have been regrouped/recasted/rearranged wherever necessary to confirm to its classification of the current year.
|