1. Prior to financial year 23-24, Right of use asset has been clubbed along with Property Plant and Equipment. However, with effect from 1st April 2023, the company has decided to present the Right of Use Asset on the face of the Standalone financial statements. Refer Note No 4(b) of the Standalone Financial statements.
2. Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements as at the date of transition after making necessary adjustments for de-commissioning liabilities. Accordingly, the Company has elected to measure all of its property, plant and equipment, at their Previous GAAP carrying value. However, the effect of the reduction in the Gross carrying amount and Accumulated depreciation of the same is given as at 1st April 2022, considering it as prior period error amounting INR 16,380 lacs, in respect of assets existed as at 1st April 2016.
3. The company has regrouped / reclassified the figures of Land as at April 01 2022 and rectified the classification as per Schedule III Division II.
Note 4(b) Right of Use Asset
The Company has entered into a lease-agreements with respect to land whereby the company has setup Auto LPG
and CNG stations on the respective land on PAN India basis. Generally, the range of lease period is 1-15 years.
• The changes in the carrying value of right-of-use assets as at March 31, 2024
Notes
1) The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when they fall due.
2) As a practical expedient, the Company being a lessee elect not to assess whether a rent concession that meets the conditions of lease is a lease modification. The Company has accounted for any change in lease payments resulting from the rent concession in the statement of profit and loss account.
3) Disclosures for Some of the key disclosure requirements for lessee involves disclosing amounts relating to the reporting period for the following items:
Notes
1. The effective interest rate for lease liabilities is 10%.
2. Recognition of Right-of-use assets and Lease liability in accordance with Ind AS 116
The company has applied the Ind AS 116 for recognition of Right-of-use assets and Lease Liabilities as at the date of transition, whereby the Right-of-use asset would be depreciated over the lease term, the interest cost on lease liability would be unwound and charged to finance cost in the statement of profit & loss and the lease rentals actually paid would be charged against lease liability.
3. The Company had created Right of Use Asset "ROU" and Lease Liabilities in earlier years, however the rental amount and period of lease considered as erroneous. Similarly for some leases such ROU Asset and related liabilities were not recognized. During the year, Company re-computed such Right of Use Assets and related lease liabilities and consequential impact on security deposit during the year with effect from 1st April' 2023, recognizing ROU of INR 16777 Lakhs, Lease Liabilities of INR 15909 Lakhs and consequential reduction in security deposits by INR 869 Lakhs. Consequent to the above the profit for the year is lower by Rs. 1384 lakhs.
As Total number of premises taken on lease is high and considering the volume and complexities involved
such re-computation was not done from 1st April 2019 being the date from which the Ind AS 116 has become operational.
4. During the year company has paid for the expenses relating to short term leases / the expense relating to leases of low value assets accounted for applying paragraph 6 which amounts to 2,148 lacs.
5. The expense with respect to unwinding of lease liabilities and amortization of Right of use Asset during the year ended March 31, 2024, March 31, 2023 and April 01, 2022 is as follows:
1. The bracket indicates figures of previous period.
2. * During financial year 22-23 the company has sold the entire investment in its subsidiary company to Gas Point Bottling Private Limited. With effect from financial year 22-23 this entity cease to be subsidiary entity.
3. During the year, to cater the demand for LPG bottling in southern region, company has invested in Evershine Petroleum Ltd for Rs 245 lakhs in exchange of 49% equity stake in the company.
4. Company has entered into multiple definitive agreements with BW LPG Limited and Ganesh Benzoplast Limited on 30th November 2023 for transaction of capital subscription and formation of joint venture for various business expansion projects proposed to be undertaken. Consequent to which the company has invested in BW Confidence Enterprises Pvt Ltd for Rs 250 lakhs in exchange of 50% equity stake in the company.
1) During the current year the company has regrouped / reclassified the figures of loan as at 31st March 2024.
2) Loans are non-derivative financial assets which generate a fixed interest income for the Company. The carrying value may be affected by changes in the credit risk of the counterparties.
3) Non-Current loans to related parties pertain to funds advanced for business purpose.
4) Amount due by directors or other officers of the company or any of them either severally or jointly with any other persons or amounts due by firms or private companies respectively in which any director is a partner or a director or a member for the FY 2022-23 is INR 5,927 lacs and for FY 2021-22 is INR 3,092 lacs.
5) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person or entity, including foreign entities ("Intermediaries") with the understanding (whether recorded in writing or otherwise) that the Intermediaries shall, whether, directly or indirectly lend or invest in other persons / entities identified in any manner whatsoever by or on behalf of the Company ('Ultimate Beneficiaries') or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
6) The Company has not received any fund from any person(s) or entity(ies), including foreign entities ("Funding Party") with the understanding (whether recorded in writing or otherwise) that the Company shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries); or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
1. During the current year the company has regrouped / reclassified the figures of loan as at 31st March 2024.
2. Amount due by directors or other officers of the company or any of them either severally or jointly with any other persons or amounts due by firms or private companies respectively in which any director is a partner or a director or a member for the current financial year is INR 13,685 lacs and in FY 2021-22 is INR 1,668 lacs.
3. Loans are non-derivative financial assets which generate a fixed interest income for the Company. The carrying value may be affected by changes in the credit risk of the counterparties.
4. Current loans to related parties pertain to funds advanced for business purpose.
5. The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person or entity, including foreign entities ("Intermediaries") with the understanding (whether recorded in writing or otherwise) that the Intermediaries shall, whether, directly or indirectly lend or invest in other persons / entities identified in any manner whatsoever by or on behalf of the Company ('Ultimate Beneficiaries') or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
6. The Company has not received any fund from any person(s) or entity(ies), including foreign entities ("Funding Party") with the understanding (whether recorded in writing or otherwise) that the Company shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries); or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
2. Rights, Preferences and Restrictions attached to shares
The Company has only one class of equity shares having face value of Rs. 1 each and the holder of the equity share is entitled to one vote per share. The dividend proposed by Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend if any. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the remaining assets of the Company in proportion to the number of equity shares held.
3. Pursuant to the approval granted by the shareholder at the Annual General Meeting held on 30th September, 2022, and BSE & NSE in - principle approval received on 15th December, 2022. Board of Directors of the Company at its meeting held on 29th December, 2022, approved allotment of 20000000 warrants at a price of INR 63.50/- per warrant, convertible into 20000000 equity shares of Rs. 1/- each, on preferential basis, to the promoter/promoter group and others (i.e. persons/entities not forming part of the promoter and promoter group), in compliance with applicable provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 as amended. Out of this, during the current financial year (23-24) 52,73,000 warrants has been converted into 52,73,000 number of shares of face value INR 1 each at a premium of INR 62.50 per share. Total amount of equity share capital issued against the conversion amounts to INR 53 lacs against which securities premium of INR 3,296 lacs has been accounted for FY 23-24
4. During the current financial year (23-24), with due approval from shareholders, company has allotted 2,82,29,120 Equity shares of INR 1 each at a premium of INR 87.60/- per share for consideration Rs 25011 lacs on a preferential basis by way of private placement to BW VLGC Pte. Ltd.
5. Allotment status of the earlier issued share warrants is yet to be updated on the BSE website leading to which updation of the allotment of shares to BW VLGC Pte. Ltd. is yet to be fulfilled.
1. The comparative information of standalone financial statements for the year ended March 31, 2023 and opening retained earnings on 1st April 2022 have been restated to correct the errors in accounting of the earlier periods as detailed herein below:
In the retained earnings as at 1st April 2022
Other Expenses - INR 46 lakhs
Reduction in Deferred Tax Liability - INR 153 lakhs
With consequential impact on net retained earnings on 1st April 2022 of INR 107 lakhs credit In the year 2022-23
Employee benefits expenses - INR 391 lakhs Finance cost - INR 33 lakhs Other Expenses - INR 356 lakhs in year Other income - INR 173 lakhs
Reduction in Revenue from operations - INR 394 lakhs Reduction in Deferred Tax Liability - INR 142 lakhs
With consequential impact on net retained earnings on 1st April 2023 INR 859 lakhs debit.
Along with the above impact there has been regrouping from Purchase of stock in trade to Finance Cost of 481 Lacs and from Employee Benefits to Other expenses of 1,485 Lacs.
2. The company has rectified the classification error in respect of amount received as share warrants recorded as share premium to the tune of INR 3125 lacs in financial year 22-23
3. During the current year company has derecognized the capital subsidy reserve of INR 45 lacs in order to comply with Ind AS 20 "Accounting for Government Grants and disclosure of Government Assistants"
4. During the financial year 23-24, the company has paid final dividend of INR 0.10 per share for the financial year 22-23 after approval of the shareholders in the last annual general meeting. Total dividend paid to shareholders for the financial 22-23 is INR 285 lacs
5. Board of directors have proposed a Final Dividend of INR 0.10 per share for the financial year 2023-24 to be paid upon approval from Shareholders in ensuing Annual General Meeting.
6. Pursuant to the approval granted by the shareholder at the Annual General Meeting held on 30th September, 2022, and BSE & NSE in - principle approval received on 15th December, 2022. Board of Directors of the Company at its meeting held on 29th December, 2022, approved allotment of 20000000 warrants at a price of INR 63.50/- per warrant, convertible into 20000000 equity shares of Rs. 1/- each, on preferential basis, to the promoter/promoter group and others (i.e. persons/entities not forming part of the promoter and promoter group), in compliance with applicable provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 as amended. Out of this, during the current financial year (23-24) 52,73,000 warrants has been converted into 52,73,000 number of shares of face value INR 1 each at a premium of INR 62.50 per share. Total amount of equity share capital issued against the conversion amounts to INR 53 lacs and against which securities premium of INR 3,296 lacs has been accounted for FY 23-24.
7. During the current financial year (23-24), with due approval from shareholders, company has allotted 2,82,29,120 Equity shares of INR 1 each for consideration Rs 25011 lacs on a preferential basis by way of private placement to BW VLGC Pte. Ltd.
8. During the year company has received money against share warrants to the tune of 2511 lacs against 52,73,000 share warrants.
iii) During the year the company has received sanction with respect to Term loan of INR 15000 lacs from HDFC Bank
on January 19 2024 along with Cash credit limit of 1000 lacs and Non-fund-based limit of 6000 lacs, terms of which has not been finalised till date and the disbursement is yet to be received.
iv) The Company has availed Sales Tax Deferral under Package Scheme of Incentives, 1993 of Govt, of Maharashtra valid up to 31-7-2002 and sales tax deferral exemption converted into sales tax exemption w.e.f.01-08-2002 to 31-03-2006.
Note
1. Recognition of Right-of-use assets and Lease liability in accordance with Ind AS 116
The company has applied the Ind AS 116 for recognition of Right-of-use assets and Lease Liabilities as at the date of transition, whereby the Right-of-use asset would be depreciated over the lease term, the interest cost on lease liability would be unwound and charged to finance cost in the statement of profit & loss and the lease rentals actually paid would be charged against lease liability.
2. The Company had created Right of Use Asset "ROU" and Lease Liabilities in earlier years, however the rental amount and period of lease considered as erroneous. Similarly for some leases such ROU Asset and related liabilities were not recognized. During the year, Company re-computed such Right of Use Assets and related lease liabilities and consequential impact on security deposit during the year with effect from 1st April' 2023, recognizing ROU of INR 16777 Lakhs, Lease Liabilities of INR 15909 Lakhs and consequential reduction in security deposits by INR 869 Lakhs. Consequent to the above the profit for the year is lower by Rs. 1384 lakhs.
As Total number of premises taken on lease is high and considering the volume and complexities involved such re-computation was not done from 1st April 2019 being the date from which the Ind AS 116 has become operational.
1. Recognition of Right-of-use assets and Lease liability in accordance with Ind AS 116
The company has applied the Ind AS 116 for recognition of Right-of-use assets and Lease Liabilities as at the date of transition, whereby the Right-of-use asset would be depreciated over the lease term, the interest cost on lease liability would be unwound and charged to finance cost in the statement of profit & loss and the lease rentals actually paid would be charged against lease liability.
2. The Company had created Right of Use Asset "ROU" and Lease Liabilities in earlier years, however the rental amount and period of lease considered as erroneous. Similarly for some leases such ROU Asset and related liabilities were not recognized. During the year, Company re-computed such Right of Use Assets and related lease liabilities and consequential impact on security deposit during the year with effect from 1st April' 2023, recognizing ROU of INR 16777 Lakhs, Lease Liabilities of INR 15909 Lakhs and consequential reduction in security deposits by INR 869 Lakhs. Consequent to the above the profit for the year is lower by Rs. 1384 lakhs.
3. As Total number of premises taken on lease is high and considering the volume and complexities involved such re-computation was not done from 1st April 2019 being the date from which the Ind AS 116 has become operational.
1) Dues to parties covered under the Micro, Small and Medium Enterprises as per MSMED Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.
2) In the absence of due date of payment, the ageing is computed and prepared from the date of transaction.
1) During the current year the company has regrouped / reclassified the figures of Other current financial liability as at 31st March 2024 / 31st March 2023 / 01st April 2022.
2) Cylinder deposits have been received against LPG Cylinders given to dealers and distributers for filling gases and is refundable subject to allowance of wear and tear to them on return. Such deposits were classified as noncurrent liability till financial year 2022-23. However, basis Opinion given by Expert Advisory Opinion in one of the matter referred to it by Oil PSU, such deposits are reclassified as Current Liabilities as the Company does not have unconditional right to defer settlement of the same upon demand from customers. As per past experience, it is observed that there is net increase in security deposits and refund claim from consumers is insignificant.
3) As per the terms and conditions of the agreement with the customer (GAIL), the company is required to collect money on behalf of the ultimate customers of GAIL and repatriate the same within the stipulated timeline.
1. Company has not recognized additional provident fund liability on revised basic wages as pronounced by Honourabl'e Supreme Court of India vide its order dated 28th February 2019 wherein definition of "wages" was clarified to be inclusive of "Other Allowances". As per management's assessment such liability is not required to be recognized since The Employees Provident Fund and Miscellaneous Provision Act 1952 Act is not amended updating the definition of wages. Further, assessment has been completed for the period April 2018 to March 2022 by the department.
1. The company operates in one geographical location and its entire revenue is generated from India.
2. Amount from revenue from operations does not include Goods and Services Tax.
3. Revenue from operations includes only the gross increase in the economic benefits occurring to the entity on its own account and does not include amount collected in capacity as a agent or on behalf of the third party.
4. Job work charges include INR 214 lacs on account of unbilled revenue against which the performance obligation has already been satisfied prior to 31st March 2024 and the same is invoiced in the financial year 2425.
5. Job work charges includes fillings charges, plant operation and maintenance charges, service charges, testing charges, labour charges, repair charges, technical services fees, transportation charges and other associated services.
6. Revenue from operations is recognized after reduction of volume discount, price variation & any other benefit given to customer directly or indirectly.
7. Information about major customer
No single customer represents 10% or more of the company's total revenue for the years ended 31st March 24 and 31st March 2023 respectively.
8. Segment Information
The company publishes the standalone financial statements of the company along with the consolidated financial statements. In accordance with the Ind AS 108 "Operating Segments", the company has disclosed the segment information in the Consolidated Financial statement.
9. The transaction price / sale price does not include significant financing component.
1. During the current year the company has regrouped / reclassified the figures of employee benefits as at 31st March 2024.
2. Company has not recognized additional provident fund liability on revised basic wages as pronounced by Honourabl'e Supreme Court of India vide its order dated 28th February 2019 wherein definition of "wages" was clarified to be inclusive of "Other Allowances". As per management's assessment such liability is not required to be recognized since The Employees Provident Fund and Miscellaneous Provision Act 1952 Act is not amended updating the definition of wages. Further, assessment has been completed for the period April 2018 to March 2022 by the department.
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Note 37 Contingent Liabilities and Commitments
|
|
|
|
| |
|
(Figures in INR Lacs)
|
| |
|
AS AT
|
|
|
Particulars
|
31.03.2024
|
31.03.2023
|
01.04.2022
|
| |
(Restated)
|
(Restated)
|
|
(A) Claims against the company / disputed liabilities not
|
|
|
|
|
acknowledged as debts
|
|
|
|
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1. Income Tax Demand (Refer Note No. 3 below)
|
189
|
88
|
1,988
|
|
2. Sales Tax Assessment C form demand
|
-
|
25
|
135
|
|
3. TDS Demand
|
7
|
7
|
7
|
|
4. Penalty imposed by Competition commission of India (Refer Note no. 1 below)
|
284
|
34
|
-
|
|
5. Contractual Claims from Client (Refer Note. No 2 below)
|
64
|
-
|
-
|
|
(B) Guarantees excluding financial guarantees
|
|
1. Corporate Guarantee issued to bankers of subsidiaries
|
14,097
|
14,097
|
13,347
|
|
(C) Other money for which the company is contingently
|
|
|
|
|
liable
|
|
|
|
|
Total
|
14,641
|
14,251
|
15,477
|
| |
|
Commitments
|
|
(A) Estimated amount of contracts remaining to be executed on capital account and not provided for
|
739
|
-
|
|
|
(B) Uncalled liability on shares and other investments
|
|
|
|
|
partly paid
|
|
|
|
|
(C) Other Commitments (Revenue)
|
1,826
|
-
|
|
|
Total
|
2,565
|
-
|
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Note
(1) The Competition Commission has initiated case in FY 2019-20 /against company and other cylinder manufactures imposing penalty of INR 284 lacs against CPIL and INR 0.31 Lacs against directors. Against which the company has deposited INR 34 Lacs against the dispute. The company has filed an appeal and is expecting favorable verdict as was in earlier case as grounds of the new case is similar to earlier one.
(2) Contractual claims from client includes amount pertaining to proposed (claim) as per the contractual terms for the delay in the execution of the pumps. The company has not received any claims from customer and is not expecting any future claims in this regard.
(3) The Income tax demand pertains to assessment year 20-21 against which the company has filed appeal with Commissioner appeals. The demand majorly comprises of the disallowance of the Employees contribution to the Provident Fund consequent to the delay in the payment. The company is expecting favorable verdict.
Note 42 Corporate Social Responsibility
As per section 135 of the Companies Act 2013, read with guidelines issued by the department of Public Enterprises, GOI, the company is required to spent, in every financial year, at least two per cent of the average net profits pf the company made during the three immediately preceding financial years in accordance with its CSR policy. The details of CSR expense for the year are as under.
Note 43 Financial Risk Management
The Company's activities expose it to the following risks:
A. Credit Risk
B. Liquidity Risk
C. Market Risk
A. Credit Risk
Credit Risk is the risk that counter party will not meet its obligations under a financial instruments or customer contract leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables and unbilled revenue) and from its financing activities including deposits with banks and financial institutions, investments, foreign exchange transactions and other financial instruments.
i. Trade receivables
Credit risk is managed by each business unit subject to the Company's established policy, procedures and control relating to customer credit risk management. Outstanding customer receivables are regularly monitored.
The impairment analysis is performed at each reporting date on an individual basis for clients. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. The Company does not hold collateral as security.
ii. Financial instruments and deposits with banks
Credit risk is limited as we generally invest in deposits with banks and financial institutions with high credit ratings assigned by international and domestic credit rating agencies. Counterparty credit limits are reviewed by the Company periodically and the limits are set to minimize the concentration of risks and therefore mitigate financial loss through counterparty's potential failure to make payments.
B. Liquidity Risk
Liquidity is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. The Company's treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. Management monitors the Company's net liquidity position through rolling forecasts on the basis of expected cash flows.
The Company's principal sources of liquidity are cash and cash equivalents and the cash flow that is generated from operations. The Company believes that the cash and cash equivalents is sufficient to meet its current requirements. Accordingly, no liquidity risk is perceived.
The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when they fall due.
C. Market Risk
Foreign exchange rates
The Company have balances in foreign currency and consequently the Company is exposed to foreign exchange risk. The exchange rate between the rupee and foreign currencies has changed substantially in recent years, which has affected the results of the Company, and may fluctuate substantially in the future. The Company evaluates exchange rate exposure arising from foreign currency transactions and follows established risk management policies.
Interest rate
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The Company's exposure to the risk of changes in interest rates relates primarily to the Company's debt obligations with floating interest rates. The Company's borrowings are short term / working capital in nature and hence is not exposed to significant interest rate risk.
Note 44 Capital Risk Management
The Company's objectives when managing capital are to safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders and maintain an optimal capital structure to reduce the cost of capital.
The Financial Instruments are categorized in two level based on the inputs used to arrive at fair valuemeasurement as described below
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities
Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.
Note 51
The Board Meeting was held on 30th May 2024 however it is concluded on 2nd June 2024 which is in deviation from regulation 33 of SEBI LODR Regulation.
Note 52 Other Statutory Information:
(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.
(ii) The Company does not have any transactions with companies struck off.
(iv) The Company have not traded or invested in Crypto currency or Virtual Currency during the financialyear for the year ended March 31, 2023
(v) The Company have not advanced or given loan or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any mannerwhatsoever by or on behalf of the company (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(vi) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any mannerwhatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(vii) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
(viii) The Company has not been declared as Willful defaulter by any Banks, Financial institution or other lenders.
Note 53
The quarterly returns/statements filed by the Company with such banks are in agreement with the books of accounts of the Company except to the extent of work in progress which has been recorded in books as at the end of the year.
Note 54 Standards issued but not effective
Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2024, MCA has not notified any new standards or amendments to the existing standards applicable to the Company
Note 55
Previous year figures have been regrouped / reclassified to the extent practicable to make them comparable with current year figures
Note 56
Restatement of Balance Sheet / Financial Statements and its disclosure under IND AS
As per Ind AS 8 "Accounting Policies, Changes in Accounting Estimates and Errors" company has retrospectively restated certain items of Balance sheet and Profit and Loss. The comparative figures of Financial Year 2022-23 & FY 2021-22 has been restated in compliance to IND AS. A reconciliation statement stating difference between old figures and newly adopted figures is also attached herewith.
Note
1. The comparative information of standalone financial statements for the year ended March 31, 2023 and opening retained earnings on 1st April 2022 have been restated to correct the errors in accounting of the earlier periods as detailed herein below:
In the retained earnings as at 1st April 2022
Other Expenses - INR 46 lakhs
Reduction in Deferred Tax Liability - INR 153 lakhs
With consequential impact on net retained earnings on 1st April 2022 of INR 107 lakhs credit In the year 2022-23
Employee benefits expenses - INR 391 lakhs Finance cost - INR 33 lakhs Other Expenses - INR 356 lakhs in year Other income - INR 173 lakhs
Reduction in Revenue from operations - INR 394 lakhs Reduction in Deferred Tax Liability - INR 142 lakhs
With consequential impact on net retained earnings on 1st April 2023 INR 859 lakhs debit.
Along with the above impact there has been regrouping from Purchase of stock in trade to Finance Cost of 481 Lacs and from Employee Benefits to Other expenses of 1,485 Lacs.
2. The company has rectified the classification error in respect of amount received as share warrants recorded as share premium to the tune of INR 3125 lacs in financial year 22-23
3. During the current year company has derecognized the capital subsidy reserve of INR 45 lacs in order to comply with Ind AS 20 "Accounting for Government Grants and disclosure of Government Assistants"
4. The company has regrouped / reclassified the figures of Land as at April 01 2022 and rectified the classification as per Schedule III Division II.
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