( i) Carrying amount of property, plant and equipment and intangible assets given as collateral for borrowings is
I 779.41 Crore; (Previous year I 779.41 Crore).
(ii) There are no such title deeds of immovable property which are not held in name of the Company.
(iii) There have been no proceedings initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.
(iv) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the current or previous year.
(v) I n the opinion of the management, there are no events or changes in circumstances that indicate the impairment of Property, plant and equipment and Intangible Assets in terms of Ind AS 36 ‘Impairment of Assets'. Accordingly, no provision for impairment has been made.
1. The investments are is in compliance with Section 186(4) of the Companies Act, 2013.
2. The Company has complied with the number of layers prescribed under the Companies Act, 2013.
3. During the year ended March 31, 2024, the Company considered indicators of impairment such as decline in quoted value of Butterfly Gandhimathi Appliances Limited (“Butterfly").
The recoverable value of investments held in Butterfly, a subsidiary of the Company, is higher of the value in use (VIU) of the underlying businesses and the fair value less cost to sell. The VIU computation uses cash flow forecasts based on most recently approved financial budgets and strategic forecasts which cover a period of five years. Key assumptions for the value in use computations are those regarding the discount rates, market multiple, market demand, sales volume and sales prices, cost to produce, margins etc. The projections are based on both past performance and the expectations of future performance and assumptions therein. The Company estimates discount rates using post-tax rates that reflect the current market rate adjusted for specific company risk. The weighted average post-tax discount rates used for discounting the cash flows projections is 15.50% and average revenue growth considered is 14%, which is aligned to the average growth rate for the industry.
The Company has conducted sensitivity analysis over key assumptions viz. revenue growth rates and discount rate used. While it is unlikely for assumptions to move adversely together, it would require over an 8% change in revenue growth or a 9% change in discount rate, for the recoverable amount of the investments to be equal to its carrying amount. These sensitivities are carried in isolation and also do not take account of potential mitigating actions.
*On 22nd February, 2022, a Share Purchase Agreement (‘SPA') was entered amongst the Company, Butterfly Gandhimathi Appliances Limited (‘Butterfly'), its Promoters and certain members of the Promoter Company of Butterfly for the sale of 55% of the issued and paid-up equity share capital of Butterfly. Consequent to the acquisition of 55% of the issued and paid-up equity share capital of Butterfly, the Company has become the Promoter and Holding Company of Butterfly with effect from 30th March, 2022.
In accordance with regulations 3(1) and 4 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations, 2011, after acquisition of 55% stake of Butterfly on 30th March, 2022, an open offer was made by the Company for acquisition of upto 26% of the issued and paid-up equity share capital of Butterfly from its public shareholders. The open offer was fully subscribed and therefore the Company's holding was increased from 55% to 81% w.e.f. 4th June, 2022.
To comply with the minimum public shareholding (“MPS") requirements mandated under Rule 19A of the Securities Contracts (Regulation) Rules, 1957, as amended, read with Regulation 38 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company divested 6% of the issued and paid-up equity share capital of Butterfly on 20th September, 2022 & 21st September, 2022 through Offer for Sale (“OFS") mechanism, which resulted into decrease in holding from 81% to 75%.
(a) The net carrying value of trade receivables is considered a reasonable approximation of fair value.
(b) Book debts are hypothecated with the bankers against Working capital demand loan (Refer Note 12).
(c) Refer Note 37 for information about the Company's exposure to financial risks, and details of impairment losses for trade receivables and fair values.
(d) No trade receivables are due from directors or other officers of the Company either severally or jointly with any other person or firms or private companies in which any director is a partner, a director or a member.
(e) Trade receivables are non-interest bearing and are normally settled on 30 to 60 day terms.
b. Rights, preferences and restrictions on shares
The Company has one class of share capital, i.e., equity shares having face value of I 2 per share. Each holder of equity share is entitled to one vote per share. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
e. No class of shares have been issued as bonus shares or for consideration other than cash by the Company during the period of five years immediately preceding the current year end.
f. No class of shares have been bought back by the Company during the period of five years immediately preceding the current year end.
g. There are no shares reserved for issue under options and contracts/ commitments for the sale of shares/ disinvestment.
h. The Board of Directors have recommended payment of final dividend of I 3 (Rupees Three only) per equity share of the face value of I 2 each for the financial year ended 31st March, 2024.
Nature and purpose of reserves
Capital reserve
Capital reserve was created on cancellation of shares as per statutory requirement.
Securities premium
Securities premium was created on issue of shares at premium in accordance with Employee Stock Option Plans (ESOP). Employee stock option outstanding
The fair value of the equity-settled share based payment transactions with employees is recognised in Statement of profit and loss with corresponding credit to Employee Stock Options Outstanding Account.
Retained earnings
Retained earnings are the profits that the Company has earned till date, net-off less any transfers to general reserve, dividends or other distributions paid to shareholders.
(ii) Funds raised from Non-Convertible Debentures were utilised for the purpose it were obtained.
(iii) During the year, the Company redeemed Secured Non-Convertible Debentures amounting to I 325 Crores, Tranche 1 (2022 issue), along with interest thereon, on 12th January, 2024.
(b) Working capital loan facility is secured by way of charge on the Crompton's inventories and trade receivables.
(c) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.
(c) Provision for statutory dues represents liability on account of non-collection of declaration forms and other legal matters which are in appeal under the Acts / Rules.
(d) Provision for other litigation obligation claims represents liabilities that are expected to materialise in respect of matters in appeal.
(2) Nature of provisions:
(a) Provision for employee benefits represents liability on account of post medical retirement benefits, compensated absences and gratuity as per statutory requirements.
(b) Product warranties: The Company gives warranties on certain products and services, undertaking to repair / replace products, which fail to perform satisfactorily during the warranty period. Provision made represents the amount of the expected cost of meeting such obligation on account of repair / replacement. The timing of outflows is expected to be within a period of two to five years.
a) Based on assessment order received during the year, the Company has written-back an amount of I 2.00 Crore in respect of AY 21-22. Further, additional provision for taxes of I 1.22 was made basis the return of income filed for AY 2023-24. Both the amounts are adjusted against tax expense for the year ended 31st March, 2024.
b) Based on assessment order received during the year, the Company has written-back an amount of I 16.71 Crore in respect of earlier years and the same is adjusted against tax expense for the year ended 31st March, 2023.
(a) Income of I 8.89 Crores represents Gain on sale of stake in Butterfly for divestment of 10,72,775 Equity Shares i.e. 6.00% of the total equity share capital of Butterfly Gandhimathi Appliances Limited on 20th September, 2022 & 21st September, 2022 through Offer for Sale (“OFS”) mechanism in order to achieve compliance with the minimum public shareholding (“MPS”) requirements mandated under Rule 19A of the Securities Contracts (Regulation) Rules, 1957, as amended, read with Regulation 38 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
(b) Expenses of I 3.35 Crore represents one time cost pertaining to professional expenses such as consultancy, legal advisory, share valuation etc incurred for the proposed merger of the subsidiary “Butterfly” into the Company.
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27 Contingent liabilities and commitments
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|
|
| |
|
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I Crore
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Sr
no.
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Particulars
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As at
31st March, 2024
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As at
31st March, 2023
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A
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Contingent Liabilities:
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|
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(to the extent not provided for)
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|
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(a) Claims against the Company not acknowledged as debts
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20.72
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24.23
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(b) Income tax liability that may arise in respect of matters in appeal
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89.33
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33.66
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(c) Excise duty/ customs duty / service tax liability that may arise in respect of matters in appeal
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11.25
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9.80
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(d) GST/ Entry Tax/ Sales tax / VAT liability that may arise in respect of matters in appeal
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166.41
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117.78
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(e) Corporate and bank guarantees for debt given on behalf of subsidiary Company
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249.00
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249.00
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B
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Commitments:
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Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances)
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8.32
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12.43
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Notes:
(a) The Company does not expect any reimbursements in respect of the above contingent liabilities.
(b) I t is not practicable to estimate the timing of cash outflows, if any, in respect of matters at (a) to (e) above, pending resolution of the arbitration/appellate proceedings.
F (a) Company applied the exemption not to recognise right-of-use assets and liabilities for leases with less than 12 months of lease term and low value asset.
(b) Lease contracts entered by the Company pertains to warehouses and offices taken on lease to conduct its business in the ordinary course. The Company does not have any lease restrictions and commitment towards variable rent as per the contract.
(c) The Company has several lease contracts that include extension and termination options. Significant judgement is exercised by management in determining whether these extension and termination options are reasonably certain to be exercised.
(c) The sensitivity analyses above have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the year and may not be representative of the actual change. It is based on a change in the key assumption while holding all other assumptions constant. When calculating the sensitivity to the assumption, the same method used to calculate the liability recognised in the balance sheet has been applied. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared with the previous year.
(d) The Company makes contributions to the Gratuity Trust, which manages the investment. The Trust is a funded defined benefit plan for qualifying employees. The Scheme provides for lump sum payment to vested employees at retirement, death while in employment or on termination of employment as per the Company's Gratuity Scheme. Vesting occurs upon completion of five years of service.
(e) The Company provides post retirement medical benefits to qualifying employees.
(f) The actuarial valuation of plan assets and the present value of the defined benefit obligation were carried out at 31st March, 2024 and 31st March, 2023. The present value of the defined benefit obligation and the related current service cost and past service cost, were measured using the Projected Unit Credit Method.
(g) Discount rate is based on the prevailing market yields of Indian Government securities as at the balance sheet date for the estimated term of the obligations.
(h) Expected rate of return on the plan assets is based on the average long-term rate of return expected on investments of the Fund during the estimated term of the obligations.
(i) The salary escalation rate considered in the actuarial valuation is arrived after taking into consideration the seniority, the promotion, inflation and other relevant factors.
Compensated absences
I n respect of compensated absences, accrual is made on the basis of a year-end actuarial valuation as at balance sheet date. The actuarial valuation is done as per Project unit credit method.
The leave obligation cover the Company's liability for earned leave. The amount of the provision of ' 15.48 Crore (Previous year ' 15.35 Crore) is presented as non-current and ' 3.12 Crore (Previous year ' 2.04 Crore) is presented as current. The Company has recognised ' 4.93 Crore (Previous year ' 3.30 Crore) for compensated absences in the Statement of Profit and Loss.
Terms and conditions of transactions with related parties
All Related Party Transactions entered during the year were in ordinary course of the business and on arm's length basis. Outstanding balances at the year-end with related parties are unsecured and interest free, and will be settled/ recovered in cash.
The Company has not made any allowance for bad or doubtful debts in respect of related party trade receivables nor has any guarantee been given or received during the year ended 31st March 2024 and 31st March 2023 relating to related party transactions.
33 Earnings Per Share (EPS)
Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the Company by the weighted average number of Equity shares outstanding during the year.
Diluted EPS amounts are calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of Equity shares outstanding during the year plus the weighted average number of Equity shares that would be issued on conversion of all the dilutive potential Equity shares into Equity shares.
The recoverable amount is based on a value-in-use calculation using the discounted cash flow method. The value-in-use calculation is made using exit multiple and pre-tax budgeted EBITDA projections of the next five years which is considered by the Board as a reasonable period.
The key assumptions used in value-in-use calculations are as follows:
a) Earnings (before interest and tax) margin: The margins have been estimated based on past experience after considering incremental revenue and savings from the efficiencies and cost saving initiatives driven by the Company.
b) Discount rate: Discount rate reflects the current market assessment of the risks specific to a cash generating unit and is estimated based on the weighted average cost of capital.
c) Long-term growth rate: The growth rates used are in line with the long-term average growth rates of the Company and are consistent with the internal / external sources of information.
The assumptions used are reviewed annually as part of management's budgeting and strategic planning cycles. These estimates may differ from actual results. The values assigned to each of the key assumptions reflect the Management's past experience as their assessment of future trends, and are consistent with external / internal sources of information.
Based on the above assumptions and analysis, no impairment was identified for any of the cash generating unit as at 31st March 2024 and 31st March, 2023 as the recoverable value of the cash generating unit exceeded the carrying value.
The Company has also performed sensitivity analysis calculations on the projections used (revenue growth and EBITDA margin) and discount rate applied. An analysis of the sensitivity of the computation to a change in key parameters (operating margin, discount rates and average growth rate), based on reasonable assumptions, did not identify any probable scenario in which the recoverable amount of the cash generating units would decrease below its carrying amount.
35 Share-based Payments
Employee stock options - equity settled
(a) The Members of the Company have approved by way of postal ballots grant of Employee stock options under various Schemes. The plan envisaged grant of shares to eligible employees at market price/pre-determined value as determined by the Nomination and Remuneration Committee (NRC) of the Board of Directors from time to time.
36 Operating Segments A. General Information
The Company has determined following reporting segments based on the information reviewed by the Company's CODM.
a) Electric Consumer Durables
b) Lighting Products
The above business segments have been identified considering:
a) the nature of products and services
b) the differing risks and returns
c) the internal organisation and management structure, and
d) the internal financial reporting systems.
The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Management Committee as explained in the Director's Report section.
E. Disaggregation of revenue based on products
Information given above concerning reportable segment-wise revenue are sufficient to meet the required disclosures under Ind AS 115, Revenue from Contracts, with Customers, with respect to disaggregation of revenue.
F. Geographic information
The Company mainly caters to Indian Market, accordingly, secondary information/ geographical segment is not applicable.
G. Information about major customers
There are no customers having revenue exceeding 10% of total revenues.
37 Financial instruments - Disclosures
A. Accounting classification and fair values
The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
The management assessed that cash and cash equivalents, trade receivables, trade payables, other current financial assets and other current financial liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.
B. Fair value heirarchy
The fair value of financial instruments as referred to in note (A) above have been classified into three categories depending on the inputs used in the valuation technique. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements).
The categories used are as follows:
• Level 1: Quoted prices for identical instruments in an active market;
• Level 2: Directly or indirectly observable market inputs, other than Level 1 inputs; and
• Level 3: Inputs which are not based on observable market data.
i. Credit risk
C. Measurement of fair values
Valuation techniques and significant unobservable inputs
The following tables show the valuation techniques used in measuring Level 2 and Level 3 fair values, as well as the significant unobservable inputs used.
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company's receivables from customers, investment in mutual funds and cash and cash equivalents. The Company makes provision on trade receivables based on Expected Credit loss (ECL) method based on provision matrix.
Trade receivables
The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. The Company has a detailed review mechanism of overdue trade receivables at various levels in the organisation to ensure proper attention and focus on realisation.
D. Financial risk management
The Company has exposure to the following risks arising from financial instruments:
• Credit risk;
• Liquidity risk; and
• Market risk
Risk management framework
The Company's Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework. The Company has constituted a Risk Management Committee (RMC) for identification, evaluation and mitigation of operations, strategic and external risks. RMC has the overall responsibility for monitoring and recovering the Risk Management Plan and associated practices of the Company.
The Company's risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company's activities. The Company, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.
The RMC oversees how management monitors compliance with the Company's risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the audit committee.
Expected credit loss assessment
Exposures to customers outstanding at the end of each reporting period are reviewed by the Company to determine incurred and expected credit losses. Management believes that the unimpaired amounts that are past due are still collectible in full, based on historical payment behaviour and extensive analysis of customer credit risk.
Cash and cash equivalents and bank deposits
The Company held cash and cash equivalents and bank deposits with banks and financial institutions. The credit worthiness of such banks and financial institutions is evaluated by the management on an on-going basis and is considered to be good. Investment of surplus funds are made in bank deposits and other risk free securities.
Derivatives
The derivatives (forwards and options for foreign currency payments) are entered into with banks and financial institution counterparties with good credit ratings.
Investment in mutual funds
The Company limits its exposure to credit risk by investing only with counterparties that have a good credit rating. The Company does not expect any losses from non performance by these counter parties
Other than trade receivables, the Company has no other financial assets that are past due but not impaired.
ii. Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due at reasonable price. The Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risk to the Company's reputation.
The Company monitors cash flow requirements and aims at optimising its cash return on investments and to maintain the level of its cash and bank balance and other highly marketable mutual fund investments at an amount in excess of expected cash outflows on financial liabilities.
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date. The contractual cash flows are gross and undiscounted, and include estimated interest payments.
is exposed to market risk primarily related to foreign exchange rate risk, interest rate risk and the market value of investments. Thus, Company's exposure to market risk is a function of investing and revenue generating and operating activities in foreign currency. The objective of market risk management is to avoid excessive exposure in our foreign currency revenues and costs.
Market risk comprises two types of risks: currency risk and interest rate risk: a) Currency risk
The Company is exposed to currency risk on account of its receivable and payables in foreign currency. The functional currency of the Company is Indian Rupee. The Company uses forward foreign exchange contracts and options foreign exchange contracts to hedge its currency risk, with a maturity of less than one year from the reporting date.
The Company does not use derivative financial instruments for trading or speculative purposes.
Sensitivity analysis
A reasonably possible strengthening/ (weakening) of the Indian Rupee against foreign currencies at reporting date would have affected the measurement of financial instruments denominated in foreign currencies and affected profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases.
iii. Market risk
Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect the Company's income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments including foreign currency receivables and payables. The Company
b) Interest rate risk
Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of fluctuations in the interest rates.
Exposure to Interest Rate Risk / Sensitivity
Company's interest rate risk arises from borrowings. The interest rate profile of the Company's interest-bearing financial instruments as reported to the management of the Company is as follows.
(a) Borrowings were applied for the purpose for which they were obtained. Bank returns/ stock statements filed by the Company with its bankers are in agreement with books of accounts.
(b) According to the sanction terms laid out by the consortium lenders, there is exclusive first pari passu charge on stock of raw materials, semi-finished and finished goods, stores and spares, bills receivables and book debts, both present and future.
41 Capital Management
Equity share capital and other equity are considered for the purpose of Company's capital management. The Company manages its capital so as to safeguard its ability to continue as a going concern and to optimise returns to shareholders. The capital structure of the Company is based on management's judgement of its strategic and day-to-day needs with a focus on total equity so as to maintain investor, creditors and market confidence. The management and the Board of Directors monitors the return on capital as well as the level of dividends to shareholders. The Company may take appropriate steps in order to maintain, or if necessary adjust, its capital structure.
The Board of Directors seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position.
The Company monitors capital using a ratio of ‘adjusted net debt' to ‘total equity'. For this purpose, adjusted net debt is defined as total liabilities, comprising interest-bearing loans and borrowings, less cash and cash equivalents and other bank balances. Total equity comprises all components of equity.
42 There has been no delay in charges or satisfaction to be registered with ROC beyond the statutory period.
43 The Company does not have any transactions not recorded in the books of accounts that has been surrendered or disclosed as income during the year in tax assessments under the Income-tax Act, 1961.
44 The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.
45 Utilisation of Borrowed funds and share premium
The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or
b. provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries
The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
b. provide any guarantee, security or the like on behalf of the ultimate beneficiaries
46 The Board of Directors of the Company, at its meeting on 25th March, 2023, had approved the Scheme of Arrangement under Sections 230 to 232 of the Companies Act, 2013 (the ‘Scheme'), for merger of its subsidiary Butterfly Gandhimathi Appliances Limited (“Butterfly") with the Company. Pursuant to the meeting of equity shareholders, secured creditors and unsecured creditors of Butterfly, convened as per the directions of Chennai Bench of the Hon'ble National Company Law Tribunal on 28th October, 2023, the approval of majority of the public shareholders of the Butterfly was not received in favour of the Scheme. Accordingly, the Scheme is not acted upon.
47 The Code on Social Security 2020 (‘the Code') relating to employee benefits, during the employment and post-employment, received Presidential assent on 28th September, 2020. The Code has been published in the Gazette of India. Further, the Ministry of Labour and Employment has released draft rules for the Code on 13th November, 2020. However, the effective date from which the changes are applicable is yet to be notified and rules for quantifying the financial impact are also not yet issued. The Company will assess the impact of the Code and will give appropriate impact in the financial statements in the period in which, the Code becomes effective and the related rules to determine the financial impact are published.
48 No significant subsequent events have been observed which may require an adjustments to the financial statements.
49 Amount shown as I 0.00 represents amount below I 50,000 (Rupees Fifty Thousand).
50 Figures for the previous year have been regrouped wherever necessary.
No changes were made in the objectives, policies or processes for managing capital during the current and previous year.
I n order to achieve this overall objective, the Company's capital management, among other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no breaches in the financial covenants of any interest-bearing loans and borrowing during the current and previous year.
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