NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019
(All amounts are in Indian Rupees except share data and where otherwise stated)
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32 Earnings per share
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Particulars
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Year ended 31 March 2019
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Year ended 31 March 2018
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Earnings
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Prof it for the year
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A
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4,28,76,000
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3,88,38,949
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Shares
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Weighted average number of equity shares outstanding as at the year end (Basic)
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B
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2,32,86,142
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2,32,85,501
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Add: weighted average number of shares arising out of shares issued to trust under ESOP
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-
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67,125
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Weighted average number of equity shares outstanding as at the year end (diluted)
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C
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2,32,86,142
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2,33,52,626
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Basic earnings per share
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A/B
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1.84
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1.67
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Diluted earnings per share
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A/C
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1.84
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1.66
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33 Employee benefit
Details of actuarial valuation of gratuity pursuant to the Accounting Standard 15:
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Particulars
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Year ended 31 March 2019
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Year ended 31 March 2018
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Change in projected benefit obligation
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Projected benefit obligation at the beginning of the year
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8,696
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7,233
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Acquisition adjustment
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(8,863)
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-
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Service cost
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127
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1,804
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Interest cost
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670
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557
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Actuarial loss (gain)
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1,100
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(682)
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Benefits paid
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(1,315)
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(216)
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Projected benefit obligation at the end of the year
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415
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8,696
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Change in plan assets
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Fair value of plan assets at beginning of the year
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5,350
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5,183
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Expected return on plan assets
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392
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422
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Acquisition adjustment
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(4,540)
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-
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Actuarial gain/(loss)
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(22)
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(126)
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Contributions
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798
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87
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Benefits paid
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(1,315)
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(216)
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Fair value of plan assets at the end of the year
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663
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5,350
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Reconciliation of present value of obligation on the fair value of plan assets
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Present value of projected benefit obligation at the end of the year
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415
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8,696
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Funded status of the plans
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663
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5,350
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Funded status amount of asset recognized in the balance sheet (Refer Note 6]
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(248)
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3,346
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Particulars
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Year ended 31 March 2019
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Year ended 31 March 2018
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The components of net gratuity costs are reflected below:
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Service cost
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127
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1,804
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Interest cost
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670
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557
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Expected return on plan assets
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(392)
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(422)
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Recognized net actuarial (gain)/loss
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1,122
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(556)
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Net gratuity costs
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1,527
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1,383
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Financial assumptions as at the balance sheet date:
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Discount rate
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7.50%
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7.70%
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Long-term rate of compensation increase
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7.00%
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7.00%
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Rate of return on plan assets
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7.70%
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8.25%
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Attrition rate:
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4% p.a
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5% at younger ages 1% at older ages
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The Company assesses these assumptions with the projected long-term plans of growth and prevalent industry standards. Experience Adjustments for the current and four previous periods:
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Gratuity (Funded)
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31 March 2019
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31 March 2018
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31 March 2017
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31 March 2016
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31 March 2015
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Defined Benefit obligations
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415
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8,696
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7,233
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5,193
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3,419
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Plan Assets
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663
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5,350
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5,183
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4,965
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4,650
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Surplus/(Deficit)
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248
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(3,346)
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(2,050)
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(228)
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1,231
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Experience Adjustments on Plan Liabilities
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1,103
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(126)
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(326)
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2,538
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1,029
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Experience Adjustments on Plan assets
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(50)
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(105)
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(61)
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(33)
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5
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Defined Contribution Plan
The Company contributed Rs. 51.12 Lacs towards provident fund for the year ended 31 March 2019 (Previous year-Rs. 54.45 Lacs)
34 Leases
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Particulars
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Year ended 31 March 2019
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Year ended 31 March 2018
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Details of future minimum lease payment commitments under non cancellable operating lease agreements:
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Minimum Lease Payments Due
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Amount payable not later than 1 Year
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9,35,670
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7,88,400
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Amount payable after 1 Year but not later than 5 Years
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13,87,694
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3,94,200
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Amount payable after 5 Years
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-
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Lease rentals recognised during the year
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51,54,074
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84,83,417
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Rental cost is escalated at 15% as per the terms of Lease Agreement. Respective escalation for every transaction is considered from the effective date of rent agreement.
On expiration of the above stated lease agreements, the same can be renewed on the basis of mutual consent of the lessor and lessee.
Additional amount of GST will be paid on the above stated lease rental amount according to the rates applicable at the time of respective lease rental payments
35 Micro, Small and Medium Enterprises Development Act, 2006
The management has identified enterprises which have provided goods and services to the Company and which qualify under the definition of "Micro and Small Enterprises" as defined under Micro, Small and Medium Enterprises Development Act, 2006 ("the Act"). Accordingly, based on the information received and available with the Company ,there are no amounts payable to such enterprises other than as disclosed in Note no. 6 as at 31 March 2019
36 Foreign Currency Forward Contracts
The Company does not use foreign currency forward contracts to hedge its risks associated with foreign currency fluctuations.
The year end foreign currency exposures that have not been hedged by a derivative instrument or otherwise are given below:
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Particulars
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As at 31 March 2019
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As at 31 March 2018
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Amount receivable in foreign currency USD
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2,81,484
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2,81,484
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Amount equivalent in INR
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1,95,29,360
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1,83,08,874
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37 JRG ESOP Trust
As per the requirements of Securities Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines 1999 ('SEBI guidelines'), since the stock option plans of 2005 and 2008 schemes were administered through a trust, the accounts of the Company are prepared as if the Company itself is administering the employee stock option plan. Pursuant to such requirement of the SEBI guidelines the equity shares issued to the JRG ESOP Trust and not exercised by the employees as on 31 March 2019 have been presented as a deduction from the share capital. The bank balance of the JRG ESOP Trust as on 31 March 201 9 net of the loan granted and capital contribution to the JRG ESOP Trust by the Company has been presented as bank balance of the Company.
38 Reconciliation of Provisions as at the Beginning and End of the year
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Particulars
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Year ended 31 March 2019
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Year ended 31 March 2018
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| (i) Provision for Doubtful debts |
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Balance as at the Beginning of the year
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47,30,449
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40,04,466
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Add: Additional provision created during the year
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75,28,384
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7,25,983
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Less: Provision utilised
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30,77,100
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-
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Balance as at the end of the year
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91,81,733
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47,30,449
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(ii) Provision for Doubtful loans and advances
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Balance as at the Beginning of the year
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3,42,01,331
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3,41,43,486
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Add: Additional provision created during the year
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12,20,486
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57,845
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Less: Provision utilised
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1,56,92,457
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-
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Balance as at the end of the year
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1,97,29,360
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3,42,01,331
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39 Events occuring after Reporting date: On 10 May 2019, the Board of Directors, to commemorate the Siver Jubilee of the Company, proposed a dividend of Rs 1/- per equity share. The proposed dividend is subject to the approval of the Rs. shareholders at the forthcoming Annual General Meeting.
40 Prior year figures have been reclassified/regrouped wherever necessary to conform to the current year's classification.
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As per our report of even date attached For Haribhakti & Co. LLP
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For and on behalf of the Board
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Chartered Accountants
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ICAI Firm registration No : 103523W/W1 00048
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S Sundararaman
Partner
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Brij Gopal Daga
Director
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Jhuma Guha
Director
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Membership No: 028423
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DIN:00004858
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DIN:00007454
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Vinod Mohan
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Naveen Kumar Jain
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Manager cum Company Secretary
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Chief Financial Officer
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Place: Mumbai
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Place: Mumbai
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Date: 10 May 2019
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Date: 10 May 2019
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