Note 1 : Corporate Information
The Standalone financial statements comprise of financial statements of Sayaji Industries Limited (the "Company") for the year ended March 31, 2018. The Company is a public company domiciled in India and is incorporated under the provisions of the Companies Act applicable in India. The Company's shares are listed on BSE, a recognised Stock Exchange, in India. The registered office of the Company is located at Maize Products, PO.Kathwada, Ahmedabad - 382430, India.
The Company is engaged in the business of manufacture of starches, modified starches as well as other derivatives like Liquid Glucose, Dextrose Monohydrate, Dextrose Anhydrous, Sorbitol and its bye-products like Maize Oil, Maize Gluten at Kathwada, Ahmedabad. The Company cater its product to Textile, Pharmaceutical, Food Processing, Paper & Packaging, Confectionary, Soaps & Detergent industries.
The standalone financial statements were authorised for issue in accordance with a resolution of the Board of Directors on May 16, 2018.
Note 2 : Basis of Preparation
The standalone financial statements of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015.
For all periods up to and including the year ended March 31, 2017, the Company prepared its financial statements in accordance with the accounting standards notified under the section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Indian GAAP). These financial statements are the Company's first standalone financial statements prepared in accordance with Ind AS based on the permissible options and exemptions available to the Company in terms of Ind AS 101 'First time adoption of Indian Accounting Standards'. Reconciliations and descriptions of the effect of the transition have been summarized in Note 5.
The standalone financial statements have been prepared on a historical cost basis, on the accrual basis of accounting except for certain financial assets and liabilities measured at fair value (refer accounting policy regarding financial instruments).
The standalone financial statements are presented in Indian Rupees and all values are rounded to the nearest lakhs (Rupees 00,000), except where otherwise indicated. Any discrepancies in any table between totals and sums of the amounts listed are due to rounding off.
(A) Key Accounting Estimates
1 Fair value measurement of financial instruments
When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value are measured using valuation techniques. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions relating to these factors could affect the reported fair value of financial instruments. See Note 31 for further disclosures.
2 Impairment of non-financial assets
Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm's length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a discounted cashflow (DCF) model. The cash flows are derived from the budget and do not include restructuring activities that the Company is not yet committed to or significant future investments that will enhance the asset's performance of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes.
3 Taxes
Deferred tax assets are recognised for unused tax credits to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together with future tax planning strategies.
The Company has Rs.538.60 Lakhs as at March 31, 2018 (Rs.458.10 Lakhs as at March 31, 2017 and Rs.325.78 Lakhs as at April 1, 2016) of tax credits carried forward. These credits can be utilised over the period of 15 years. The Company has taxable temporary difference and tax planning opportunities available that could support the recognition of these credits as deferred tax assets. On this basis, the Company has determined that it can recognise deferred tax assets on the tax credits carried forward. Refer to Note 21 for further details.
4 Defined benefit plan
The cost of the defined benefit plans and other post-employment benefits and the present value of the obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.
The parameter that is subject to change the most is the discount rate. In determining the appropriate discount rate, the management considers the interest rates of government bonds in currencies consistent with the currencies of the post-employment benefit obligation and extrapolated as needed along the yield curve to correspond with the expected term of the defined benefit obligation.
The mortality rate is based on publicly available mortality tables. Those mortality tables tend to change only at intervals in response to demographic changes. Future salary increases are after considering the expected future inflation rates for the country.
Refer to Note 22 for further details.
5 Property, Plant and Equipment
Refer to Note 3 (A) - 4 for the estimated useful life of Property, Plant and Equipment. The carrying values of Property, Plant and Equipment have been disclosed in Note 6.
6 Intangible assets
Refer to Note 3 (A) - 7 for the estimated useful life of Intangible assets. The carrying values of Intangible assets have been disclosed in Note 7.
7 Allowance for doubtful trade receivables
Trade receivables do not carry any interest and are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts.
Estimated irrecoverable amounts are derived based on a provision matrix which takes into account various factors such as customer specific risks, geographical region, product type, currency fluctuation risk, repatriation policy of the country, country specific economic risks, customer rating, and type of customer, etc. The allowances for doubtful trade receivables were Rs.100.16 lakhs as at March 31, 2018 (as at March 31, 2017 : Rs.140.03 lakhs and April 1, 2016 : Rs.63.51 lakhs).
Individual trade receivables are written off when the management deems them not to be collectable.
Note 3 : Recent accounting pronouncements Standards issued but not yet effective
The amendments to standards that are issued, but not yet effective, up to the date of issuance of the Company's financial statements are disclosed below. The Company intends to adopt these standards, if applicable, when they become effective. The Ministry of Corporate Affairs("MCA") has issued certain amendments to Ind AS through (Indian Accounting Standards) Amendment Rules, 2018. These amendments maintain convergence with IFRS by incorporating amendments issued by International Accounting Standards Board(IASB) into Ind AS and has amended the following standards:
1. Ind AS 115-Revenue from Contract with Customers
2. Ind AS 21-The effect of changes in foreign exchanges rates
3. Ind AS 40-Investment Property
4. Ind AS 12-Income Taxes
5. Ind AS 28-Investment in Associates and Joint Ventures
6. Ind AS 112-Disclosure of Interest in Other Entities
These amendments are effective for annual periods beginning on or after April 01, 2018. Application of these amendments will not have any recognition and measurement impact. However, it will require additional disclosure in the financial statements.
The Company is assessing the potential effect of the amendments on its financial statements. The Company will adopt these amendments, if applicable, from their applicability date.
Note 4 : TRANSITION TO IND AS
These financial statements are the Company's first standalone financial statements prepared in accordance with Ind AS based on the permissible options and exemptions available to the Company in terms of Ind AS 101 'First time adoption of Indian Accounting standards'. For periods up to and including the year ended on March 31, 2017, the Company prepared its financial statements in accordance with accounting standards notified under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (previous GAAP).
Accordingly, the Company has prepared financial statements which comply with Ind AS applicable for periods ending on March 31, 2018, together with the comparative period data as at and for the year ended March 31, 2017, as described in the summary of significant accounting policies. In preparing these financial statements, the Company's opening balance sheet was prepared as at April 1, 2016, the Company's date of transition to Ind AS. This note explains the principal adjustments made by the Company in restating its previous GAAP financial statements, including the Balance Sheet as at April 1, 2016 and the financial statements as at and for the year ended March 31, 2017.
4.1 Optional exemptions availed
1 Investment in subsidiaries and associate
The Company has elected the option provided under Ind AS 101 to measure all its investments in subsidiaries and associate at previous GaAp carrying value on the date of transition in its separate financial statement and used that carrying value as the deemed cost of such investments.
2 Fair value measurement of financial assets or financial liabilities at Initial Recognition Company has elected to apply requirement in paragraph B5.1.2A of Ind AS 109 prospectively to transactions entered into on or after the date of transition to Ind ASs.
3 Deemed Cost
The Company has elected to measure all its intangible assets and investment property at the previous GAAP carrying amount as its deemed cost on the date of transition to Ind AS.
4.2 Applicable mandatory exceptions
1 Estimates
The estimates at April 1, 2016 and at March 31, 2017 are consistent with those made for the same dates in accordance with previous GAAP (after adjustments to reflect any differences in accounting policies, if any) apart from the following items where application of previous GAAP did not require estimation:
- FVTPL investments
- FVTOCI - debt securities
- Impairment of financial assets based on expected credit loss model
2 Classification and measurement of financial assets
As required under Ind AS 101, the classification of financial assets to be measured at amortised cost or fair value through other comprehensive income is made on the basis of the facts and circumstances that existed on the date of transition to Ind AS.
Notes :
i Fair valuation of investments (other than investment in subsidiaries and associate)
Under previous GAAP, the current investments were measured at lower of the cost or market value . Ind AS requires all investments to be measured at fair value at the reporting date and all changes in the fair value subsequent to the transition date to be recognised either in the statement of profit and loss or other comprehensive income (based on the category in which they are classified).
ii Amortisation of loan processing charges
Under previous GAAP, the loan processing charges were normally recognised as expense as and when incurred. Under Ind AS, borrowings have been measured at amortised cost using effective interest rate. This has resulted into amortisation of loan processing charges over the period of borrowings.
iii Fair valuation of forward contract
Under previous GAAP, net MTM losses outstanding for forward contracts are recognised in profit and loss account and net gain, if any, were ignored. Under Ind AS, all outstanding forward contracts on period end date shall be measured at fair value received from the bank and MTM value of the same shall be accounted at fair value through profit and loss account.
iv Proposed dividend and tax thereon
Under previous GAAP, dividend payable is recorded as a liability in the period for which it is being proposed. Under Ind AS, dividend is recognised as a liability in the period in which the obligation to pay is established.
v Tax impacts on Ind AS adjustments
The impact of transition adjustments together with Ind AS mandate of using balance sheet approach (against profit and loss approach under previous GAAP) for computation of deferred tax has resulted in changes in the taxes. The resulting changes have been recognised in the retained earnings on the date of transition and the changes in the taxes in the subsequent periods are recognised in the statement of profit and loss or other comprehensive income, as the case may be.
3. Adjustments to Statement of Cash Flows for the year ended 31st March, 2017
There were no material differences between the Statement of Cash Flows presented under Ind AS and the Previous GAAP
Notes :
(a) Buildings include Rs.313.42 Lakhs (Previous Year Rs. 313.42 Lakhs) being the cost of ownership premises in a co-operative housing society including cost of fifteen shares of the face value of Rs.750/- received under the Bye-laws of the Society in the name of the Company.
(b) Buildings include Rs.4.50 Lakhs (Previous Year Rs.4.50 Lakhs) being the cost of ownership premises in a cloth market association including cost of one share of the face value of Rs.100/- received under rules and regulation of the association in the name of the Company.
(c ) Additions for the year includes Rs.27.02 Lakhs (previous year Nil) being interest capitalised.
IND AS transition
Ind AS 101, Appendix, D provides exemption which are at the option of the company, whether to avail that option or not. By availing that option company need not have to follow that particular Ind AS restrospectively. One of such exemption are also available with respect to Property, plant and equipment.
Company can choose the option of previous GAAP carrying amount as deemed cost or Fair value of asset on the date of opening balance sheet date as deemed cost. If company decides to not to take any of the option then in that case Ind AS - 16 needs to be applied retrospectively.
Company has not availed any of the exemptions given under Ind AS - 101 for property, plant and equipment.
Note: The long term contract entered into by the group with Yashwant Sahakari Glucose Karkhana Limited (YSGK) for purchase of certain products manufactured by YSGK at mutually agreed price was terminated on 11/5/2017 due to dispute and differences between the parties. Out of advances paid by the group which remained unadjusted, as per the terms of the termination agreement YSGK agreed to pay a sum of Rs..250.00 Lakhs in full and final settlement. The group has received Rs..100.00 Lakhs from YSGK till 31st March, 2018 out of the said amount. For the balance outstanding amount of Rs..150.00 Lakhs (included in advances to suppliers), YSGK has issued post dated cheques to the group. The management of the group is confident of realisation of the amount of Rs..150.00 Lakhs and the said amount is therefore considered as good.
The company pursuant to the approval of the members accorded on May 27,2017, by way of a postal ballot, 1 (one) equity share having face value of Rs.100 each were sub-divided into 10 (Ten) equity shares having face value of Rs..10/- each.
During the year, the company has issued 23,70,000 bonus shares in the proportion of 3 (Three) new equity shares of Rs.10/- each for every 1 (one) existing fully paid up equity share capital of Rs.10/- each by capitalization of a sum of Rs.237.00 Lakhs from the reserves of the company.
The company has issued only one class of shares referred to as Equity Shares having a Par value of Rs.10/-. All Equity Shares carry one vote per share without restrictions and are entitled to Dividend, as and when declared. All equity shares rank equally with regards to the company's residual assets.
Note 5 : OTHER EQUITY
Refer to the statement of changes in equity for movement in Other equity.
Nature and purpose of reserves Capital Redemption Reserve
The Company has recognised Capital Redemption Reserve, on buyback or redemption of its own equity/ preference shares, from its retained earnings. The amount in Capital Redemption Reserve is equal to nominal amount of the shares bought back.
General Reserve
General reserve is created from time to time by way of transfer profits from retained earnings for appropriation purposes. General reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income.
Security Premium
The amount received in excess of face value of the equity shares, in relation to issuance of equity, is recognised in Securities Premium.
Retained Earnings
Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other distributions paid to the shareholders.
* Public Deposits includes deposits accepted from Directors amounting to Rs.513.50 Lakhs (As at 31.03.2017 Rs.322.50 Lakhs and As at 01.04.2016 Rs.229.00 Lakhs)
(i) Term Loan by way of overdraft from Punjab National Bank of Rs.389.71 Lakhs (As at 31.03.2017 Rs.437.50 Lakhs and As at 01.04.2016 ' 487.50 Lakhs) is secured by mortgage of property situated at Kathwada Unit. This loan is repayable in 120 equal monthly instalments starting from 01.02.2016.
(ii) Term Loan - 1 from Kotak Mahindra Bank of Rs.Nil (As at 31.03.2017 Rs.100.00 Lakhs and As at 01.04.2016 Rs.300.00 Lakhs) is secured by way of Equitable mortgage of building in Mumbai. The said loan is repayable in 20 equal quarterly instalments starting from 10.12.2012.
(iii) Term Loan - 2 from Kotak Mahindra Bank of ' 800 Lakhs (As at 31.03.2017 Rs.1200.00 Lakhs and As at 01.04.2016 '.1600 Lakhs) is secured by way of Equitable mortgage of building in Mumbai. The said loan is repayable in 20 equal quarterly instalments starting from 27.05.2015.
(iv) Vehicle loan from Banks & Financial Institution amounting to Rs.391.35 Lakhs (As at 31.03.2017 Rs.25.22 Lakhs and As at 01.04.2016 Rs.52.33 Lakhs) are secured by way of hypothecation of respective motor vehicles purchased. The said loans are repayable in 36 equal monthly instalments.
(v) Working Capital loans from Punjab National Bank are secured by hypothecation of present and future stock of stores, stock-in-trade including stock meant for exports and book debts present and future and collaterally secured by hypothecation of plant & machineries of Kathwada Unit excluding specific plant and machinery, if any, purchased and/or to be purchased under any scheme of financial institution/bank and other assets excluded for the charge and also by mortgage of land and building of Kathwada Unit.
(vi) Purchase bill discounting is secured by way of equitable mortgage of building in Mumbai.
(vii) Rate of Interest on the above loans ranges between 9.50% to 12.60% p.a.
NOTE 6: EMPLOYEE BENEFITS
A. Defined contribution plans:
The Company deposits amount of contribution to government under Provident Fund and other schemes operated by government.
Amount of Rs.348.55 Lakhs (P.Y. : Rs.329.47 Lakhs) is recognised as expenses and included in Note 26 "Employee Benefit Expense"
B. Defined benefit plans:
The Company has following post employment benefits which are in the nature of defined benefit plans:
(a) Gratuity
The Company operates gratuity plan wherein every employee is entitled to the benefit as per scheme of the Company, for each completed year of service. The benefit vests only after five years of continuous service, except in case of death/disability of employee during service. The vested benefit is payable on separation from the Company, on retirement, death or termination.
C. Other Long term employee benefit plans Leave encashment
Salaries, Wages and Bonus include Rs.127.55 Lakhs (P.Y.: Rs.95.51 Lakhs) towards provision made as per actuarial valuation in respect of accumulated leave encashment/compensated absences.
Note : Post implementation of Goods and Service Tax (GST) with effect from July 1, 2017, revenue from operations is disclosed net of GST. Revenue from operations for the earlier periods included excise duty which is now subsumed in the GST. Revenue from the operations for the year ended March 31, 2018 includes excise duty till June 30, 2017 only. Accordingly, revenue from operations for the year ended March 31, 2017 and year ended March 31, 2018 are not comparable with those of previous periods presented.
Note 7 : Financial risk management
The Company's principal financial liabilities comprise of loans and borrowings, trade payables and other financial liabilities. The loans and borrowings are primarily taken to finance and support the Company's operations. The Company's principal financial assets include investments, loans, cash and cash equivalents, trade receivables and other financial assets.
The Company is exposed to market risk, credit risk and liquidity risk. The Company's senior management oversees the management of these risks. The Company's senior management ensures that financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company's policies and risk objectives. It is the Company's policy that no trading in fianancial instruments for speculative purposes may be undertaken.
1. 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 risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk or Net assset value("NAV") risk in case of investment in mutual funds. Financial instruments affected by market risk include investments, trade receivables, trade payables, loans and borrowings and deposits.
The sensitivity analysis in the following sections relate to the position as at March 31, 2018 and March 31, 2017.
The sensitivity of the relevant profit and loss item is the effect of the assumed changes in respective market risks. This is based on the financial assets and financial liabilities held at March 31, 2018 and March 31, 2017.
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 long-term debt obligations with floating interest rates.
Interest rate sensitivity
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on loans and borrowings. With all other variables held constant, the Company's profit before tax is affected through the impact on floating rate borrowings, as follows:
The assumed movement in basis points for the interest rate sensitivity analysis is based on the currently observable market environment, showing a significantly higher volatility than in prior years.
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company's exposure to the risk of changes in foreign exchange rates relates primarily to the Company's operating activities, i.e. when revenue or expense is denominated in a foreign currency.
Given below is the foreign currency exposure arising from the non derivative financial instruments:
Foreign currency sensitivity
The following tables demonstrate the sensitivity to a reasonably possible change in USD and AED exchange rates, with all other variables held constant. The impact on the Company's profit before tax is due to changes in the fair value of monetary assets and liabilities.
2 Credit Risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions and foreign exchange transactions.
Trade receivables
Customer credit risk is managed by the Company's internal policies, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on an credit rating scorecard and credit limits are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored and any shipments to major customers are generally covered by letters of credit.
The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets.
Trade receivables are non-interest bearing and are generally on 0 days to 60 days credit term. Credit limits are established for all customers based on internal rating criteria. The Company has no concentration of credit risk as the customer base is widely distributed both economically and geographically.
Cash deposits
Credit risk from balances with banks and financial institutions is managed by the Company's treasury department in accordance with the Company's policy. Investments of surplus funds are made only with approved counterparties who meet the minimum threshold requirements under the counterparty risk assessment process. The Company monitors the ratings, credit spreads and financial strength of its counterparties. Based on its on-going assessment of counterparty risk, the group adjusts its exposure to various counterparties. The Company's maximum exposure to credit risk for the components of the Balance sheet as of March 31, 2018, March 31, 2017 & April 1, 2016 is the carrying amount as disclosed in Note 9 and 12 except for financial guarantees. The Company's maximum exposure for financial guarantee is given in Note 34.
3 Liquidity Risk
The Company monitors its risk of shortage of funds through using a liquidity planning process that encompasses an analysis of projected cash inflow and outflow.
The Company's objective is to maintain a balance between continuity of funding and flexibility largely through cashflow generation from its operating activities and the use of bank loans. The Company assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. The Company has access to a sufficient variety of sources of funding.
The table below summarises the maturity profile of the Company's financial liabilities (including future interest payable) based on contractual undiscounted payments.
Note 8 : Capital Management
For the purpose of the Company's capital management, capital includes issued equity capital and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company's capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder's value.
The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the requirements of the financial covenants. 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 includes, within net debt, interest bearing loans and borrowings, trade and other payables, less cash and short-term deposits.
In order to achieve this overall objective, the Company's capital management, amongst 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 in the current period.
No changes were made in the objectives, policies or processes for managing capital during the years ended March 31, 2018, March 31, 2017and April 1, 2016.
NOTE 9 : DISCLOSURE OF MICRO, SMALL AND MEDIUM ENTERPRISES
No disclosure have been made under the Micro, Small and Medium Enterprises Development Act, 2006 in note 17, for the year 2017-18. The company has undertaken that it has made sufficient efforts to get the necessary information from the "suppliers" regarding their status under the Act. This has been relied upon by the Auditors.
NOTE 10 : SEGMENT REPORTING
The company has presented segment information in the consolidated financial statements which are presented in this same annual report. Accordingly, in terms of Ind AS 108 'Operating Segments', no disclosure relating to segments are presented in these standalone financical statements.
NOTE 11 : EXPENDITURE FOR COPORATE SOCIAL RESPONSIBILITY ACTIVITIES
During the year ended March 31, 2018, the company has spent Rs.1 5.48 Lakhs towards Corporate Social Responsibility (CSR) under section 135 of the Companies Act, 2013 and Rules thereon by way of contribution to various Trusts/NGOs/Societies/Agencies.
Note : The Company uses foreign exchange forward contracts to manage some of its transaction exposures. The foreign exchange forward contracts are not designated as cash flow hedges and are entered into for periods consistent with foreign currency exposure of the underlying transactions, generally from one to twelve months.
Note 12 : Events after reporting period
The Board of Directors of the Company has recommended a final dividend of Rs.3.75 per equity share of Rs.10 each aggregating Rs.118.50 Lakhs for the year ended March 31, 2018, subject to the approval of shareholders at the ensuing annual general meeting.
ii The presentation requirements under previous GAAP differs from Ind AS, and hence, previous GAAP information has been regrouped for ease of reconciliation with Ind AS. The regrouped previous GAAP information is derived from the standalone financial statements of the Company prepared in accordance with previous GAAP
Note 13 : Exceptional Items pertaining to previous financial year
Exceptional items for Financial Year 2016-17 represents sundry balances written off/(written back), which are no longer recoverable/payable. The same represents (i) balances no longer recoverable from customers (net of advances) Rs.19.35 Lakhs, (ii) balances no longer payable to vendors (net of advances) Rs. (12.98) Lakhs and (iii) other sundry balances no longer payable Rs. (14.51) Lakhs.
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