In accordance with the IND AS 19 'Employee Benefits', the Company has calculated the various benefits provided to employees as under:
In accordance with Indian Accounting Standard 19, an actuarial valuation was carried out in respect of the gratuity, (defined benefit plans). The following tables set out the unfunded status of the gratuity plans and the amounts recognized in the Company’s financial statements as at March 31,2023 and March 31,2022
Related Party Disclosures
In accordance with the requirement of INDAS-24 on “Related Party Disclosures’ the names of the related parties where control exists /able to exercise significant influence along with the aggregate transactions/year end balances with them as identified and certified by the management are given below:
Corporate Social Responsibility
As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. The areas for CSR activities are eradication of hunger and malnutrition, promoting education, art and culture, healthcare, destitute care and rehabilitation, environment sustainability, disaster relief and rural development projects. A CSR committee has been formed by the company as per the Act. The funds were primarily allocated to a corpus and utilized through the year on these activities which are specified in Schedule VII of the Companies Act, 2013. The company has spent the amount on CSR activities by donating it to a Trust having objectives as specified above and which is in conformity with the Companies Act, 2013.
Segment Disclosures
Segments have been identified in line with the Indian Accounting Standard on Segment Reporting Ind AS 108, considering the organizational structure as well as differential risk and returns of these segments.
Disclosure relating to suppliers registered under Micro, Small and Medium Enterprise Development Act, 2006:
The Company has addressed letters/e-mails to suppliers seeking confirmations as to registration under the “Micro, Small and Medium Enterprises Development Act, 2006”. Based on the confirmations received from suppliers by the company during the year, an amount of Rs 109.46 lacs is due to Micro, Small and medium enterprises as detailed below. Those Suppliers which did not furnished information to company in previous year but have furnished information in the current year have also been classified as MSME in current year.
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Statement of Derivatives and un-hedged foreign currency exposure
The Company uses forward contracts to hedge its exposure towards movement in foreign exchange rates. These derivatives are not used for trading or speculation purposes. The nominal amount of forward contracts entered into by the company and outstanding as on the date of balance sheet is Rs.4500.70 lacs (Previous Year Rs. 2399.13 lacs). Foreign Currency exposures that is not hedged by forward cover is Rs. 4244.90 lacs (Previous Year Rs. 1758.32 lacs).
(a) The value of imports calculated on C.I.F. basis by the company duringthe year in respect of Capital Goods was Nil
(b) Other Foreign Currency Expenditure incurred by the company during the fY was as follows:
i. 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
ii. provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;
48. In the opinion of the Board, the Current assets and loans and advances are approximately of the value stated, if realized in the ordinary course or business, except otherwise stated. The provision for all the known liabilities is adequate and not in excess of amount considered reasonably necessary.
49. Previous year figures have been regrouped/ reclassified, where necessary, to conform to this year's classification.
50. ADDITIONAL REGULATORY INFORMATION
a. There are no title deeds of immovable property which are shown in the Balance Sheet but are not held in the name of the company, so no additional disclosure is required in this respect.
b. There is no data to report under Relationship with Struck Off Companies.
c. No proceedings have been initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder, so no additional disclosure is required in this respect.
# In 2021 there were high outstanding due to covid impact resulting in average trade payables very high for even 2021-22
d. The company is a not declared willful defaulter by any bank or financial Institution or other lender so no additional disclosure is required in this respect.
e. The Company has borrowings from banks on the basis of security of current assets and
i. The quarterly returns or statements of current assets filed by the Company with banks are in agreement with the books of accounts.
ii. No material discrepancies in quarterly returns or statements of current assets filed by the Company with banks with the books of Accounts
f. There were no charges or satisfaction of charges, yet to be registered with Registrar of Companies beyond the statutory period, as at year end,so no additional disclosure is required in this respect.
g. The company has not advanced or loaned or invested funds (either from borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall
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