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Britannia Industries Ltd.
Market Cap. (Rs.) 67108.28 Cr. P/BV 19.70 Book Value (Rs.) 283.48
52 Week High/Low (Rs.) 6934/4400 FV/ML 2/1 P/E(X) 66.83
Bookclosure 06/08/2018 EPS (Rs.) 83.57 Div Yield (%) 0.45
NOTES TO ACCOUNTS
You can view the entire text of Notes to accounts of the company for the latest year
Year End :2018-03 

Step 1: Identify the contract(s) with a customer

Step 2: Identify the performance obligation in contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation

The Company has completed an initial assessment of the potential impact of the adoption of Ind AS 115 on accounting policies followed in its financial statements. The quantitative impact of adoption of Ind AS 115 on the financial statements in the period of initial application is not reasonably estimable as at present.

i. Sales of goods

For the sale of goods, revenue is currently recognized when related risks and rewards of ownership are transferred. Revenue is recognized at this point provided that the revenue and costs can be measured reliably, the recovery of the consideration is probable and there is no continuing management involvement with the goods.

Under Ind AS 115, revenue will be recognized when a customer obtains control of the goods.

For certain contracts that permit the customer to return an item, revenue is currently recognized when a reasonable estimate of the returns can be made, provided that all other criteria for revenue recognition are met. If a reasonable estimate cannot be made, then revenue recognition is deferred until the return period lapses or a reasonable estimate of returns can be made.

Under Ind AS 115, revenue will be recognized for these contracts to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. As a consequence, for those contracts for which the Company is unable to make a reasonable estimate of return, revenue is expected to be recognized sooner than when the return period lapses or a reasonable estimate can be made. A refund liability and an asset for recovery will be recognized for these contracts and presented separately in the balance sheet.

For the loyalty programme operated by the Company, revenue is currently allocated between the loyalty programme and the goods using the residual value method i.e. consideration is allocated to the loyalty programme based on the fair value of the loyalty points and the remainder of the consideration is allocated to the goods. The amount allocated to the loyalty programme is deferred, and is recognized as loyalty points are redeemed or expire.

Under Ind AS 115, consideration will be allocated between the loyalty programme and the goods based on their relative stand-alone selling prices. As a consequence, a lower proportion of the consideration will be allocated to the loyalty programme, and therefore less revenue is likely to be deferred.

ii. Transition

The Company plans to apply Ind AS 115 using the cumulative effect method, with the effect of initially applying this standard recognized at the date of initial application (i.e. 1 April 2018) in retained earnings and NCI. As a result, the Company will not present relevant individual line items appearing under comparative period presentation.

Ind AS 21, The effect of changes in Foreign Exchange rates

The amendment clarifies on the accounting of transactions that include the receipt or payment of advance consideration in a foreign currency. The appendix explains that the date of the transaction, for the purpose of determining the exchange rate, is the earlier of the date of initial recognition of the non-monetary prepayment asset or deferred income liability and the date that the related item is recognized in the financial statements. If there are multiple payments or receipts in advance, a date of transaction is established for each payment or receipt. The Company is evaluating the impact of this amendment on its financial statements.

Ind AS 40, Investment Property

The amendment explains that the transfer to, or from, investment property is made when there is an actual change of use, that is, the asset meets or ceases to meet the definition of investment property and there is evidence of change in use. A change in management’s intentions for the use of a property does not provide evidence of a change in use. The Company has evaluated the impact of this amendment and concluded that there shall be no impact on its financial statements.

* Refer note 3 (f) for mode of valuation for inventories.

The write down of inventories to net realizable value amounted to ' 1.38 (31 March 2017: ' 2.01). The write down are included in cost of materials consumed or changes in inventories of finished goods, stock-in-trade and work-in-progress.

The Company’s exposure to credit and currencies risks, and loss allowances related to trade receivables are disclosed in note 53.

* Includes receivable from related parties [Refer note 44].

(d) Share based payments

During the financial year 2008-09, the Company introduced Britannia Industries Limited Employee Stock Option Scheme (‘the Scheme’). As per the Scheme, the Remuneration / Compensation Committee grants options to the employees and Executive Directors of the Company. The vesting period of the option is one to three years from the date of grant. Options granted under the Scheme can be exercised within a period of three years from the date of vesting.

Under the Scheme, the Company granted 15,000 options on 29 October 2008 at an exercise price of ' 1,125.30/; 15,000 options on 27 May 2009 at an exercise price of ' 1,698.15/-; 20,000 options on 27 May 2010 at an exercise price of ' 1,668.55/-; 125,000 options on 27 May 2011 at an exercise price of ' 391.75/-; 100,000 options on 28 May 2012 at an exercise price of ' 528.75/-; 50,000 options on 26 May 2014 at an exercise price of ' 870.35/-; 75,000 options on 21 May 2015 at an exercise price of ' 2,332.05/-; 100,000 options on 30 June

2016 at an exercise price of ' 2,771.40/- and 125,000 options on 25 May 2017 at an exercise price of ' 3,533.30/to the Managing Director of the Company. Each option represents one equity share of ' 10/- each (for options granted between the years 2008 to 2010) and one equity share of ' 2/- each (for options granted after the year 2010). The said price was determined in accordance with the pricing formula approved by the shareholders i.e. the latest available closing price, prior to the date of the meeting of the Board of Directors or Remuneration / Compensation Committee in which options were granted, on the stock exchange having higher trading volume.

Exercise prices as stated above are adjusted downwards by ' 170/- per share for options granted on 29 October 2008 and 27 May 2009, being the face value of bonus debentures issued pursuant to the Scheme of Arrangement approved by the Honourable Calcutta High Court on 11 February 2010.

The number of options have been appropriately adjusted, consequent upon the sub-division of the equity shares [Refer note (e) below].

Fair Value Measurement:

The fair value at grant date is determined using the Black Scholes valuation option-pricing model which takes into account the exercise price, the term of the option, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option.

(e) In the Annual General Meeting held on 9 August 2010, the shareholders of the Company approved the subdivision of equity shares, where in each equity share with a face value of ' 10/- has been subdivided into 5 equity shares with a face value of ' 2/- each. The effective date for the sub-division was 10 September 2010.

Nature and purpose of other reserves

Share options outstanding account

The share options outstanding account is used to recognize the grant date fair value of options issued under Britannia Industries Limited Employee Stock Option Scheme.

Securities premium reserve

Securities premium reserve is used to record the premium on issue of shares. The reserve is utilized in accordance with the provisions of the Act.

Capital redemption reserve

The Company had purchased its own shares and as per the provisions of the applicable laws, a sum equal to the nominal value of the shares so purchased is required to be transferred to the capital redemption reserve.

Capital reserve

Capital reserve represents subsidy received for industrial undertaking under Central Capital Investment Subsidy Scheme, 2003.

Dividends

After the reporting dates, dividend of '25 (31 March 2017: '22) per equity share was proposed by the directors subject to approval at the annual general meeting. The proposed dividend has not been recognized as liability. Dividend would attract dividend distribution tax when declared or paid.

Note:

There are no material dues owed by the Company to Micro and Small enterprises, which are outstanding for more than 45 days during the year and as at 31 March 2018. This information as required under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company and has been relied upon by the auditors.

* Investor Education and Protection Fund shall be credited when due.

[Refer note 49]

Note:

(a) Rate of interest for finance lease obligations ranges from 15.54% to 17.36% per annum. Number of repayment installments (quarterly) for lease obligations ranges from 3 to 12. Period of maturity for the lease obligations ranges from 8 months to 3 years [Refer note 36 (b)].

Note 35 Contingent liabilities and commitments (to the extent not provided for) :

(i) Contingent liabilities:

(a) Claims / demands against the Company not acknowledged as debts including excise duty, income tax, sales tax and trade and other demands of Rs, 47.69 (31 March 2017: Rs, 60.08)

(b) Bank guarantees and letters of credit for Rs, 22.68 (31 March 2017 : Rs, 43.75)

Notes:

(i) Contingent liabilities disclosed above represent possible obligations where possibility of cash outflow to settle the obligations is not remote.

(ii) The above does not include non-quantifiable industrial disputes and other legal disputes pending before various judicial authorities [Also Refer note 40, 41 and 49].

(ii) Commitments:

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for Rs, 139.99 (31 March 2017: Rs, 167.44).

* These are against outstanding loan balances

Regarding items (i) and (ii) (b) above, it is not practicable to disclose information in respect of the estimate of the financial effect, an indication of the uncertainties relating to outflow and the possibility of any reimbursement as it is determinable only on occurrence of uncertain future events / receipt of judgements pending at various forums.

(i) The Company has certain operating leases for office facilities and residential premises (cancellable leases). Such leases are generally with the option of renewal against increased rent and premature termination of agreement. Rental expenses of Rs, 7.95 (31 March 2017: Rs, 8.89) in respect of obligation under operating leases have been recognized in the Statement of Profit and Loss.

(ii) The Company has certain cancellable arrangements with contract packers (which conveys a right to use an asset in return for a payment or a series of payment) identified to be in the nature of lease and have been classified as operating lease arrangements.Rental expenses of Rs, 42.73 (31 March 2017: Rs, 47.48) in respect of obligation under operating leases have been recognized in the Statement of Profit and Loss.

The difference between minimum lease payments and the present value of minimum lease payments of Rs, 0.08 (31 March 2017: Rs, 0.08) represents interest not due. The lease liability is secured by the relevant vehicles acquired under lease.

Note 41 With respect to the matter related to the refund of excess contribution by Britannia Industries Covenanted Staff Pension Fund (CSPF) to the Company, the Honourable Supreme Court at its hearing on 12 May 2008 set aside the order of the Division Bench of the Honourable High Court, Kolkata and remanded the matter to Commissioner of Income Tax (CIT), Kolkata for disposal. Based on the directions of the courts, the Company was required to deposit Rs, 12.12 with a Nationalised Bank, which the Company did under protest.

In the suit filed by Britannia Industries Limited Pensioners Welfare Association (PWA), the Company received a judgement on 21 September 2015 from Honourable City Civil Court, Bangalore, in the matter of pension payable to its eligible beneficiaries. The Board of Directors of the Company reviewed the judgement and after obtaining legal opinion from eminent lawyers resolved to file an appeal in the higher court against the said judgement. Accordingly, the Company as well as the Pension Funds appealed against the Honourable City Civil Court’s judgment in the Honourable High Court of Karnataka. In response to the appeals filed, the Honourable High Court of Karnataka, in its order dated 18 December 2015, referred the matter to Bangalore Mediation Centre for exploring the possibilities of a settlement. The PWA through their legal counsel had submitted that they will not precipitate execution before the trial court during mediation.

As a result of the mediation process, a Memorandum of Settlement (MoS) dated 29 August 2016 was entered into between the PWA, the Company and Pension Funds. As per the terms of the MoS and the Decree passed by the Honourable High Court of Karnataka dated 18 October 2016, the Company, inter alia, filed an application with the Honourable High Court of Calcutta for obtaining approval to use the fixed deposit held in the name of CSPF and interest thereon. In response to the petition filed by the CSPF, the Honourable High Court of Calcutta passed an order wherein it directed the CIT, Kolkata to consider the representations made by the PWA, the Company and Pension Funds. On 9 January 2017, the CIT passed an order wherein, in continuation to the show cause notice dated 11 April 2007, the approval accorded to the CSPF was withdrawn w.e.f. AY 2003-04 in view of Rule 91(2) of the Income Tax Rules, 1962. The CSPF filed a Writ Petition with the Honourable High Court of Calcutta against the said order of CIT, Kolkata. On 3rd February 2017, while admitting the Writ, the Honourable High Court of Calcutta did not pass any interim order or grant stay against the order of the CIT, Kolkata. Aggrieved by the same, the CSPF filed an appeal in the Division Bench of Calcutta High Court which was heard on 10 March 2017 and the Calcutta High Court granted the stay However, it restrained the Company from encashing the fixed deposit of ' 12.12. It also directed the single bench of the Calcutta High Court to dispose off the Writ Petition expeditiously On 28 August 2017, the single bench of the Calcutta High Court remanded the matter back to CIT, Kolkata to decide on the original show-cause notice and the reply thereto in accordance with law. CIT, Kolkata passed an order on 6 October 2017 withdrawing the original show cause issued and revoking the earlier CIT order of de-recognizing the Pension Fund.

The Company and Pension Funds, since then, have settled the amounts payable to eligible Pensioners, who have submitted the required documents, under the Memorandum of Settlement approved by the Honourable High Court of Karnataka. The impact of the settlement has been accounted in the financial statements.

The Chief Operating Decision Maker (CODM) evaluates the Company’s performance and allocates resources based on an analysis of various performance indicators by industry classes. Accordingly, segment information has been presented for industry classes.

The operating segment of the Company is identified to be “Foods” as the CODM reviews business performance at an overall Company level as one segment.

Note 44 Related parties Relationships

1. Ultimate holding Company The Bombay Burmah Trading Corporation Limited Holding Company Associated Biscuits International Limited (ABIL), UK

2. Subsidiary companies Al Sallan Food Industries Co. SAOC

Boribunder Finance and Investments Private Limited

Britannia and Associates (Dubai) Private Company Limited, Dubai

Britannia and Associates (Mauritius) Private Limited, Mauritius

Britannia Dairy Holdings Private Limited, Mauritius

Britannia Dairy Private Limited

Britchip Foods Limited

Britannia Nepal Private Limited#

Daily Bread Gourmet Foods (India) Private Limited

Flora Investments Company Private Limited

Ganges Vally Foods Private Limited

Gilt Edge Finance and Investments Private Limited

International Bakery Products Limited

J B Mangharam Foods Private Limited

Manna Foods Private Limited

Strategic Brands Holding Company Limited, Dubai Strategic Food International Co. LLC, Dubai Sunrise Biscuit Company Private Limited

3. Fellow subsidiary companies Bannatyne Enterprises Pte Limited, Singapore

Dowbiggin Enterprises Pte Limited, Singapore Nacupa Enterprises Pte Limited, Singapore Spargo Enterprises Pte Limited, Singapore Valletort Enterprises Pte Limited, Singapore

4. Associates Klassik Foods Private Limited

Nalanda Biscuits Company Limited Sunandaram Foods Private Limited*

5. Other related party Bombay Dyeing & Manufacturing Co. Ltd. (w.e.f 20 March 2017)

Go Airlines (India) Limited

6. Post employment-benefit plan entities Britannia Industries Limited Management Staff Provident Fund

Britannia Industries Limited Covenanted Staff Gratuity Fund Britannia Industries Limited Non Covenanted Staff Gratuity Fund Britannia Industries Limited Covenanted Staff Pension Fund Britannia Industries Limited Officers Pension Fund

7. Key Management Personnel (KMP)

Managing Director Mr. Varun Berry

Chief Financial Officer Mr. N.Venkataraman@

Mr. Amlan Datta Majumdar!

Company Secretary Mr. Jairaj Bham***

Mr. Rajesh Arora****

Non-Executive Directors Mr. Nusli N Wadia

Mr. Ness N Wadia Mr. A K Hirjee Mr. Nimesh N Kampani Mr. S S Kelkar Mr. Avijit Deb Dr. Ajai Puri Mr. Jeh N Wadia Mr. Keki Dadiseth Mr. Nasser Munjee ##

Mrs. Ranjana Kumar Dr. Y.S.P Thorat **

Mr. Ajay Shah **

Mr. Keki Elavia A

* On 9 March 2017, the Company acquired 26% of the voting shares of Sunandaram Foods Private Limited.

# On 22 December 2017, the Company formed the wholly owned subsidiary

@ Mr. N. Venkataraman was appointed as Chief Financial Officer on 1 December 2016.

! Mr. Amlan Datta Majumdar relinquished office on 30 November 2016.

*** Mr. Jairaj Bham was appointed as Company Secretary and Compliance Officer of the Company w.e.f 15 May,

2018.

**** Mr. Rajesh Arora relinquished office on 30 June 2017.

## Mr. Nasser Munjee resigned as director on 25 May 2017.

** Dr. Y.S.P Thorat & Mr. Ajay Shah were appointed as additional directors of the Company on 13 February

2017.

a Mr. Keki Elavia was appointed as additional director of the Company on 7 August 2017.

(b) Post retirement benefit - Defined benefit plans

I. Provident fund - Contribution made by the Company during the year to the self administered Trust fund is ' 4.74 (31 March 2017: ' 4.11). With regard to the assets of the fund and the return on the investments, the Company does not expect any deficiency in the foreseeable future.

II. The Company has two funds: Britannia Industries Limited Covenanted Staff Gratuity Fund and Britannia Industries Limited Non Covenanted Staff Gratuity Fund, which are funded defined benefit plans for qualifying employees.

(i) The Scheme in relation to Britannia Industries Limited Non Covenanted Staff Gratuity Fund provides for lumpsum payment to vested employees at retirement, death while in employment or on termination of employment of an amount equivalent to 15 days salary payable for each completed year of service or part thereof in excess of six months subject to the maximum amount payable as per the Payment of Gratuity Act, 1972.

(ii) The Scheme in relation to Britannia Industries Limited Covenanted Staff Gratuity Fund provides for lumpsum payment to vested employees at retirement, death while in employment or on termination of employment of an amount equivalent to 15 days salary payable for each completed year of service or part thereof in excess of six months subject to the higher of maximum amount payable as per the Payment of Gratuity Act, 1972 and twenty month’s salary

Vesting (for both the funds mentioned above) occurs only upon completion of five years of service, except in case of death or permanent disability The present value of the defined benefit obligation and the related current service cost are measured using the projected unit credit method with actuarial valuation being carried out at balance sheet date.

Notes:

(i) The discount rate is based on the prevailing market yield on Government Securities as at the balance sheet date for the estimated term of obligations.

(ii) The expected return on plan assets is determined considering several applicable factors mainly the composition of the plan assets held, assessed risks of asset management, historical results of the return on plan assets and the Company’s policy for plan asset management.

(iii) The estimate of future salary increases considered in actuarial valuation takes into account inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.

(iv) The disclosure above includes amounts for both Britannia Industries Limited Covenanted Staff Gratuity Fund and Britannia Industries Limited Non Covenanted Staff Gratuity Fund.

During the year ended 31 March 2013, an amount of ' 5 was received towards capital subsidy for the Hajipur Factory, Bihar in accordance with the State Industrial Policy of Bihar. Out of this, an amount of ' 0.71 (31 March 2017: ' 0.71) has been credited to the Statement of Profit and Loss (by reducing the depreciation charge for the year) and the outstanding amount of ' 1.43 (31 March 2017: ' 2.15) has been classified as government grant in the balance sheet [Refer note 3 (k)].

Note 48 Corporate Social Responsibility

During the year, the amount required to be spent on corporate social responsibility activities amounted to ' 20.14 (31 March 2017: ' 15.80) in accordance with Section 135 of the Act. The following amounts were spent during the current and previous years:

Note 49 During the year ended 31 March 2016, based on queries received from Securities Exchange Board of India (‘SEBI’), the Company conducted a preliminary internal investigation and discovered certain irregularities by M/s Sharepro Services (India) Private Limited (‘Sharepro’), the Company’s erstwhile Registrar and Share Transfer Agent. Subsequently, the Company filed a criminal complaint against Sharepro and its employees. Pursuant to the directions issued by SEBI in its interim order dated 22 March 2016, the Company appointed an independent external agency to conduct an audit of the records and systems of Sharepro with respect to past transactions. The report of the external agency was submitted with SEBI by the Comapny vide its letter dated 12 July 2016. The Company will evaluate additional steps, if any, based on the directions of SEBI or any other regulatory authorities.

Based on consultations with its legal counsel, the Company has been advised that the liability will not devolve on the Company and thus no provision is considered necessary. Further, the Company has a right to claim losses, if any, from Sharepro and accordingly the Company does not plan to make good the losses on its own account.

Note 51 Capital management

The Company’s policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investors, creditors and market confidence and to sustain future development and growth of its business. In order to maintain the capital structure, the Company monitors the return on capital, as well as the level of dividends to equity shareholders. The Company aims to manage its capital efficiently so as to safeguard its ability to continue as a going concern and to optimize returns to all its shareholders. For the purpose of the Company’s capital management, capital includes issued capital and all other equity reserves and debt includes maturities of finance lease obligations and bank overdraft.

Note 52 During the year under review, the Company Secretary resigned from the services of the Company w.e.f

30 June, 2017. Mr. Jairaj Bham has been appointed as Company Secretary and Compliance Officer of the Company w.e.f 15 May, 2018.

Financial risk management

The Company’s financial risk management is an integral part of how to plan and execute its business strategies. The Company’s management risk policy is set by the Board. The Company’s activities expose it to a variety of financial risks: credit risk, liquidity risk and market risk. The Company’s primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. A summary of the risks have been given below.

Credit risk

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 and loans given. Credit risk arises from cash held with banks and financial institutions, as well as credit exposure to clients, including outstanding accounts receivables. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing counterparty credit risk is to prevent losses in financial assets. The Company assesses the credit quality of the counterparties, taking into account their financial position, past experience and other factors.

Trade and other receivables

The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment. The Company limits its exposure to credit risk from trade receivables by establishing a maximum payment period of three months for customer. In monitoring customer credit risk, customers are grouped according to their credit characteristics, including whether they are wholesale, retail or institutional customers, their geographic location, industry, trading history with the Company and existence of previous financial difficulties. The default in collection as a percentage to total receivable is low.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk by ensuring, that it will always have sufficient liquidity to meet its liabilities when due. The Company’s corporate treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by the senior management.

The Company aims to maintain the level of its cash and cash equivalents and other highly marketable debt investments at an amount in excess of expected cash outflows on financial liabilities (other than trade payables) over the next six months. The Company also monitors the level of expected cash inflows on trade receivables and loans together with expected cash outflows on trade payables and other financial liabilities. At 31 March 2018, the expected cash flows from trade receivables is ' 230.32 (31 March 2017: ' 126.41). This excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.

In addition, the Company maintains the following lines of credit, ' 224 (31 March 2017: '227) overdraft facility with various banks that is unsecured. Interest would be payable basis prevailing MCLR (31 March

2017 : prevailing base rate)

The table below provides details regarding the contractual maturities of significant financial liabilities as at

31 March 2018 and 31 March 2017:

Market risk

Market risk is the risk that changes in market prices - such as foreign exchange rates and interest rates - will affect the Company’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return.

Currency risk

The Company is exposed to currency risk to the extent that there is mismatch between the currencies in which sales, purchase are denominated and the respective functional currencies of Company The Company has export sales (2% of total sales) primarily denominated in US dollars and Euro. At any point in time, the Company hedges 95% to 100% of its estimated foreign currency exposure in respect of sales and purchases

The Company uses forward exchange contracts to hedge the currency exposure and is therefore not exposed to significant currency risk at the respective reporting dates.

Sensitivity analysis

The impact of strengthening/weakening of currency on the Company is not material as Company hedges 95% to 100% of the foreign currency exposure.

Note 54 Comparative figures have been regrouped/ reclassified wherever necessary to conform to current period’s presentation.

Note 55 The financial statements are presented in ' crores (rounded off to two decimal places). Those items which are required to be disclosed and which were not presented in the financial statements due to rounding off to the nearest ' crore are given below:

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Achiievers Equities Ltd (AEL) Member of NSE, BSE and MCX-SX
Reg. Office: 32/A, Diamond Harbour Road, Shakerbazar, Kolkata 700008 Tel: 033 2445 6442/66063000 Fax: 033 6606 3041
Email: info@achiieversequitiesltd.com , customer.care@achiieversequitiesltd.com
NSE Registration Nos.: NSE (Cash) : INB231395832 ; NSE (F&O) : INF231395832 ; NSE (Currency) : INE231395832 ; BSE (Cash) : INB011395838 ; BSE (F&O) : INF011395838 ; BSE(Currency) : INE011395838 | DSE Registration Nos. : INB051395839 | USE Registration Nos. : INE271395837
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