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Company Information

Home » Market » Company Information

Fine Organic Industries Ltd.

May 19
4373.15 +7.45 (+ 0.17 %)
VOLUME : 1488
Prev. Close 4365.70
Open Price 4310.05
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
May 19
4372.80 +7.75 (+ 0.18 %)
VOLUME : 17362
Prev. Close 4365.05
Open Price 4320.00
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
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Market Cap. ( ₹ ) 13406.99 Cr. P/BV 18.33 Book Value ( ₹ ) 238.55
52 Week High/Low ( ₹ ) 4740/2735 FV/ML 5/1 P/E(X) 111.43
Bookclosure 24/08/2021 TTM EPS ( ₹ ) 55.30 Div Yield (%) 0.00
You can view the entire text of Notes to accounts of the company for the latest year
Year End :2019-03 


Fine Organic Industries Limited {formerly known as “Fine Organic Industries Private Limited"} is a Public Limited Company domiciled in India and is incorporated under the provisions of the Companies Act, 1956. The Company was converted into Public Company with effect from November 02, 2017 and consequently the name of the Company has changed from Fine Organics Industries Private Limited to Fine Organic Industries Limited. The registered office of the Company is situated in the State of Maharashtra.

The standalone Financial Statements were approved and authorised for issue with the resolution of the Board of Directors on May 27, 2019 and are subject to the approval of Shareholders in the Annual General Meeting.

The Company carries on business in India and abroad, as manufacturers, processors, suppliers, distributors, dealers, importers, exporters of wide range of oleochemical-based additives used in foods, plastics, cosmetics, coatings and other specialty application in various industries.

The Company has completed Initial Public offering (IPO) of 76,64,994 shares of Rs. 5/- each at an offer price of Rs. 783/- per Equity Share aggregating to Rs.60,017/lakhs through offer for sale. Equity shares of the Company were listed on July 2, 2018 on Bombay Stock Exchange Limited (BSE) and National Stock Exchange of India Limited (NSE).


2.1 Statement of compliance

The accompanying standalone Financial Statements have been prepared in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) as per the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) (Amendment) Rules, 2017 notified under section 133 of the Companies Act, 2013, (the ‘Act’) and other relevant provisions of the Act.

2.2 Functional and presentation currency

These standalone Financial Statements are presented in Indian rupees, which is also the Company’s functional currency. All amounts have been reported in INR, unless otherwise indicated.

2.3 Basis of measurement

The standalone Financial Statements have been prepared on a historical cost basis, except for the following:

- Certain financial assets and liabilities (including derivative instruments) that are measured at fair value; and

- Net defined benefit (assets)/ liabilities that are measured at fair value of plan assets less present value of defined benefit obligations

2.4 Use of estimates and judgements

The preparation of the standalone Financial Statements in accordance with Ind AS requires use of judgements, estimates and assumptions, which affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates is recognised prospectively.

Assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment in the year ended March 31, 2019 are as follows:

a) Property, plant and equipment

Useful lives of tangible assets are based on the life prescribed in Schedule II of the Act except plant & machineries, which in the opinion of the Management represent the useful lives as they are based on technical advice, taking into account the nature of the asset, the estimated usage of the asset, the operating conditions of the asset, past history of replacement, anticipated technological changes, manufacturers’ warranties and maintenance support.

b) Revenue from contracts with customers The Company’s contracts with customers include promises to transfer goods to the customers. Judgement is required to determine the transaction price for the contract. The transaction price could be either a fixed amount of customer consideration or variable consideration with elements such as schemes, incentives, cash discounts, etc. The estimated amount of variable consideration is adjusted in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur and is reassessed at the end of each reporting period. Estimates of rebates and discounts are sensitive to changes in circumstances and the Company’s past experience regarding returns and rebate entitlements may not be representative of customers’ actual returns and rebate entitlements in the future.

Costs to obtain a contract are generally expensed as incurred. The assessment of this criteria requires the application of judgement, in particular when considering if costs generate or enhance resources to be used to satisfy future performance obligations and whether costs are expected to be recovered.

c) Recognition and measurement of defined benefit obligations

The obligation arising from defined benefit plan is determined on the basis of actuarial assumptions. Key actuarial assumptions include discount rate, trends in salary escalation, actuarial rates and life expectancy. The discount rate is determined by reference to market yields at the end of the reporting period on government bonds. The period to maturity of the underlying bonds correspond to the probable maturity of the post-employment benefit obligations.

d) Recognition of deferred tax assets

Deferred tax assets are recognised for the future tax consequences of temporary differences between the carrying values of assets and liabilities and their respective tax bases, and unutilised business loss and depreciation carryforwards and tax credits, if any. Deferred tax assets are recognised to the extent that it is probable that future taxable income will be available against which the deductible temporary differences, unused tax losses, depreciation carry-forwards and unused tax credits could be utilised.

e) Contingent liabilities, Commitments and Litigations

Contingent liabilities

Contingent liabilities may arise from the ordinary course of business in relation to claims against the Company, including legal and other claims. By their nature, contingencies will be resolved only when one or more uncertain future events occur or fail to occur. The assessment of the existence, and potential quantum, of contingencies inherently involves the exercise of significant judgement and the use of estimates regarding the outcome of future events. Litigation

From time to time, the Company might be subject to legal proceedings the ultimate outcome of each being always subject to many uncertainties inherent in litigation. A provision for litigation is made when it is considered probable that a payment will be made, and the amount of the loss can be reasonably estimated. Significant judgement is made when evaluating, among other factors, the probability of unfavorable outcome and the ability to make a reasonable estimate of the amount of potential loss. Litigation provisions are reviewed at each accounting period and revisions made for the changes in facts and circumstances.

2.5 Measurement of fair values

The Company’s accounting policies and disclosures require the measurement of fair values, for both Financial and non-Financial assets and liabilities.

The Company has an established control framework with respect to the measurement of fair values, which includes overseeing all significant fair value measurements, including Level 3 fair values by the management. The management regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the management assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of Ind AS, including the level in the fair value hierarchy in which such valuations should be classified.

When measuring the fair value of a Financial asset or a Financial liability, the Company uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

- Level-1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

- Level-2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

- Level-3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Company recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

2.6 Operating cycle

An operating cycle is the time between the acquisition of assets for processing and their realisation in cash or cash equivalents.

Based on the nature of services and the time between the acquisition of assets for processing and their realisation in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current - non-current classification of assets and liabilities.

2.7 Current I non-current classification

An entity shall classify an asset as current when:

a) It expects to realise the asset, or intends to sell or consume it, in its normal operating cycle;

b) It holds the asset primarily for the purpose of trading;

c) It expects to realise the asset within twelve months after the reporting period; or

d) the asset is cash or a cash equivalent unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period

An entity shall classify all other assets as non-current. An entity shall classify a liability as current when-

a) It expects to settle the liability in its normal operating cycle;

b) It holds the liability primarily for the purpose of trading;

c) The liability is due to be settled within twelve months after the reporting period; or

d) It does not have an unconditional right to defer settlement of the liability for atleast twelve months after the reporting period. Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.

An entity shall classify all other liabilities as noncurrent.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.


The Company has obtained External Commercial Borrowing (ECB) for the purpose of capital expenditure. Accordingly, the exchange difference on retranslation of principal amount of ECB, interest expenses on ECB after netting off the interest income on fixed deposit, placed out of unutilised fund from ECB and interest rate swap premium till the date of commencement of project has been added to CWIP.


Purchase price of assets under construction along with the installation expenses are booked under Capital Work in Progress till the date of capitalisation of the project. Further, the borrowing cost, net charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the assets and other indirect expenses incurred relating to project, net of income earned during the project development stage prior to its intended use, are considered as expenses in capital nature and disclosed under Capital Work - in - Progress (CWIP).


Includes Rs. 3,800.00 lakhs (Previous Year : NIL) created out of unutilised Foreign Currency Borrowings.

* Balances with Government authorities primarily include amounts realisable from GST, the unutilised GST input tax credits. These are generally realised within one year or regularly utilised. Accordingly, these balances have been classified as “Other Current Assets”.

(#) As per the Scheme of Amalgamation, the authorised share capital of the Transferor Companies, Fine Research & Development Centre Private Limited (“FRDCPL”) and Fine Speciality Surfactants Private Limited (“FSSPL”) amounting to 1,00,000 shares of Rs. 10 each are transferred to and merged with the authorised share capital of the Amalgamated Company. Also refer to note no. 18.6 regarding sub-division of shares.


The Company has one class of equity shares having a par value of Rs. 5 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in case of interim dividend. 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.


The Company has not reserved any shares for issue of options and contracts / commitments for sale of shares / disinvestment.


There is no calls unpaid.


The Shareholders vide a special resolution has approved sub division of shares of the Company in the ratio of 2 shares of face value of Rs.5/- each for every existing 1 share of the face value of Rs.10/- each.

The requisite approvals for modification of the Memorandum and Articles of Association of the Company had been accorded by the shareholders on November 06, 2017.


(i) The company has issued 2,80,000 Equity Shares of Rs.10/- Each in Financial year 2016-17 for consideration other than cash to the shareholders of Fine Research & Development Centre Private Limited (“FRDCPL”) and Fine Speciality Surfactants Private Limited (“FSSPL”) on account of Amalgamation.

(Previous year: 2,80,000 Equity shares of Rs.10/- each)

(ii) During the year ended March 31, 2018, the company has issued 1,02,19,992 Equity shares of Rs.10/- each (Pre Subdivision of shares) pursuant to the bonus issue of shares vide special resolution approved by the shareholders dated October 16, 2017.

The Company has allotted 2 (Two) Fully paid up equity shares of Rs.10/- each for every 1 (One) Equity shares held by the shareholders (Including shares issued to the shareholders on account of Amalgamation with FRDCPL & FSSPL).

Later on as per special resolution dated November 06, 2017 such shares are sub divided in to the ratio of 2 (Two) shares of face value of Rs.5/- each for every existing 1 (One) share of the face value of Rs.10/- each.

* Denoted as amount below Rs.1000/-

(#) Under the erstwhile Indian Companies Act, 1956, a general reserve was created through an annual transfer of net profit at a specified percentage in accordance with applicable regulations. Consequent to introduction of Companies Act, 2013, the requirement to mandatory transfer a specified percentage of the net profit to General Reserve has been withdrawn though the Company may transfer such percentage of its profits for the financial year as it may consider appropriate. Declaration of dividend out of such reserve shall not be made except in accordance with rules prescribed in this behalf under the Act.

($) Retained Earnings are the profits that the Company has earned till date, less any transfer to general reserve, dividends or other distributions paid to shareholders.



(i) The Foreign Currency Borrowings is secured against exclusive charge on specific Land & Building and Plant & Machineries of the borrower at plot no. N-42/1, MIDC, Anand Nagar, Additional Ambernath Industrial Area, Ambernath - 421501, Maharashtra.

(ii) Remaining tenure of the borrowing is 45 Months

(iii) Uncommitted amount from Foreign Currency Borrowings is USD 31.25 lakhs and same is expected to be raised during FY 2019-20.



Secured Loans from banks on Cash Credit are secured by way of hypothecation of stocks of raw materials, finished products, stores and work-in-progress as well as book debts.


Micro & Small enterprises as defined under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) have been identified by the Company on the basis of the information available with the Company and the auditors have relied on the same. Sundry creditors include total outstanding dues of micro enterprises and small enterprises amounting to Rs.344.62 lakhs (Previous Year: Rs.544.47 lakhs). The disclosure pursuant to MSMED Act based on the books of account is as under:


The Company is primarily in the Business of manufacture and sale of specialty chemicals. All sales are made at a point in time and revenue recognised upon satisfaction of the performance obligations which is typically upon dispatch/ delivery. The Company evaluates the credit limits for the trade receivables. The Company does not give significant credit period resulting in no significant financing component.

Further, disaggregation of revenue based on geography has been mentioned under segment information.

{refer to note No. 42.3}

As per Indian Accounting Standard 19 “Employee Benefits” the disclosures as defined are given below:

A] Defined Contribution Plans

The Company makes contributions towards provident fund and other retirement benefits to a defined contribution retirement benefit plan for qualifying employees. Under the plan, the Company is required to contribute a specified percentage of payroll cost to the retirement benefit plan to fund the benefit.

Contribution to Defined Contribution Plans, recognised as expense for the year is as under:

B] Defined Benefits Plans

The Company has used the Projected Unit Credit (PUC) actuarial method to assess the Plan’s liabilities, including those related to death-in-service benefits. Under the PUC method, a ‘Projected accrued benefit’ is calculated at the beginning of the year and again at the end of the year for each benefit that will accrue for all active members of the plan. The ‘projected accrued benefit’ is based on the Plan’s accrual formula and upon the service as at the beginning or end of the year, but using a member’s final compensation, projected to the age at which the employee is assumed to leave active service. The Plan Liability is the actuarial present value of the ‘projected accrued benefits’ as at the end of the year for the Plan’s active members.

(vii) Sensitivity Analysis

Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate, expected salary increase and mortality. The sensitivity analysis below have been determined based on reasonably possible changes of the assumptions occurring at the end of the reporting period, while holding all other assumptions constant. The results of Sensitivity Analysis is given below:

(ix) Risk Factors

Through its gratuity plans the Company is exposed to a number of risks, the most significant of which are detailed below:-

Interest Risk

A decrease in the bond Interest rate will increase the plan liability; however, in case of gratuity plan this will be partially offset by an increase in the return on the plan’s assets.

Longevity Risk

The present value of Gratuity plan liability is calculated by reference to the best estimate of the mortality of plan participants. An increase in the life expectancy of the plan participants will increase the plan’s liability.

Salary Risk

The present value of the Gratuity plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan’s liability.

Investment Risk

For funded plans that rely on Insurers for managing the assets, the value of assets certified by the Insurer may not be the fair value of Instruments backing the liability. In such cases, the present value of the assets is independent of the future discount rate. This can result in wide fluctuations in the net liability or the funded status if there are significant changes in the discount rate during the inter-valuation period.


As per Section 135 of the Companies Act, 2013, the Group has constituted a Corporate Social Responsibility (CSR) Committee. The Group has specified the project in education field, promoting preventive healthcare and sanitation. Modalities of utilisation of funds on the specified project and monitoring and reporting mechanism has been defined.

The Company has an amount of Rs.446.60 lakhs to be spent on Corporate Social Responsibility (CSR) as on March 31, 2019 which is a sum total of amount to be spent for previous FY and provision made for current FY 2018-19 amounting to Rs.263.10 lakhs towards CSR expenses. However the Company has already committed an amount of Rs.250.26 lakhs towards identified CSR projects as on date of signing these financial statements. During FY 2018-19, the Company has disbursed the amount of Rs.33.00 lakhs towards CSRprojects of the Company.

In accordance with Rule 4 (2) ofCSR Rules, 2014, the said funds will be utilised as per CSR Policy.

The Financial Statements of the Company for the year ended March 31, 2019 has been approved by the Board of Directors in its meeting held on May 27, 2019. For the year ended March 31, 2019, dividend of Rs.7 per share (Total dividend of Rs.2,587.36 lakhs including Dividend Distribution Tax of Rs.441.16 lakhs) has been proposed by the Board of Directors at its meeting held on May 27, 2019. The same is subject to the approval of shareholders in the ensuing Annual General Meeting of the Company and therefore proposed dividend (including dividend distribution tax) has not been recognised as liability as at the Balance Sheet Date in line with Ind AS - 10 “Events after the Reporting Period.”

It is not practicable for the company to estimate the timings of the cash outflows, if any, in respect of the above contingent liabilities pending resolution of the respective proceedings. The company does not expect any reimbursement in respect of the above contingent liabilities


The Disclosure pertaining to the related parties as required by Indian Accounting Standard 24 issued by Ministry of Corporate Affairs (MCA), as applicable, are indicated below:

(a) List of Related Parties and relationships

Note: Related parties relationship is as identified by the Company on the basis of information available with the Management and accepted by the Auditor.

Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash. There have been no guarantees provided or received for any related party receivables or payables. For the year ended March 31, 2019, the Company has not recorded any impairment of receivables relating to amounts owed by related parties (March 31, 2018: ' Nil). This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.


The Company has identified its reportable segment as “Specialty Chemicals” since the Chief Operating Decision Maker (CODM) evaluates the Company’s performance as a single segment in terms of Indian Accounting Standard 108 issued by Ministry of Corporate Affairs (MCA).


The Company does not have any non current non financial assets outside India.


There are no transactions with single external customer which amounts to 10% or more of the Company’s revenue.


The geographic information analyses the Company’s revenue and non-current assets by the Company’s country of domicile and other countries. In presenting the geographical information, segment revenue has been based on the geographic location of customers and segments assets were based on the geographic location of the respective non-current assets.

The product offerings which are part of the specialty chemicals portfolio of the Company are managed on a worldwide basis from India.


The Management has laid down the Internal Control Framework in which each department of the Company is being headed by professional HODs. These HODs are responsible for the day-to-day operations of the Company. The Company has substantially completed the documentation on Internal Control Framework Mechanism. No significant deficiencies or material weakness has been observed in the operation and Financial Control and processes of the Company.


The Company’s significant leasing arrangements are in respect of operating leases for building premises (offices, plant, godowns etc.). These leasing arrangements are non-cancellable in nature, and are usually renewable by mutual consent on mutually agreeable terms.


Set out below, is a comparison by class of the carrying amounts and fair value of the Company’s financial instruments


The following table provides the fair value measurement hierarchy of the Company’s assets and liabilities.


The following table shows the valuation techniques used in measuring Level 2 and 3 fair values for assets and liabilities carried at fair value through profit or loss


For the purposes of the Company’s capital management, capital includes issued equity share capital, all other reserves and borrowed capital less reported cash and cash equivalents.

The primary objective of the Company’s capital management is to maintain an efficient capital structure to reduce the cost of capital, support the corporate strategy and to maximise shareholder’s value.

The Company’s policy is to borrow primarily through banks to maintain sufficient liquidity. The Company also maintains certain undrawn committed credit facilities to provide additional liquidity. These borrowings, together with cash generated from operations are utilised for operations of the Company

The Company monitors capital on the basis of cost of capital. The Company is not subject to any externally imposed capital requirements.


The Company’s activities primarily expose it to various risks such as Market Risks, Credit Risk and Liquidity Risk. Those are explained below :

1) Market Risk

Market Risks arise due to Changes in interest rates, Foreign exchange rates and changes in Market prices.

(i) Interest Rate Risks

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 rates. The Company’s exposure to the risk of changes in market rates relates primarily to the Company’s long-term debt obligations with floating interest rates

The Company’s policy is generally to undertake long-term borrowings using facilities that carry floating-interest rate. The Company manages its interest rate risk by entering into interest rate swaps, in which it agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount.

Moreover, the short-term borrowings of the Company do not have a significant fair value or cash flow interest rate risk due to their short tenure.

As the Company does not have exposure to any floating-interest bearing assets, or any significant long-term fixed-interest bearing assets, its interest income and related cash inflows are not affected by changes in market interest rates. As at the end of reporting period, the Company had following long term variable interest rate borrowings and derivatives to hedge the interest rate risk are as follows:

Interest rate sensitivity

No sensitivity analysis is prepared as the Company does not expect any material effect on the Company’s results arising from the effects of reasonably possible changes to interest rates on interest bearing financial instruments at the end of the reporting period.

(ii) Foreign Currency Risks

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate due to changes in foreign exchange rates. The Company enters into forward exchange contracts to hedge its foreign currency exposures in USD and Euro.

a) Exposure in foreign currency - Hedged

The Forward exchange contracts used for hedging foreign exchange currency exposure and outstanding as at reporting date as at under :

(iii) Market Price Risks

The Company is affected by the price stability of certain commodities. Purchases of Raw materials from our top 2 suppliers constitute approximately 45% of our total purchases made from all suppliers. We do not enter into supplier contracts of duration of more than 6 months. If suppliers do not supply us, there can be no assurance that we will be able to identify alternative suppliers in future at similar cost. Any disruption in the supply of the raw materials could disrupt our manufacturing operations, which could have a material adverse effect on our business, results of operations and financial condition.

The company’s total imports of raw materials is approximately 30.04% (P.Y.: 27.97%) of the total raw material consumed. The cost of our imported raw material affected by the fluctuation in the rate of foreign exchange of the currency in which we purchase these raw materials (primarily in USD) and the Rupee.The Company has a risk management framework aimed at prudently managing the price risk arising from the volatility in commodity prices and freight costs and tries to pass on increases in the costs to its customers to whatever extent possible.

(2) Credit Risk

Credit Risk is the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Company. It arises from credit exposure to customers, financial instruments viz., Investments in Equity Shares and balances with banks.

The Company holds cash and cash equivalents with banks which are having highest safety rankings and hence has a low credit risk.

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. Credit risk is managed through credit approvals, establishing credit limits (generally between 30 to 90 days) and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. The outstanding trade receivables due for a period exceeding 180 days as at the year ended March 31, 2019 is 0.73% (P.Y. 0.29%) of the total trade receivables. The Company uses Expected Credit Loss (ECL) model to assess the impairment loss or gain.

(3) Liquidity Risk

The Company manages liquidity risk by maintaining adequate surplus, banking facilities and reserve borrowings facilities by continuously monitoring forecasts and actual cash flows.

The Company has obtained fund and non-fund based borrowings from banks. The Company invests its surplus funds in bank fixed deposit which carry low credit risks.

All payments are made on due dates and requests for early payments are entertained after due approval and availing early payment discounts.

The Company has a system of forecasting rolling one month cash inflow and outflow and all liquidity requirements are planned.

Maturity to Financial Liabilities:

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, and include contractual interest payments.