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Company Information

Home » Market » Company Information

Indian Acrylics Ltd.

Oct 21, 10:49
8.14 +0.12 (+ 1.50 %)
 
VOLUME : 11277
Prev. Close 8.02
Open Price 8.02
TODAY'S LOW / HIGH
7.90
 
 
 
8.20
Bid PRICE (QTY.) 8.02 (500)
Offer PRICE (Qty.) 8.14 (230)
52 WK LOW / HIGH
6.04
 
 
 
12.20
Indian Acrylics Ltd. is not traded in NSE
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Market Cap. ( ₹ ) 110.15 Cr. P/BV 0.78 Book Value ( ₹ ) 10.47
52 Week High/Low ( ₹ ) 12/6 FV/ML 10/1 P/E(X) 10.28
Bookclosure 30/09/2019 TTM EPS ( ₹ ) -1.62 Div Yield (%) 0.00
NOTES TO ACCOUNTS
You can view the entire text of Notes to accounts of the company for the latest year
Year End :2018-03 

1. LEASES:

The company has leased facilities under cancellable and non-cancellable operating leases arrangements with a lease term ranging from one to five years, which are subject to renewal at mutual consent thereafter. The cancellable arrangements can be terminated by either party after giving due notice. The lease rent expenses recognized during the year amounts to Rs.290.73 lakhs (previous year Rs.227.52 lakhs). The future minimum lease payments in respect of the non-cancellable operating leases as at 31st March 2018 are:

2. Out of Inter Corporate Loans an amount of Rs.6267.00 Lakhs being interest free loans have been Discounted as per effective rate of Interest during the year and has been shown at present value of Rs.4999.85 Lakhs and Corresponding Balance effect has been treated under Other Equity amt Rs.1267.15 Lakhs as per IND AS-109.

3. Following the order of Hon’ble High Court dated 30.08.2012, company has filed a Execution Petition before the court on 14.01.2013 praying therein for attachment of bank account and other assets of M/s E.I.Dupont of USA to realize its claim of US$ 5 lakhs plus interest thereon amounting to US$ 9.75 lakhs from the date of award (16.03.2002) till the date of petition (14.01.2013). The total amount of company claim as already decreed by the court under the arbitration and Conciliation Act 1996 comes to Rs.814.49 lakhs and same has been treated as Income in the year 2012-13. The management of the company is confident of recovery of these claims.

4. Financial risk management objectives and policies

The Company’s principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Company’s operations and to support its operations. The Company’s financial assets include loans, trade and other receivables, and cash & cash equivalents that derive directly from its operations.

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 is supported by a Business Risk Management committee that advises on financial risks and the appropriate financial risk governance framework for the Company. This Business Risk Management committee provides assurance to the Company’s senior management that the Company’s financial risk activities are governed by appropriate policies and procedure and that financial risks are identified, measured and managed in accordance with the Company’s policies and risk objectives. The Board of Directors reviews and agrees policies for managing each risk, which are summarized as below:

Market Risk :-

a) Price Risk

Fluctuation in commodity price in global market affects directly and Indirectly the price of raw material and components used by the Company in its products. The key raw material for the Company’s business is Acrylonitrile.

b) 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 relates primarily to the Company’s long term debt obligations with floating interest rates. The Company is carrying its borrowings primarily at variable rate.

c) Interest rate Sensitivity

For the Purpose of computing interest rate sensitivity on the above borrowings, management has estimated a reasonably possible change in interest rate as 50bps based on current as well as expected economic conditions. This analysis is based on Long Term Risk exposures outstanding at the reporting date and assumes that all other variables, in particular foreign currency exchange rates, remains constant. The period and balances are not necessarily representative of the average amounts outstanding during the period.

Mark to Market Losses (Gain) 13.83

e) Credit risk

The 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 towards the Company and arises principally from the Company’s receivables from customers and deposits with banking institutions. The maximum amount of the credit exposure is equal to the carrying amounts of these receivables. The Company has developed guidelines for the management of credit risk from trade receivables.

f) Liquidity risk

The liquidity risk encompasses any risk that the Company cannot fully meet its financial obligations. To manage the liquidity risk, cash flow forecasting is performed in the operating divisions of the Company and aggregated by Company finance. The Company’s finance monitors rolling forecasts of the Company’s liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities / overdraft facilities at all times so that the Company does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities.

5. These are the Company’s first financial statements prepared in accordance with IND AS.

These financial statements, for the year ended 31 March 2018, are the first the Company has prepared in accordance with IND AS. For periods up to and including the year ended 31 March 2016, 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 (Indian GAAP). Accordingly, the Company has prepared financial statements which comply with IND AS applicable for periods ending on 31 March 2018, together with the comparative period data as at and for the year ended 31 March 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 1 April 2015, the Company’s date of transition to IND AS. An explanation of how the transition from previous gAaP to IND AS has affected the Company’s financial position, financial performance and cash flows is set out in the following tables and notes.

Exemptions and exceptions availed:

Set out below are the applicable IND AS 101 optional exemptions and mandatory exceptions applied in the transition from previous GAAP to IND AS.

A. IND AS Optional exemptions availed.

(a) Deemed Cost

Under IND AS paragraph D7 AA of IND AS 101 permits a first time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognized in the financial statements as at the date of transition to IND AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition. Accordingly, the Company has elected to measures all of its properties, plant and equipment, at their previous GAAP carrying values.

(b) Designation of previously recognized financial instruments

Under IND AS 109, at initial recognition of a financial asset , an entity may make an irrevocable election to present subsequent changes in the fair value of an investment in an equity instrument in other comprehensive income. Paragraph D19B of IND AS 101 allows such designation of previously recognized financial assets as ‘ fair value through comprehensive income’ on the basis of the facts and circumstances that existed at the date of transition to IND AS.

B. IND AS Mandatory exceptions

(a) Estimates

An entity’s estimates in accordance with IND AS at the date of transition to IND AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error.

1.) Investment in equity instruments are carried at Cost.

(b) Classification and measurement of financial assets

As required under IND AS 101 the company has assessed the classification and measurement of financial assets (investment in debt instruments) on the basis of the facts and circumstances that exist at the date of transition to IND AS.

C. Transition to IND AS - Reconciliations

The following reconciliations provide a quantification of the effect of significant differences arising from the transition from previous GAAP to IND AS as required under IND AS 101:

1) Reconciliation of Balance sheet as at 1st April, 2016 (Transition Date)

2) (a) Reconciliation of Balance sheet as at 31st March, 2017.

(b) Reconciliation of Total Comprehensive Income for the year ended 31st March, 2017.

3) Reconciliation of Equity as at 1st April, 2016 and as at 31st March, 2017.

4) Reconciliation of Income statement as at 31st March, 2017.