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Dhabriya Polywood Ltd. இன் கணக்கு குறிப்புகள்

Mar 31, 2018

1. GENERAL INFORMATION

Dhabriya Polywood Limited (‘The Company’) is a public limited Company domiciled and incorporated under the provisions of the Companies Act, 1956 in India in 1992. The Company’s equity shares are listed at the Bombay Stock Exchange (BSE). It is headquartered in Jaipur in Rajasthan and having its manufacturing units at two places in Rajasthan at Jaipur and one place in Tamilnadu at Coimbatore. Apart from that Company has its marketing network spread throughout India to cover all major markets. The Company is one of the leading manufacturer & suppliers of Extruded PVC Profile Sections, Dstona Sheets & Moldings for various furnishing & furniture applications (i.e. Doors, Partitions, Ceiling, Paneling, fencing, prefabs, interior & furnishing etc.) and uPVC Windows & Door Systems. All the product range of Company is developed & produced on Save Tress concept without using natural wood.

The financial statements for the year ended 31st March 2018 were approved by the Board of Directors and authorised for issue on May 29, 2018.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013 (“the Act”) read with the Companies (Indian Accounting Standards) Rules, 2015 and other relevant provisions of the Act, as applicable. The financial statements up to the year ended 31st March 2017 were prepared in accordance with Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 and other relevant provisions of the Act (‘Previous GAAP’). These are Company’s first Ind AS financial statements. The date of transition to Ind AS is April 1, 2016. Refer note 45 for an explanation of the transition from previous GAAP to Ind AS and the effect on the Company’s financial position, financial performance and cash flows.

3. SEGMENT REPORTING

In accordance with para 4 of Ind AS 108 - Operating Segments, the company presents segment informations only in the Consolidated Financial Statements.

4. FINANCIAL INSTRUMENTS

a. Capital Risk Management

For the purpose of the Company’s capital management, capital includes issued equity capital, securities premium and all other equity reserves attributable to the equity shareholders of the Company. The Company’s objective when managing capital is to safeguard its ability to continue as a going concern so that it can continue to provide returns to shareholders and other stakeholders.

The Company manages its capital structure and makes adjustments in light of changes in the financial condition 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 (buy back its shares) or issue new shares.

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. The Company has complied with these covenants and there have been no breaches in the financial covenants of any interest-bearing loans and borrowings. No changes were made in the objectives, policies or processes for managing capital during the year ended March 31, 2018 and March 31, 2017.

The Company monitors its capital using gearing ratio which is net debt divided to total equity. Net debt includes, interest bearing loans and borrowings less cash and cash equivalents, bank balances other than cash and cash equivalents.

c. Financial Risk Management objects and policies

In its ordinary operations, the company’s activities expose it to the various types of risks, which are associated with the financial instruments and markets in which it operates. The Company has a risk management policy which covers the foreign exchanges risks and other risks associated with the financial assets and liabilities such as interest rate risks and credit risks. The risk management policy is approved by the board of directors. The following is the summary of the main risks.

Market Risk

Market Risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of the change in the market prices. The Company is exposed in the ordinary course of its business to risks related to changes in foreign currency exchange rates, commodity prices and interest rates.

Interest Rate Risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair value of fixed interest-bearing investments because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest-bearing investments will fluctuate because of fluctuations in the 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.

Foreign Currency Risk

The Company is exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to the USD related to the imports of its raw material and capital assets. Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities denominated in a currency that is not the Company’s functional currency (INR).

Credit Risk

Credit risk refers to the risk that a counter party will default on its contractual obligations resulting in financial loss to the Company. Credit risk encompasses of both, the direct risk of default and the risk of deterioration of credit worthiness as well as concentration risks.

Company''s credit risk arise principally from the trade receivables and advances. Customer credit risk is managed centrally by the Company and subject to established policy, procedures and control relating to the customer credit risk management. Credit quality of a customer is assessed based on financial position, past performance, business/economic conditions, market reputation, expected business etc. Based on that credit limit and credit terms are decided. Outstanding customer receivables are regularly monitored. Trade receivables consist of a large number of customers spread across diverse industries and geographical areas with no significant concentrations of credit risk. The outstanding trade receivables are regularly monitored, and appropriate action is taken for collection of overdue receivables.

Liquidity Risk

The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Expected contractual maturity for financial liabilities:

5. FIRST TIME ADOPTION OF IND AS Transition to Ind AS

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

The accounting policies set out in note 3 have been applied in preparing the financial statements for the year ended March 31, 2018, the comparative information presented in these financial statements for the year ended March 31, 2017 and in the preparation of an opening Ind AS balance sheet at April 1, 2016 (The company’s date of transition). In preparing its opening Ind AS balance sheet, the company has adjusted the amounts reported previously in financial statements prepared in accordance with the accounting standards notified under Companies (Accounting Standards) Rules, 2006 (as amended) and other relevant provisions of the Act (previous GAAP or Indian GAAP).

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 on first time adoption of Ind AS 101

In preparing these Ind AS financial statements, the Company has availed certain optional exemptions and mandatory exceptions in accordance with Ind AS 101 from IGAAP to Ind AS, as explained below. The resulting difference between the carrying values of the assets and liabilities in the financial statements as at the transition date under Ind AS and IGAAP have been recognized directly in equity (retained earnings or another appropriate category of equity). This note explains the adjustments made by the Company in restating its IGAAP financial statements, including the Balance Sheet as at April 01, 2016 and the financial statements as at and for the year ended March 31, 2017.

Ind AS optional exemptions

Deemed Cost for Property, plant and equipment and investment property

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. This exemption can also be used for investment properties covered by Ind AS 40 "Investment Property". Accordingly, the Company has elected to measure all of its property, plant and equipment, capital work-in-progress and investment property at their previous GAAP carrying value as at the transition date i.e. April 01, 2016.

Ind AS mandatory exceptions Estimates

An entity’s estimates in accordance with Ind ASs 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. Ind AS estimates as at April 1, 2016 are consistent with the estimates as at the same date made in conformity with previous GAAP except where Ind AS required a different basis for estimates as compared to the previous GAAP.

Reconciliations between GAAP and Ind AS

Ind AS 101 requires an entity to reconcile equity, total comprehensive income and cash flows for prior periods. The following tables represent the reconciliations from GAAP to Ind AS.

The presentation requirements under GAAP differs from Ind AS and hence the GAAP information has been reclassified for ease of reconciliation with Ind AS. The reclassified GAAP information is derived based on the audited financial statements of the Company for the year ended March 31, 2016 and March 31, 2017.

Footnotes to Reconciliation

a. Previous GAAP figures have been reclassified to conform to Ind AS presentation requirements.

b. Depreciation Under Ind AS: The Investment Properties were classified under the head “Investments” under the previous GAAP. On transition to Ind AS, the same has been reclassified under the head “Investment Property” and depreciation on the same has been adjusted and provided for accordingly

c. Unamortized Loan Processing Fee expense appearing as on April 01, 2016 under previous GAAP has been derecognized through Equity as per the prescribed Ind AS.

d. The deferred tax adjustment includes the impact of transition adjustments together with adjustments in relation to Ind AS making it mandatory of using balance sheet approach against profit and loss approach as in the previous GAAP. On the date of transition, deferred tax impact on transition provision has been accounted in the Reserves, and consequential impact in the statement of profit and loss for the subsequent periods.

e. Under Previous GAAP, actuarial gains and losses were recognized in the Statement of Profit and Loss. Under Ind AS 19, the actuarial gains and losses is considered as Remeasurements of net defined benefit liability / asset and is recognized in other comprehensive income and therefore the same is recorded accordingly and resultant change due to this transition from Previous GAAP to Ind AS has been recognized accordingly.

f. Under previous GAAP, the Company was not required to present other comprehensive income (OCI) separately. Hence, it has reconciled Indian GAAP profit or loss to profit or loss as per Ind-AS. Further, Ind-AS profit or loss is reconciled to total comprehensive income as per Ind-AS.

6. OTHER NOTES

- Company does not have any long-term contract including derivative contract for which there are any material foreseeable losses.

- There are no amounts which are required to be transferred to the Investor Education and Protection Fund.

- Previous year figures have been reworked, regrouped, rearranged and reclassified, wherever necessary.


Mar 31, 2016

1. RELATED PARTY DISCLOSURES a) Related Parties and their relationship

I. Subsidiary Company

- Polywood Green Building Systems Pvt. Ltd.

II. Key Management Personnel

- Mr. Digvijay Dhabriya, Director

- Mr. Mahendra Karnawat, Director

- Mr. Shreyansh Dhabriya, Director

- Mrs. Anita Dhabriya, Director

III. Enterprises over which Key Managerial Personnel''s are able to exercise significant influence/control:

- Dynasty Modular Furnitures Pvt. Ltd.

- Flamboyance Exports Pvt. Ltd.

- Polywood India Ltd.

- Polywood Profiles Pvt. Ltd.

2. OTHER NOTES

* Company does not have any long-term contract including derivative contract for which there are any material foreseeable losses.

* There are no amounts which are required to be transferred to the Investor Education and Protection Fund.

* Previous year figures have been reworked, regrouped, rearranged and reclassified, wherever necessary to correspond with the current year''s classification/disclosure.


Mar 31, 2015

1. CORPORATE INFORMATION

Company namely Dhabriya Polywood Limited (formerly known as Dhabriya Agglomerates Pvt. Ltd.) is a Public Limited Company domiciled in India and incorporated in 1992 under the provisions of the erstwhile Companies Act, 1956. It is headquartered in Jaipur in Rajasthan and having its manufacturing units at two places in Rajasthan at Jaipur as well as in Tamilnadu at Coimbatore. Apart from that Company has its marketing network spread throughout India to cover all major markets. The Company is one of the leading manufacturer & suppliers of Extruded PVC Profile Sections for various indoor furniture applications (Doors, Partitions, Ceiling, Paneling etc.) and uPVC Windows/Door Systems. All the product range of Company is developed & produced on Save Tress concept without using natural wood.

* Term Loan from Banks (HDFC Bank Ltd. & ING Vysya Bank Ltd. (now Kotak Mahindra Bank Ltd.)) are secured against equitable mortgage / hypothecation on all the immovable and movable properties of the Companies, both present and future. There is no default as on the Balance Sheet date in repayment of loans and interest. Total repayment period of the term loans are :

(i) HDFC Term Loan of Rs. 51.97 Lakhs, 160.80 Lakhs and 57.05 Lakhs are repayble in 50 monthly instalments commenced from April 2011 and last instalment due in May, 2015,

(ii) HDFC Term Loan of Rs. 223.65 Lakhs availed during financial year 2011-12 is repayble in 63 monthly instalments commencing from June, 2011 and last instalment due in August, 2016.

(iii) ING (Kotak) Term Loan of Rs. 873.92 Lakhs is repayble in 60 monthly instalments commencing from Juy, 2014 and last instalment due in June, 2019.

** Car Loans Taken from banks/financial institutaions are secured by way of individual hypothecation of the Vehicle purchased from the amount of loan.

6. DEFERRED TAX ASSETS / LIABILITIES

As required under Accounting standard (AS) 22, 'Accounting for taxes on income' issued by the Institute of Chartered Accountants of India, the details of deferred tax assets / liabilities for the year ended up to 31st March 2015 charged to Statement of Profit & Loss are as under:

34. CONTINGENT LIABILITIES

Particulars 2014-15 2013-14

a) Perfonance Bank Guarantees given to third parties for contractual obligations 22430818 17192533

b) Perfonance Bank Guarantees given to third parties for contractual obligations 12630583 11114999 on behalf of Subsidiary Company

c) The Asst Commissioner of Income Tax (TDS), Jaipur had raised a demand of Rs.2,96,304/= while completing the assessment for the Assessment Year 2012-13 u/s 201(1)/201(1A) of the Income Tax Act, 1961. The company had gone on appeal and case was decided in favour of assessing authority by the CIT(Appeals) against which Comany has filed an appeal before the Income Tax Appellate Tribunal, Jaipur Bench.

d) The Asst Commissioner of Income Tax (TDS), Jaipur had raised a demand of Rs.33,374/= while completing the assessment for the Assessment Year 2013-14 u/s 201(1)/201(1A) of the Income Tax Act, 1961. The company has filed an appeal before the CIT(Appeals), Jaipur against the order.

e) The Commerial Tax Officer, Anti Evasion, Rajasthan 3, Jaipur had raised a demand of Rs.35,03,676/= and Rs. 1,17,80,600/= while completing the assessment for the Year 2010-11 and 2011-12 respectively . The company had gone on appeal and obtained favorable orders from the Deputy Commission (Appeal - I), Jaipur . The Department has filed an appeal before the Rajasthan Tax Board, Ajmer.

35. RELATED PARTY DISCLOSURES

a) Related Parties and their relationship

I. Subsidiary Company

* Polywood Green Building Systems Pvt. Ltd.

II. Key Management Personnels

* Mr. Digvijay Dhabriya, Director

* Mr. Mahendra Karnawat, Director

* Mr. Shreyansh Dhabriya, Director

* Mrs. Anita Dhabriya, Director

* Mr. Sparsh Jain, Company Secretary

* Mr. Hitesh Agrawal, Finance & Accounts Head cum CFO

* Mr. Sourabh Mathur, Business Head (Sales & Marketing)

* Mr. Anuruddh Singh, Quality Control Manager

III. Enterprises over which Key Managerial Personnels are able to exercise significant influence / control :

* Dynasty Modular Furnitures Pvt. Ltd.

* Flamboyance Exports Pvt. Ltd.

* Polywood India Ltd.

* Polywood Profiles Pvt. Ltd.

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