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நிறுவன பெயரின் முதல் சில எழுத்துக்களை நிரப்பி 'கோ' பட்டனை கிளிக் செய்யவும்

Page Industries Ltd. இன் கணக்கு குறிப்புகள்

Mar 31, 2023

38 Segment information

The Company has one business unit based on its products and has one reportable segment. The Company''s Board of Directors is the Chief Operating Decision Maker (CODM). The Board monitors the operating results of its single business unit for the purpose of making decisions about resource allocation and performance assessment. The following tables present revenue and non-current operating assets details of the Company for the year ended 31 March 2023 and 31 March 2022.

39 Financial assets measured at fair value through profit/loss:

The fair values of the Company''s security deposits and loans are determined by using Discounted Cash Flow (DCF) method (Level 3) using discount rate that reflects the issuer''s borrowing rate for the respective financial asset/liability as at the end of the reporting period.

The carrying value of trade receivables, trade payables, cash and cash equivalents, other bank balances, shortterm borrowings and other current financial assets and liabilities approximate their fair values largely due to the short-term maturities of these instruments.

There are no transfers between levels during the year ended 31 March 2023 and 31 March 2022.

40 Financial risk management objectives and policies

The Company''s activities expose it to the following risks:

a) Credit risk

b) Liquidity risk

c) Market risk

a) Credit risk

Credit risk is the risk that counter party will not meet its obligations under a financial instrument or customer contract leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities including deposits with banks and other financial assets.

i) Trade receivables

Customer credit risk is managed by the Company through established policy, procedures and control relating to customer credit risk management. Outstanding customer receivables are regularly monitored and major customers are generally secured by obtaining security deposits/bank guarantee or other forms of credit insurance. Refer below for movement of impairment allowance.

ii) Financial instruments, cash deposits etc.

Credit risk is limited as the Company generally invests in deposits with banks and financial institutions with high credit ratings assigned by international and domestic credit rating agencies. Investments primarily include investments in fixed deposits. Counterparty credit limits are reviewed by the Company periodically and the limits are set to minimise the concentration of risks and therefore mitigate financial loss through counterparty''s potential failure to make payments.

b) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company''s reputation. Typically the Company ensures that it has sufficient cash on demand to meet expected short term operational expenses. The Company''s objective is to maintain a balance between continuity of funding and flexibility through the use of internal accruals and borrowings as required.

c) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: interest rate risk and foreign currency risk. Financial instruments affected by market risk include borrowings, trade receivable and trade payables.

Interest rate risk is the risk that the fair value or future cash flows of the Company''s financial instruments will fluctuate because of changes in market interest rates. The Company does not have any significant exposure to borrowings with variable interest rates.

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company does not have significant foreign currency exposure and hence, is not exposed to any significant foreign currency risk.

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.

(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

(iv) The Company does not have any Cryptocurrency transactions / balances during the financial year.

(v) The Company has not advanced or loaned or invested funds to any other person or entity, including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) 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

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

(vi) The Company has not received any fund from any person or entity, including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

(vii) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

(viii) The Company is maintaining its books of account in electronic mode and these books of account are accessible in India at all times and the back-up of books of account has been kept in servers physically located in India on a daily basis from the applicability date of the Companies (Accounts) Rules, 2014, i.e. 5 August 2022 onwards.

44 The Code on Social Security, 2020 (''Code'') relating to employee benefits during employment and postemployment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules/ interpretation have not yet been issued. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.

45 Previous year''s figures have been regrouped and reclassified wherever necessary to conform to the current year presentation.


Mar 31, 2022

(iv) Shares reserved for issue under options and contracts:

Refer Note 33 for details of shares to be issued under employee stock option Scheme (ANUP ESOS 2019).

(v) In the period of five years immediately preceding March 31, 2022:

i) The Company has allotted 1,01,93,962 shares of '' 10/- each as fully paid without payment being received in cash pursuant to the Scheme of Arrangement sanctioned by National Company Law Tribunal vide its order dated October 26, 2018 between Arvind Limited, Arvind Fashion Limited, the Company and The Anup Engineering Limited in the year 2018-2019.

ii) The Company has not allotted any equity shares by way of bonus issue.

iii) Equity shares extinguished on buy-back

The Company has bought back 3,87,850 equity shares at an average price of '' 642.50 per equity share for an aggregate consideration of '' 2492.11 Lakhs excluding Transaction Costs. The buy-back commenced on February 24, 2021 and closed on March 15, 2021. All the shares bought back have been extinguished as per the records of the depositories.

(vi) Objective, policy and procedure of capital management, refer Note 39.

The description of the nature and purpose of each reserve within equity is as follows:

a. Capital reserve

Capital Reserve is created due to amalgamation/Business Combinations.

b. Capital Redemption Reserve

As per Companies Act, 2013, capital redemption reserve is created when company purchases its own shares out of free reserves or securities premium. A sum equal to the nominal value of the shares so purchased is transferred to capital redemption reserve.

c. Securities premium account

Securities premium reserve is created due to premium on issue of shares. These reserve is utilised in accordance with the provisions of the Companies, Act.

d. Share based payment reserve

This reserve relates to share options granted by the Company to its employee share option plan. Further information about share-based payments to employees is set out in Note 33.

Note : The Company has decided to exercise the option permitted under section 115BAA of the Income-tax Act, 1961 for the year 2019-2020 as introduced by the Taxation Laws (Amendment) Ordinance, 2019 which was subsequently converted into an Act, at the time of filing return of income. Accordingly, the Company has recognised provision for income taxes based on the rate prescribed in the aforesaid section. Further, management reviewed current tax and the components of deferred tax assets/ liabilities leading to a reassessment of its estimates compared to earlier periods. Such re-measurement and change in rate of tax resulted in one-time tax credit of '' 443.03 Lakhs which is shown under (Excess)/Short Provision for the year ended March 31, 2021.

Reconciliation of tax expense and the accounting profit multiplied by domestic tax rate for the year ended March 31, 2022 and March 31, 2021.

Note 28 : Foreign Exchange Derivatives and Exposures not hedged

The Company holds derivative financial instruments such as foreign currency forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The counter party for these contracts is generally a bank.

All derivative financial instruments are recognized as assets or liabilities on the balance sheet and measured at fair value. The accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative and the resulting designation.

The fair values of all derivatives are separately recorded in the balance sheet within current and non-current assets and liabilities depending upon the maturity of the derivatives.

The use of derivative instruments is subject to limits, authorities and regular monitoring by appropriate levels of management. The limits, authorities and monitoring systems are periodically reviewed by management and the Board. The market risk on derivatives is mitigated by changes in the valuation of the underlying assets, liabilities or transactions, as derivatives are used only for risk management purposes.

However, the Company does not have any of derivative contracts outstanding as at reporting date.

Note 29 : Segment Reporting Identification of Segments:

The chief operational decision maker monitors the operating results of its Business segment separately for the purpose of making decision about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the financial statements. Operating segment have been identified on the basis of nature of products and other quantitative criteria specified in the Ind AS 108. Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (“CODM”) of the company.

Operating Segments:

The Company''s business activity falls within a single operating business segment of Engineering products.

Information about major customers:

Considering the nature of business of company in which it operates, the company deals with various customers including multiple geographics. There are three (3) customers together contributing '' 17,664.70 Lakhs (March 31, 2021 : 3 customers, '' 14,583.61 Lakhs)of the total revenue of the Company from domestic and export sales.

Note(a) Employees of the Company receive benefits from a provident fund, which is a defined contribution plan. The eligible employees and the Company make monthly contributions to the provident fund plan equal to a specified percentage of the employees'' salary. Amounts collected under the provident fund plan are deposited in a government administered provident fund. The remaining portion is contributed to the government-administered pension fund. Employees of the Company receive benefits from a government administered provident fund, which is a defined contribution plan. The Company has no further obligation to the plan beyond its monthly contributions. Such contributions are accounted for as defined contribution plans and are recognised as employee benefits expenses when they are due in the Statement of profit and loss.

(b) The Company''s Superannuation Fund is administered by Life Insurance Company. The Company has no further obligations to the plan beyond its contribution.

B. Defined benefit plans:

The Company has following post employment benefit plans which are in the nature of defined benefit plans:

Gratuity

The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. The Gratuity plan is a Funded plan administered by a Trust and the Company makes contributions to recognised Trust in India.

Liabilities with regard to the Gratuity Plan are determined by actuarial valuation, performed by an independent actuary, at each Balance Sheet date using the projected unit credit method. The Company fully contributes all ascertained liabilities to the The Anup Engineering Limited Employees'' Gratuity Fund Trust (the Trust). Trustees administer contributions made to the Trusts and contributions are invested in a scheme as permitted by Indian law.

The Company recognizes the net obligation of a defined benefit plan in its Balance Sheet as an asset or liability. Gains and losses through remeasurements of the net defined benefit liability/(asset) are recognized in other comprehensive income and are not reclassified to profit or loss in subsequent periods. The actual return of the portfolio of plan assets, in excess of the yields computed by applying the discount rate used to measure the defined benefit obligations recognized in other comprehensive income.

The above sensitivity analysis may not be representative of the actual benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. In presenting the above sensitivity analysis, the present value of defined benefit obligation has been calculated using the projected unit credit method at the end of reporting period.

In presenting the above sensitivity analysis, the present value of defined benefit obligation has been calculated using the projected unit credit method at the end of reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognized in the balance sheet. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared with the previous period.

C. Other Long term employee benefit plans:

Leave encashment

The Company has a policy on leave encashment which are both accumulating and non-accumulating in nature. The expected cost of accumulating leave encashment is determined by actuarial valuation performed by an independent actuary at each Balance Sheet date using projected unit credit method on the additional amount expected to be paid/availed as a result of the unused entitlement that has accumulated at the Balance Sheet date. Expense on non-accumulating compensated absences is recognized in the period in which the absences occur. The liability of leave encashment is funded through Life Insurance Corporation.

The Company has recognised '' 14.49 Lakhs (March 31, 2021: '' 17.41 Lakhs) as expenses and included in Note No. 21 "Employee benefit expense".

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values.

The fair value of borrowings is calculated by discounting future cash flows using rates currently available for debts on similar terms, credit risk and remaining maturities.

For financial assets and financial liabilities that are measured at fair value, the carrying amounts are equal to the fair values.

Note 38 : Financial instruments risk management objectives and policies

The Company''s activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk. The Company''s risk management assessment and policies and processes are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls, and to monitor such risks and compliance with the same. Risk assessment and management policies and processes are reviewed regularly to reflect changes in market conditions and the Company''s activities.

The Company''s risk management is carried out by a Treasury department under policies approved by the Board of directors. The Company''s treasury identifies, evaluates and hedges financial risks in close co-operation with the Company''s operating units. The board provides written principles for overall risk.

(a) Market risk

Market risk refers to the possibility that changes in the market rates may have impact on the Company''s profits or the value of its holding of financial instruments. The Company is exposed to market risks on account of foreign exchange rates, interest rates, underlying equity prices, liquidity and other market changes.

Future specific market movements cannot be normally predicted with reasonable accuracy.

(a1) Interest rate risk

Interest rate risk refers to the possibility that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rate.

The Company is exposed to interest rate risk of short-term and long-term floating rate instruments and on the refinancing of fixed rate debt. The Company''s policy is to maintain a balance of fixed and floating interest rate borrowings and the proportion of fixed and floating rate debt is determined by current market interest rates. The borrowings of the Company are principally denominated in Indian Rupees with mix of fixed and floating rates of interest. These exposures are reviewed by appropriate levels of management at regular interval.

As on March 31,2022, the Company does not have any borrowings.

(a2) Foreign currency risk

The Company''s foreign currency risk arises from its foreign operations and foreign currency transactions. The fluctuation in foreign currency exchange rates may have potential impact on the income statement and equity, where any transaction references more than one currency or where assets/liabilities are denominated in a currency other than the functional currency of the Company. The major foreign currency exposures for the Company are denominated in USD and EURO.

Since a part of the Company''s revenue is in foreign currency and major part of the costs are in Indian Rupees, any movement in currency rates would have impact on the Company''s performance. Exposures on foreign currency sales are managed through the Company''s hedging policy, which is reviewed periodically to ensure that the results from fluctuating currency exchange rates are appropriately managed. The Company strives to achieve asset liability offset of foreign currency exposures and only the net position is hedged. Consequently, the overall objective of the foreign currency risk management is to minimize the short term currency impact on its revenue and cash-flow in order to improve the predictability of the financial performance. The Company may use forward contracts, foreign exchange options or currency swaps towards hedging risk resulting from changes and fluctuations in foreign currency exchange rate. These foreign exchange contracts, carried at fair value, may have varying maturities varying depending upon the primary host contract requirements and risk management strategy of the company. Hedge effectiveness is assessed on a regular basis. Details of the hedge & unhedged position of the Company given in Note 28.

Foreign currency sensitivity

The foreign exchange rate sensitivity is calculated by the aggregation of the net foreign exchange rate exposure in USD and EURO with a simultaneous parallel foreign exchange rates shift in the currencies by 2% against the functional currency of the respective entities. The company''s exposure to foreign currency changes for all other currencies is not material.

The movement in the pre-tax effect is a result of a change in the fair value of financial instruments not designated in a hedge relationship. Although the financial instruments have not been designated in a hedge relationship, they act as an economic hedge and will offset the underlying transactions when they occur.

(b) Credit risk

Credit risk refers to the risk that counterparty 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 creditworthiness as well as concentration of risks. Financial instruments that are subject to concentrations of credit risk materially consists of trade receivables, investments and derivative financial instruments.

The Company is exposed to credit risk from its operating activities (primarily trade receivables and also from its investing activities including deposits with banks, forex transactions and other financial instruments) for receivables, cash and cash equivalents, financial guarantees and derivative financial instruments.

All trade receivables are subject to credit risk exposure. 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 established policies, controls relating to credit approvals and procedures for continuously monitoring the creditworthiness of customers to which the Company grants credit terms

in the normal course of business. Outstanding customer receivables are regularly monitored and any shipments to major customers are generally covered by letters of credit. The history of trade receivables shows a negligible provision for bad and doubtful debts. Therefore, the Company does not expect any material risk on account of non-performance by any of the Company''s counterparties. The Company does not have significant concentration of credit risk related to trade receivables. However, 3 customers contribute to more than 10% of outstanding accounts receivable as of March 31,2022 (2 customers contribute to more than 10% of outstanding accounts receivable as of March 31,2021).

Trade receivables are non-interest bearing and are generally on 30 days to 180 days credit term.

With respect to derivatives, the Company''s forex management policy lays down guidelines with respect to exposure per counter party i.e. with banks with high credit rating, processes in terms of control and continuous monitoring. The fair value of the derivatives are credit adjusted at the period end.

(c) Liquidity risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time, or at a reasonable price. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. The Company generates cash flows from operations to meet its financial obligations, maintains adequate liquid assets in the form of cash & cash equivalents and has undrawn short term line of credits from banks to ensure necessary liquidity. The Company closely monitors its liquidity position and deploys a robust cash management system.

The Company requires funds both for short-term operational needs as well as for long-term investment programmes mainly in growth projects

Note 39 : Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to ensure that it maintains an efficient capital structure and healthy capital ratios in order to support its business and maximise shareholder value.

The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions or its business requirements to optimise return to our shareholders through continuing growth. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The funding requirements are met through a mixture of equity, internal fund generation and other non-current borrowings. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings less cash and short-term deposits (including other bank balance). The Company is not subject to any externally imposed capital requirements.

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. Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no breaches in the financial covenants of any long term borrowing in the current period.

No changes were made in the objectives, policies or processes for managing capital during the current period.

Note 40 : Impact of Covid-19

The Company has taken into account all the possible impacts of COVID-19 in preparation of these financial statements, including but not limited to its assessment of, liquidity and going concern assumption, recoverable values of its financial and non-financial assets, impact on revenue recognition owing to changes in cost budgets of fixed price contracts, impact on leases and impact on effectiveness of its hedges. The Company has carried out this assessment based on available internal and external sources of information upto the date of approval of these financial statements and believes that the impact of COVID-19 is not material to these financial statements and expects to recover the carrying amount of its assets. The impact of COVID-19 on the financial statements may differ from that estimated as at the date of approval of these financial statements owing to the nature and duration of COVID-19.

Note 41 : Business Combination

During the year ended March 31, 2021 expenses of '' 191.93 Lakhs in conneciton with the Composite Scheme of Arrangement (the Scheme) sanctioned by National Company Law Tribunal vide its order dated October 26, 2018 between Arvind Limited ("AL"), Arvind Fashions Limited ("AFL"), Anveshan Heavy Engineering Limited ("the Company") and The Anup Engineering Limited ("Anup"), has been adjusted against Securities Premium as mentioned in the Scheme.

Note 42 : Code on Social Security, 2020

The Parliament of India has approved the Code on Social Security, 2020 (the Code) which may impact the contributions by the Company towards provident fund, gratuity and ESIC. The Code has been published in the Gazette of India. However, the effective date has not yet been notified. The Company will assess the impact of the Code when it comes into effect and will record related impact, if any, in the period the Code becomes effective.

Note 43 : Recent Pronouncements

"Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards under Companies (Indian" "Accounting Standards) Rules as issued from time to time. On March 23, 2022, MCA amended the Companies (Indian Accounting" Standards) Amendment Rules, 2022, applicable from April 1, 2022, as below:

Ind AS 103 - Reference to Conceptual Framework

The amendments specify that to qualify for recognition as part of applying the acquisition method, the identifiable assets acquired and liabilities assumed must meet the definitions of assets and liabilities in the Conceptual Framework for Financial Reporting under Indian Accounting Standards (Conceptual Framework) issued by the Institute of Chartered Accountants of India at the acquisition date. These changes do not significantly change the requirements of Ind AS 103. The Company does not expect the amendment to have any significant impact in its financial statements.

Ind AS 16 - Proceeds before intended use

The amendments mainly prohibit an entity from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, an entity will recognise such sales proceeds and related cost in profit or loss. The Company does not expect the amendments to have any impact in its recognition of its property, plant and equipment in its financial statements.

Ind AS 37 - Onerous Contracts - Costs of Fulfilling a Contract

The amendments specify that that the ''cost of fulfilling'' a contract comprises the ''costs that relate directly to the contract''. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract (examples would be direct labour, materials) or an allocation of other costs that relate directly to fulfilling contracts. The amendment is essentially a clarification and the Company does not expect the amendment to have any significant impact in its financial statements.

Ind AS 109 - Annual Improvements to Ind AS (2021)

The amendment clarifies which fees an entity includes when it applies the ''10 percent'' test of Ind AS 109 in assessing whether to derecognise a financial liability. The Company does not expect the amendment to have any significant impact in its financial statements.

Ind AS 116 - Annual Improvements to Ind AS (2021)

The amendments remove the illustration of the reimbursement of leasehold improvements by the lessor in order to resolve any potential confusion regarding the treatment of lease incentives that might arise because of how lease incentives were described in that illustration. The Company does not expect the amendment to have any significant impact in its financial statements.

Note 44 : Other Notes

a. During the year ended March 31, 2022 and March 31, 2021, the Company has not advanced or loaned or invested funds (either borrowed funds or share premium 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:

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. Further, during the year ended March 31, 2022 and March 31, 2021, the Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall: i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or ii) provide any guarantee, security, or the like on behalf of the ultimate beneficiaries.

b. The Company has not invested or traded in Crypto Currency or Virtual Currency during the year ended March 31, 2022 (Previous year: Nil).

c. No proceedings have been initiated on or are pending against the Company for holding benami property under the Prohibition of Benami Property Transactions Act, 1988 (as amended in 2016) (formerly the Benami Transactions (Prohibition) Act, 1988 (45 of 1988)) and Rules made thereunder during the year ended March 31, 2022 (Previous year: Nil).

d. The Company has not been declared Wilful Defaulter by any bank or financial institution or government or any government authority during the year ended March 31, 2022 (Previous year: Nil).

e. The Company has not surrendered or disclosed as income any transactions not recorded in the books of accounts in the course of tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961) during the year ended March 31, 2022 (Previous year: Nil).

f. The Company does not have any transactions with the companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956 during the year ended March 31, 2022 (Previous year: Nil).

Note 46 : Events occuring after the reporting period

The Company evaluates events and transactions that occur subsequent to the balance sheet date but prior to the approval of financial statements to determine the necessity for recognition and/or reporting of subsequent events and transactions in the financial statements. As of May 18, 2022, there were no subsequent events and transactions to be recognized or reported that are not already disclosed

Note 47 : Dividend

"Dividends paid during the year ended March 31, 2022 include an amount of '' 7.00 per equity share towards final dividend for the year ended March 31, 2021." Dividends declared by the Company are based on profits available for distribution. On May 17, 2022, the Board of Directors of the Company have proposed a final dividend of '' 8.00 per share in respect of the year ended March 31, 2022 subject to the approval of shareholders at the Annual General Meeting.

Note 48 : Regrouped, Recast, Reclassified

Material regroupings: Appropriate adjustments have been made in the statements of assets and liabilities, statement of profit and loss and cash flows, wherever required, by a reclassification of the corresponding items of income, expenses, assets, liabilities and cash flows in order to bring them in line with the groupings as per the audited financials of the Company as at March 31, 2022, prepared in accordance with amended Schedule III of Companies Act 2013.


Mar 31, 2021

The above term loans from banks carried an interest rate of 7.98% p.a. to 9.75% p.a. and were repayable in monthly/quarterly instalments. These loans were secured by first charge on building, leasehold land and plant and machinery bought with the respective loans and second charge on other property, plant and equipments and current assets, ranking pari passu with other banks. During the year ended 31 March 2021, the Company has paid all the outstanding term-loans and pre-closed the term loan facilities.

31 March 2021

31 March 2020

(B) Current borrowings

(i) Cash credit from banks (secured)

0.42

59.72

(ii) Short term loan from bank (secured)

-

8.12

0.42

67.84

Note: Current borrowings are measured at amortised cost.

(i) The overall sanctioned limit of the cash credit from banks is '' 1,380 million and carries interest ranging from 8.10 % p.a. to 9.30 % p.a. and are repayable on demand and is secured by first charge on hypothecation of inventory and trade receivables and other current assets and second charge on movable property, plant and equipment.

(ii) The short term loan from bank carries interest at the rate of 8.60 % p.a. for a period of 60 days and is secured by first charge on hypothecation of inventory and trade receivables and other current assets and second charge on movable property, plant and equipment.

31 In accordance with the provisions of Companies Act, 2013, the Company is required to contribute '' 105.35 million (31 March 2020: '' 100.74 million) towards CSR expenditure for the year ended 31 March 2021 against which actual revenue expenditure is '' 62.58 million (31 March 2020: '' 63.53 million).

As per the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021, notified by the Ministry of Corporate Affairs on January 2021, the Company has transferred the unspent amount of '' 42.77 million for current financial year to a separate bank account subsequent to the year end, which would be utilized for CSR activities as per the aforesaid rules.

32 Employee benefit plan

The Company has a defined benefit gratuity plan for its employees. The gratuity plan is governed by the Payment of Gratuity Act, 1972. Under the Payment of Gratuity Act, 1972, employee who has completed five years of service is entitled to specific benefit. The level of benefits provided depends on the member''s length of service and salary at retirement age. The contributions are managed through a third party which acts as the administrator of the fund.

The following tables summarize the components of net benefit expense recognized in the Statement of Profit and Loss and the funded status and amounts recognized in the balance sheet.

33 Leases

The Company has lease contracts for its factories and offices used in its operations. Theses leases generally have lease terms between 11 months and 9 years. The Company''s obligations under its leases are secured by the lessor''s title to the leased assets. Generally, the Company is restricted from assigning and subleasing the leased assets. There are several lease contracts that include extension and termination options at mutual consent.

Further, the Company has also sub-leased few of the Exclusive Brand Outlets across India and accordingly, recognised a net investments in leases for such sub-leased premises. The Company also has certain leases of office equipment with low value. The Company applies the ''short-term lease'' and ''lease of low-value assets'' recognition exemptions for its leases.

(ii) The Hon''ble High Court of Karnataka, based on a preliminary hearing of writ petition filed by the Karnataka Employers'' Association, of which, the Company is a Member, on 2 February 2016, has stayed the retrospective applicability of The Payment of Bonus (Amendment) Act, 2015 from 1 April 2014. The Hon''ble High Court has further ordered that the amended provision shall be implemented effective from FY 2015-16 pending disposal of the writ petition. Consequent to the above, the Company has not recorded the differential liability of bonus payable for the year ended 31 March 2015.

(iii) The Company has certain disputes pertaining to customers, vendors and employee related matters which the management is contesting before various forums. The management based on the advice from its consultants is confident of a favourable outcome and does not expect any material financial implications in this regard.

Future cash outflows in respect of the above matters are determinable only on receipt of judgments/ decisions pending at various forums/authorities.

36 Segment information

The Company has one business unit based on its products and has one reportable segment. The Company''s Board of Directors is the Chief Operating Decision Maker (CODM). The Board monitors the operating results of its single business unit for the purpose of making decisions about resource allocation and performance assessment. The following tables present revenue and non-current operating assets details of the Company for the year ended 31 March 2021 and 31 March 2020.

37 Financial assets measured at fair value through profit/loss:

The fair values of the Company''s security deposits and loans are determined by using Discounted Cash Flow (DCF) method (Level 3) using discount rate that reflects the issuer''s borrowing rate for the respective financial asset/liability as at the end of the reporting period.

The carrying value of trade receivables, trade payables, cash and cash equivalents, loans, short-term borrowings and other current financial assets and liabilities approximate their fair values largely due to the short-term maturities of these instruments.

There are no transfer between levels during the year.

38 Financial risk management objectives and policies

The Company''s activities expose it to the following risks:

a) Credit risk

b) Liquidity risk

c) Market risk

a) Credit risk

Credit risk is the risk that counter party will not meet its obligations under a financial instruments or customer contract leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities including deposits with banks and financial institutions, investments, foreign exchange transactions and other financial instruments.

i) Trade receivables

Customer credit risk is managed by the Company subject to the Company''s established policy, procedures and control relating to customer credit risk management. Outstanding customer receivables are regularly monitored and major customers are generally secured by obtaining security deposits/bank guarantee or other forms of credit insurance. Refer below for movement of impairment allowance.

ii) Financial instrument and deposits with banks

Credit risk is limited as the Company generally invest in deposits with banks and financial institutions with high credit ratings assigned by international and domestic credit rating agencies. Investments primarily include investments in liquid mutual fund units. Counterparty credit limits are reviewed by the Company periodically and the limits are set to minimise the concentration of risks and therefore mitigate financial loss through counterparty''s potential failure to make payments.

b) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company''s reputation. Typically the Company ensures that it has sufficient cash on demand to meet expected short term operational expenses. The Company''s objective is to maintain a balance between continuity of funding and flexibility through the use of internal accruals and borrowings as required.

c) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: interest rate risk and foreign currency risk. Financial instruments affected by market risk includes borrowings, trade receivables and trade payables.

Interest rate risk is the risk that the fair value or future cash flows of the Company''s financial instruments will fluctuate because of changes in market interest rates. As the Company does not have significant debt obligations, it is not exposed to any significant interest rate risk.

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company does not have significant foreign currency exposure and hence, is not exposed to any significant foreign currency risk.

39 Capital management

The Company''s objective is to maintain a strong capital base to ensure sustained growth in business. The Company''s management focusses to maintain an optimal structure that balances growth and maximizes shareholder value. The Company is predominantly equity financed. Further, the Company has sufficient cash, cash equivalents and financial assets which are liquid to meet its financial obligations.

40 The Code on Social Security, 2020 (''Code'') relating to employee benefits during employment and postemployment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules/ interpretation have not yet been issued. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.

41 The Company has assessed and considered the impact of the ongoing Covid-19 pandemic on carrying amounts of receivables, other assets and its business operations including all relevant internal and external information available up to the date of approval of these financial results. Basis such evaluation, the management does not expect any adverse impact on its future cash flows and shall be able to continue as a going concern and meet its obligations as and when they fall due. The impact of Covid-19 on the Company''s financial results may differ from that estimated as at the date of approval of these financial results. The Company will continue to monitor future economic conditions for any significant change.


Mar 31, 2019

1. Corporate information

The Company was incorporated in the year 1995 with the key objective of bringing the innerwear brand “JOCKEY” to India. The core values of the brand include youthfulness, fun, quality, value, confidence and innovation. The Company has introduced a wide range of quality products for men, women and children as well as innovative marketing concepts such as display modules aimed at enhancing the consumer’s involvement with the purchase.

The Company commenced operations in the year 1995 in Bengaluru with the manufacturing, distribution and marketing of Jockey products. The Company has added to its profile by entering into license with “SPEEDO”, globally known International brand for swim wear.

The Company is a public company domiciled in India and is incorporated under the provisions of the Companies Act applicable in India. The registered office of the Company is located at Cessna Business Park, 7th Floor, Umiya Business Bay, Tower-1, Varthur Hobli, Outer Ring Road, Bengaluru - 560 103. Its shares are listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

The financial statements are approved for issue by the Company’s Board of Directors on 24 May 2019.

During the year ended 31 March 2019, Rs. (29.43) million (31 March 2018 : Rs. 204.75 million) was recognised as a provision / (reversal of provision) for certain old inventories.

i) Loans are measured at amortised cost

ii) The above loan to related party carries interest at the rate of 9% and is repayable on demand.

iii) Loans as per SEBI (Listing Obligation and Disclosure Requirement) regulation 2015:

i) Trade receivable due from a Company in which key managerial personnel or their relatives have significant influence is as follows:

ii) Trade receivables are measured at amortised cost. No trade receivables are due from directors or other officers of the Company either severally or jointly with any other person.

iii) Trade receivable are generally on terms of 7 to 45 days.

* Full amount ‘3201.

** The above trade receivables are secured against deposits from dealers and bank guarantees.

Terms / rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each shareholder is entitled to one vote per share.

In the event of liquidation, the equity shareholders are eligible to receive the residual assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

The Company does not have any holding company or subsidiary company.

2. Other equity

a) General reserve

Under the erstwhile Companies Act 1956, general reserve was created through an annual transfer of net income at a specified percentage in accordance with applicable regulations. Such amount can be utilised in accordance with the specific requirements of Companies Act, 2013.

b) Securities premium

Securities premium is used to record the premium on issue of shares. The reserve can be utilised only for certain purposes in accordance with the provisions of the Companies Act, 2013.

The above loans from banks are secured by first charge on building, leasehold land and plant and machinery bought with the respective loans and second charge on other fixed assets and current assets, ranking pari passu with other banks.

(i) The cash credit from bank carries interest ranging from 9.30 % p.a. to 10.50 % p.a. and are repayable on demand and is secured by first charge on hypothecation of inventory and trade receivables and other current assets and second charge on movable property, plant and equipment.

(ii) The short term loan from bank carries interest at the rate of 8.60 % p.a. for a period of 60 days and is secured by first charge on hypothecation of inventory and trade receivables and other current assets and second charge on movable property, plant and equipment.

i) Trade payables are measured at amortised cost.

ii) Trade payables are non-interest bearing and are normally settled on 15 to 45 days terms.

* Details of dues to micro and small enterprises as defined under the MSMED Act, 2006

The Company has amounts due to Micro and Small Enterprises under The Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) as at 31 March 2019 and 31 March 2018. The details in respect of such dues are as follows:

i) Other financial liabilities are measured at amortised cost.

ii) Borrowings from banks and deposits from dealers are interest bearing.

Sale of products includes excise duty collected from customers of Rs. 6.59 million upto 30 June 2017. Sale of products net of excise duty is Rs. 25,180 million for the year ended 31 March 2018.

3. In accordance with the provisions of Companies Act, 2013, the Company is required to contribute Rs. 83.60 million (31 March 2018: Rs. 65.34 million) towards CSR expenditure for the year ended 31 March 2018 against which actual revenue expenditure is Rs. 52.73 million (31 March 2018: Rs. 32.23 million).

4. Employee benefit plan

The Company has a defined benefit gratuity plan for its employees. The gratuity plan is governed by the Payment of Gratuity Act, 1972. Under the act, employee who has completed five years of service is entitled to specific benefit. The level of benefits provided depends on the member’s length of service and salary at retirement age. The contributions are managed through a third party which acts as the administrator of the fund.

The sensitivity analyses above have been determined based on a method that extrapolates the impact on defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period.

The average duration of the defined benefit plan obligation at the end of the reporting period is 6 years (31 March 2018: 7 years).

5. Commitments and contingencies

a. Leases

Operating lease commitments - Company as lessee

The Company has entered into operating leases on buildings for office, factory and other premises with lease term between 11 and 132 months and which are renewable on a periodic basis at the option of the Company or lessor.

The Company has recorded Rs. 361.56 million (31 March 2018: Rs. 371.99 million) during the year towards lease expenses.

b. Other Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for as at 31 March 2019 is Rs. 36.13 million (31 March 2018: Rs. 66.86 million).

Note: The Company had received a demand order of Rs 117.25 million from the income tax authorities for AY 2010-11 on account of disallowance of certain expenditure which was dismissed by the Income Tax Appellate Tribunal (ITAT) in favour of the Company during FY 2016-17. The income tax department has filed an appeal against the aforesaid ITAT order and the matter is now pending in the High Court of Karnataka.

(ii) The Hon’ble High Court of Karnataka, based on a preliminary hearing of writ petition filed by the Karnataka Employers’ Association, of which, the Company is a Member, on 2 February 2016, has stayed the retrospective applicability of The Payment of Bonus (Amendment) Act, 2015 from 1 April 2014. The Hon’ble High Court has further ordered that the amended provision shall be implemented effective from FY 2015-16 pending disposal of the writ petition. Consequent to the above, the Company has not recorded the differential liability of bonus payable for the year ended 31 March 2015 aggregating to Rs. 118.18 million in its books.

(iii) The Supreme Court of India in a judgment on Provident Fund (PF) dated 28 February 2019 addressed the principle for determining salary components that form part of Basic Salary for individuals below a prescribed salary threshold. There are numerous interpretative issues relating to the Supreme Court (SC) judgement on PF dated 28 February 2019. As a matter of caution, the Company has evaluated the impact of such order on a prospective basis from the date of the SC order and concluded that the same has no material impact on the Company. The Company will update its provision, on receiving further clarity on the subject.

Future cash outflows in respect of the above matters are determinable only on receipt of judgments/ decisions pending at various forums/authorities.

Terms and conditions of transactions with related parties

The transactions with related parties are at arm’s length. Outstanding balances at the year-end are unsecured and settlement occurs in cash. The Company has not recorded any impairment relating to amounts owed by related parties.

6. Segment information

The Company has one business unit based on its products and has one reportable segment. The management monitors the operating results of its single business unit for the purpose of making decisions about resource allocation and performance assessment. The following tables present revenue and non-current operating assets details of the Company for the year ended 31 March 2019 and 31 March 2018.

The information above is based on the locations of the customers.

All non-current operating assets (property, plant & equipment, etc.) are located in India.

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The fair values of the investments in mutual funds are derived from quoted market prices in active markets. Accordingly, these are classified as level 1 of fair value hierarchy.

b) The fair values of the Company’s security deposits and loans are determined by using Discounted Cash Flow (DCF) method (Level 3) using discount rate that reflects the issuer’s borrowing rate for the respective financial asset/liability as at the end of the reporting period.

The carrying value of trade receivables, trade payables, cash and cash equivalents, loans, shortterm borrowings and other current financial assets and liabilities approximate their fair values largely due to the short-term maturities of these instruments.

There are no transfer between levels during the year.

7. Financial risk management objectives and policies

The Company’s activities expose it to the following risks:

a) Credit risk

b) Liquidity risk

c) Market risk

a) Credit risk

Credit risk is the risk that counter party will not meet its obligations under a financial instruments or customer contract leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities including deposits with banks and financial institutions, investments, foreign exchange transactions and other financial instruments.

i) Trade receivables

Customer credit risk is managed by the Company subject to the Company’s established policy, procedures and control relating to customer credit risk management. Outstanding customer receivables are regularly monitored and major customers are generally secured by obtaining security deposits/bank guarantee or other forms of credit insurance.

ii) Financial instrument and cash deposit

Credit risk is limited as the Company generally invest in deposits with banks and financial institutions with high credit ratings assigned by international and domestic credit rating agencies. Investments primarily include investments in liquid mutual fund units. Counterparty credit limits are reviewed by the Company periodically and the limits are set to minimise the concentration of risks and therefore mitigate financial loss through counterparty’s potential failure to make payments.

b) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation. Typically the Company ensures that it has sufficient cash on demand to meet expected short term operational expenses. The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans/internal accruals.

c) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: interest rate risk and foreign currency risk. Financial instruments affected by market risk include borrowings, trade receivable and trade payable.

Interest rate risk is the risk that the fair value or future cash flows of the Company’s financial instruments will fluctuate because of changes in market interest rates. The Company manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. As the Company does not have significant debt obligations with floating interest rates, it is not exposed to any significant interest rate risk.

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company does not have significant foreign currency exposure and hence, is not exposed to any significant foreign currency risk.

8. Capital management

The Company’s objective is to maintain a strong capital base to ensure sustained growth in business. The Capital Management focusses to maintain an optimal structure that balances growth and maximizes shareholder value.

The Company is predominantly equity financed. Further, the Company has sufficient cash, cash equivalents and financial assets which are liquid to meet the debts.

9. The dividends declared during the year are approved by the Board of Directors. Further, subsequent to the year-end, the Board of Directors, at their meeting held on 24 May 2019, have declared 4th interim dividend of Rs. 41 per share.

10. Previous year figures have been regrouped / reclassified, wherever necessary to confirm to the current year’s classification.


Mar 31, 2018

The Company does not have any holding company or subsidiary company.

1. In accordance with the provisions of Companies Act, 2013, the Company is required to contribute Rs, 65.34 million (31 March 2017: Rs, 57.98 million) towards CSR expenditure for the year ended 31 March 2018 against which actual revenue expenditure is Rs, 32.22 million (31 March 2017: Rs, 20.25 million).

2. earnings per share (EPS)

The following reflects the income and share data used in the basic and diluted EPS computations:

There have been no transactions involving equity shares or potential equity shares between the reporting date and the date of authorisation of these financial statements.

3. Significant accounting judgements, estimates and assumptions

The preparation of the Company’s financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

Defined benefit plans (gratuity benefits): The cost of the defined benefit gratuity plan and the present value of the gratuity obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans operated in India, the management considers the interest rates of government bonds in currencies consistent with the currencies of the post-employment benefit obligation.

The mortality rate is based on publicly available mortality tables. Those mortality tables tend to change only at interval in response to demographic changes. Future salary increases and gratuity increases are based on expected future inflation rate and past trends. Further details about gratuity obligations are given in Note 34.

Provision for litigations and contingencies: The provision for litigations and contingencies are determined based on evaluation made by the management of the present obligation arising from past events the settlement of which is expected to result in outflow of resources embodying economic benefits, which involves judgments’ around estimating the ultimate outcome of such past events and measurement of the obligation amount. Due to the judgments involved in such estimations the provisions are sensitive to the actual outcome in future periods.

4. Employee benefits

The Company has a defined benefit gratuity plan for its employees. The gratuity plan is governed by the Payment of Gratuity Act, 1972. Under the act, employee who has completed five years of service is entitled to specific benefit. The level of benefits provided depends on the member’s length of service and salary at retirement age. The contributions are managed through a third party which acts as the administrator of the fund.

The following tables summarize the components of net benefit expense recognized in the Statement of Profit and Loss and the funded status and amounts recognized in the Balance Sheet.

The sensitivity analyses above have been determined based on a method that extrapolates the impact on defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period.

The following payments are expected contributions to the defined benefit plan in future years:

The average duration of the defined benefit plan obligation at the end of the reporting period is 7 years (31 March 2017: 19 years).

5. commitments and contingencies

a. Leases

Operating lease commitments - company as lessee

The Company has entered into operating leases on buildings for office, factory and other premises with lease term between 11 and 144 months and which are renewable on a periodic basis at the option of the Company or less or. All leases include a clause to enable upward revision of the rental charge on an annual basis according to prevailing market conditions.

The Company has paid Rs, 371.99 million (31 March 2017: Rs, 346.62 million) during the year towards minimum lease payments.

b. Other commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for as at 31 March 2018 is Rs, 66.86 million (31 March 2017: Rs, 456.06 million).

* The Hon’ble High Court of Karnataka, based on a preliminary hearing of writ petition filed by the Karnataka Employers’ Association, of which, the Company is a Member, on 2 February 2016, has stayed the retrospective applicability of The Payment of Bonus (Amendment) Act, 2015 from 1 April 2014. The Hon’ble High Court has further ordered that the amended provision shall be implemented effective from FY 2015-16 pending disposal of the writ petition. Consequent to the above, the Company has not recorded the differential liability of bonus payable for the year year ended 31 March 15 aggregating to Rs, 118.18 millions in its books.

The Company has assessed that it is only possible, but not probable, that outflow of economic resources will be required.

Future cash outflows in respect of the above matters are determinable only on receipt of judgments/ decisions pending at various forums/authorities.

6. Related party transactions

Names of related parties and related party relationship

Enterprises in which key managerial personnel Page Garment Exports Private Limited

(KMP) or their relatives have significant influence

Key management personnel Sunder Genomal - Managing Director

Shamir Genomal - Executive Director

Vedji Ticku - Executive Director & CEO

Pius Thomas-Executive Director

(Till 7th April 2017)

Chandrasekar K - Chief Financial Officer (w.e.f 8th February 2018)

V. S Ganesh - Executive Director (w.e.f 25th May 2017)

Pradeep Jaipuria - Director Timothy Ralph Wheeler - Director G.P. Albal - Director P.V. Menon - Director

V Sivadas - Director B.C. Prabhakar - Director Rukmani Menon - Director Vikram Gamanlal Shah - Director Sandeep Kumar Maini - Director C Murugesh - Company Secretary

Relative of key management personnel Ramesh Genomal

Nari Genomal Rohan Genomal Madhuri Genomal

There are no transfer between levels during the year.

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The fair values of the investments in mutual funds are derived from quoted market prices in active markets. Accordingly, these are classified as level 1 of fair value hierarchy.

b) The carrying value of trade receivables, trade payables, cash and cash equivalents, loans, borrowings and other current financial assets and liabilities approximate their fair values largely due to the short-term maturities.

7. Financial risk management objectives and policies

The Company’s activities expose it to the following risks:

a) Credit risk

b) Liquidity risk

c) Market risk

a) credit risk

Credit risk is the risk that counter party will not meet its obligations under a financial instruments or customer contract leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities including deposits with banks and financial institutions, investments, foreign exchange transactions and other financial instruments.

i) Trade receivables

Customer credit risk is managed by the Company subject to the Company’s established policy, procedures and control relating to customer credit risk management. Outstanding customer receivables are regularly monitored and major customers are generally secured by obtaining security deposits/bank guarantee or other forms of credit insurance. The maximum exposure to credit risk at the reporting date is the carrying value of trade receivable disclosed in note 9.

ii) Financial instrument and cash deposit

Credit risk is limited as the Company generally invest in deposits with banks and financial institutions with high credit ratings assigned by international and domestic credit rating agencies. Investments primarily include investments in liquid mutual fund units. Counterparty credit limits are reviewed by the Company periodically and the limits are set to minimize the concentration of risks and therefore mitigate financial loss through counterparty’s potential failure to make payments.

b) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation. Typically the Company ensures that it has sufficient cash on demand to meet expected short term operational expenses. The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans/internal accruals.

c) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: interest rate risk and foreign currency risk. Financial instruments affected by market risk include borrowings, trade receivable and trade payable.

Interest rate risk is the risk that the fair value or future cash flows of the Company’s financial instruments will fluctuate because of changes in market interest rates. The Company does not have significant debt obligations with floating interest rates, hence, is not exposed to any significant interest rate risk.

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company does not have significant foreign currency exposure and hence, is not exposed to any significant foreign currency risk.

8. capital management

The Company’s objective is to maintain a strong capital base to ensure sustained growth in business. The Capital Management focusses to maintain an optimal structure that balances growth and maximizes shareholder value.

The Company is predominantly equity financed. Further, the Company has sufficient cash, cash equivalents, current investments and financial assets which are liquid to meet the debts.

9. Standards issued but not yet effective:

The amendments to standard issued up to the date of issuance of the Company’s financial statements, but not yet effective as of the date of the Company’s financial statements and applicable to the Company are disclosed below.

Ind AS 115 Revenue from Contracts with Customers

Ind AS 115 establishes a five-step model to account for revenue arising from contracts with customers. Under Ind AS 115, revenue is recognized when (or as) the entity satisfies a performance obligation by transferring a promised good or service (i.e., an asset) to a customer (i.e., when (or as) the customer obtains control of that asset) at an amount that reflects the consideration to which the entity expects to be entitled in exchange for transferring goods or services to a customer. The new revenue standard will supersede all current revenue recognition requirements under Ind AS. Either a full retrospective application or a modified retrospective application is required for accounting periods commencing on or after April 1, 2018.”

“Appendix B to Ind AS 21 foreign currency transactions and Advance consideration:

The Appendix clarifies that, in determining the spot exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on the derecognition of a non-monetary asset or non-monetary liability relating to advance consideration, the date of the transaction is the date on which an entity initially recognizes the non-monetary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, then the entity must determine the transaction date for each payment or receipt of advance consideration. Entities may apply the Appendix requirements on a fully retrospective basis. Alternatively, an entity may apply these requirements prospectively to all assets, expenses and income in its scope. These amendments are effective for annual periods beginning on or after April 01, 2018.”

The Company will adopt the aforesaid amendments effective from April 1, 2018. As at the date of issuance of the Company’s financial statements, the Company is in the process of evaluating the requirements of the aforesaid amendments and the impact on its financial statements in the period of initial application.

10. Previous year figures have been regrouped/ reclassified, wherever necessary to conform to current year’s classification.


Mar 31, 2017

1. In accordance with the provisions of Companies Act, 2013, the Company is required to contribute '' 57.98 million (31 March 2016: '' 46.07 million) towards CSR expenditure for the year ended 31 March 2017 against which actual revenue expenditure is '' 20.25 million (31 March 2016: '' 8.00 million).

2. Earnings per share (EPS)

The following reflects the income and share data used in the basic and diluted EPS computations:

* There have been no transactions involving equity shares or potential equity shares between the reporting date and the date of authorization of these financial statements.

3. Significant accounting judgments, estimates and assumptions

The preparation of the Company’s financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

Defined benefit plans (gratuity benefits): The cost of the defined benefit gratuity plan and the present value of the gratuity obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans operated in India, the management considers the interest rates of government bonds in currencies consistent with the currencies of the post-employment benefit obligation.

The mortality rate is based on publicly available mortality tables. Those mortality tables tend to change only at interval in response to demographic changes. Future salary increases and gratuity increases are based on expected future inflation rate and past trends. Further details about gratuity obligations are given in Note 35.

Provision for litigations and contingencies: The provision for litigations and contingencies are determined based on evaluation made by the management of the present obligation arising from past events the settlement of which is expected to result in outflow of resources embodying economic benefits, which involves judgments around estimating the ultimate outcome of such past events and measurement of the obligation amount. Due to the judgments involved in such estimations the provisions are sensitive to the actual outcome in future periods.

4. Employee benefits

The Company has a defined benefit gratuity plan for its employees. The gratuity plan is governed by the Payment of Gratuity Act, 1972. Under the act, employee who has completed five years of service is entitled to specific benefit. The level of benefits provided depends on the member’s length of service and salary at retirement age. The contributions are managed through a third party which acts as the administrator of the fund.

The following tables summarize the components of net benefit expense recognized in the Statement of Profit and Loss and the funded status and amounts recognized in the Balance Sheet.

5. Commitments and contingencies

a. Leases

Operating lease commitments - Company as lessee

The Company has entered into operating leases on buildings for office, factory and other premises with lease term between 11 and 144 months and which are renewable on a periodic basis at the option of the Company or less or. All leases include a clause to enable upward revision of the rental charge on an annual basis according to prevailing market conditions. There are no restrictions imposed by lease arrangements.

The Company has paid '' 346.62 million (31 March 2016: '' 310.14 million) during the year towards minimum lease payments.

b. Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for as at 31 March 2017 is '' 456.06 million (31 March 2016: '' 186.00 million).

Refer note 36 (a) above for lease commitments.

* The Hon’ble High Court of Karnataka, based on a preliminary hearing of writ petition filed by the Karnataka Employers’ Association, of which, the Company is a Member, on 2 February 2016, has stayed the retrospective applicability of The Payment of Bonus (Amendment) Act, 2015 from 1 April 2014. The Hon’ble High Court has further ordered that the amended provision shall be implemented effective from FY 2015-16 pending disposal of the writ petition. Consequent to the above, the Company has not recorded the differential liability of bonus payable for the year ended 31 March 15 aggregating to '' 118.18 millions in its books.

The Company has assessed that it is only possible, but not probable, that outflow of economic resources will be required.

Future cash outflows in respect of the above matters are determinable only on receipt of judgments/ decisions pending at various forums/authorities.

37. Related party transactions

Names of related parties and related party relationship

Enterprises in which key managerial Page Garment Exports Private Limited

personnel (KMP) or their relatives have significant influence

Key management personnel Sunder Genomal - Managing Director

Ramesh Genomal, Director Nari Genomal, Director

Pius Thomas - Exeuctive Director, Finance (till 7th April 2017)

Shamir Genomal - Executive Director Vedji Ticku - Chief Executive Officer (w.e.f. 12th February 2016)

Pradeep Jaipuria - Director Timothy Ralph Wheeler - Director G.P. Albal - Director P.V.Menon - Director V Sivadas - Director B.C.Prabhakar - Director Rukmani Menon - Director Vikram Gamanlal Shah - Director Sandeep Kumar Maini - Director C Murugesh - Company Secretary

Relative of key management personnel Rohan Genomal

Madhuri Genomal

*As the liability for gratuity and leave encashment is provided on an actuarial basis for the Company as a whole, the amount pertaining to the directors are not included above.

d. Other notes

The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm’s length transactions. Outstanding balances at the yearend are unsecured and interest free (except for loans and advances receivable from Page Garment Exports Private Limited) and settlement occurs in cash. There have been no guarantees provided or received for any related party receivables or payables. The Company has not recorded any impairment of receivables relating to amounts owed by related parties. 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.

7. Segment information

For management purposes, the Company has one business unit based on its products and has one reportable segment.

The management monitors the operating results of its single business unit for the purpose of making decisions about resource allocation and performance assessment.

The following tables present revenue details of the Company for the year ended 31 March 2017 and 31 March 2016.

The information above is based on the locations of the customers.

All Non-current operating assets (fixed asset etc,.) are located in India

There are no transfer between levels during the year.

The carrying value of trade receivables, trade payables, cash and cash equivalents, loans, borrowings and other current financial assets and liabilities approximate their fair values largely due to the short-term maturities.

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The fair values of the investments in mutual funds are derived from quoted market prices in active markets.

8. Financial risk management objectives and policies

The Company’s activities expose it to the following risks:

a) Credit risk

b) Liquidity risk

c) Market risk

a) Credit Risk

Credit risk is the risk that counter party will not meet its obligations under a financial instruments or customer contract leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities including deposits with banks and financial institutions, investments, foreign exchange transactions and other financial instruments.

i) Trade receivables

Customer credit risk is managed by the Company subject to the Company’s established policy, procedures and control relating to customer credit risk management. Outstanding customer receivables are regularly monitored and major customers are generally secured by obtaining security deposits/bank guarantee or other forms of credit insurance. The maximum exposure to credit risk at the reporting date is the carrying value of trade receivable disclosed in note 9.

ii) Financial instrument and cash deposit

Credit risk is limited as the Company generally invest in deposits with banks and financial institutions with high credit ratings assigned by international and domestic credit rating agencies. Investments primarily include investments in liquid mutual fund units. Counterparty credit limits are reviewed by the Company periodically and the limits are set to minimize the concentration of risks and therefore mitigate financial loss through counterparty’s potential failure to make payments.

b) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation. Typically the Company ensures that it has sufficient cash on demand to meet expected short term operational expenses. The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans/internal accruals.

c) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: interest rate risk and foreign currency risk. Financial instruments affected by market risk include borrowings, trade receivable and trade payable.

Interest rate risk is the risk that the fair value or future cash flows of the Company’s financial instruments will fluctuate because of changes in market interest rates. The Company does not have significant debt obligations with floating interest rates, hence, is not exposed to any significant interest rate risk.

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company does not have significant foreign currency exposure and hence, is not exposed to any significant foreign currency risk.

9. Capital management

The Company’s objective is to maintain a strong capital base to ensure sustained growth in business. The Capital Management focuses to maintain an optimal structure that balances growth and maximizes shareholder value.

The Company is predominantly equity financed. Further, the Company has sufficient cash, cash equivalents, current investments and financial assets which are liquid to meet the debts.

10. First time adoption

These financial statements, for the year ended 31 March 2017, 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 generally accepted accounting principles in India (Previous GAAP).

Accordingly, the Company has prepared financial statements which comply with Ind AS applicable for periods ending on or after 31 March 2017, together with the comparative period data as at and for the year ended 31 March 2016, as described in the summary of significant accounting policies. In preparing these financial statements, the Company’s opening statement of financial position was prepared as at 1 April 2015, the Company’s date of transition to Ind AS. This note explains the principal adjustments made by the Company in restating its Previous GAAP financial statements as at 1 April 2015 and the financial statements as at and for the year ended 31 March 2016.

Estimates:

Ind AS 101 requires an entity’s estimates in accordance with Ind ASs at the date of transition to Ind AS to 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.

Exemptions applied on first time adoption of Ind AS 101

Ind AS 101 allows first time adopters certain exemptions from the retrospective application of certain requirements under Ind AS. The Company has applied the following exemptions:

1. 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 intangible assets covered by Ind AS 38 Intangible Assets. Accordingly, the Company has elected to measure all of its property, plant and equipment and intangible assets at their Previous GAAP carrying value.

Footnotes to the reconciliation of equity as at 1 April 2015 and 31 March 2016 and profit and loss for the year ended 31 March 2016

11. Government grant

a) Under Previous GAAP, the government grant received was reduced from the cost of property, plant and equipment. Under Ind AS, the cost of property, plant and equipment has been increased by such government grant received with corresponding increase in government grant.

b) Under Ind AS, when loans or similar assistance are provided by governments or related institutions, with an interest rate below the current applicable market rate, the effect of this favourable interest is regarded as a government grant. The loan or assistance is initially recognized and measured at fair value and the government grant is measured as the difference between the initial carrying value of the loan and the proceeds received.

12. Security deposits paid

Under the Previous GAAP, interest free lease security deposits (that are refundable in cash on completion of the lease term) were recorded at their transaction value. Under Ind AS, all financial assets are required to be recognized at fair value. Accordingly, the Company has fair valued these security deposits under Ind AS. Difference between the fair value and transaction value of the security deposit has been recognized as prepaid rent.

13. Deferred tax

Previous GAAP requires deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. Ind AS requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. The application of Ind AS approach has resulted in recognition of deferred tax on new temporary differences which was not required under Previous GAAP.

In addition, the various transitional adjustments lead to temporary differences. According to the accounting policies, the Company has to account for such differences. Deferred tax adjustments are recognized in correlation to the underlying transaction either in retained earnings or a separate component of equity.

14. Dividend and tax on dividend

Under previous GAAP, dividend payable was recorded as a liability in the period to which it relates. Under Ind AS, dividend to holders of equity shares is recognized as a liability in the period in which the obligation to pay is established

15. Sale of goods

(a) Under Previous GAAP, sale of goods was presented as net of excise duty. However, under Ind AS, sale of goods includes excise duty. Excise duty on sale of goods is separately presented on the face of statement of profit and loss.

(b) The Company recovers from its customers certain freight and insurance costs paid to the vendor on behalf of the customers. Under Previous GAAP, the actual freight and insurance costs incurred was netted off with the recoveries. Under Ind AS, such costs and amounts recovered from the customers is accounted on gross basis.

(c) The Company evaluated its revenue contracts and consequently, reversed revenue that did not meet the revenue recognition criteria under Ind AS with corresponding increase in inventory and decrease in cost of sales and trade receivable.

(d) The Company purchases certain products manufactured by a related party and also sells raw materials to the related party. Under Previous GAAP, the purchase and sale transactions are accounted for separately. Under Ind AS, same are netted off as the purchase and sale contract is considered as linked contracts.

16. Defined benefit liabilities

Under Previous GAAP, actuarial gains and losses were recognized in the statement of profit and loss. Under Ind AS, the actuarial gains and losses form part of re-measurement of net defined benefit liability/asset which is recognized in other comprehensive income in the respective periods. Further, interest costs on actuarial valuation of gratuity has been reclassified to finance costs under IND AS.

17. Statement of cash flows

The transition from Indian GAAP to Ind AS has not had a material impact on the statement of cash flows.

18. The figures of the previous year as at and for the year ended 31 March 2016 and as at 1 April 2015 have been regrouped/reclassified, wherever necessary.

19. Standards issued but not yet effective:

The standards issued, but not yet effective up to the date of issuance of Company’s financial statements are disclosed below. The Company intends to adopt these standards when it becomes effective.

a. Amendments to Ind AS 7 Disclosure Initiative:

The amendments require an entity to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities. The amendments apply prospectively for annual periods beginning on or after 1 April 2017. The Company does not anticipate that the application of these amendments will have a material impact on the Company’s financial statements.

b. Amendments to Ind AS 102 Classification and Measurement of Share-based Payment Transactions:

The amendments to Ind AS 102 applies prospectively for annual periods beginning on or after 1 April 2017. As per the amendments, in estimating the fair value of a cash-settled share-based payment, the accounting for the effects of vesting and non-vesting conditions should follow the same approach as for equity-settled share-based payments. Further, where tax law or regulation requires an entity to withhold a specified number of equity instruments and the share-based payment arrangement has a ‘net settlement feature’, such an arrangement should be classified as equity-settled in its entirety. The Company does not anticipate that the application of the amendments in the future will have a significant impact on the Company’s financial statements as the Company does not have any cash-settled share-based payment arrangements or any withholding tax arrangements with tax authorities in relation to such share-based payments.

20. The figures of the previous year up to 31 March 2016 were audited by a firm of Chartered Accountants other than S.R. Batliboi & Associates LLP. Previous year’s figures have been regrouped/ reclassified, wherever necessary to conform to current year’s classification.


Mar 31, 2014

1 Brief about the Company

The Company was set up in the year 1995 with the key objective of bringing the innerwear brand "JOCKEY" to India. The core values of the brand include youthfulness, fun, quality, value, confidence and innovation. The company has introduced a wide range of quality products for men, women and children as well as innovative marketing concepts such as display modules aimed at enhancing the consumer''s involvement with the purchase.

The Company commenced operations in the year 1995 in Bangalore with the manufacturing, distribution and marketing of Jockey products.

The Company has added to its profile by entering in to license with "SPEEDO", A globally known International brand for swim wear. Wide range of new products are launched in India by the company in the year 2012-13.

2 Terms /Rights attached to Equity Shares

Equity Shares: The company has one class of equity shares having a par value of Rs.10 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.

3 Company does not have any holding company or subsidiary company, Shares held by holding and subsidiary company does not arise.

4 There were no fresh issue of shares during the year or in the immediately preceding 5 year.

5 Litigations

In accordance with Accounting Standard 29 on Provisions, Contingent Liabilities and Contingent Assets as notified by the Companies (Accounting Standard) Rules 2006, the following provisions are made in the books of accounts.

6 Disclosure pursuant to clause 32 of the listing agreements

a) Loans and Advances in the nature of loans to subsidiary : NA (P.Y - NA)

b) Loans and Advances in the nature of loans to Associates : NA (P.Y - NA)

c) Loans and Advances in the nature of loans where there is :

i) No repayment schedule or repayment beyond seven years : NA (P.Y - N.A)

ii ) No Interest of Interest below sec. 372A of the companies Act, 1956: NA (P.Y - NA)

d) Loans and Advances in the nature of Loans to Companies in which directors are interested :

7 Leasing arrangements: Finance Lease:

The company does not have any item covered under finance lease which needs disclosure as per Accounting Standard 19 - "Accounting for Leases".

Operating Lease:

The significant leasing arrangements entered into by the Company include the following:

1) Buildings taken on operating lease with lease term between 11 and 144 months for office premises, Factory premises and residential accommodation for employees and which are renewable on a periodic basis by mutual consent of both parties. There are no restrictions imposed by lease arrangements, such as those concerning dividends, additional debt and further leasing.

3) Lease payments recognized under rent expenses.

The Company has various operating leases for office facilities and residential premises for employees that are renewable on a periodic basis. Rental expenses for operating leases recognized in statement of profit and loss for the year is Rs. 156,569,397/- (P.Y.Rs. 111,092,212/-)

8 Segmental Information

The Company is engaged in the business of "Manufacturing of Garments". As the basic nature of these articles are governed by the same set of risk and returns, these have been re-grouped as a single business segment. Further the company sells primarily in the domestic market where its operations are governed by the same set of risks and returns and the overseas sales are insignificant. Accordingly the separate primary and secondary segment reporting disclosure as envisaged in Accounting Standard (AS - 17) on Segmental Reporting notified by the Companies ( Accounting Standard ) Rules 2006 is not applicable to the company.

9 Disclosure of Foreign Currency Exposure

The above disclosures have been made consequent to an announcement by the Institute of Chartered Accountants of India in December, 2005, which is applicable to the financial periods ending on or after 31st March, 2006.

10 Disclosure in respect of Related Parties pursuant to Accounting Standard 18 :

(i) List of Related Parties:

a) Enterprises in which KMPs or their relatives having significant influence. Page Garments Exports Private Limited

b) Key management personnel Sunder Genomal

Pius Thomas

c) Relative of Key management personnel Shamir Genomal

ii) During the year following transactions were carried out with the related parties in the ordinary course of business:-

Note: i) The above transactions do not include reimbursement of expenses, which are accounted in the respective heads of accounts.

11 Previous year''s figures have been regrouped / reclassified wherever necessary to make them comparable with the current year''s classification.


Mar 31, 2013

1 Brief about the Company

The Company was set up in the year 1995 with the key objective of bringing the innerwear brand "JOCKEY" to India. The core values of the brand include youthfulness, fun, quality, value, confidence and innovation. The company has introduced a wide range of quality products for men, women and children as well as innovative marketing concepts such as display modules aimed at enhancing the consumer''s involvement with the purchase.

The company commenced operations in the year 1995 in Bangalore with the manufacturing, distribution and marketing of Jockey products.

The company has added to its profile by entering in to license with "SPEEDO", A globally known International brand for swim wear. Wide range of new products are launched in India by the company in the year 2012-13.

2A Disclosure pursuant to clause 32 of the listing agreements

a) Loans and Advances in the nature of loans to subsidiary : NA (P.Y - NA)

b) Loans and Advances in the nature of loans to Associates : NA (P.Y - NA)

c) Loans and Advances in the nature of loans where there is :

i) No repayment schedule or repayment beyond seven years : NA (P.Y - N.A)

ii ) No Interest of Interest below sec. 372A of the companies Act, 1956: NA (P.Y - NA)

d) Loans and Advances in the nature of Loans to Companies in which directors are interested :

2B Defined Benefit Plan:

As per actuarial valuation as on 31st March, 2013 and recognized in the financial statements in respect of Employee Benefit Schemes :

2C Compensated absence

The defined benefit obligation of compensated absence in respect of the employees of the companies as at 31st march, 2013 is Rs. 33,788,534/- ( Previous year Rs.24,953,694/-)

3 Leasing arrangements:

Finance Lease:

The company does not have any item covered under finance lease which needs disclosure as per Accounting Standard 19 - "Accounting for Leases".

Operating Lease:

The significant leasing arrangements entered into by the Company include the following:

1) Buildings taken on operating lease with lease term between 11 and 144 months for office premises, Factory premises and residential accommodation for employees and which are renewable on a periodic basis by mutual consent of both parties. There are no restrictions imposed by lease arrangements, such as those concerning dividends, additional debt and further leasing.

2) The total future minimum lease rentals payable at the Balance Sheet date is as under

3) Lease payments recognized under rent expenses.

The Company has various operating leases for office facilities and residential premises for employees that are renewable on a periodic basis. Rental expenses for operating leases recognized in statement of profit and loss for the year is Rs. 111,092,212/- (P.Y.Rs. 73,528,796/-)

4 Segmental Information

The Company is engaged in the business of "Manufacturing of Garments". As the basic nature of these articles are governed by the same set of risk and returns, these have been re-grouped as a single business segment. Further the company sells primarily in the domestic market where its operations are governed by the same set of risks and returns and the overseas sales are insignificant. Accordingly the separate primary and secondary segment reporting disclosure as envisaged in Accounting Standard (AS - 17) on Segmental Reporting notified by the Companies ( Accounting Standard ) Rules 2006 is not applicable to the company.

5 Disclosure in respect of Related Parties pursuant to Accounting Standard 18 :

(i) List of Related Parties:

a) Enterprises in which KMPs or their relatives having significant influence.

Page Garments Exports Private Limited

b) Key management personnel

Sunder Genomal

Pius Thomas (W.E.F 13th September 2012)

c) Relative of Key management personnel

Shamir Genomal

6 Previous year''s figures have been regrouped / reclassified wherever necessary to make them comparable with the current year''s classification.


Mar 31, 2012

1 Brief about the Company

The Company was set up in the year 1995 with the key objective of bringing the innerwear brand "JOCKEY" to India. The core values of the brand include youthfulness, fun, quality, value, confidence and innovation. The company has introduced a wide range of quality products for men, women and children as well as innovative marketing concepts such as display modules aimed at enhancing the consumer's involvement with the purchase.

The company commenced operations in the year 1995 in Bangalore with the manufacturing, distribution and marketing of Jockey products.

The company has added to its profile by entering in to license with "SPEEDO", A globally known International brand for swim wear. Wide range of products are launched in India by the company in the year 2011.

2A Terms /Rights attached to Equity Shares

Equity Shares: The company has one class of equity shares having a par value of Rs.10 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.

2B Company does not have any holding company or subsidiary company, Shares held by holding and subsidiary company does not arise.

3A Litigations

In accordance with Accounting Standard 29 on Provisions, Contingent Liabilities and Contingent Assets as notified by the Companies ( Accounting Standard ) Rules 2006 the following provisions are made in the books of accounts.

4A Disclosure pursuant to clause 32 of the listing agreements

a) Loans and Advances in the nature of loans to subsidiary : NA (P.Y - NA)

b) Loans and Advances in the nature of loans to Associates : NA (P.Y - NA)

c) Loans and Advances in the nature of loans where there is :

i) No repayment schedule or repayment beyond seven years : NA (P.Y - N.A)

ii ) No Interest of Interest below sec. 372A of the companies Act, 1956: NA (P.Y - NA)

5 Contingent liabilities and commitments

As at As at Particulars 31stMarch2012 31stMarch2011

Rs. Rs.

(i)Contingent Liabilities

(a)Claims against the company not acknowledged as debt 1)Other disputed demands - Jai Agencies 876,252 876,252

(b) Guarantees 9,049,970 9,049,970

(c) Other money for which the company is contingently liable

1) Income Tax matters under appeal ( to the 21,097,402 21,097,402 extent ascertained) [Income Tax Claims are disputed by company and is being contested with various forums/authorities]

Out of the above Rs. 21,097,402/- is in relation to various assessment years, which the company has disputed & against which the company has preferred an Appeal. 31,023,624 31,023,624

(ii) Commitments

(a)Estimated amount of contracts remaining to be executed on capital account and not provided for 84,087,255 68,908,256

(b)Uncalled liability on shares and other investments partly paid - -

(c)Commitments towards lease obligations 741,484,193 622,421,135

825,571,448 691,329,391

856,595,072 722,353,015

Note:

1. The discount rate is based on the prevailing market yields of Indian Government Securities as at the balance sheet date for the estimated term of the obligation

2. 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. In order to protect the capital and optimise returns within acceptable risk parameters, the plan assets are well diversified.

3. The estimated 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.

Note:

1. The discount rate is based on the prevailing market yields of Indian Government Securities as at the balance sheet date for the estimated term of the obligation.

2. The estimated 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.

5 Leasing arrangements:

Finance Lease:

The company does not have any item covered under finance lease which needs disclosure as per Accounting Standard 19 - "Accounting for Leases".

Operating Lease:

The significant leasing arrangements entered into by the Company include the following:

1) Buildings taken on operating lease with lease term between 11 and 144 months for office premises, Factory premises and residential accommodation for employees and which are renewable on a periodic basis by mutual consent of both parties. There are no restrictions imposed by lease arrangements, such as those concerning dividends, additional debt and further leasing.

3) Lease payments recognized under rent expenses.

The Company has various operating leases for office facilities and residential premises for employees that are renewable on a periodic basis. Rental expenses for operating leases recognized in profit and loss account for the year is Rs. 73,528,796/- (P.Y.Rs. 59,407,720/- )

6 Segmental Information

The Company is engaged in the business of "Manufacturing of Garments". As the basic nature of these articles are governed by the same set of risk and returns, these have been re-grouped as a single business segment. Further the company sells primarily in the domestic market where its operations are governed by the same set of risks and returns and the overseas sales are insignificant. Accordingly the separate primary and secondary segment reporting disclosure as envisaged in Accounting Standard (AS - 17) on Segmental Reporting notified by the Companies (Accounting Standard) Rules 2006 is not applicable to the company.

7 Disclosure in respect of Related Parties pursuant to Accounting Standard 18 :

(i) List of Related Parties:

a) Enterprises in which KMPs or their relatives having significant influence. Page Garments Exports Private Limited

b) Key management personnel Sunder Genomal

c) Relative of Key management personnel Shamir Genomal

8 The financial statements for the year ended March 31, 2011 had been prepared as per the applicable Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended March 31,2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been reclassified to confirm to this year's classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements.


Mar 31, 2011

1. Contingent liability not provided for in respect of:

2010-11 2009-10 Particulars (Rs.) (Rs.)

A. Claims against the Company not acknowledge as debts - i) Other disputed demands - Jai Agencies 876,252 876,252

B. Bank Guarantees 9,049,970 9,049,970

C. Income Tax matters under appeal (to the extent ascertained) 8,607,181 1,014,819 [Income Tax Claims are disputed by company and is being contested with various forums/authorities ].

2. Capital Commitments

Estimated value of Capital Commitments (Net of Advance) Rs. 68,908,256/- (Previous Year Rs. 42,063,683/-)

3. Capitalization of borrowing cost:-

During the year the company has capitalized interest amounting to Rs.Nil (Previous year - Rs.Nil/-)

4. Leasing arrangements:

Finance Lease : The company does not have any item covered under fnance lease which needs disclosure as per Accounting Standard 19 - "Accounting for Leases”.

Operating Lease: The signifcant leasing arrangements entered into by the Company include the following:

i) Buildings taken on operating lease with lease term between 11 and 72 months for offce premises and residential accommodation for employees and which are renewable on a periodic basis by mutual consent of both parties.

ii) All the operating leases are cancelable by the lessee for any reason by giving notice of between 1 and 3 months.

iii) There are no restrictions imposed by lease arrangements, such as those concerning dividends, additional debt and further leasing.

iv) Lease payments recognized under rent expenses in Schedule K and M :

The Company has various operating leases for offce facilities and residential premises for employees that are renewable on a periodic basis. Rental expenses for operating leases recognized in proft and loss account for the year is Rs.59,638,600/- (P.Y.Rs. 39,943,638/-)

5. Segmental Information

The Company is engaged in the business of "Manufacturing of Garments”. As the basic nature of these articles are governed by the same set of risk and returns, these have been re-grouped as a single business segment. Further the company sells primarily in the domestic market where its operations are governed by the same set of risks and returns and the overseas sales are insignifcant. Accordingly the separate primary and secondary segment reporting disclosure as envisaged in Accounting Standard (AS - 17) on Segmental Reporting notifed by the Companies ( Accounting Standard ) Rules 2006 is not applicable to the company.

6. Disclosure of Foreign Currency Exposure

There are no foreign currency exposure that has not been hedged by a derivative instrument or otherwise.

The principal and interest amount payable on Foreign Currency working capital loan has been covered under the forward contract. The Premium payable on the forward cover had been amortised over the tenure of loan.

The above disclosures have been made consequent to an announcement by the Institute of Chartered Accountants of India in December, 2005, which is applicable to the fnancial periods ending on or after 31st March, 2011.

7. Disclosure in respect of Related Parties pursuant to Accounting Standard 18 :

(i) List of Related Parties:

a) Enterprises in which KMPs or their relatives having signifcant infuence. Page Garments Exports Private Limited

Trigen Apparel Private Limited Trigen Resources Phillipines Inc., Genco Holding Private Limited

b) Key management personnel Sunder Genomal

c) Relative of Key management personnel Shamir Genomal

8. In accordance with Accounting Standard 29 on Provisions, Contingent Liabilities and Contingent Assets as notifed by the Companies ( Accounting Standard ) Rules 2006 the following provisions are made in the books of accounts.

a) Litigations

The Company has income tax demand total amounting to Rs. 21.1 Million in relation to various assessment years, which the company has disputed & against which the company has preferred an Appeal.

Earned Leave

The defned beneft obligation of compensated absence in respect of the employees of the companies as at 31st March, 2011 is Rs.26,325,032/- (Previous year Rs.18,121,597/-).

9. The Balances in Debtors and Creditors are subject to confrmation and reconciliation. Inventory with third parties are subject to reconciliation.

10. Debts due from directors or other offcers of the company at any time during the year : NIL ( Previous year : NIL)

11. Prior period items are income or expenses which arise in the current period as a result of errors or omissions in the preparation of the fnancial statements of one or more prior periods.

12. Disclosures pursuant to clause 32 of the listing agreements

a) Loans and advances in the nature of loans to subsidiary : NA (P.Y - NA)

b) Loans and advances in the nature of loans to Associates : NA (P.Y - NA)

c) Loans and advances in the nature of loans where there is

i) No repayment schedule or repayment beyond seven years : NA (P.Y - NA)

ii) No interest or Interest below sec. 372A of the Companies Act,1956 : NA (P.Y - NA)

13. Previous years fgures have been regrouped/reclassifed wherever necessary to make them comparable with the current years classifcation.


Mar 31, 2010

1 BRIEF ABOUT THE COMPANY

The company was set up in the year 1995 with the key objective of bringing the innerwear brand "JOCKEY" to India. The core values of the brand include youthfulness, fun, quality, value, confidence and innovation. The company has introduced a wide range of quality products for men, women and children as well as innovative marketing concepts such as display modules aimed at enhancing the consumers involvement with the purchase.

The company commenced operations in the year 1995 in Bangalore with the manufacturing, distribution and marketing of Jockey products. The company has the distinction of being the only innerwear brand in the country which has been awarded the "Superbrand" status. The "Superbrand" is accredited by Superbrand Organization which is an independent arbiter on branding.

2 Capital Commitments

Estimated value of Capital Commitments (Net of Advance) Rs. 4,20,63,683/- (Previous Year Rs. 30,28,667/-)

3 Additional information pursuant to the provisions of paragraphs 3, 4C and 4D of Part II of Schedule VI to the Companies Act, 1956

4 Capitalization of borrowing cost:-

During the year the company has capitalized interest amounting to Rs.Nil ( Previous year - Rs.26,05,029/-)

5 Leasing arrangements: Finance Lease:

The company does not have any item covered under finance lease which needs disclosure as per Accounting Standard 19 - "Accounting for Leases".

Operating Lease:

The significant leasing arrangements entered into by the Company include the following:

i) Buildings taken on operating lease with lease term between 11 and 72 months for office premises and residential accommodation for employees and which are renewable on a periodic basis by mutual consent of both parties.

ii) All the operating leases are cancelable by the lessee for any reason by giving notice of between 1 and 3 months.

iii) There are no restrictions imposed by lease arrangements, such as those concerning dividends, additional debt and further leasing.

iv) Lease payments recognized under rent expenses in Schedule K and L :

The Company has various operating leases for office facilities and residential premises for employees that are renewable on a periodic basis. Rental expenses for operating leases recognized in profit and loss account for the year is Rs.3,99,43,638/- (P.Y.Rs.2,69,28,912/-)

6 Segmental Information

The Company is engaged in the business of "Manufacturing of Garments". As the basic nature of these articles are governed by the same set of risk and returns, these have been re-grouped as a single business segment. Further the company sells primarily in the domestic market where its operations are governed by the same set of risks and returns and the overseas sales are insignificant. Accordingly the separate primary and secondary segment reporting disclosure as envisaged in Accounting Standard (AS - 17) on Segmental Reporting notified by the Companies ( Accounting Standard ) Rules 2006 is not applicable to the company.

The principal and interest amount payable on Foreign Currency working capital loan has been covered under the forward contract. The Premium payable on the forward cover had been amortised over the tenure of loan

The above disclosures have been made consequent to an announcement by the Institute of Chartered Accountants of India in December, 2005, which is applicable to the financial periods ending on or after 31st March, 2006.

7 Disclosure in respect of Related Parties pursuant to Accounting Standard 18 :

(i) List of Related Parties:

a) Enterprises in which KMPs or their relatives having significant influence. Page Garments Exports Private Limited

Trigen Apparel Private Limited Trigen Resources Philippines Inc., Genco Holding Private Limited

b) Key management personnel

Sunrier Opnnmfll

8 In accordance with Accounting Standard 29 on Provisions, Contingent Liabilities and Contingent Assets as notified by the Companies ( Accounting Standard ) Rules 2006 the following provisions are made in the books of accounts.

a) Litigations

In respect of Income tax demand total amounting to Rs. 2.11 Crores arising on account of claiming deduction u/s.80JJAA and under section 35D. The company has provided provisions to the extent of 50% of the disputed amount towards deduction U/s 80JJAA.Further the company has appealed against the above mentioned orders before Joint Commissioner Income Tax (Appeals).

9 As per the company policy, the maximum gratuity payable to the employee is restricted to the maximum limit specified under Sub Section 3 of Section 4 of the Gratuity Act 1972. The maximum limit had been enhanced to Rs. 10 Lakhs from the erstwhile limit of Rs. 3.5 Lakhs as per Payment of Gratuity (Amendment) Act, 2010. However for the purpose of Gratuity Provision Computation, the company has considered the erstwhile limit of Rs.3.5 Lakhs instead of enhanced limit of Rs.10 Lakhs. In the absence of actuarial valuation certificate under the new enhanced limit, the impact on the financial statement cannot be determined."

10 The disclosure required under Accounting Standard 15 " Employee Benefits " notified in the companies (accounting standards ) rules 2006 is given below :-

Note:

1 The discount rate is based on the prevailing market yields of Indian Government Securities as at the balance sheet date for the estimated term of the obligation

2 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 companys policy for plan asset management. In order to protect the capital and optimise returns within acceptable risk parameters, the plan assets are well diversified.

3 The estimated 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

11 The Balances in Debtors and Creditors are subject to confirmation and reconciliation.Inventory with third parties are subject to reconciliation.

12 Debts due from directors or other officers of the company at any time during the year : NIL ( Previous year : NIL)

13 Prior period items are income or expenses which arise in the current period as a result of errors or omissions in the preparation of the financial statements of one or more prior periods.

14 Disclosures pursuant to clause 32 of the listing agreements

(a) Loans and advances in the nature of loans to subsidiary : NA ( P.Y - NA )

(b) Loans and advances in the nature of loans to Associates : NA ( P.Y - NA )

(c) Loans and advances in the nature of loans where there is

i) No repayment schedule or repayment beyond seven years - NA ( P.Y - NA )

ii) No interest or Interest below sec.372A of the Companies Act, 1956: NA ( P.Y - NA )

(d) Loans and advances in the nature of loans to companies in which directors are interested:

15 Previous years figures have been regrouped / reclassified wherever necessary to make them comparable with the current years classification.

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