A provision is recognised when the Company has a present obligation as a result of past events and it is probable that an outflow of resources willbe required to settle the obligation in respect of which a reliable estimate can be made. Provisions (excluding retirement benefits) are measured atthe present value of management's best estimate of the expenditure required to settle the present obligation at the balance sheet date. These arereviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed in the Notes. Contingentassets are not recognised in the financial statements.
Trade payables represent liabilities for goods and services provided to the Company and are unpaid at the reporting period. The amounts are unsecuredand usually paid within time limits as contracted. Trade and other payables are presented as current liabilities unless the payment is not due within12 months after the reporting period.
They are recognised initially at their transactional value which represents the fair value and subsequently measured at amortised cost using theeffective interest method wherever applicable.
2 REVENUE FROM OPERATIONSAccounting Policy:-
Revenue is measured at the fair value of the consideration received or receivable.
Sale of goods
Revenue from sale of goods is recognised when control of the products has transferred and there is no unfulfilled obligation that could affectthe customer's acceptance of the products. Revenue is recognised based on the price specified in the contract, net of the estimated discounts.Accumulated experience is used to estimate and provide for the discounts, using the expected value method, and revenue is only recognised to theextent that it is highly probable that a significant reversal will not occur. A contract liability is recognised for expected discounts payable to customersin relation to sales made until the end of the reporting period. A receivable is recognised when the goods are despatched as this is the point in timethat the consideration is unconditional because only the passage of time is required before the payment is due.
Revenue excludes Goods and Services Tax (GST).
Unfulfilled Performance Obligations
The Company provides certain benefits to customers for purchasing products from the Company. These provide a material right to customers thatthey would not receive without entering into a contract. Therefore the promise to provide such benefits to the customer is a separate performanceobligation. The transaction price is allocated to the product and the benefit to be provided on a relative stand-alone selling price basis. The managementestimates the stand-alone selling price per unit on the basis of providing cost of such benefit. These estimates are established using historicalinformation on the nature, frequency and average cost of obligations and management estimates regarding possible future incidents. To the extentthese benefits are not settled/ disbursed till the end of a reporting period these are recorded. Contract liability is recognised until the benefit isprovided which is expected to be less than 12 months.
Government grants and subsidies
Government grants and subsidies are recognised when there is reasonable assurance that the Company will comply with the conditions attachedto them and the grants / subsidy will be received. Government grants and subsidies are recognised as income over the periods necessary to matchthem with the costs for which they are intended to compensate, on a systematic basis.
25 EMPLOYEE BENEFITS EXPENSEAccounting Policy:-Post - Employment Benefits
Defined Benefit Plans:
The liability or asset recognised in the Balance Sheet in respect of defined benefit plans is the present value of the defined benefit obligation at theend of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually at year end by actuaries using theprojected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by reference to market yields atthe end of the reporting period on government bonds that have terms approximating to the terms of the related obligation.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets.This cost is included in 'Employee Benefits Expense' in the Statement of Profit and Loss.
Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets(excluding interest), is reflected in the balance sheet with a charge or credit recognised in other comprehensive income in the period in which theyoccur. Remeasurement recognised in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to thestatement of profit and loss. Past service cost is recognised in the statement of profit and loss in the period of a plan amendment. Net interest iscalculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset.
Defined Contribution Plans
Contributions under Defined Contribution Plans payable in keeping with the related schemes are recognised as expenses for the period in which theemployee has rendered the service entitling them to the contributions.
The retirement benefit obligation recognised in the balance sheet represents the actual deficit or surplus in the Company's defined benefit plans.Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans orreductions in future contributions to the plans.
Other long-term employee benefits
The liabilities for leave are not expected to be settled wholly within 12 months after the end of the period in which the employees render the relatedservice. They are therefore measured annually at year end by actuaries as the present value of expected future benefits in respect of services providedby employees up to the end of the reporting period using the projected unit credit method. The benefits are discounted using the market yields ongovernment bonds at the end of the reporting period that have terms approximating to the terms of the related obligation. Remeasurements as aresult of experience adjustments and changes in actuarial assumptions are recognised in profit or loss.
Short-term and other long-term employee benefits
A liability is recognised for benefits accruing to employees in respect of wages and salaries and sick leave in the period the related service is renderedat the undiscounted amount of the benefits expected to be paid in exchange for that service.
Contributions towards provident funds are recognised as an expense for the year. The Company has set up a Provident Fund Trust which is administeredby Trustees. Both the employees and the Company make monthly contributions to the fund at specified percentage of the employee's salary andaggregate contributions along with interest thereon are paid to the employees/nominees at retirement, death or cessation of employment.
The Trust invests funds following a pattern of investments prescribed by the Government. The interest rate payable to the members of the Trust isnot lower than the rate of interest declared annually by the Government under 'The Employees' Provident Funds and Miscellaneous Provisions Act,1952' and shortfall, if any, on account of interest is to be made good by the Company.
The Actuary has carried out actuarial valuation of plan's liabilities and interest rate guarantee obligations as at the Balance Sheet date using ProjectedUnit Credit Method and Deterministic Approach as outlined in the Guidance Note 29 issued by the Institute of Actuaries of India. Based on suchvaluation, no amount is required to be provided towards future anticipated shortfall with regard to interest rate obligation of the Company as at theBalance Sheet date. Disclosures given hereunder are restricted to the information available as per the Actuary's Report.
Total amount charged to the Statement of Profit and Loss for the year ended March 31, 2025'397.84 lakhs (For the year ended March 31, 2024:' 363.19 lakhs).
Pension fund
Contribution towards Pension fund -total amount charged to the Statement of Profit and Loss for the year ended March 31, 2025 '409.79 lakhs (Forthe year ended March 31, 2024: ' 398.67 lakhs).
The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company towards Provident Fundand Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on November 13, 2020 and hasinvited suggestions from stakeholders which are under active consideration by the Ministry. The Company will assess the impact, once the subjectrules are notified and will give appropriate impact in its financial statements in the period in which, the Code becomes effective and the related rulesto determine the financial impact are published.
Borrowing costs include interest, amortisation of ancillary costs incurred. Costs in connection with the borrowing of funds to the extent not directlyrelated to the acquisition of qualifying assets are charged to the Statement of Profit and Loss over the tenure of the loan. Borrowing costs, allocatedto and utilised for qualifying assets, pertaining to the period from commencement of activities relating to construction / development of the qualifyingasset upto the date of capitalisation of such asset are added to the cost of the assets.
29.C. Pursuant to the Taxation Laws (Amendment) Ordinance, 2019 issued on September 20, 2019, corporate assesses have been given the option to applylower income tax rate with effect from April 01,2019, subject to certain conditions specified therein. The Company has carried out an evaluation andbased on its forecasted profits, believes it will not be beneficial for the Company to choose the lower tax rate option in the near future. Accordingly,no effect in this regard has been considered in measurement of tax expense for the year ended March 31,2025. The Company will, however, continueto review its profitability forecast at regular intervals and make necessary adjustments to tax expense when there is reasonable certainty to availthe beneficial (lower) rate of tax.
29.D. For Accounting policy relating to income Tax expenses refer note 8.
**The Competition Commission of India ("CCI") issued an Order dated April 19, 2018, imposing penalty on certain zinc carbon dry cell batterymanufacturers, concerning contravention of the Competition Act, 2002 (The Act). The penalty imposed on the Company was ' 17,155 lakhs. TheCompany filed an appeal and stay application before the National Company Law Appellate Tribunal, New Delhi, (NCLAT) against the CCI's said Order.Since then, the NCLAT vide its order dated May 09, 2018, has stayed the penalty with the direction of depositing 10% of the penalty amount within15 days with the Registry of the NCLAT. The Company has complied with the said direction of the NCLAT. Meanwhile, the Company received legaladvice to the effect that given the factual background and the judicial precedents, there are reasonable grounds on the basis of which the NCLATwill allow the appeal and will either adjudicate upon the quantum of penalty imposed or remand it to the CCI for de novo consideration. It may also benoted that a certain amount of penalty will be levied on the Company as it had also earlier filed an application under the Lesser Penalty Regulationsunder the Act. However, at this stage it is not possible to quantify or even make a reasonable estimate of the quantum of penalty that may be imposedon the Company. According to the aforesaid legal advice, the matter should be recognized as a contingent liability as defined under Ind-AS 37 andthere should be no adjustment required in the financial statements of the Company in accordance with Ind-AS 10. Accordingly, pending the finaldisposal of the appeal, the amount has been disclosed as contingent liability in the financial statements. It may also be noted that penalty imposedin this connection on certain officers of the Company amounting ' 53.41 Lakhs has been included in the above.
2013
No loans/guarantess/investments have been given/provided/made during the year ended March 31, 2025.
Interest bearing (which is not lower than prevailing yield of related Government Security close to the tenure of respective loans) loans and recoverablesto Babcock Borsig Ltd, Mcnally Bharat Engineering Company Ltd, Williamson Financial Services Ltd, Seajuli Developers & Finance Ltd, WoodsideParks Limited and Williamson Magor & Co. Ltd. outstanding at the year ended March 31, 2025 were '7,600.00 Lakhs, Nil, Nil, ' 27,080.00 Lakhs,' 8,000.00 Lakhs and ' 6,048.77 Lakhs respectively and maximum amount outstanding during the year was ' 7,600.00 Lakhs, Nil, Nil, '27,080.00Lakhs, ' 8,000.00 Lakhs and ' 6,048.77 Lakhs respectively, for their business purposes. During the year ended March 31, 2021 the Company hasprovided for impairment loss against above outstanding loans & recoverables.
The Company endeavours to manage the financial risks related to it's operations through specified policies, which deals with various market risks(foreign currency exchange risk, interest rate risks and commodity price risks), credit risks and liquidity risks. In order to minimize any adverse effectson the financial performance of the Company, derivative financial instruments like foreign exchange forward contracts, commodity future and optioncontracts, maintaning proper mix between fixed and floating rate of borrowings are undertaken to hedge the various financial risks as per guidelinesset in those policies. Credit risk management is done through managing credit limits and transactions through letters of credit. Liquidity risk is managedthrough availability of committed credit lines and borrowing facilities.
The Company's activities expose it primarily to the financial risks of changes in foreign currency exchange rates, interest rates and commodity pricesin international markets. The Company enters into foreign exchange forward contracts and commodity futures contracts to manage it's market risks.
The Company uses hedge instruments that are governed by the policies of the Company which are approved by the Board of Directors, which providewritten principles on the use of such financial derivatives consistent with the risk management strategy of the Company.
The Company uses certain forward foreign exchange contracts as hedge instruments in respect of foreign exchange fluctuation risk. These hedgecontracts do not generally extend beyond 6 months.
These hedges are accounted for and measured at fair value from the date the hedge contract is entered into and are subsequently re-measured to theirfair value at the end of each reporting period. The fair values for forward currency contracts are marked-to-market at the end of each reporting period.
The Company undertakes transactions denominated in foreign currencies; consequently, exposure to exchange rate fluctuations arise. Exchange rateexposures are managed within the approved policy utilising forward foreign exchange contracts as and when required depending upon market volatility.
Derivative Instruments and Unhedged Foreign Currency Exposure :
It is the policy of the Company to enter into foreign exchange forward contracts to cover foreign currency payments for known liabilities as andwhen required.
The Company is exposed to interest rate risk because it borrows funds at both fixed and floating interest rates. The risk is managed by the Companyby maintaining an appropriate mix between fixed and floating rate borrowings contracts.
The sensitivity analysis below have been determined based on the exposure to interest rates for non-derivative instruments (borrowings) at the endof the reporting period. For liabilities with floating rate, the analysis is prepared considering average amount outstanding at the end of each month. A100 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management'sassessment of the reasonably possible change in interest rates.If interest rates had been 100 basis points higher/lower and all other variables wereheld constant, the Company's:
• profit before tax for the year ended March 31, 2025 would decrease/increase by ' 57.68 lakhs (for the year ended March 31,2024: decrease/increase by ' 202.58 Lakhs). This is mainly attributable to the Company's exposure to interest rates on its variable rate borrowings.
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company hasadopted a policy of only dealing with creditworthy counterparties as a means of mitigating the risk of financial loss from defaults. The Company'sexposure of its counterparties are continuously monitored.
Trade receivables consist of a large number of customers, spread across diverse industries and geographical areas. Ongoing credit evaluation isperformed on the financial condition of accounts receivable and, where appropriate, credit guarantee insurance cover is purchased.
Concentration of credit risk to any counterparty did not exceed 5% of gross monetary assets at any time during the year.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants atthe measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fairvalue of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take thosecharacteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes inthe financial statement is determined on such a basis, except for share-based payment transactions, leasing transactions and measurements thathave some similarities to fair value but are not fair value, such as net realisable value in Inventories or value in use in Impairment of Assets. The basisof fair valuation of these items are given as part of their respective accounting policies.
The estimated fair value of the Company's financial instruments is based on market prices and valuation techniques. Valuations are made withthe objective to include relevant factors that market participants would consider in setting a price, and to apply accepted economic and financialmethodologies for the pricing of financial instruments. References for less active markets are carefully reviewed to establish relevant andcomparable data.
This note provides information about how the Company determines fair values of various financial assets and financial liabilities.
Note There are no transfers from Level 1 and Level 2 during the year end March 31, 2025* Below rounding off norms of the Company
Level 1:- Hierarchy includes financial instruments valued using quoted market prices. Listed equity instruments and traded debt instruments whichare traded in the stock exchanges are valued using the closing price at the reporting date. Mutual funds are valued using the closing NAV.
Level 2:- Hierarchy includes financial instruments that are not traded in active market. This includes over the counter (OTC) derivatives, close endedmutual funds and debt instruments valued using observable market data such as yield etc. of similar instruments traded in active market. All derivativeare reported at discounted values hence are included in level 2.Borrowings have been fair valued using credit adjusted interest rate prevailing onthe reporting date.
Level 3:- If one or more significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlistedequity instruments and certain debt instruments which are valued using assumptions from market participants.
During the year ended March 31,2025 the Company did not provide any Loans or advances which remains outstanding (repayable on demand orwithout specifying any terms or period of repayment) to specified persons ( Nil as on March 31,2024).
The Company did not have any transaction with Companies, struck off during the year ended March 31,2025 and the year ended March 31,2024.
The Company did not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as incomeduring the year ended March 31,2025 and March 31, 2024 in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or anyother relevant provisions of the Income Tax Act, 1961.
The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company, during the year endedMarch 31, 2025 and March 31, 2024 for holding any Benami property.
The Company has not traded or invested in Crypto currency or Virtual Currency during the year ended March 31, 2025 and March 31, 2024.
The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whetherrecorded in writing or otherwise) that the Company shall: (a) directly or indirectly lend or invest in other persons or entities identified in anymanner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or (b) provide any guarantee, security or the like on behalf of theultimate beneficiaries.
The Company has not advanced or lent or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with theunderstanding that the Intermediary shall: (a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever byor on behalf of the company (Ultimate Beneficiaries) or (b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
30.9.8 The Company does not have any charges or satisfaction, which is yet to be registered with ROC beyond the statutory period.
30.9.9 The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013 read with Companies
(Restriction on number of Layers) Rules, 2017.
30.9.10 The Company has not entered into any scheme of arrangement which has accounting impact on current year.
30.10 The Company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and
the same has operated throughout the year for all relevant transactions recorded in the software. Further, there are no instance of audit trail featurebeing tampered with, and the Audit trail has been preserved by the Company as per the Statutory requirements for record retention.
30.11 APPROVAL OF FINANCIAL STATEMENTS
The financial statements were approved for issue by the Board of Directors on May 09, 2025.
For and on behalf of the Board of Directors
For Singhi & Co. Suvamoy Saha Mohit Burman
Chartered Accountants Managing Director Director
Firm Registration Number : 302049E (DIN:00112375) (DIN:00021963)
Place: Kolkata Place: Mumbai
Navindra Kumar Surana Bibek Agarwala Shampa Ghosh Ray
Partner Executive Director & CFO Company Secretary
Membership Number:053816 (DIN:07267564) (ACS: 16737)
Place: Kolkata Place: Kolkata
Place: Kolkata