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Balu Forge Industries Ltd. Notes to Accounts
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You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (Rs.) 2037.15 Cr. P/BV 9.53 Book Value (Rs.) 21.47
52 Week High/Low (Rs.) 301/86 FV/ML 10/1 P/E(X) 52.35
Bookclosure 27/09/2023 EPS (Rs.) 3.91 Div Yield (%) 0.00
Year End :2023-03 

Provisions and contingencies

Provisions are recognised when the Company has a
present obligation (legal or constructive) as a result of a
past event, it is probable that the Company will be required
to settle the obligation, and a reliable estimate can be
made of the amount of the obligation.

Provisions are measured at the best estimate of the
consideration required to settle the present obligation at
the end of the reporting period, taking into account the
risks and uncertainties surrounding the obligation. When
a provision is measured using the cash flows estimated
to settle the present obligation, its carrying amount is the
present value of those cash flows (when the effect of the
time value of money is material).

When some or all of the economic benefits required to
settle a provision are expected to be recovered from a
third party, a receivable is recognised as an asset if it is
virtually certain that reimbursement will be received and
the amount of the receivable can be measured reliably.

k. Employee benefitsRetirement benefit costs and termination benefits

Payments to defined contribution retirement benefit plans
are recognised as an expense when employees have
rendered service entitling them to the contributions.

For d efi n ed ben efi t reti rement ben efi t pla ns, th e cost of
providing benefits is determined using the projected
unit credit method, with actuarial valuations being
carried out at the end of each annual reporting year. Re¬
measurement, 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
immediately in the Balance sheet with a charge or credit
recognised in other comprehensive income in the year in
which they occur. Re-measurement recognised in other
comprehensive income is reflected immediately in retained
earnings and will not be reclassified to Statement of profit
and loss. Past service cost is recognised in Statement of
profit and loss in the year of a plan amendment or when
the company recognises corresponding restructuring cost
whichever is earlier. Net interest is calculated by applying
the discount rate to the net defined benefit liability or
asset. Defined benefit costs are categorized as follows:

The Company presents the first two components of
defined benefit costs in Statement of profit and loss in the
line item ‘Employee benefits expenses'. Curtailment gains
and losses are accounted for as past service costs.

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 or reductions in future contributions to the plans.

A liability for a termination benefit is recognised at the
earlier of when the entity can no longer withdraw the offer
of the termination benefit and when the entity recognises
any related restructuring costs.

Short-term and other long-term employee
benefits

A liability is recognised for benefits accruing to employees
in respect of wages and salaries in the year the related
service is rendered at the undiscounted amount of the
benefits expected to be paid in exchange for that service.

Liabilities recognised in respect of short-term employee
benefits are measured at the undiscounted amount of
the benefits expected to be paid in exchange for the
related service.

Li abili ti es recog ni sed i n respect of oth er long -term
employee benefits are measured at the present value

of the estimated future cash outflows expected to be
made by the Company in respect of services provided by
employees up to the reporting date.

l. Financial instrumentsinitial recognition, subsequent measurement and
impairment

Financial assets and financial liabilities are recognized
when the Company becomes a party to the contractual
provisions of the instrument. Financial assets and
liabilities are initially measured at fair value. Transaction
costs that are directly attributable to the acquisition or
issue of financial assets and financial liabilities (other
than financial assets and financial liabilities at fair value
through profit and loss) are added to or deducted from
the fair value measured on initial recognition of financial
asset or financial liability. The transaction costs directly
attributable to the acquisition of financial assets and
financial liabilities at fair value through profit and loss
are immediately recognised in the statement of profit and
loss. Trade Receivables that do not contain a significant
financing component are measured at transaction price.

Effective interest method

The effective interest method is a method of calculating the
amortised cost of a financial instrument and of allocating
interest income or expense over the relevant period. The
effective interest rate is the rate that exactly discounts
future cash receipts or payments through the expected
life of the financial instrument, or where appropriate, a
shorter period.

Financial assets

Cash and bank balances

Cash and bank balances consist of:

i. Cash and cash equivalents - which includes cash
on hand, deposits held at call with banks and other
short-term deposits which are readily convertible into
known amounts of cash, are subject to an insignificant
risk of change in value and have original maturities of
less than three months. These balances with banks
are unrestricted for withdrawal and usage.

ii. Other bank balances - which includes balances and
deposits with banks that are restricted for withdrawal
and usage.

Financial assets at amortised cost

Financial assets are subsequently measured at amortised
cost if these financial assets are held within a business
model whose objective is to hold these assets in order to
collect contractual cash flows and the contractual terms
of the financial asset give rise on specified dates to cash
flows that are solely payments of principal and interest on
the principal amount outstanding.

Financial assets measured at fair value

Financial assets are measured at fair value through other
comprehensive income if such financial assets are held
within a business model whose objective is to hold these
assets in order to collect contractual cash flows and to
sell such financial assets and the contractual terms of the
financial asset give rise on specified dates to cash flows
that are solely payments of principal and interest on the
principal amount outstanding.

The Company in respect of certain equity investments
(other than in subsidiaries, associates and joint ventures)
which are not held for trading has made an irrevocable
election to present in other comprehensive income
subsequent changes in the fair value of such equity
i nstrumen ts. Such an electi on i s ma d e by th e Company
on an instrument by instrument basis at the time of
initial recognition of such equity investments. These
investments are held for medium or long-term strategic
purpose. The Company has chosen to designate these
investments in equity instruments as fair value through
other comprehensive income as the management believes
this provides a more meaningful presentation for medium
or long-term strategic investments, than reflecting
changes in fair value immediately in the statement of profit
and loss.

Financial assets not measured at amortised cost or at fair
value through other comprehensive income are carried at
fair value through profit and loss.

Interest income

I nterest income is accrued on a time proportion basis,
by reference to the principal outstanding and effective
interest rate applicable.

Dividend income

Dividend income from investments is recognized when the
right to receive payment has been established.

Impairment of financial assets

The Company recognizes loss allowances on a forward
looking basis using the expected credit loss (ECL) model
for all the financial assets except for trade receivables.
Loss allowance for all financial assets is measured at an
amount equal to lifetime ECL. The Company recognises
impairment loss on trade receivables using expected
credit loss model which involves use of a provision
matrix constructed on the basis of historical credit loss
experience and adjusted for forward-looking information
as permitted under Ind AS 109.

The amount of expected credit losses (or reversal) that
is required to adjust the loss allowance at the reporting
date is recognized as an impairment gain or loss in the
Statement of Profit and Loss.

De-recognition of financial assets

The Company de-recognises a financial asset only when
the contractual rights to the cash flows from the asset
expire, or it transfers the financial asset and substantially
all risks and rewards of ownership of the asset to
another entity.

If the Company neither transfers nor retains substantially
all the risks and rewards of ownership and continues to
control the transferred asset, the Company recognises its
retained interest in the assets and an associated liability
for amounts it may have to pay.

If the Company retains substantially all the risks and
rewards of ownership of a transferred financial asset, the
Company continues to recognise the financial asset and
also recognises a borrowing for the proceeds received.

Financial liabilities and equity instruments
Classification as debt or equity

Financial liabilities and equity instruments issued by the
Company are classified according to the substance of the
contractual arrangements entered into and the definitions
of a financial liability and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences
a residual interest in the assets of the Company after
deducting all of its liabilities. Equity instruments are
recorded at the proceeds received, net of direct issue costs.

Financial liabilities

Trade and other payables are initially measured at fair
value, net of transaction costs, and are subsequently
measured at amortised cost, using the effective interest
rate method where the time value of money is significant.

I nterest bearing bank loans, overdrafts and issued debt
are initially measured at fair value and are subsequently
measured at amortised cost using the effective interest
rate method. Any difference between the proceeds (net
of transaction costs) and the settlement or redemption of
borrowings is recognised over the term of the borrowings
in the statement of profit and loss.

De-recognition of financial liabilities

The Company de-recognises financial liabilities when,
and only when, the Company's obligations are discharged,
cancelled or they expire.

Offsetting financial instrument

Financial assets and liabilities are offset, and the net
amount is reported in the balance sheet where there
is a legally enforceable right to offset the recognised
amounts and there is an intention to settle financial asset

and liability on a net basis or realise the asset and settle
the liability simultaneously. The legally enforceable right
must not be contingent on future events and must be
enforceable in the normal course of business and in the
event of default, insolvency or bankruptcy of the Company
or the counterparty.

m. Cash and cash equivalents

Cash and cash equivalent in the Balance Sheet comprise
cash at banks and on hand and short- term deposits with
an original maturity of three months or less, which are
subject to insignificant risk of changes in value.

For the purpose of the Statement of cash flows, cash and
cash equivalent consists of cash and short-term deposits,
as defined above, net of outstanding bank overdrafts as
they are considered an integral part of the Company's
cash management.

n. Segments reporting

Operating segments are reported in a manner consistent
with the internal reporting provided to the chief operating
decision maker.

The Board of directors of the Company has been identified
as the Chief Operating Decision Maker which reviews
and assesses the financial performance and makes the
strategic decisions.

o. Cash flow statement

Statement of Cash Flows is prepared segregating the cash
flows into operating, investing and financing activities.
Cash flow from operating activities is reported using
indirect method, adjusting the net profit /(Loss) for the
effects of:

i. Changes during the period in inventories and
operating receivables and payables transactions of a
non-cash nature;

ii. Non-cash items such as depreciation, provisions,
deferred taxes, unrealised foreign currency gains
and losses and

iii. All other items for which the cash effects are
investing or financing cash flows.

Cash and cash equivalents (including bank balances)
shown in the Statement of Cash Flows exclude items
which are not available for general use as on the date of
Balance Sheet.

p. Earnings per share
Basic earnings per share

Basic earnings per share is computed by dividing the net
profit after tax by weighted average number of equity
shares outstanding during the year. The weighted average
number of equity shares outstanding during the year is
adjusted for treasury shares, bonus issue, bonus element
in a rights issue to existing shareholders, share split and
reverse share split (consolidation of shares).

Diluted earnings per share

Diluted earnings per share is computed by dividing the
profit after tax as adjusted for dividend, interest and other
charges to expense or income (net of attributable taxes)
associated with dilutive potential equity shares by the
weighted average number of equity shares considered
for deriving basic earnings per share and also the
weighted average number of equity shares that could
have been issued upon conversion of all dilutive potential
equity shares including the treasury shares held by the
Company to satisfy the exercise of the share options by
the employees.

q. Key sources of estimation uncertainty and critical
accounting judgements

In the course of applying the policies outlined in all notes
above, the Company is required to make judgements,
estimates and assumptions about the carrying amount
of assets and liabilities that are not readily apparent from
other sources. The estimates and associated assumptions
are based on historical experience and other factors that
are considered to be relevant. Actual results may differ
from these estimates. The estimates and underlying
assumptions are reviewed on an ongoing basis. Revisions
to accounting estimates are recognised in the year in
which the estimate is revised if the revision affects only
that year, or in the year of the revision and future year, if
the revision affects current and future year.

Key sources of estimation uncertaintya. Useful lives of property, plant and equipment

Management reviews the useful lives of property,
plant and equipment at least once a year. Such
lives are dependent upon an assessment of both
the technical lives of the assets and also their
likely economic lives based on various internal and
external factors including relative efficiency and
operating costs. This reassessment may result in
change in depreciation and amortisation expected in
future periods.

b. Impairment of investments in subsidiaries

Determining whether the investments in subsidiaries
are impaired requires an estimate in the value in
use of investments. In considering the value in use,
the Directors have anticipated the future commodity
prices, capacity utilisation, operating margins,
discount rates and other factors of the underlying
businesses / operations of the investee companies.
Any subsequent changes to the cash flows due to
changes in the above mentioned factors could impact
the carrying value of investments.

c. Contingencies

In the normal course of business, contingent liabilities
may arise from litigation and other claims against
the Company. Potential liabilities that are possible
but not probable of crystalising or are very difficult to
quantify reliably are treated as contingent liabilities.
Such liabilities are disclosed in the notes but are not
recognised. The cases which have been determined
as remote by the Company are not disclosed.

Contingent assets are neither recognised nor
disclosed in the financial statements unless when an
inflow of economic benefits is probable.

d. Fair value measurements

When the fair values of financial assets or financial
liabilities recorded or disclosed in the financial
statements cannot be measured based on quoted
prices in active markets, their fair value is measured
using valuation techniques including the DCF
model. The inputs to these models are taken from
observable markets where possible, but where this
is not feasible, a degree of judgment is required
i n establi sh i ng fai r values. Jud g emen ts i n clu d e
consideration of inputs such as liquidity risk, credit
risk and volatility.

e. Impairment of trade receivables

The impairment provisions for trade receivables
are based on assumptions about risk of default and
expected loss rates. The Company uses judgement in
making these assumptions and selecting the inputs
to the impairment calculation, based on Company's
past history, credit risk, existing market conditions as
well as forward looking estimates at the end of each
reporting period.


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