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Coromandel International 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.) 31654.09 Cr. P/BV 4.00 Book Value (Rs.) 268.57
52 Week High/Low (Rs.) 1272/849 FV/ML 1/1 P/E(X) 15.73
Bookclosure 27/07/2023 EPS (Rs.) 68.36 Div Yield (%) 1.12
Year End :2023-03 

1. During the year ended 31 March 2022, the company recorded an amount of C10,281 lakhs towards Impairment of its investment in its wholly owned subsidiary CFL Mauritius Limited as per “Ind AS 38- Impairment of Assets” after considering the forecasts and long term outlook of the business of such subsidiary and its investments.

2. Sabero Europe B.V. has been liquidated with effect from 25 May 2022.

3. Andhra Pradesh Gas Power Corporation Limited (APGPCL) has closed its plant and laid off employees, pursuant to cancellation of allocation of natural gas during the year. The Company has accordingly fair valued its investment in APGPCL at Nil.

4. The Ordinary shares of Tunisian Indian Fertilisers S.A., Tunisia (TIFERT) held by the Company have been pledged to secure the obligations of TIFERT to their lenders, except 8,04,848 shares.

5. The Company holds 100% of the quotas and is the only partner in the Limited Liability Partnership.

6. Represents loan amounting C 1,609 Lakhs (2022: C 1,609 Lakhs) to TIFERT which was compulsorily convertible to equity shares. Based on the terms of conversion, the said loan was due for conversion in June 2022 (originally extended by 2 years from June 2020). The Company is in discussion with TIFERT to further extend this time period for conversion. The fair value of this loan has been considered as Nil as on March 31, 2023.

The credit period on sales of goods varies with seasons and business segments/markets and generally ranges between 30 to 180 days.

Before accepting any new customer, the Company has a credit evaluation system to assess the potential customer's credit quality and to define credit limits for the customer. Credit limits attributed to customers are reviewed on an annual basis.

No trade or other receivable are due from directors or other officers of the company either severally or jointly with any other person. Nor any trade or other receivable are due from firms or private companies respectively in which any director is a partner, a director or a member.

In accordance with Ind AS 109, the Company uses the expected credit loss ("ECL") model for measurement and recognition of impairment loss on its trade receivables. For this purpose, the Company uses a provision matrix to compute the expected credit loss amount for trade receivables. The provision matrix takes into account external and internal credit risk factors and historical data of credit losses from various customers adjusted for forward looking estimates. Accordingly, the Company creates provision for past due receivables beyond 180 days ranging between 25%-100% after reckoning the underlying collaterals. Besisdes, based on the expected credit loss model the Company also provides upto 0.5% for receivables less than 180 days.

Unclaimed dividend accounts

If the dividend has not been claimed within 30 days from the date of its declaration, the Company is required to transfer the total amount of the dividend which remains unpaid or unclaimed, to a special account to be opened by the Company in a scheduled bank to be called ‘Unpaid Dividend Account'. The unclaimed dividend lying in such account is required to be transferred to the Investor Education and Protection Fund (‘IEPF'), administered by the Central Government after a period of seven years from the date of transfer to unpaid dividend account.

The company has transferred an amount of C 269 lakhs (31 March 2022 : C 201 lakhs) to IEPF during the current year. Margin money / deposit

Amounts in margin money/deposit accounts represents amounts deposited with certain government agencies.

16.3 Rights, preferences and restriction relating to each class of share capital:

Equity shares: The Company has one class of equity shares having a face value of C1 each. 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 the case of interim dividend.

16.4 As at 31 March 2023, E.I.D.-Parry (India) Limited (Parent Company) held 16,54,55,580 (2022: 16,54,55,580) equity shares of C1 each fully paid-up representing 56.27% (2022: 56.37% ) of the paid up capital. There are no other shareholders holding more than 5% of the issued capital.

16.5 Share options granted under the Company's employee share option plan

As at 31 March 2023, balance number of shares reserved for issue under the 'ESOP 2007' scheme is Nil (2022: 81,32,966) equity shares of C1 each and under the 'ESOP 2016' scheme is 1,28,97,560 (2022: 1,34,14,900) equity shares of C1 each.

Share options granted under the Company's employee share option plan carry no rights to dividends and no voting rights. Further details of the employee share option plan are provided in Note 33.

16.6 There are no bonus shares issued and no shares were issued for consideration other than cash during the period of five years immediately preceeding the reporting date.

Cumulative redeemable preference shares: The Company has a class of cumulative redeemable preference shares having face value of C10 each with such rights, privileges and conditions respectively attached thereto as may be from time to time confirmed by the regulations of the company. Pursuant to the Scheme of Amalgamation, the cumulative redeemable preference shares carry cumulative dividend of 8% per annum in relation to capital paid upon them and are on original terms and conditions in which they were issued by erstwhile Liberty Phosphate Limited, the amalgamating company.

In respect of the year ended 31 March 2023, the Board at its meeting held on 02 February 2023 had approved payment of interim dividend of C6 per equity share (600% on face value of C1 per share). The total amount paid with respect to interim dividend is C17,640 Lakhs. The Board of Directors at their meeting held on 15 May 2023 have recommended a final dividend of C6 per equity share (600% on face value of C1 per share). The proposed final dividend is subject to approval by the shareholders at the Annual General Meeting. The total estimated amount to be paid with respect to final dividend is C17,641 Lakhs. The total dividend is C12 per share (1200% on face value of C1 per share) for the year ended 31 March 2023.

In respect of the year ended 31 March 2022, the Board at its meeting held on 03 February 2022 had approved payment of interim dividend of C6 per equity share (600% on face value of C1 per share). The total amount paid with respect to interim dividend is C17,610 Lakhs. The Board of Directors at their meeting held on 28 April 2022 have recommended a final dividend of C6 per equity share (600% on face value of C1 per share). The proposed final dividend was approved by the shareholders at the Annual General Meeting. The total amount paid with respect to final dividend is C17,624 Lakhs. The total dividend is C12 per share (1200% on face value of C1 per share) for the year ended 31 March 2022.

In respect of the year ended 31 March 2021, the Board of Directors at their meeting held on 29 April 2021 have recommended a final dividend of C 6 per equity share (600% on face value of C1 per equity share). The proposed final dividend was approved by the shareholders at the Annual General Meeting. The total amount paid with respect to final dividend was C17,603 Lakhs.

18.1 Summary of borrowing arrangements

i) There are no outstanding long-term borrowings as at 31 March 2023 and as at 31st March 2022.

ii) Secured loans repaybale on demand comprises cash credit balances secured by a pari-passu charge on current assets of the Company. Further, some of these are also secured by second charge on moveable fixed assets of the Company at an interest rates between 4.25% p.a to 8.60% p.a.

18.2 Breach of loan agreement

There is no breach of loan agreement


31. Segment information

31.1 Products and services from which reportable segments derive their revenues

The information reported to the Chief Operating Decision Maker (CODM) for the purpose of resource allocation and assessment of segment performance is based on types of goods and services. Accordingly, the Company's reportable segments under Ind AS 108 are as follows:

1. Nutrient and other allied business

2. Crop protection

For the purposes of monitoring segment performance and allocating resources between segments:

1. All assets are allocated to reportable segments other than inter-corporate deposits, investments, cash and cash equivalents and derivative contracts.

2. All liabilities are allocated to reportable segments other than borrowings, defined benefit obligation and long-term employee benefits, derivative contracts, current and deferred tax liabilities.

32. Financial instruments

32.1 Capital management

The Company's capital management objective is to maximise the total shareholder return by optimising cost of capital through flexible capital structure that supports growth. Further, the Company ensures optimal credit risk profile to maintain/enhance credit rating.

The Company determines the amount of capital required on the basis of annual operating plan and long-term strategic plans. The funding requirements are met through internal accruals and long-term/short-term borrowings. The Company monitors the capital structure on the basis of Net debt to equity ratio and maturity profile of the overall debt portfolio of the Company.

For the purpose of capital management, capital includes issued equity capital, securities premium and all other reserves. Net debt includes all long and short-term borrowings as reduced by cash and cash equivalents, Bank deposits and inter-corporate deposits with financial institutions.

32.3 Financial risk management objectives

The Company has adequate internal processes to assess, monitor and manage financial risks. These risks include market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk.

The Company seeks to minimise the effects of these risks by using financial instruments such as foreign currency forward contracts, option contracts, interest and currency swaps to hedge risk exposures and appropriate risk management policies as detailed below. The use of these financial instruments is governed by the Company's policies, which outlines principles on foreign exchange risk, interest rate risk, credit risk and deployment of surplus funds.

32.4 Market risk

The Company's financial instruments are exposed to market rate changes. The Company is exposed to the following significant market risks:

• Foreign currency risk

• Interest rate risk

• Other price risk

Market risk exposures are measured using sensitivity analysis. There has been no change to the Company's exposure to market risks or the manner in which these risks are being managed and measured.

32.4.1 Foreign currency risk management

The Company is exposed to foreign exchange risk on account of following:

1. Nutrient and other allied business has foreign exchange exposure for its imports of raw materials, intermediates and traded goods.

2. Crop Protection segment has foreign exchange exposure on both exports of finished goods and imports of raw materials, intermediates and traded goods.

3. Foreign currency borrowings in the form of buyers credit, packing credit etc. are availed for meeting its funding requirements.

The Company has a forex policy in place whose objective is to mitigate foreign exchange risk by deploying the appropriate

hedging strategies through combination of various hedging instruments such as foreign currency forward contracts, options

contracts and has a dedicated forex desk to monitor the currency movement and respond swiftly to market situations. The

Company follows netting principle for managing the foreign exchange exposure for each operating segment.

There are no long-term borrowings outstanding as on 31 March 2023 and 31 March 2022.

Foreign currency forward contracts designated as hedging instruments in cash flow hedges of forecast sales in USD are measured at fair value through OCI. While the Company enters into other foreign exchange forward contracts to reduce the foreign exchange risk, these other contracts are not designated in hedge relationships and are measured at FVTPL.

The terms of the hedging instruments match the terms of the forecast transactions. As a result, no hedge ineffectiveness arise requiring recognition through profit or loss.

e. Foreign currency sensitivity analysis

The Company is mainly exposed to fluctuations in US Dollar. The following table details the Company's sensitivity to a C1 increase and decrease against the US Dollar. C1 is the sensitivity used when reporting foreign currency risk internally to key management personnel and represents management's assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only net outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a C1 change in foreign currency rates. A positive number below indicates an increase in profit or equity where the Rupee strengthens by C1 against the US Dollar. For a C 1 weakening against the US Dollar, there would be a comparable impact on the profit or equity.

32.4.2 Interest rate risk management

The Company issues commercial papers, draws working capital demand loans, avails cash credit, foreign currency borrowings including buyers credit, Packing Credit etc. for meeting its funding requirements.

Interest rates on these borrowings are exposed to change in respective benchmark rates. The Company manages the interest rate risk by maintaining appropriate mix/portfolio of the borrowings.

Interest rate sensitivity analysis

The sensitivity analysis below has been determined for borrowings assuming the amount of borrowings outstanding at the end of the reporting period was outstanding for the whole year. A 10 basis points increase or decrease in case of foreign currency borrowings and 50 basis points increase or decrease in case of rupee borrowings is used when reporting interest

rate risk internally to key management personnel and represents management's assessment of the reasonably possible change in interest rates.

If interest rate had been 10 basis points higher/ lower in case of foreign currency borrowings and 50 basis points higher/ lower in case of rupee borrowings and all other variables were held constant, the Company's profit for the year ended 31 March 2023 would decrease/increase by C 2 lakhs (31 March 2022: C* lakhs)

32.4.3 Other price risks

The Company is exposed to equity price risks arising from equity investments. Certain of the Company's equity investments are held for strategic rather than trading purposes. The Company also holds certain other equity investments for trading purposes.

a. Equity price sensitivity analysis

The sensitivity analysis below have been determined based on the exposure to equity price risks at the end of the reporting period.

If equity prices had been 5% higher/lower other comprehensive income/equity for the year ended 31 March 2023 would increase/decrease by C 295 Lakhs (31 March 2022: C 730 lakhs) as a result of the changes in fair value of equity investments measured at FVTOCI. The impact of change in equity price on profit or loss is not significant.

b. Commodity price risks

The Company's operating activities require the ongoing purchase of rock phosphates, phosphoric acid, sulphur and murate of potash. All being international commodities are subject to price fluctuations on account of the change in the demand supply pattern and exchange rate fluctuations. The Company is not affected by the price volatility of the raw materials as government on a time to time basis, revises the subsidy rates payable to the fertilizer industry based on the market trend.

32.5 Credit risk management

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. 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, foreign exchange transactions and other financial instruments.

Customer credit risk is managed by each business unit subject to the Company's established policy, procedures and control relating to the customer credit risk management. The Company uses financial information and past experience to evaluate credit quality of majority of its customers and individual credit limits are defined in accordance with this assessment. Outstanding receivables and the credit worthiness of its counterparties are periodically monitored and taken up on case to case basis. The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions representing large number of minor receivables operating in independent markets.

The credit risk on cash and bank balances, derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies.

32.6 Liquidity risk management

The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. Note 32.8 sets out details of additional undrawn facilities that the Company has at its disposal to reduce liquidity risk.

# Included in Borrowing and interest theron are certain borrowings which are subject to variable interest rates. Amount included in the above maturity analysis assumes interest outflows based on the year end benchmark interest rates, the actual interest rates may differ based on the changes in the benchmark interest rates.

** Other financial liabilities include deposits received from customers amounting to C20,818 Lakhs (31 March 2022: C17,449 Lakhs). These deposits do not have a contractual re-payment term but are repayable on demand. Since, the Company does not have an unconditional right to defer the payment, these deposits have been classified as current balances. For including these amounts in the above mentioned maturity analysis, the Company has assumed that these deposits, including interest thereon, will be repayable at the end of the reporting period. The actual maturity period for the deposit amount and the interest thereon can differ based on the date on which these deposits are settled to the customers.

*** including non-current loans as these pertain to inter-corporate deposits placed with financial institution.

32.7 Financial guarantee contract

The Company has provided a sponsor guarantee for USD 41.1 million (proportionate to the shareholding of 15%) towards the borrowings of Tunisian Indian Fertilisers S.A. (TIFERT), a company based in Tunisia, manufacturing phosphoric acid. In March 2017, TIFERT has requested reschedulement of instalment due to the lenders and delayed the payment. The same was not agreed to by the Lenders and the acceleration notice was served on TIFERT by lenders on 28 March 2017. The loan instalment was immediately paid on 30 March 2017 by TIFERT. However, on 4 April 2017 the lenders followed up with call notice on shareholders towards guaranteed amount (Coromandel's share USD 35.25 million outstanding as on 31 March 2017). The Company alongwith other shareholders of TIFERT are in discussion with the Lenders to resolve the matter with regard to liquidity situation and operational improvements of TIFERT and also to find a solution for meeting the future debt obligations of TIFERT.

Considering the discussions held with Lenders and operational improvement achieved by TIFERT during the year, the Company reasonably considers that TIFERT would be in a position to meet the debt obligations and it is unlikely that such an event of payment under guarantee amount will arise. TIFERT has paid the subsequent half-yearly instalments that were due as per the payment schedule. The sponsor guarantee was valid upto 31 March 2018. The Company's obligation under this corporate guarantee if that amount is claimed by the counterparty to the guarantee is subject to a maximum of C 3,936 Lakhs (31 March 2022: C 7,194 Lakhs).

32.8 Financing facilities

The Company has access to financing facilities of which C 2,39,809 Lakhs (as at 31 March 2022: C 3,51,822 Lakhs) were unused at the end of the reporting period. The Company expects to meet its other obligations from operating cash flows and proceeds of maturing financial assets.

1. In case of trade receivables, government subsidies receivables, cash and cash equivalents, loans, trade payables, borrowings and other financial assets and liabilities it is assessed that the fair values approximate their carrying amounts largely due to the short-term maturities of these instruments.

2. The fair values of the financial assets and financial liabilities included above have been determined in accordance with generally accepted pricing models based on a discounted cash flow analysis, with the most significant inputs being the discount rate that reflects the credit risk of counterparties.

33.2 Share based payments

The Company recorded employee share based payments of C771 Lakhs (2022: C281 Lakhs) under ‘Employee benefits expense'.

33.3 The Company in its meeting of the Board of Directors held on 22 March 2023 has approved the Employee Stock Option Plan 2023 which will replace ESOP 2016 Scheme.

b) The above outstanding options have been granted in various tranches and have a weighted average remaining life of 1.83 years (2022: 1.59 years). The exercise price of the outstanding options range from C319.65 to 969.45 (2022: C319.65 to C799.35 ). The weighted average share price during the year is C 939 (2022: C811).

c) Number of options exercisable at the end of the year are 6,34,700 (2022: 10,39,370).

d) The fair values of the option were determined using a Black Scholes' model. Where relevant, the expected life used in the model has been adjusted based on management's best estimate for the effects of non-transferability, exercise restrictions, and behavioral considerations. Expected volatility is based on the historical share price volatility over the past 5-6 years.

The gratuity plan is governed by the Payment of Gratuity Act, 1972. Employee who has completed five years of service is entitled to specific benefit depending on the employee's length of service and salary at retirement or relieving age. The fund has the form of trust and it is governed by the Board of Trustees which consists of employer and employee representatives. The Board of Trustees is responsible for the administration of plan assets.

The Board of Trustees reviews the level of funding and asset-liability matching strategy in the gratuity plan to keep the scheme adequately funded for settlement of obligations under the plan.

36. Contingent liabilities (to the extent not provided for)

Claims against the Company not acknowledged as debt:

As at

31 March 2023

As at

31 March 2022

In respect of matters under dispute:

Excise duty

322

322

Customs duty

820

831

Sales tax

1,119

1,203

Income tax

2,451

553

Service tax

265

292

Goods and Services Tax

680

37

Others

4,819

4,902

The amounts disclosed above represent our best estimate and the uncertainties are dependent on the outcome of the legal processes initiated by the Company or the claimant as the case may be.

37. Commitment

a) Capital commitments

As at

As at

31 March 2023

31 March 2022

Capital expenditure commitments

^^^^10,133

19,805

38. Corporate social responsibility

As per Section 135 of the Companies Act, 2013 (‘Act), a company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. The focus areas of Company's CSR activities are Education and Health care & while also pursuing CSR activities for the benefit of community around its local areas of operations. The CSR activities of the Company are in line with the Schedule VII of the Act. A CSR committee has been formed by the Company as per the Act. The CSR Committee shall recommend the amount of expenditure to be incurred on the CSR activities to be undertaken by the Company as specified in Schedule VII of the Act, as amended from time to time.

The amounts outstanding are unsecured and will be settled in cash. No guarantees have been given or received. No expense has been recognised in the current or prior years for bad or doubtful debts in respect of the amounts owed by related parties.

(C) Transactions with key management personnel

a) Dividends paid to key management personnel during the year ended 31 March 2023: C74 Lakhs (2022: C 28 Lakhs).

b) Compensation of key management personnel of the Company:

46. The Code on Social Security, 2020 (‘Code') relating to employee benefits during employment and post-employment 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. 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.

47. During the year 2020-21, the Board of Directors had earlier approved the proposed Scheme of Amalgamation of Liberty Pesticides and Fertilizers Limited (LPFL) and Coromandel SQM (India) Private Limited (CSQM) (wholly owned subsidiaries) with the Company subject to approval of the Hon'ble National Company Law Tribunal, Hyderabad (NCLT) under Section 230 and 232 of the Companies Act 2013. Subsequent to 31 March 2022, the Hon'ble National Company Law Tribunal, Hyderabad (NCLT) has approved the Scheme of Amalgamation (‘Scheme') of LPFL and CSQM on 26 April 2022, with the Company with effect from 01 April 2021, being the appointed date under the said Scheme.

The Company had accounted for this merger under the “Pooling of interests” method for common control transactions as per the requirements of Ind AS 103 “Business Combinations” in the previous year. This merger did not have material impact on Standalone financial statements.

48. Other statutory information

(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.

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

(iii) The Company has not been declared willful defaulter by any bank or financial institution or government or any government authority.

(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

(v) 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.

b) The Company has not received any fund from any persons or entities, including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

50. Previous period/year figures have been regrouped/reclassified, where necessary, to conform to the current period/year classification.

51. Approval of financial statements

The financial statements were approved by the Board of Directors on 15 May 2023.


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