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IFB 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.) 6027.37 Cr. P/BV 9.04 Book Value (Rs.) 164.54
52 Week High/Low (Rs.) 1495/698 FV/ML 10/1 P/E(X) 403.46
Bookclosure 31/07/2023 EPS (Rs.) 3.69 Div Yield (%) 0.00
Year End :2022-03 

1. The Company's investment properties consist of lands in India and includes an amount of Rs. 7 lacs (31 March 2021: Rs. 7 lacs) being assets given on an lease.

2. As at 31 March 2022 and 31 March 2021 the fair values of the properties are Rs. 715 lacs and Rs. 645 lacs respectively. These fair values are based on valuations performed by NagChowdhury Associates, an accredited independent registered valuer. NagChowdhury Associates is a specialist in valuing these types of investment properties. A valuation model (market approach) has been adopted and the valuation is in accordance with that recommended by the International Valuation Standards. The fair value measurement can be categorised into level 3 category. There has been no change in the valuation technique as compared to 31 March, 2021.

3. The Company has no restrictions on the realisability of its investment properties and no contractual obligations to either purchase, construct or develop investment properties or for repairs, maintenance and enhancements. All the title deeds of the investment properties are held in the name of the Company.

Transfer of financial assets

The Company discounted certain trade receivables with an aggregate carrying amount of Rs. 351 lacs (31 March 2021: Nil) to a bank for cash proceeds of Rs. 348 lacs (31 March 2021: Nil). If the trade receivables are not paid at maturity, the bank has the right to request the Company to pay the unsettled balance. As the Company has not transferred the significant risks and rewards relating to these trade receivables, it continues to recognise the full carrying value of the receivables and has recognised the cash received on the transfer as secured borrowings.

At the end of the reporting period, there were no trade receivables that have been transferred but have not been derecognised and the corresponding associated liability.

Rights, preferences and restrictions attached to equity shares

The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company's residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity capital of the Company.

Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.

Scheme of Amalgamation

Pursuant to the Scheme of Amalgamation (Refer note 44) the Authorised Equity Share Capital of Trishan Metals Private Limited of Rs. 2,400 lacs has been added in the Authorised Equity Share Capital of IFB Industries Limited. The enhanced Authorised Equity Share Capital of IFB Industries Limited stands at Rs. 8,900 lacs, divided into 8,90,00,000 equity shares of Rs. 10 each.

(a) For sanction of term loan amounting to Rs. 650 lacs by Federal Bank Ltd. (Balance as at 31 March, 2022 is Rs. 128 lacs), the following securites have been created:

1. Primary Security:- First charge on the plant & machineries located at Village / Mouza - Bamunari, NH-2 Delhi Road, Hooghly - 712250, West Bengal.

2. Collateral Security :-Equitable mortgage of Factory land and building along with the properties & Fixed assets ( present & future) located at Village / Mouza - Bamunari, NH-2 Delhi Road, Hooghly - 712250, West Bengal.

The said loan was restructured in September 2020 and thereafter equal quarterly instalments of Rs. 43 lacs is payable for 10 quarters. The entire loan will be discharged by December, 2022.

(b) For sanction of credit facilities amounting to Rs. 2,000 lacs (including Capex Letter of Credit amounting to Rs. 1,500 lacs as its sublimit) and Rs. 3,000 lacs by ICICI Bank Ltd. (Balance as at 31 March, 2022 is Rs. 3,500 lacs), following securities have been created:

- Exclusive charge over the movable properties including movable plant and machinery, machinery spares, tools and accessories and other movables, both present and future, whether installed or not and whether now lying loose or in cases or which are now lying or stored in or about or shall hereafter from time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about all the Company's stamping and motor business's factories, premises and godowns or wherever else the same may be or be held by any party to the

order or disposition of the Company or in the course of transit or in high seas or on order, or delivery, howsoever and wheresoever in the possession of the Company and either by way of substitution or addition in such manner that the security cover of 1.25 times is maintained. For the limit utilised the Term Loan is repayable in 20 quarterly instalments starting from 19 May, 2022.

(c) For sanction of credit facilities amounting to Rs. 6,000 lacs and Rs. 1,000 lacs by DBS Bank India Ltd. (Balance as at 31 March, 2022 is Rs. 3,139 lacs), following securities have been created:

- Hypothecation by way of first and exclusive floating charge over all present and future moveable plant and machinery, equipment, appliances, furniture, vehicles, machinery, spares and stores, tools and accessories and other moveables whether or not installed and whether lying loose or in cases or which are now lying or stored in or about and may hereafter from time to time during the currency of this deed be brought into or upon or be stored in or about all the Company's factories, premises, warehouses and godowns or wherever else the same may be or be held by any party to the order or disposition of the Company or in the courses of transit or on high seas or on order, or delivery, howsoever and wheresoever in the possession of the Company and either by way of substitution or addition (all pertaining to Company's units located at Kolkata and Bangalore) stored or to be stored at the Company's Godowns or premises or wherever else the same may be except asset charged specifically for debt availed, if any for purchase of conventional press line subject to NOC being sought from DBS. The Term Loan was prepaid partially in 2020-21 and the balance as at 31 March 2021 is repayable in 14 equal quarterly instalments starting from June, 2021.

(d) For sanction of external commercial borrowings amounting to USD 200 lacs by Standard Chartered Bank, London, following securities have been created:

- Hypothecation by way of first and exclusive charge over all present and future moveable properties of the Company's manufacturing unit of air conditioners in Goa and on the existing plant and machinery of washing machine division at Goa (Verna) plant (except exclusive charge to term lenders), including without limitations its moveable plant and machinery, furniture and fittings, equipments, computers, hardware, computer software, machinery spares, tools and accessories and other movables, both whether now lying loose or in cases or which are now lying or stored in or about or shall hereafter from time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about all the Company's premises, warehouses, stockyards and godowns or those of the Company's agents, affiliates, associates or representatives or at various worksites or at any upcountry place or places wherever else the same maybe or be held by any party including, without limitation, the following plot no. N-7, Phase IV, Survey No. 261/10, Verna Industrial Estate, Verna, Goa - 403722. The external commercial borrowings is standing at USD 135 lacs as at 31 March, 2022. The loan is repayable in 13 equal quarterly instalments starting from 1 October, 2021.

a. Provision is estimated in respect of warranty cost in the year of sale of goods and it represents the present value of the management's best estimate of the future outflow of economic benefit that will be required under the Company's obligation for warranties.

b. Provision for warranty is expected to be utilised over a period of 1 to 5 years.

c. The estimates may vary as a result of product quality, availability of spare parts, price of raw materials, altered manufacturing processess and discount rates.

d. Warranty costs are estimated by the management on the basis of a technical evaluation and based on specific warranties, claims and claim history.

a) Unrecognised deferred tax assets on tax losses and unabsorbed depreciation : At the reporting date, tax losses amounting to Rs. 1,276 lacs and unabsorbed depreciation amounting to Rs. 8,866 lacs are available for offset against future profits. A deferred tax asset amounting to Rs. 447 lacs on tax losses and Rs. 3,099 lacs on unabsorbed depreciation has been recognised.

Tax losses are due to expire in assessment year 2031-32. Unabsorbed depreciation can be carried forward indefinitely.

b) Consequent to approval of the Scheme of Amalgamation (Refer note 44), deferred tax assets have been recognised on carry forward tax losses and unabsorbed depreciation pertaining to erstwhile Trishan Metals Private Limited amounting to Rs. 426 lacs. The same has been recognised by reducing the carrying amount of any goodwill related to that acquisition.

(a) The Company has used the borrowings from banks for the specific purpose for which they were taken at the balance sheet date.

(b) The Company has borrowings from banks on the basis of security of current assets and the final quaterly statements of current assets filed by the Company with the banks are materially in agreement with the books of accounts and there is no discrepancy that has been identified.

(c) All charges for the borrowings have been registered with the Registrar of Companies as at the balance sheet date.

(d) The Company has not received any fund from any other persons or entities (Funding Party) with the understanding 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 or shall provide guarantee, security or the like to or on behalf of the Funding Party.

(e) Charge and hypothecation details are as follows:

(i) Credit facilities utilised as at 31 March, 2022

(A) For sanction of working capital facility amounting to Rs 10,000 lacs by Standard Chartered Bank (Utilised as at 31 March, 2022 Rs. 6,203 lacs), following securities have been created

(i) First pari passu charge on the entire current assets, both present and future.

(ii) First and exclusive charge on the plant & machinery of washing machine division at Goa (Verna) plant (both present and future).

(iii) First and exclusive charge over the plant & machinery of air-conditioner division at Goa, (both present and future).

(B) Hypothecation details of cash credit facility by Federal Bank Limited (Utilised as at 31 March, 2022 Rs. 68 lacs) as at 31 March, 2022:

Working capital facilities has been sanctioned by The Federal Bank Limited to the extent Rs. 2,500 lacs. These can be used inter-changeably between fund based and non-fund based. Following securities has been created:

1. Primary security :- Hypothecation of all current assets including entire stocks and book debts (both present and future) relating to plant situated at Village / Mouza - Bamunari, NH-2 Delhi Road, Hooghly - 712250, West Bengal.

2. Collateral security :- Equitable mortgage of factory land & building along with the Fixed assets (present & future) located at Village / Mouza - Bamunari, NH-2 Delhi Road, Hooghly - 712250, West Bengal .

(ii) Credit facilities unutilised as at 31 March 2022

(C) For sanction of capex facility amounting to Rs 2,000 lacs by Standard Chartered Bank (Unutilised as at 31

March, 2022), following securities have been created:

(i) First and exclusive charge on the plant & machinery of washing machine division at Goa (Verna) plant (both present and future).

(ii) First and exclusive charge over the plant & machinery of air-conditioner division at Goa, (both present and future).

(D) For sanction of credit facilities amounting to Rs.5,000 lacs by ICICI Bank Ltd. (Unutilised as at 31 March,

2022), following securities have been created:

- First and pari passu charge on all the current assets of the Company - the whole of the Company's stocks of raw materials, good-in-process, semi-finished and finished goods, consumable stores and spares and such other moveables, including book debts, bills whether documentary or clean, both present and future, whether in the possession or under the control of the Company or not, whether now lying loose or in cases or which are now lying or stored in or about or shall hereafter from time to time during the continuance of these presents be brought into or upon or be stored or be in or about all the Company's factories, premises and godowns situated at all places of business or wherever else the same may be or be held by any party to the order or disposition of the Company or in course of transit or on high seas or on order or delivery.

- Hypothecation by way of first and pari passu charge on the receivables of the Company - all amounts owing to and received and / or receivable by, the Company and / or any person on its behalf, all book debts, all cash flows and receivables and proceeds arising from / in connection with business and all rights, titles, interest, benefits, claims and demand whatsoever of the Company into or in respect of all the aforesaid assets, including but not limited to the Company's cash-in-hand, both present and future. This facility remains unutilised as at 31 March, 2022.

(E) For sanction of credit facilities amounting to Rs. 5,000 lacs by HDFC Bank Ltd (Unutilised as at 31 March,

2022), following securities have been created:

- First pari passu charge by way of hypothecation on all the stock in trade both present and future consisting of raw material, finished goods, goods in process of manufacturing and other goods, movable assets or merchandise whatsoever now.

- First pari passu charge by way of hypothecation on all the book debts, amounts outstanding, monies receivables, claims and bills which are now due and owing or which may at any time hereafter during the continuance of this security become due.

- Exclusive charge on the sum of Rs. 2,000 lacs deposited by the Company with the Bank at its branch.

32. Defined benefit plan - Gratuity

The Company operates a defined benefit plan for gratuity for its employees. It is administered through approved trust in accordance with its trust deeds and rules. The concerned trust is managed by trustees who provide guidance with regard to the management of their assets and liabilities and review their performance periodically or directly through insurance company. Risk mitigation systems are in place to ensure that the health of the portfolio is regularly reviewed and the investments do not pose any significant risk of impairment. Periodic audits are conducted to ensure the adequacy of internal controls.

The liability arising in the defined benefit plan is determined by an independent professionally qualified actuary using the projected unit credit method.

Risk management

The risks commonly affecting the gratuity liability and the financial results are expected to be:

1. Interest rate risk - The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yield falls, the defined benefit obligations will tend to increase.

2. Salary inflation risk - Higher the expected increase in salary, higher the defined benefit obligation.

3. Demographic risk - This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the financial analysis the retirement benefit of a short career employee typically costs less per year as compared to a long service employee.

- The Company is primarily engaged in business of fine blanked components, home appliances, motors and steel. Accordingly the Company considers the above business segment as the primary segment. Segment revenue, segment result, segment asset and segment liabilities include the respective amount identifiable to each of the segments as also amounts allocated on reasonable basis. The expenses, which are not directly relatable to the business segment, are shown as unallocable corporate cost and grouped as "Unallocated". Assets and liabilities that cannot be allocated between the segments are shown as unallocable corporate assets and liabilities and are grouped as "Unallocated". These segments have been reported in the manner consistent with the internal reporting to divisional CEO's, who are the chief operating decision makers.

- The geographical information considered for disclosure are revenue within India and revenue outside India.

- The Company is not reliant on revenues from transactions with any single external customer and does not receive 10% or more of its revenues from transactions with any single external customer.

34. Leases

The Company is obligated under cancellable leases for residential, office premises, warehouses, etc. Total rental expense under cancellable short term operating lease amounted to Rs. 391 Lacs (31 March 2021: Rs. 298 lacs).

In applying Ind AS 116 - "Leases", the Company has applied a single discount rate to a portfolio of leases with reasonably similar characteristics. The leases with remaining lease term of less than 12 months are considered as "short term leases".

38. Dues to micro, small and medium enterprises

The Ministry of micro, small and medium enterprises has issued an office memorandum dated 26 August 2008 which recommends that the micro and small enterprises should mention in their correspondence with its customers the Entrepreneurs Memorandum Number as allocated after filing of the Memorandum in accordance with the 'Micro, Small and Medium Enterprise Development Act, 2006' ('the Act'). Accordingly, the disclosure in respect of the amounts payable to such enterprises has been made in the financial statements based on the information received and available with the Company. Payable to micro and small enterprises as at 31 March 2022: Rs. 14,374 lacs (31 March 2021: Rs. 10,141 lacs).

Further, in view of the management, the impact of the interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material. The Company has not received any claim for interest from any supplier as at the balance sheet date.

39. Financial instruments and related disclosures i) Capital management

The Company's capital management policy is focused on business growth and creating value for shareholders. The Company determines the amount of capital required on the basis of annual business plans and the funding needs are met through internal accruals and bank borrowings.

(iii) Financial risk management objectives

The Company has a system-based approach to risk management, anchored to policies and procedures and internal financial controls aimed at ensuring early identification, evaluation and management of key financial risks (such as market risk, credit risk and liquidity risk) that may arise as a consequence of its business operations as well as its investing and financing activities. Accordingly, the Company's risk management framework has the objective of ensuring that such risks are managed within acceptable and approved risk parameters in a disciplined and consistent manner and in compliance with applicable regulation. It also seeks to drive accountability in this regard.

a) Liquidity risks

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquid risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements.

b) Market risks

The Company does not trade in equities. Treasury activities, focused on managing investments in debt instruments, are centralised and administered under a set of approved policies and procedures guided by the tenets of liquidity, safety and returns. This ensures that investments are only made within the acceptable risk parameters after due evaluation.

The Company's investments are predominantly held in debt mutual funds. Such investments are susceptible to market risks that arise mainly from changes in interest rate which may impact the return and value of such investments. Mark to market movements in respect of these investments are measured at fair value through Profit and Loss.

Fixed deposits are held with highly rated banks and generally have a short tenure and are not subject to interest rate volatility.

The Company has short-term borrowings which are generally not susceptible to interest rate volatility since they are for short tenure. Long term loans from banks are at highly competitive rates. Hence interest rate fluctuations on borrowings does not affect the Company significantly.

iii) Foreign currency sensitivity

For every percentage point change in the underlying exchange rate of the outstanding foreign currency denominated assets and liabilities, holding all other variables constant, the loss before tax would change by Rs. 311 lacs for the year ended 31 March 2022 (31 March 2021: Rs 308 lacs).

d) Credit risk

Credit risk arise from the possibility that the counter party may not be able to settle their obligations. Financial instruments that are subject to such risk primarily consists of investments, trade receivables, bank deposits, loans, derivative instruments and other financial assets.

Bank deposits are primarily held with highly rated and different banks.

The Company's customer base is large and diverse limiting the risk arising out of credit concentration. Further the credit is extended in business interest in accordance with guidelines issued centrally and business-specific credit policies that are consistent with such guidelines. Exceptions are managed and approved by appropriate authorities after due consideration of the counter parties credentials and financial capacity, trade practices and prevailing business and economic conditions.

The Company's historical experience of collecting receivables and the level of default indicates that the credit risk is low and generally uniform across markets. Loss allowances are recognised where considered appropriate by the management.

Goodwill as stated above is carried at cost and annually tested for impairment in line with applicable Accounting Standards. Impairment testing for goodwill has been carried out considering their recoverable amounts which, inter-alia, includes estimation of their value-in-use based on management projections. These projections have been made for a period of five years and consider various factors, such as market scenario, growth trends, growth and margin projections and terminal growth rates specific to the business. For such projections, discount rate of 15% and long-term growth rate of 5% have been considered. Discount rate has been determined considering the Weighted Average Cost of Capital (WACC) of market benchmarks. Based on the above assessment, no impairment has been recognised during the year.

41. The Company has disaggregated revenues from contract with customers for the year by the type of goods and services. The Company believe that this disaggregation best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are affected by industry, market and other economic factors. Refer note 21 for revenue disaggregation.

Reasons where the change in the ratios is more than 25% as compared to preceeding years:

a) Earnings before depreciation, interest and tax (EBDITA) has reduced due to increase in material cost, promotion cost, and offices expenses that have increased considerably. EBDITA being the numerator for the debt equity ratio, hence the fall in the ratio.

b) The ratios have been impacted due to fall in profits for the year for reasons stated in (a) above. Further depreciation and amortisation and finance cost have also increased.

c) Working capital for the period has reduced due to increase in trade payable whereas sales and service income has increased, hence the ratio has increased.

d) Capital employed has not changed significantly, however earnings before interest and tax has reduced for reasons stated above.

44. Business Combination Note:

(a) During the year, the Hon'ble National Company Law Tribunal (NCLT), Kolkata Bench vide its order dated 27 January, 2022 has approved the 'Scheme of Amalgamation' of wholly owned subsidiary of IFB Industries Limited (IFBIL) namely Trishan Metals Private Limited (TMPL) (Transferor Company) with IFBIL (Transferee Company) with appointed date 1 April, 2021. IFBIL filed the certified copy of the said order along with the requisite form with the Registrar of Companies, Kolkata on 19 February, 2022 (effective date).

No voting interest were acquired in the above transaction.

(b) Since it was an amalgamation of a wholly owned subsidiary, no consideration was required to be transferred upon amalgamation. The 'Scheme of Amalgamation' has accordingly been given effect in the financial statements of the Company from the appointed date. Accordingly the figures presented in the financial statements are after giving effect to the said Scheme. The 'Scheme of Amalgamation' being a common control transaction, as per the requirement of Appendix C of Ind AS 103 on Business Combinations, the pooling of interest method has been applied and the comparative figures have been restated for the accounting impact of the Scheme. The effects of the 'Scheme of Amalgamation' has been accounted for in the books of accounts of the Company in accordance with the Scheme and is in accordance with the Indian Accounting Standards.

(c) Acquisition related cost amounting to Rs. 8 lacs (31 March, 2021 Rs 6 lacs) has been included in note no. 29 under 'Office expenses'.

45. Impact of COVID-19 (pandemic)

The spread of COVID-19 has impacted businesses around the globe. The Company's operations and financial statements for the year ended 31 March 2022 have been impacted by COVID-19 pandemic. On the basis of the assessment done by the management the carrying amounts of assets are recoverable.

46. As per the E-Waste (Management) Rules, 2016, as amended, companies dealing in certain categories of products as specified in Schedule-I therein are required to undertake Extended Producer Responsibility (EPR) for its end-of-life products. The obligation for a financial year is measured based on sales made in the preceding 9th/10th year and the Company has met its obligations for the current year. In accordance with Appendix B of Ind AS 37, 'Provisions, Contingent Liabilities and Contingent Assets', the Company will have an e-waste obligation for future years, only if it participates in the market in those years.

47. No proceedings have been initiated or is pending against the company for holding any benami property under the 'Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

48. The Company has not been declared a wilful defaulter by any banks.

49. The Company has not identified any transaction with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.

50. The Company has complied with the number of layers prescribed under (87) of section 2 of the Companies Act, 2013 read with the Companies (Restriction on number of Layers) Rules, 2017.

51. All transactions have been recorded in the books of accounts and there are no unrecorded income that have been disclosed during the year in the tax assessments under the Income Tax Act, 1961. Moreover there are no unrecorded income and related assets pertaining to previous years.

52. The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.

53. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification.

54. The standalone financial statements were approved by the Board of Directors on 28 May 2022.


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