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IFGL Refractories

BSE: 540774|NSE: IFGLEXPOR|ISIN: INE133Y01011|SECTOR: Cement - Products & Building Materials
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Notes to Accounts Year End : Mar '19

Notes to the Standalone Financial Statements

36. INFORMATION GIVEN IN ACCORDANCE WITH THE REQUIREMENTS OF IND AS 108 ON SEGMENT REPORTING

In terms of Ind AS 108 ''Segment Reporting'' prescribed under Section 133 of the Companies Act, 2013, segment information is presented in the Consolidated Financial Statements of the Company. Given below is the information relating to Geographical market of the Company.

For the year ended 31st March 2019

For the year ended 31st March 2018

Revenue from Operations

Within India

21,205.43

18,483.12

Outside India

26,707.29

26,242.55

Total

47,912.72

44,725.67

As at 31st March 2019

As at 31st March 2018

Non-Current Assets excluding Financial Instruments and Deferred Tax Assets

Within India

34,644.94

36,068.00

Outside India

-

-

Total

34,644.94

36,068.00

Purchase of Tangible and Intangible Assets

2,453.99

1,125.42

37. AMALGAMATION WITH ERSTWHILE IFGL REFRACTORIES LIMITED (ERSTWHILE HOLDING COMPANY)

Hon''ble National Company Law Tribunal, Kolkata Bench (Tribunal) by passing an Order on 3rd August 2017 under Sections 230 and 232 of the Companies Act, 2013 sanctioned a Scheme of Amalgamation (Scheme) for merger of erstwhile IFGL Refractories Limited (IFGL) with the Company on and from 1st April 2016, being the Appointed Date. Scheme became effective from 5th August 2017 following filing of Order of Hon''ble Tribunal with the Ministry of Corporate Affairs (Registrar of Companies) by the Company and IFGL on that date. The Scheme was accordingly given effect to in the previous year''s Financial Statements.

In accordance with the provisions of aforesaid Scheme :

a. The amalgamation was accounted under the ''Purchase Method'' as prescribed by Accounting Standard 14 - Accounting for Amalgamations under the previous GAAP.

b. The excess of the value of Equity Shares issued by the Company over the book value of assets and liabilities taken over by the Company and cancellation of Equity Shares held by erstwhile IFGL Refractories Limited in the Company, amounting to Rs. 26,699.46 was recorded as goodwill arising on amalgamation.

c. In accordance with the Scheme, the goodwill recorded on amalgamation is being amortised and the Company has estimated its useful life of 10 years. Accordingly, amortisation for the year amounting to Rs. 2,669.95 has been recognised in the Standalone Statement of Profit and Loss.

38. OPERATING LEASE COMMITMENTS

The Company entered into non-cancelable operating lease agreements in connection with certain office spaces. Tenure of lease is for a period of 5 years. Terms of the lease include operating terms of renewal, re-imbursement of maintenance charges, increase in future maintenance charges, etc. The future minimum lease commitments of the Company are as follows :

As at As at 31st March 2019 31st March 2018

Within 1 Year

36.73

36.73

More than 1 Year upto 5 Years

110.19

146.92

Total

146.92

183.65

Lease rentals recognised in Note 30 under the heading Rent of the Standalone Statement of Profit and Loss amounts to Rs. 36.73 (31st March 2018 : Rs. 36.73)

39. INCOME TAX EXPENSE

This note provides an analysis of the Company''s Income Tax Expense, shows amounts that are recognised directly in Equity and how the Tax Expenses is affected by non-assessable and non-deductible items. It also explains significant estimates made in relation to tax positions.

For the year ended 31st March 2019

For the year ended 31st March 2018

a) Income Tax Expense

Current Tax on Profits for the year

714.27

763.56

Excess provision of Tax relating to earlier years written back

-

(13.89)

Total Current Tax Expense

714.27

749.67

b) Deferred Tax

(Increase) in Deferred Tax Assets

(426.77)

(714.71)

Increase in Deferred Tax Liabilities

371.50

1,100.39

Total Deferred Tax Expense

(55.27)

385.68

Income Tax Expense (a b)

659.00

1,135.35

Current Tax Expense recognised in Profit or Loss

Current Tax on Profits for the year

714.27

763.56

Excess provision of Tax relating to earlier years written back

-

(13.89)

Total Current Tax Expense (A)

714.27

749.67

Deferred Tax Expense recognised in Profit or Loss

Deferred Taxes

(55.27)

385.68

I Total Deferred Tax Expense recognised in Profit or Loss (B)

(55.27)

385.68

Deferred Tax Expense recognised in Other Comprehensive Income

Deferred Taxes

(19.54)

17.02

Total Deferred Tax Expense recognised in Other Comprehensive Income (C)

(19.54)

17.02

Total Deferred Tax for the year (B C)

(74.81)

402.70

Total Income Tax Expense recognised in Profit or Loss (A B)

659.00

1,135.35

Total Income Tax Expense (A B C)

639.46

1,152.37

Reconciliation of Tax Expense and the accounting profit multiplied by India''s Tax Rate :

For the year ended 31st March 2019

For the year ended 31st March 2018

Profit before Tax

3,255.34

3,393.31

Tax at the Indian Tax Rate of 34.944% (2017 - 2018 : 34.608%)

1,137.55

1,174.36

Effect of items not deductible/exempt from tax/items on which different tax rates are applicable

(787.25)

(260.47)

Effect of permanent difference on account of Ind AS adjustments

47.90

17.30

Benefit of Unabsorbed Depreciation

241.26

221.18

Income Tax Expense

639.46

1,152.37

Signature to Notes ''1'' to ''39''

For and on behalf of the Board of Directors

Kamal Sarda

S K Bajoria

P Bajoria

Director and Chief Executive Officer

Chairman

Managing Director

(DIN: 03151258)

(DIN: 00084004)

(DIN : 00084031)

Rajesh Agarwal

Sikander Yadav

Kolkata

Company Secretary

Chief Financial Officer

11th May 2019

(FCS : 2825)

Source : Dion Global Solutions Limited
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