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SENSEX NIFTY India | Notes to Account > Textiles - Processing > Notes to Account from Lux Industries - BSE: 539542, NSE: LUXIND

Lux Industries

BSE: 539542|NSE: LUXIND|ISIN: INE150G01020|SECTOR: Textiles - Processing
Nov 14, 16:00
85.15 (6.8%)
VOLUME 6,048
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VOLUME 171,252
Mar 17
Notes to Accounts Year End : Mar '18


Lux Industries Limited (‘the Company’) is a public company domiciled and headquartered in India, having its registered office situated at 39, Kali Krishna Tagore Street, Kolkata. The Company has its shares listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The Company is primarily engaged in the manufacturing and sales of knitwears. The Company has operations in India and caters to both domestic and international markets. The Company also has a wholly-owned subsidiary in India in the name of Artimas Fashions Private Limited. The Manufacturing units of the Company are located in Kolkata (West Bengal), Tirupur, in the state of Tamil Nadu and Ludhiana in the state of Punjab.


(a) Statement of compliance

These Standalone financial statements are prepared in accordance with Indian Accounting Standards (Ind AS) notified under Companies (Indian Accounting Standards) Rules, 2015 notified under Section 133 of the Companies Act, 2013 (‘Act’) and other relevant provisions of the Act and guidelines issued by the Securities and Exchange Board of India (‘SEBI’), as applicable.

The Standalone financial statements for the year ended March 31, 2016 were prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2016, notified under Section 133 of the Act and other relevant provisions of the Act.

As these are the Company’s first Standalone financial statements prepared in accordance with Indian Accounting Standards (Ind AS), Ind AS 101 first-time Adoption of Indian Accounting Standards has been applied. An explanation of how the transition to Ind AS has affected the previously reported financial position, financial performance and cash flows of the Company is provided in Note 45. The Standalone financial statements are authorised for issue by the Board of Directors of the Company at their meeting held on May 17, 2018. The details of the Company’s accounting policies are included in Note 3.

(b) Functional and presentation currency

These Standalone financial statements are presented in Indian Rupees (H), which is also the Company’s functional currency. All amounts have been rounded off to the nearest lakhs, unless otherwise indicated.

(c) Basis of measurement

The Standalone financial statements have been prepared on historical cost convention on the accrual basis, except for the following items:

(i) Certain financial assets and financial liabilities measured at fair value;

(ii) Assets held for sale-measured at the lower of its carrying amount and fair value less costs to sell; and

(iii) Employee’s defined benefit plan as per actuarial valuation.

Fair value is the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions, regardless of whether that price is directly observable or estimated using another valuation technique. In determining the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date.

(d) Use of estimates and judgments

The preparation of the Company’s Standalone financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Estimates and underlying assumptions are reviewed on an ongoing basis. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. The application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these Standalone financial statements have been disclosed below. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. The changes in the estimates are reflected in the Standalone financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the Standalone financial statements.


(i) Useful lives of Property, plant and equipment

The Company uses its technical expertise along with historical and industry trends for determining the economic life of an asset/ component of an asset. The useful lives are reviewed by management periodically and revised, if appropriate. In case of a revision, the unamortized depreciable amount is charged over the remaining useful life of the assets. See note 3(d) and 4 for details.

(ii) Fair value measurement of financial instruments

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 or 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 recognized in the statement of profit and loss. See note 3(r) and 41 for details.

(iii) Defined benefit plan

The cost of the defined benefit plan includes gratuity and the present value of the gratuity obligation are determined using actuarial valuations using Projected unit method. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. See note 3(g) and 36 for details.

(iv) Recognition of current tax and deferred tax

Current taxes are recognized at tax rates (and tax laws) enacted or substantively enacted by the reporting date and the amount of current tax reflects the best estimate of the tax amount expected to be paid or received after considering the uncertainty, if any related to income taxes. Deferred tax is measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which they can be used. See note 3(k) and 30 for details.

(v) Recognition and measurement of provisions and contingencies

The certain key assumptions about the likelihood and magnitude of an outflow of resources. Provision is towards known contractual obligation, litigation cases and pending assessments in respect of taxes, duties and other levies in respect of which management believes that there are present obligations and the settlement of such obligations are expected to result in outflow of resources, to the extent provided for. See note 3(h) and 32 for details.

(e) Measurement of fair values

A number of the Company’s accounting policies and disclosures require the measurement of fair values, for financial assets and financial liabilities. The Company has an established control framework with respect to the measurement of fair values. The management has overall responsibility for overseeing all significant fair value measurements and it regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that these valuations meet the requirements of Ind AS, including the level in the fair value hierarchy in which the valuations should be classified. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

Level 1: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date;

Level 2: Inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and

Level 3: No significant observable inputs for the asset or liability. Some observable inputs used in fair value measurement are discounted cash flows, market multiple method etc. When measuring the fair value of an asset or a liability, the Company uses observable market data as far as possible. If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

The Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Further information about the assumptions made in measuring fair values is included in Note 42.

The Company is contesting the demand and the management including its legal advisors believes that its position will likely be upheld in the appellate process. The Management believes that the ultimate outcome of these proceedings will not have a material adverse effect on the Company’s financial position and results of operations.

II. commitments:

a. Estimated amount of contracts to be executed on capital account (Net of Advances) H NIL (Previous year RS.0.95 lacs). The company has other commitments, for purchase/ sales orders which are issued after considering requirements per operating cycle for purchase/ sale of goods and services, in normal course of business.

b. The company did not have any long term commitments/ contracts including derivative contracts for which there will be any material foreseeable losses.


A. List of related parties where control exists:

Artimas Fashions Private Limited - Wholly owned subsidiary

B. List of entities controlled by the Directors/ their relatives:

Biswanath Hosiery Mills Ltd.

J M Hosiery & Co. Ltd.

Rotex Intertrade Pvt. Ltd.

Chitragupta Sale & Services Pvt. Ltd.

Hollyfield Traders Pvt. Ltd.

Ebell Fashions Pvt. Ltd.

Jaytee Exports P.G.Infometic Pvt. Ltd

c. Other related parties with whom transactions have taken place during the year


In accordance with Ind AS 108 “Operating Segments”, segment information has been given in the Consolidated financial statements of the Company, and therefore, no separate disclosure on segment information is given in these financial statements.


The details relating to Corporate Social Responsibility (CSR) expenditure are as follows:

As per Section 135 of the Companies Act, 2013, a CSR committee had been formed by the Company. The funds are utilized on the activities which are specified in Schedule VII of the Act. The utilization is done by way of contribution towards various activities.


1. Defined contribution plan:

a. provident fund:

In accordance with Indian law, eligible employees of Lux Industries Limited are entitled to receive benefits in respect of provident fund, a defined contribution plan, in which both employees and the Company make monthly contributions at a specified percentage of the covered employees’ salary (currently 12% of employees’ salary).

2. Defined benefits plan: a. Gratuity:

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The Company has not funded the scheme.

(a) The following table’s summarizes the components of the net benefit expenses recognized in the profit and loss account and amounts recognized in the balance sheet for respective plans

The Provision for Gratuity is charged to the Statement of Profit and Loss and same is shown in Note No. 26 of the Notes to Accounts.


Disclosures pursuant to Securities and Exchange Board of India (Listing obligations and Disclosure Requirements) Regulations, 2015 and Section 186 of the Companies Act, 2013


Based on the information available with the Company, the balance due to micro and small enterprises as defined under the MSMED Act, 2006 in the current year is RS.122.12 lakhs (2016-17: RS.27.01 lakhs; 2015-16: RS.91.05 lakhs) and no interest during the year has been paid or is payable under the terms of MSMED Act, 2006.

The above information has been compiled in respect of parties to the extent to which they could be identified as Micro and Small Enterprises under Micro, Small and Medium Enterprises Development Act, 2006 on the basis of information available with the Company. This has been relied upon by the auditors of the Company.


Event Occurring After the Balance Sheet Date

The Board of Directors has recommended equity dividend of RS.2 per share (PY RS.1.40 per Share) for the financial year 2017-18. The company has declared dividend to the shareholders after the balance sheet date but before the financial statements approved for issue, therefore dividend has not been recognized as a liability at the balance sheet date.


Accounting classification and fair values

The fair values of financial assets and liabilities, together with the carrying amounts shown in the Standalone Balance Sheet as at March 31, 2018 are as follows:


Fair value measurement

The fair value of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in forced or liquidation sale.

The Company has established the following fair value hierarchy that categories the value into 3 levels. The inputs to valuation techniques used to measure fair value of financial instruments are:

- Level 1: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date;

- Level 2: Inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and

- Level 3: No significant observable inputs for the asset or liability. Some observable inputs used in fair value measurement are discounted cash flows, market multiple method etc.

The following table summarizes financial assets and liabilities measured at fair value on a recurring basis and financial assets that are not measured at fair value on a recurring basis (but fair value disclosure are required):


i. The management assesses that carrying amount of trade receivables, cash and cash equivalents, other bank balances, short term borrowings, trade payables, other financial assets and liabilities approximate their fair value largely due to short term maturities of these instruments.

ii. Certain financial assets, term loans and preference share capital are stated at amortized cost which is approximately equal to their fair value.

iii. Investments are stated at fair value using observable inputs for Level 3.


Financial risk management

The Company’s financial risk management is an integral part of how to plan and execute its business strategies. The Company’s financial risk management policy is set by the Managing Board. 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 credit risk, liquidity risk and market 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.

1. credit Risk

Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses financial reliability of customers and other counter parties, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of financial assets. Individual risk limits are set and periodically reviewed on the basis of such information.

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:

i. Actual or expected significant adverse changes in business,

ii. Actual or expected significant changes in the operating results of the counterparty,

iii. Financial or economic conditions that are expected to cause a significant change to the counterparty’s ability to meet its obligations,

iv. Significant increase in credit risk on other financial instruments of the same counterparty,

v. Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit enhancements.

Financial assets are written off when there is no reasonable expectations of recovery such as a debtor failing to engage in a repayment plan with the Company Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. The Company’s exposure to trade receivables on the reporting date, net of expected loss provisions, stood at RS.38,909.47 Lakhs (2017 -RS.27,475.86 Lakhs, 2016 - RS.25,464.14 Lakhs).

2. Liquidity Risk

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. The management continuously monitors the Company’s liquidity position through rolling forecasts on the basis of expected cash flows. The Company assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. The Company has access to a sufficient variety of sources of funding and debt maturing within 12 months can be rolled over with existing lenders.

3. Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits and derivative financial instruments.

a. Currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. Any weakening of the functional currency may impact the Company’s cost of imports and cost of borrowings and consequently may increase the cost of financing the Company’s capital expenditures. The Company’s exposure to the risk of changes in foreign exchange rates relates primarily to import of raw materials and spare parts, capital expenditure, export of finished goods. The currency in which these transactions are primarily denominated is USD. Refer Note 37 for details of exposure to foreign currency as on the reporting date.

Foreign currency sensitivity

The following tables demonstrate the sensitivity to a reasonably possible change in USD exchange rates, with all other variables held constant. The impact on the Company’s profit before tax is due to changes in the fair value of monetary assets and liabilities. The Company’s exposure to foreign currency changes for all currencies other than US Dollars is not material.

b. Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates are limited as the borrowings by the Company carry fixed interest rates. However, the Company still constantly monitors the credit markets and rebalances its financing strategies to achieve an optimal maturity profile and financing cost.

c. Equity price risk

Equity price risk is related to change in market reference price of investments in equity securities held by the Company. The Company is holding investments in unquoted equity instruments, which may be susceptible to market price risk arising from uncertainties about future values of the securities. The reports on the equity portfolio are submitted to the Company’s senior management on a regular basis. The senior management reviews and approves all equity instrument decisions.


Capital Management

The Company’s capital management is intended to create value for shareholders by facilitating the meeting of long-term and short-term goals of the Company.

The Company determines the amount of capital required on the basis of annual operating plans and long-term product and other strategic investment plans. The funding requirements are met through equity and other longterm/short-term borrowings.

The Company’s policy is aimed at combination of short-term and long-term borrowings so as to maintain an optimum capital structure to reduce the cost of capital and maximize shareholders value and provide benefits to other stakeholders.


Explanation to transition to Ind AS

A. Mandatory exceptions

The Company has applied the following exceptions to the retrospective application of Ind AS as mandatorily required under Ind AS 101 “First Time Adoption of Indian Accounting Standards”.

(a) Estimates

On assessment of estimates made under the Previous GAAP financial statements, the Company has concluded that there is no necessity to revise such estimates under Ind AS, as there is no objective evidence of an error in those estimates.

(b) Classification and measurement of financial assets

The classification of financial assets to be measured at amortized cost or fair value is made on the basis of facts and circumstances that existed on the date of transition to Ind AS.

B. Optional exemptions

Ind AS 101 “First time Adoption of Indian Accounting Standards” permits Companies adopting Ind AS for the first time to take certain exemptions from the full retrospective application of Ind AS during the transition. The Company has accordingly on transition to Ind AS availed the following key exemptions:

(a) Property, plant and equipment

As permitted by Ind AS 101, the Company has elected to continue with the carrying values under previous GAAP for all the items of property, plant and equipment. There is no decommissioning liabilities to be incurred by the Company relating to property, plant and equipment.

(b) Designation of previously recognized financial instruments

Ind AS 101 permits an entity to designate particular equity investments (other than equity investments in subsidiaries, associates and joint arrangements) as at fair value through other comprehensive income (FVOCI) based on facts and circumstances at the date of transition to Ind AS (rather than at initial recognition). Other equity investments are classified at fair value through profit or loss (FVTPL).

The Company has opted to avail this exemption to designate certain equity investments as FVTPL on the date of transition i.e. April 1, 2016 on the basis of facts and circumstances existed at the date of transition to Ind AS.

(c) Fair value measurement of financial assets or liabilities at initial recognition

The Company has applied the requirements of Ind AS 109, “Financial Instruments: Recognition and Measurement”, wherever applicable.”

c. Transition to Ind AS - Reconciliations

The following reconciliations provide the explanation and qualification of the differences arising from the transition from Previous GAAP to Ind AS in accordance with Ind AS 101 “First Time Adoption of Indian Accounting Standards”.

i) Reconciliation of total equity as at April 1, 2016 and March 31, 2017

ii) Reconciliation of total comprehensive income for the year ended March 31, 2017

There were no significant reconciliation items between cash flows prepared under previous GAAP and those prepared under Ind AS.

*Previous GAAP figures have been reclassified/regrouped wherever necessary to confirm with the financial statements prepared under Ind AS.

Notes to reconciliation of equity and total comprehensive income

(a) Capitalization of government grants

Unlike in previous GAAP, EPCG benefits received in the form of savings in customs duty payable on import of capital goods has been treated as government grants and accordingly capitalized as required under Ind AS 20 in 2016-17. This increased the Property, Plant and Equipment by RS.191.59 lacs in 2016-17.

A deferred income to that extent was created and classified under Other Current Liabilities. The same is deferred and recognized in the statement of profit and loss over a period being linked to fulfilment of associated export obligation. Accordingly, deferred revenue impact in other non-operating income in 2016-17 was to the extent of RS.64.59 lacs.

However, for transitional impact on April 1, 2016, optional exemption permitted by Ind AS 101 has been availed and accordingly, the Company has elected to continue with the carrying values under previous GAAP for all the items of property, plant and equipment. Refer Note 45B(a).

(b) Fair valuation of investments

In accordance with Ind AS, financial assets representing investment in equity shares of entities other than subsidiaries have been fair valued. The Company has designated certain investments classified as fair value through other comprehensive income as permitted by Ind AS 109. Under the previous GAAP, the application of the relevant accounting standard resulted in all these investments being carried at cost.

The resulting fair value changes of these investments designated as at FVOCI have been adjusted in retained earnings as on the date of transition. This increased the retained earnings by RS.66.06 lakhs as at April 1, 2016. However, there has been no change in the fair value of the investments as at March 31, 2017.

(c) Amortization of security deposits & corresponding prepaid expenses

Unlike in previous GAAP, Ind AS requires the financial asset to be measured at amortized costs if the financial asset is held within a business model whose objective is to hold financial 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.

Pursuant to the above, security deposits has been measured at amortized cost. The impact arising from the change is summarized as follows:

- Decrease in value of security deposit on transition, being the impact of discounting, RS.23.78 lacs as at April 1, 2016.

- Corresponding impact on retained earnings resulting in decrease by RS.2.34 lacs as at April 1, 2016, transferring to prepaid expenses RS.14.33 lacs.

- Notional interest income due to unwinding of discount on security deposit for the year ended March 31, 2017 - RS.1.14 lakhs.

- Notional rental expense due to amortization of prepaid expenses for the year ended March 31, 2017 - RS.1.54 lacs.

(d) Redeemable preference shares

Under previous GAAP, redeemable preference share were classified as part of share capital. Dividend paid on these preference shares were adjusted against retained earnings and not recognized as finance costs in profit and loss account. However under Ind AS, financial instruments are classified as a liability or equity according to the substance of the contractual arrangement and not its legal form. These preference share do not contain any equity component and hence, have been classified in their entirety as financial liability under Ind AS. The resultant dividend have been recognized as finance cost in profit and loss.

- Preference share capital as per previous GAAP included in share capital - RS.5,600 lakhs, now treated as long term borrowings under Ind AS.

- Increase in borrowings on transition, being the amortized value of the preference share capital - RS.4,608.06 lakhs.

- Increase in retained earnings on transition, being impact of discounting - RS.991.94 lakhs.

- Notional interest cost due to amortization of preference share capital treated as borrowings - RS.471.81 lacs.

- Dividend payable on preference shares, recognized as finance cost in profit or loss - RS.14 lakhs.

(e) Borrowings at amortized cost

Based on Ind AS 109, financial liabilities in the form of borrowings including transaction costs have been accounted at amortized cost using the effective interest rate method.

(f) Represents deferred tax impact of Ind AS adjustments. Also refer note 29.

(g) Proposed dividend

Under previous GAAP, proposed dividends including DDT are recognized as a liability in the period to which they relate, irrespective of when they are declared. Under Ind AS, a proposed dividend is recognized as a liability when approved by shareholders in a general meeting. In case of the Company, the liability relating to proposed dividend (including dividend distribution tax) has been derecognized against retained earnings as at April 1, 2016 with a corresponding impact on short term provisions, amounting to RS.77.64 lakhs.

Subsequently, during the year ended March 31, 2017, the dividend of the previous year has been paid. Hence the same has been adjusted with retained earnings.

(h) Cash discounts

Under the previous GAAP, the cash discount offered to customers by the Company on early payment, forms part of other expenses. Under Ind AS, revenue has to be shown net of cash discount. Accordingly, RS.1,359.36 Lakh is reduced from revenue and other expenses for the year ended March 31, 2017. There is no impact on total equity due to the corresponding adjustment.

(i) Actuarial gains and loss

Under Ind AS, all actuarial gains and losses are recognized in Other Comprehensive Income. Under the previous GAAP the Company recognized actuarial gains and losses in profit or loss. However, this has no impact on the total equity as on March 31, 2017.

(j) Retained earnings

Changes in retained earnings have been on account of the following:


Balances of some parties (including of Trade receivables and Trade payables) and loans and advances are subject to reconciliation/ confirmations from the respective parties. The management does not expect any material differences affecting the financial statement for the year.


Previous year figures have been recast/ regrouped whenever necessary to conform to the current Year’s presentation.

The accompanying notes are an integral part of the Financial Statements.

Source : Dion Global Solutions Limited
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