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Shriram Asset Management Company Ltd. कंपली की लेखा नीति
Mar 31, 2025
1 Material Accounting Policies and Other Explanatory Information to the Financial Statements for the year ended March 31, 20251 Corporate and General Information
Shriram Asset Management Company Limited (''the Company'') was incorporated under the Companies Act, 1956 on 27th July, 1994 and received the Certificate of Commencement of Business on 5th December, 1994. The Company received permission from Securities and Exchange Board of India (SEBI) to act as the Asset Management Company of Shriram Mutual Fund on 21st November, 1994 vide registration no. MF/017/94/4 and Portfolio Managemnt of clients on 01st July, 2024 vide registration no. P M/INP000008765
2 Basis of Preparation of Financial Statements2.1 Statement of Compliance
These financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 and the requirements of Schedule III of the Companies Act, 2013. The Company has consistently applied accounting policies to all periods except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.
2.2 Presentation of Financial Statements
The financial statements of the Company are presented as per Schedule III (Division III) of the Companies Act, 2013, as notified by the Ministry of Corporate Affairs (MCA). Financial assets and financial liabilities are generally reported on a gross basis except when, there is an unconditional legally enforceable right to offset the recognised amounts without being contingent on a future event and the parties intend to settle on a net basis in the following circumstances:
i. The normal course of business
ii. The event of default
iii. The event of insolvency or bankruptcy of the Company and/or its counterparties
The Company recognizes income and expenditure on an accrual basis except in case of significant uncertainties.
Financial statements are prepared under the historical cost method, except certain financial assets and liabilities which are classified as fair value through profit and loss.
Fair Value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating 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.
All assets and liabilities have been classified as current or non-current as per the Company''s normal operating cycle and other criteria set out in the Division III of Schedule III to the Companies Act, 2013 and Ind AS 1 - Presentation of Financial Statements based on the nature of services and the time between provision of services and their realisation in cash and cash equivalents.
The preparation of financial statements requires the use of certain critical accounting estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosed amount of contingent liabilities. Areas involving a higher degree of judgement or complexity, or areas where assumptions are significant to the Company are discussed in significant accounting judgements, estimates and assumptions."
2.4 Functional and Presentation Currency
The financial statements have been presented in Indian Rupees (^) which is the Company''s functional currency.
All amounts have been rounded-off to the nearest Lakhs up to two decimal places, unless otherwise indicated.
2.6 Use of Estimates and Management Judgement
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities and disclosure of contingent liabilities as at the date of the financial statements and the results of operations for the reporting period. The Management believes that these estimates are prudent and reasonable and are based upon the Management''s best knowledge of current events and actions as on the reporting date. Actual results could differ from these estimates and differences between actual results and estimates are recognised in the periods in which the results/actions are known or materialised. Revisions to accounting estimates are recognised prospectively.
Significant estimates and judgements are used for: -
⢠Estimates of useful lives and residual value of property, plant and equipment, and other intangible assets (Refer Note 8)
⢠Measurement of defined benefit obligations and actuarial assumptions (Refer Note 12 and 33)
⢠Recognition of deferred tax assets/liabilities (Refer Note 36)
⢠Recognition and measurement of provisions and contingencies (Refer Note 27)
⢠Financial instruments - fair values, risk management and impairment of financial assets (Refer Note 34)
⢠Determination of lease term (Refer Note 22.2)
⢠Discount rate for lease liability (Refer Note 22.2 )
⢠Estimates of share based payments (Refer Note 32)"
2.7 Measurement of Fair Values
A number of the Company''s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. The Company has an established control framework with respect to the measurement of fair values. Measurement of fair values includes determining appropriate valuation techniques.
The objective of valuation techniques is to arrive at a fair value measurement that reflects the price that would be received on sale of asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date."
Valuation models that employ significant unobservable inputs require a higher degree of judgement and estimation in the determination of fair value. Judgement and estimation are usually required for selection of the appropriate valuation methodology, determination of expected future cash flows on the financial instrument being valued, determination of probability of counterparty default and selection of appropriate discount rates.
"Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques. 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 categorised 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 recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.
3 Material Accounting Policies Information
A summary of the material accounting policies applied in the preparation of the financial statements is given below. These accounting policies have been applied consistently to all the periods presented in the financial statements.
Cash and cash equivalents include cash on hand, deposits with banks and other short term highly liquid investments with original maturities of three months or less, that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
A financial instrument is any contract that gives rise to a financial asset in one entity and a financial liability or equity instrument in another entity.
3.2.1 Recognition and Initial Measurement
Financial assets and liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit and loss) are added to or deducted from the fair value measured on initial recognition of financial asset or financial liability.
3.2.2 Classification and Subsequent Measurement
(i) Financial Assets Classification
On initial recognition, a financial asset is classified as measured at
- Amortised Cost;
- Fair Value Through Other Comprehensive Income (FVOCI); or
- Fair Value Through Profit and Loss (FVTPL)
Financial assets are not reclassified subsequent to their initial recognition, except if and in the period the Company changes its business model for managing financial assets.
A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:
- the asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and
- the contractual terms of the financial asset gives rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding."
A financial asset is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:
- the asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
- the contractual terms of the financial asset gives rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding.
However, on initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment''s fair value in Other Comprehensive Income (OCI) designated as FVOCI - equity investment). This election is made on an investment-by-investment basis.
All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. On initial recognition, the Company may irrevocably designate a financial asset as at FVTPL that otherwise meets the requirements to be measured at amortised cost or at FVOCI, if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.
Assessment whether contractual cash flows are solely payments of principal and interest (SPPI)
For the purposes of this assessment, ''principal'' is defined as the fair value of the financial asset on initial recognition. ''Interest'' is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin.
In assessing whether the contractual cash flows are solely payments of principal and interest, the Company considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition.
In making this assessment, the Company considers:
- contingent events that would change the amount or timing of cash flows;
- terms that may adjust the contractual coupon rate, including variable interest rate features;
- prepayment and extension features; and
- terms that limit the Company''s claim to cash flows from specified assets."
(ii) Financial Assets Subsequent Measurement
(a) Financial assets at amortised cost: Financial assets are subsequently measured at amortised cost if these financial assets are held within a business whose objective is to hold these assets in order to collect contractual cash flows and the contractual terms of the financial asset gives rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding. These assets are subsequently measured at amortised cost using the effective interest rate method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment losses are recognised in the Statement of Profit and Loss. Any gain or loss on derecognition is recognised in the Statement of Profit and Loss.
(b) Financial assets at fair value through other comprehensive income: Financial assets are measured at fair value through other comprehensive income if these financial assets are held within a business whose objective is achieved by both collecting contractual cash flows that give rise on specified dates to solely payments of principal and interest on the principal amount outstanding and by selling financial assets.
The Company has made an irrevocable election to present subsequent changes in the fair value of equity investments not held for trading in other comprehensive income.
(c) Financial assets at fair value through profit and loss: Financial assets are measured at fair value through profit and loss unless it is measured at amortised cost or at fair value through other comprehensive income on initial recognition. The transaction costs directly attributable to the acquisition of financial assets and liabilities at fair value through profit and loss are immediately recognised in profit and loss. Net gains and losses, any interest or dividend income, are recognised and are presented separately in the Statement of Profit and Loss.
(iii) Investment in associates is carried at cost less accumulated impairment, if any.
(iv) Financial Liability Classification and Initial Measurement
Financial liabilities are classified as measured at amortised cost or FVTPL.
Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in Statement of Profit and Loss."
(v) Financial Liability Subsequent Measurement
Financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in the Statement of Profit and Loss. Any gain or loss on derecognition is also recognised in the Statement of Profit and Loss.
3.2.3 Derecognition of Financial Instruments
The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under Ind AS 109. If the Company enters into transactions whereby it transfers assets recognised on its Balance Sheet, but retains either all or substantially all of the risks and rewards of the transferred assets, the transferred assets are not derecognised.
A financial liability (or a part of financial liability) is derecognised from the Company''s Balance Sheet when the obligation specified in the contract is discharged or cancelled or expires."
3.2.4 Impairment of Financial Instruments
The Company recognises loss allowances using the expected credit loss (ECL) model for the financial assets which are not classified as Fair Value Through Profit and Loss or equity investments at FVOCI. Expected credit losses are measured at an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk or the assets have become credit impaired from initial recognition in which case, those are measured at lifetime ECL. The amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date is recognised as an impairment gain or loss in the Statement of Profit and Loss.
Measurement of expected credit losses
Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the Company in accordance with the contract and the cash flows which the Company expects to receive).
Presentation of allowance for expected credit losses in the Balance Sheet
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.
The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Company determines that the counterparty does not have assets or sources of income that could generate cash flows to repay the amounts. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Company''s procedures for recovery of amounts due."
3.2.5 Offsetting Financial Instruments
Financial assets and liabilities are offset and the net amount is included in the Balance Sheet where there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.
3.3 Property, Plant and Equipment3.3.1 Recognition and Measurement
Property, plant and equipment are stated at cost, less accumulated depreciation and accumulated impairment losses, if any. The initial cost at cash price equivalent of property, plant and equipment acquired comprises its purchase price, including import duties and non-refundable purchase taxes, any directly attributable costs of bringing the assets to their working condition and location and present value of any obligatory decommissioning costs for its intended use.
(i) Subsequent expenditure is recognised as an increase in the carrying amount of the asset or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits derived from the cost incurred will flow to the Company and the cost of the item can be measured reliably.
(ii) Property, plant and equipment''s residual values and useful lives are reviewed at each Balance Sheet date and changes, if any, are treated as changes in accounting estimate.
3.3.3 Depreciation on Property, Plant and Equipment
Depreciation is provided on Written Down Value (WDV), at the rates prescribed in Schedule II of the Companies Act 2013. Additions during the period are being depreciated on a pro-rata basis from the date on which the asset was put to use. Similarly where any asset has been sold, discarded, demolished or destroyed, the depreciation on such asset is calculated on pro-rata basis up to the dates, on which such asset has been sold, discarded, demolished or destroyed.
The cost and related accumulated depreciation are eliminated from the financial statements upon sale or retirement of the asset and the resultant gains or losses are recognised in the Statement of Profit and Loss. Assets to be disposed off are reported at the lower of the carrying value or the fair value less cost to sell.
3.4 Intangible Assets3.4.1 Recognition and Measurement
Intangible assets (herein being software) are stated at cost less amortization and impairment losses, if any. Cost of internally generated software includes expenses directly attributable and also other costs allocable on a reasonable and consistent basis for creating, producing and making the software ready for its intended use as per Ind AS 38.
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is recognised in the Statement of Profit and Loss as incurred.
3.4.3 Amortisation of Intangible Assets
Since the pattern of future economic benefit can not be estimated reliably, the software shall be amortised over a period of five years on straight line method. Considering the level of technological changes in software, the Management has ascertained the useful life of the software to be five years.
3.4.4 Derecognition of Intangible Assets
Intangible assets are derecognised on disposal or when no future economic benefits are expected to arise from its continuous use, and the resultant gains or losses are recognised in the Statement of Profit and Loss.
3.5 Impairment of Non Financial Assets
At each Balance Sheet date, the Company assesses whether there is any indication that an asset may be impaired. If such indication exists, the Company estimates the recoverable amount. If the carrying amount of the assets exceeds its recoverable amount, the difference is recognised as impairment loss in the Statement of Profit and Loss.
3.6 Revenue Recognition 3.6.1 Rendering of Services
The Company recognises revenue from contracts with customers based on a five step model as set out in Ind AS 115-Revenue from Contracts with Customers, to determine when to recognise revenue and at what amount. Revenue is measured based on the consideration specified in the contract with a customer. Revenue from contracts with customers is recognised when services are provided and it is highly probable that a significant reversal of revenue is not expected to occur. If the consideration promised in a contract includes a variable amount, the Company estimates the amount of consideration to which it will be entitled in exchange for rendering the promised services. The promised consideration can also vary if an entitlement to the consideration is contingent on the occurrence or non-occurrence of a future event. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.
The Company has been appointed as the investment manager to Shriram Mutual Fund. The Company receives Asset Management Fees from Shriram Mutual Fund which is charged as a percent of the Assets Under Management (AUM) and is recognised on accrual basis. The maximum amount of management fee that can be charged is subject to applicable SEBI regulations.
3.6.2 Recognition of interest income or expense, gains and losses from financial instruments
Interest income or expense is recognised in the Statement of Profit and Loss using the effective interest method. The ''effective interest rate'' is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to:
- the gross carrying amount of the financial asset; or
- the amortised cost of the financial liability
In calculating interest income and expense, the effective interest rate is applied to the carrying amount of the asset (when the asset is not credit impaired) or to the amortised cost of the liability. However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset. If the asset is no longer credit impaired, then the calculation of interest income reverts to the gross basis."
3.6.3 Net gain/loss on fair value changes
Any differences between the fair values of financial assets classified as fair value through the profit and loss held by the Company on the Balance Sheet date are recognised as an unrealised gain/loss. In cases there is a net gain in the aggregate, the same is recognised in "Net gains on fair value changes" under Revenue from Operations and if there is a net loss the same is disclosed under "Expenses" in the Statement of Profit and Loss.
Similarly, any realised gain or loss on sale of financial instruments measured at FVTPL and debt instruments measured at FVOCI is recognised in net gain / loss on fair value changes. As at the reporting date, the Company does not have any financial instruments measured at FVOCI."
3.7 Employee Benefits3.7.1 Short-term employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid, if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the amount of obligation can be estimated reliably.
3.7.2 Share-based payment transactions
The Employee Stock Option Scheme provides for the grant of options to acquire equity shares of the Company to certain employees. The period of vesting and period of exercise are as specified within the schemes. The fair value at grant date of equity settled share-based payment options granted to employees is recognised as an employee benefit expense, with a corresponding increase in equity, over the period that the employees unconditionally become entitled to the options. The amount recognised as expense is based on the estimate of the number of options for which the related service conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of options that do meet the related service conditions at the vesting date. Such compensation cost is amortised over the vesting period of the respective tranches of such grant.
3.7.3 Defined Contribution Plan
All the employees of the Company are entitled to receive benefits under Provident Fund, a defined contribution plan in which both the employee and the Company contribute monthly at a stipulated rate. The Company has no liability for future Provident Fund benefits other than its annual contribution and recognizes such contributions as an expense in the year it is incurred.
The Company provides for gratuity, a defined unfunded benefit retirement plan covering all employees. The plan provides for lump sum payments to employees at retirement, death while in employment or on termination of employment. The Company accounts for liability of future gratuity benefits on actuarial valuation basis. Service costs and net interest expense or income is reflected in the Statement of Profit and Loss. Gain or loss on account of remeasurements are recognised immediately through Other Comprehensive Income in the period in which they occur
Long term compensated absences are provided for based on actuarial valuation basis.
3.8 Provisions (other than for employee benefits), contingent liabilities, contingent assets and commitments
A provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows (representing the best estimate of the expenditure required to settle the present obligation at the Balance Sheet date) at a pre tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. Expected future operating losses are not provided for.
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made.
A contingent asset is not recognised but disclosed in the financial statements where an inflow of economic benefit is probable.
Commitments include the amount of purchase order (net of advance) issued to counterparties for supplying/ development of assets and amounts pertaining to investments which have been committed but not called for.
Provisions, contingent assets, contingent liabilities and commitments are reviewed at each Balance Sheet date."
As a Lessee
The Company recognizes a right-of-use asset (ROU) and a lease liability at the lease commencement date.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, then Company''s incremental borrowing rate. The Company uses its incremental borrowing rate as the discount rate.
The ROU asset is initially measured at cost, which comprises of the initial measurement of the lease liability adjusted for any lease payments made at or before the commencement date, less any lease incentives received; plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term.
The lease liability is remeasured when there is a change in one of the following:
- the Company''s estimate of the amount expected to be payable under a residual value guarantee; or
- the Company''s assessment of whether it will exercise a purchase, extension, or termination option; or
- if there is a modification in the lease."
Short-term leases and leases of low-value assets
The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of twelve months or less and leases of low-value assets.
Tax expenses comprise Income Tax and Deferred Tax. It is recognised in the Statement of Profit and Loss except to the extent that it relates to a business combination or to an item recognised directly in equity or in Other Comprehensive Income.
Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. 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. It is measured using tax rates (and tax laws) enacted or substantively enacted by the reporting date. Current tax assets and current tax liabilities are offset only if there is a legally enforceable right to set off the recognised amounts, and it is intended to realise the asset and settle the liability on a net basis or simultaneously.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the corresponding amounts used for taxation purposes.
Deferred tax is measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on the laws that have been enacted or substantively enacted by the reporting date.
The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Company expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority."
The basic earnings per share is computed by dividing profit after tax attributable to the equity shareholders by the weighted average number of equity shares outstanding during the reporting period. The diluted earnings per share is computed by dividing profit after tax attributable to the equity shareholders by the weighted average number of equity shares outstanding plus the weighted average number of equity shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. The number of equity shares used in computing diluted earnings per share comprises the weighted average number of shares considered for deriving basic earnings per share and also weighted average number of equity shares which would have been issued on the conversion of all dilutive potential shares, unless they are antidilutive.
Cash flows are reported using the indirect method in accordance with Indian Accounting Standards (Ind AS 7), ''Statement of Cash Flows'' whereby net profit before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities are segregated.
3.13 Scheme Expenses and Commission
Pursuant to circulars issued by SEBI, with effect from 22nd October, 2018, scheme related expenses and commission subject to certain permitted exceptions, are being borne by the respective schemes.
New Fund Offer (NFO) expenses on the launch of schemes are borne by the Company and recognised in the Statement of Profit and Loss as and when incurred."
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (CODM). The CODM''s function is to allocate the resources of the Company and assess the performance of the operating segments of the Company.
Mar 31, 2024
1. Material Accounting Policies and Other Explanatory Information to the Financial Statements for the year ended March 31, 2024.
1 Corporate and General Information
Shriram Asset Management Company Limited (''the Company'') was incorporated under the Companies Act, 1956 on July 27, 1994 and received the Certificate of Commencement of Business on December 05,1994.
The Company received permission from Securities and Exchange Board of India (SEBI) to act as the Asset Management Company of Shriram Mutual Fund on November 21, 1994 vide registration no. MF/017/94/4.
2 Basis of preparation of Financial Statements
2.1 Statement of Compliance
These financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 and the requirements of Schedule III of the Companies
Act, 2013. The Company has consistently applied accounting policies to all periods except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.
2.2 Presentation of Financial Statements
The financial statements of the Company are presented as per Schedule III (Division III) of the Companies Act, 2013, as notified by the Ministry of Corporate Affairs (MCA). Financial assets and financial liabilities are generally reported on a gross basis except when, there is an unconditional legally enforceable right to offset
the recognised amounts without being contingent on a future event and the parties intend to settle on a net basis in the following circumstances:
i. The normal course of business
ii. The event of default
iii. The event of insolvency or bankruptcy of the Company and/or its counterparties.
2.3 Basis of Measurement
The Company recognizes income and expenditure on an accrual basis except in case of significant
uncertainties.
Financial statements are prepared under the historical cost method, except certain financial assets and liabilities which are classified as fair value through profit and loss.
Fair Value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating 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.
All assets and liabilities have been classified as current or non-current as per the Company''s normal
operating cycle and other criteria set out in the Division III of Schedule III to the Companies Act, 2013 and Ind AS 1 - Presentation of Financial Statements based on the nature of products and the time between the acquisition of assets for processing and their realisation in cash and cash equivalents.
The preparation of financial statements requires the use of certain critical accounting estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosed
amount of contingent liabilities. Areas involving a higher degree ofjudgement or complexity, or areas where assumptions are significant to the Company are discussed in significant accounting judgements, estimates
and assumptions.
2.4 Functional and Presentation Currency
The financial statements have been presented in Indian Rupees (?) which is the Company''s functional
currency.
2.5 Rounding Off
All amounts have been rounded-off to the nearest Lakhs up to two decimal places, unless otherwise
indicated.
2.6 Use of Estimates and Management Judgement
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities and disclosure of contingent liabilities as at the date of the financial statements and the
results of operations for the reporting period. The Management believes that these estimates are prudent and reasonable and are based upon the Management''s best knowledge of current events and actions as on the reporting date. Actual results could differ from these estimates and differences between actual results and estimates are recognised in the periods in which the results/actions are known or materialised. Revisions to accounting estimates are recognised prospectively.
Significant estimates and judgements are used for: -
⢠Estimates of useful lives and residual value of property, plant and equipment, and other intangible assets (Refer Note 8)
⢠Measurement of defined benefit obligations and actuarial assumptions (Refer Note 32)
⢠Recognition of deferred tax assets/liabilities (Refer Note 35)
⢠Recognition and measurement of provisions and contingencies (Refer Note 12 and Note 28)
⢠Financial instruments - fair values, risk management and impairment of financial assets
(Refer Note 33)
⢠Determination of lease term (Refer Note 22.2)
⢠Discount rate for lease liability (Refer Note 22.2 )
⢠Estimates of share based payments (Refer Note 31)"
2.7 Measurement of Fair Values
A number of the Company''s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. The Company has an established control framework
with respect to the measurement of fair values. Measurement of fair values includes determining appropriate valuation techniques.
The objective of valuation techniques is to arrive at a fair value measurement that reflects the price that
would be received on sale of asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date."
Valuation models that employ significant unobservable inputs require a higher degree of judgement and
estimation in the determination of fair value. Judgement and estimation are usually required for selection of the appropriate valuation methodology, determination of expected future cash flows on the financial
instrument being valued, determination of probability of counterparty default and selection of appropriate discount rates.
Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the
valuation techniques. 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 categorised 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 recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.
3 Material Accounting Information
A summary of the material accounting policies applied in the preparation of the financial statements is given below. These accounting policies have been applied consistently to all the periods presented in the financial
statements.
3.1 Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits with banks and other short term highly liquid investments with original maturities of three months or less, that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
3.2 Financial Instruments
A financial instrument is any contract that gives rise to a financial asset in one entity and a financial liability
or equity instrument in another entity.
3.2.1 Recognition and Initial Measurement
Financial assets and liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit and loss) are added to or deducted from the fair value measured on initial recognition of financial asset or financial liability.
3.2.2 Classification and Subsequent Measurement
(i) Financial Assets Classification
On initial recognition, a financial asset is classified as measured at
- Amortised Cost;
- Fair Value Through Other Comprehensive Income (FVOCI); or
- Fair Value Through Profit and Loss (FVTPL)
Financial assets are not reclassified subsequent to their initial recognition, except if and in the period the Company changes its business model for managing financial assets.
A financial asset is measured at amortised cost if it meets both of the following conditions and is
not designated as at FVTPL:
- the asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and
- the contractual terms of the financial asset gives rise to cash flows on specified dates that are
solely payments of principal and interest on the principal amount outstanding.
A financial asset is measured at FVOCI if it meets both of the following conditions and is not
designated as at FVTPL:
- the asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
- the contractual terms of the financial asset gives rise to cash flows on specified dates that are
solely payments of principal and interest on the principal amount outstanding.
However, on initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment''s fair value in Other Comprehensive Income (OCI) designated as FVOCI - equity investment). This election is made on an investment-by-investment basis.
All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. On initial recognition, the Company may irrevocably designate a financial
asset as at FVTPL that otherwise meets the requirements to be measured at amortised cost or at FVOCI, if doing so eliminates or significantly reduces an accounting mismatch that would
otherwise arise."
Assessment whether contractual cash flows are solely payments of principal and interest (SPPI) For the purposes of this assessment, âprincipal'' is defined as the fair value of the financial asset on initial recognition. âInterest'' is defined as consideration for the time value of money and for the
credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin.
In assessing whether the contractual cash flows are solely payments of principal and interest, the Company considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition.
In making this assessment, the Company considers:
- contingent events that would change the amount or timing of cash flows;
- terms that may adjust the contractual coupon rate, including variable interest rate features;
- prepayment and extension features; and
- terms that limit the Company''s claim to cash flows from specified assets.
(ii) Financial Assets Subsequent Measurement
(a) Financial assets at amortised cost: Financial assets are subsequently measured at amortised cost if these financial assets are held within a business whose objective is to hold these assets in order to collect contractual cash flows and the contractual terms of the financial asset gives rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding. These assets are subsequently measured at amortised cost using the effective interest rate method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment losses are recognised in the Statement of Profit and Loss. Any gain or loss on derecognition is recognised in the Statement of Profit and Loss.
(b) Financial assets at fair value through other comprehensive income: Financial assets
are measured at fair value through other comprehensive income if these financial assets are held within a business whose objective is achieved by both collecting contractual cash flows that give rise on specified dates to solely payments of principal and interest on the principal amount outstanding and by selling financial assets.
The Company has made an irrevocable election to present subsequent changes in the fair value of equity investments not held for trading in other comprehensive income.
(c) Financial assets at fair value through profit and loss: Financial assets are measured
at fair value through profit and loss unless it is measured at amortised cost or at fair value through other comprehensive income on initial recognition. The transaction costs directly attributable to the acquisition of financial assets and liabilities at fair value through profit and loss are immediately recognised in profit and loss. Net gains and losses, any interest or dividend income, are recognised and are presented separately in the Statement of Profit and Loss.
(iii) Investment in associates is carried at cost less accumulated impairment, if any.
(iv) Financial Liability Classification and Initial Measurement
Financial liabilities are classified as measured at amortised cost or FVTPL.
Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in Statement of Profit and Loss.â
(v) Financial Liability Subsequent Measurement
Financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in the Statement of Profit and Loss. Any gain or loss on derecognition is also recognised in the Statement of Profit
and Loss.
3.2.3 Derecognition of Financial Instrument
The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition
under Ind AS 109. If the Company enters into transactions whereby it transfers assets recognised on its Balance Sheet, but retains either all or substantially all of the risks and rewards of the transferred assets, the transferred assets are not derecognised.
A financial liability (or a part of financial liability) is derecognised from the Company''s Balance Sheet when the obligation specified in the contract is discharged or cancelled or expires.â
3.2.4 Impairment of Financial Instrument
The Company recognises loss allowances using the expected credit loss (ECL) model for the financial assets which are not classified as Fair Value Through Profit and Loss or equity investments at FVOCI.
Expected credit losses are measured at an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk or the assets have become credit impaired from initial recognition in which case, those are measured at lifetime ECL. The amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date is recognised as an impairment gain or loss in the Statement of Profit and Loss.
Measurement of expected credit losses
Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the Company in accordance with the contract and the cash flows which the Company expects to receive).
Presentation of allowance for expected credit losses in the Balance Sheet
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.
Write off
The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Company determines that the counterparty does not have assets or sources of income that could generate cash flows to repay the amounts. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Company''s procedures for recovery of amounts due."
3.2.5 Offsetting Financial Instruments
Financial assets and liabilities are offset and the net amount is included in the Balance Sheet where there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.
3.3 Property, Plant and Equipment
3.3.1 Recognition and Measurement
Property, plant and equipment are stated at cost, less accumulated depreciation and accumulated impairment losses, if any. The initial cost at cash price equivalent of property, plant and equipment acquired comprises its purchase price, including import duties and non-refundable purchase taxes, any directly attributable costs of bringing the assets to their working condition and location and present value of any obligatory decommissioning costs for its intended use.
3.3.2 Subsequent Expenditure
(i) Subsequent expenditure is recognised as an increase in the carrying amount of the asset or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits derived from the cost incurred will flow to the Company and the cost of the item can be measured reliably.
(ii) Property, plant and equipment''s residual values and useful lives are reviewed at each Balance Sheet date and changes, if any, are treated as changes in accounting estimate.
3.3.3 Depreciation on Property, Plant and Equipment
Depreciation is provided on Written Down Value (WDV), at the rates prescribed in Schedule II of the Companies Act 2013. Additions during the period are being depreciated on a pro-rata basis from the date on which the asset was put to use. Similarly where any asset has been sold, discarded, demolished or destroyed, the depreciation on such asset is calculated on pro-rata basis up to the dates, on which such asset has been sold, discarded, demolished or destroyed.
3.3.4 Derecognition
The cost and related accumulated depreciation are eliminated from the financial statements upon sale or retirement of the asset and the resultant gains or losses are recognised in the Statement of Profit and Loss. Assets to be disposed off are reported at the lower of the carrying value or the fair value less cost to sell.
3.4 Intangible Assets
3.4.1 Recognition and Measurement
Intangible assets (herein being software) are stated at cost less amortizations and impairment losses, if any. Cost of internally generated software includes expenses directly attributable and also other costs allocable on a reasonable and consistent basis for creating, producing and making the software ready for its intended use as per Ind AS 38.
3.4.2 Subsequent Expenditure
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is recognised in the Statement of Profit
and Loss as incurred.
3.4.3 Amortisation of Intangible Assets
Since the pattern of future economic benefit can not be estimated reliably, the software shall be amortised over a period of five years on straight line method. Considering the level of technological changes in software, the Management has ascertained the useful life of the software to be five years.
3.4.4 Derecognition of Intangible Assets
Intangible assets are derecognised on disposal or when no future economic benefits are expected
to arise from its continuous use, and the resultant gains or losses are recognised in the Statement of Profit and Loss.
3.5 Impairment of Non Financial Assets
At each Balance Sheet date, the Company assesses whether there is any indication that an asset may be impaired. If such indication exists, the Company estimates the recoverable amount. If the carrying amount of the assets exceeds its recoverable amount, the difference is recognised as impairment loss in the Statement of Profit and Loss.
3.6 Revenue Recognition 3.6.1 Rendering of Services
The Company recognises revenue from contracts with customers based on a five step model as set
out in Ind AS 115-Revenue from Contracts with Customers, to determine when to recognise revenue and at what amount. Revenue is measured based on the consideration specified in the contract with a customer. Revenue from contracts with customers is recognised when services are provided and it is highly probable that a significant reversal of revenue is not expected to occur. If the consideration promised in a contract includes a variable amount, the Company estimates the amount of consideration to which it will be entitled in exchange for rendering the promised services. The promised consideration can also vary if an entitlement to the consideration is contingent on the occurrence or non-occurrence of a future event. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.
The Company has been appointed as the investment manager to Shriram Mutual Fund. The Company receives Asset Management Fees from Shriram Mutual Fund which is charged as a percent of the Assets Under Management (AUM) and is recognised on accrual basis. The maximum amount of management fee that can be charged is subject to applicable SEBI regulations.
3.6.2 Recognition of interest income or expense, gains and losses from financial instruments
Interest income or expense is recognised in the Statement of Profit and Loss using the effective interest method. The âeffective interest rate'' is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to:
- the gross carrying amount of the financial asset; or
- the amortised cost of the financial liability
In calculating interest income and expense, the effective interest rate is applied to the carrying amount
of the asset (when the asset is not credit impaired) or to the amortised cost of the liability. However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset. If the asset
is no longer credit impaired, then the calculation of interest income reverts to the gross basis."
3.6.3 Net gain/loss on fair value changes
Any differences between the fair values of financial assets classified as fair value through the profit and
loss held by the Company on the Balance Sheet date are recognised as an unrealised gain/loss. In cases there is a net gain in the aggregate, the same is recognised in "Net gains on fair value changes" under Revenue from Operations and if there is a net loss the same is disclosed under "Expenses" in the Statement of Profit and Loss.
Similarly, any realised gain or loss on sale of financial instruments measured at FVTPL and debt instruments measured at FVOCI is recognised in net gain / loss on fair value changes. As at the reporting date, the Company does not have any financial instruments measured at FVOCI.
3.7 Employee Benefits
3.7.1 Short-term employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed
as the related service is provided. A liability is recognised for the amount expected to be paid, if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the amount of obligation can be estimated reliably.
3.7.2 Share-based payment transactions
The Employee Stock Option Scheme provides for the grant of options to acquire equity shares of the Company to certain employees. The period of vesting and period of exercise are as specified within the schemes. The fair value at grant date of equity settled share-based payment options granted to employees is recognised as an employee benefit expense, with a corresponding increase in equity, over
the period that the employees unconditionally become entitled to the options. The amount recognised as expense is based on the estimate of the number of options for which the related service conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of options that do meet the related service conditions at the vesting date. Such compensation cost is amortised over the vesting period of the respective tranches of such grant.
3.7.3 Defined Contribution Plan
All the employees of the Company are entitled to receive benefits under Provident Fund, a defined
contribution plan in which both the employee and the Company contribute monthly at a stipulated rate. The Company has no liability for future Provident Fund benefits other than its annual contribution and
recognizes such contributions as an expense in the year it is incurred.
3.7.4 Defined Benefits Plan
The Company provides for gratuity, a defined unfunded benefit retirement plan covering all employees.
The plan provides for lump sum payments to employees at retirement, death while in employment or on termination of employment. The Company accounts for liability of future gratuity benefits on actuarial valuation basis. Service costs and net interest expense or income is reflected in the Statement of Profit and Loss. Gain or loss on account of remeasurements are recognised immediately through Other Comprehensive Income in the period in which they occur.
3.7.5 Leave Encashment
Long term compensated absences are provided for based on actuarial valuation basis.
Mar 31, 2019
1. Significant accounting policies
1.1 Property, plant and equipment
Property, plant and equipment (PPE) are measured at cost less accumulated depreciation and accumulated impairment, (if any). The total cost of assets comprises its purchase price, freight, duties, taxes and any other incidental expenses directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by the management. Changes in the expected useful life are accounted for by changing the amortisation period or methodology, as appropriate, and treated as changes in accounting estimates.
Subsequent expenditure related to an item of tangible asset are added to its gross value only if it increases the future benefits of the existing asset, beyond its previously assessed standards of performance and cost can be measured reliably. Other repairs and maintenance costs are expensed off as and when incurred.
Depreciation commences when the assets are ready for their intended use. Depreciable amount for assets is the cost of an asset, or other amount substituted for cost, less its estimated residual value. Depreciation is recognized so as to write off the cost of assets less their residual values over their useful lives, using written down value (âWDVâ) method using the rates arrived at based on the useful lives of the assets as prescribed in the Schedule II to the Companies Act, 2013.
An item of property, plant and equipment is derecognised upon disposal or on retirement, when no future economic benefits are expected to arise from the continued use of the asset. Gains or losses arising from de-recognition of property, plant and equipment are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the statement of profit and loss when the asset is derecognised.
2.2 Intangible assets
Intangible assets are measured on initial recognition at cost. Intangible assets are carried at cost less amortization and impairment losses. It is amortized on straight line basis over the estimated useful life.
3.3 Investment Property
Properties, held to earn rentals and/or capital appreciation are classified as investment property and measured and reported at cost, including transaction costs.
Investment properties (other than land) are depreciated using WDV method over their estimated useful lives. The useful life has been determined based on technical evaluation by management.
3.4 Impairment of Asset
At each balance sheet date, the Company assesses whether there is any indication that an asset may be impaired. If such indication exists, the Company estimates the recoverable amount. If the carrying amount of the assets exceeds its recoverable amount, the difference is recognised as impairment loss in the Statement of Profit & Loss.
3.5 Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
A financial asset includes, inter-alia, cash, an equity instrument of another entity and contractual right to receive cash or another financial asset from another entity
A financial liability includes, inter-alia, a contractual obligation to deliver cash or another financial asset to another entity
a) Financial Assets
(i) Initial recognition and measurement:
All financial assets are recognized initially at fair value, which is normally the transaction price. Transaction costs that are directly attributable to the acquisition of financial assets (other than financial assets at fair value through Statement of Profit or Loss (âFVTPLâ)) are added to the fair value of the financial assets, on initial recognition. Such transaction cost includes all fees paid or received between parties to the contract that would not have been incurred if the entity had not acquired the financial asset. Transaction costs directly attributable to the acquisition of financial assets at FVTPL are recognized immediately in Statement of Profit and Loss.
(ii) Subsequent measurement:
For the purpose of subsequent measurement, the Company classifies its financial assets into the following measurement categories:
1. Financial assets to be measured at amortised cost
2. Financial assets to be measured at fair value through other comprehensive income
3. Financial assets to be measured at fair value through profit or loss
The classification depends on the contractual terms of the financial assetsâ cash flows and the Companyâs business model for managing financial assets.
1. Financial assets measured at amortised cost
Financial assets are measured at amortised cost if the following conditions are met:
a) contractual terms of the asset give rise to cash flows on specified dates, that represent solely payments of principal and interest on the principal amount outstanding (âSPPIâ); and
b) the assets is held within a business model whose objective is achieved by holding the asset to collect contractual cash flows.
2. Financial assets measured at fair value through other comprehensive income (âFVOCIâ) Debt instruments
Financial assets are measured at fair value through other comprehensive income if the following conditions are met:
a) contractual terms of the asset give rise to cash flows on specified dates, that represent solely payments of principal and interest on the principal amount outstanding (âSPPIâ); and
b) The assets are held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets.
These financial assets are measured initially as well as at each reporting date at fair value. Fair value movements are recognised in other comprehensive income within a separate component of equity. Upon disposal, the cumulative gain or loss previously recognised in other comprehensive income is reclassified from equity to the statement of profit and loss. Impairment losses or reversals, interest revenue and foreign exchange gains and losses are recognised in profit and loss.
Equity instruments
Investment in equity instruments that are neither held for trading nor contingent consideration recognised by the Company in a business combination to which Ind AS 103 âBusiness Combinationâ applies, are measured at fair value through other comprehensive income, where an irrevocable election has been made by management and when such instruments meet the definition of Equity under Ind AS 32 Financial Instruments: Presentation. Such classification is determined on an instrument-by-instrument basis.
Amounts presented in other comprehensive income are not subsequently transferred to profit or loss. Dividends on such investments are recognised in profit or loss.
3. Financial assets measured at fair value through profit or loss (âFVTPLâ)
Any financial asset, which does not meet the criteria for categorisation as at amortized cost or as at FVOCI, is classified as at FVTPL. In addition, the company may elect to designate a financial asset, which otherwise meets amortized cost or FVOCI criteria, as FVTPL. However, such election is chosen only if doing so reduces or eliminates a measurement or recognition inconsistency (referred to as âaccounting mismatchâ).
Financial assets under FVTPL category are measured at fair value and any gains or losses are recognised in the statement of profit and loss as they arise.
(iii) Derecognition of financial assets
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised when the rights to receive cash flows from the financial asset have expired. The Company also derecognises the financial asset if it has transferred the financial asset and the transfer qualifies for derecognition.
(iv) Impairment of financial assets
The Company assesses at the end of each reporting period whether a financial asset or a group of financial assets is impaired and determines the expected credit losses. Equity instruments are not subject to impairment under Ind AS 109.
Expected Credit Loss (ECL) Assessment
The Company records allowance for expected credit losses for all loans, other debt financial assets not held at FVTPL, together with financial guarantee contracts
The ECL allowance is based on the credit losses expected to arise over the life of the asset (the lifetime expected credit loss), unless there has been no significant increase in credit risk since origination, in which case, the allowance is based on the 12 monthsâ expected credit loss.
Both Lifetime ECLs and 12-month ECLs are calculated on either an individual basis or a collective basis, depending on the nature of the underlying portfolio of financial instruments.
The Company has established a policy to perform an assessment, at the end of each reporting period, of whether a financial instrumentâs credit risk has increased significantly since initial recognition, by considering the change in the risk of default occurring over the remaining life of the financial instrument. The Company does the assessment of significant increase in credit risk at a borrower level. If a borrower has various facilities having different past due status, then the highest days past due (DPD) is considered to be applicable for all the facilities of that borrower.
Write-offs
The Company reduces the gross carrying amount of a financial asset when the Company has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. This is generally the case when the Company determines that the borrower does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subjected to write-offs. Any subsequent recoveries against such loans are credited to the statement of profit and loss.
a) Financial liabilities
(i) Initial recognition and measurement:
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings, net of directly attributable transaction costs.
(ii) Subsequent measurement:
The measurement of financial liabilities depends on their classification, as described below: Trade and other payables:
These amounts represent liabilities for goods or services provided to the Company which are unpaid at the end of the reporting period. Trade and other payables falling due within a period of 12 months are presented at its carrying amounts as it approximates fair value due to the short maturity of these instruments. Other payables falling due after 12 months from the end of the reporting period are measured and presented at amortized cost unless designated as fair value through profit and loss at the inception.
Financial liabilities measured at fair value through profit or loss:
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Gains or losses on liabilities held for trading or designated as at FVTPL are recognized in the profit or loss.
Derecognition of financial liabilities:
A financial liability is de-recognised when the obligation under the liability is discharged or cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or Modification is treated as the de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss.
Offsetting:
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.
3.6 Fair Value Measurement
In respect of financial instruments measured at fair value, the Company measures fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:
- In the principal market for the asset or liability, or
- In the absence of a principal market, in the most advantageous market for the asset or liability which are accessible to the Company.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.
A fair value measurement of a non financial asset takes into account a market participantâs ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
- Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
- Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable, or
- Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level Input that is significant to the fair value measurement as a whole) at the end of each balance sheet date.
3.7 Cash and cash equivalents
Cash and cash equivalents comprise the net amount of short-term, highly liquid investments that are readily convertible to known amounts of cash (short-term deposits with an original maturity of three months or less) and are subject to an insignificant risk of change in value, cheques on hand and balances with banks. They are held for the purposes of meeting short-term cash commitments (rather than for investment or other purposes).
For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short- term deposits, as defined above.
3.8 Revenue from operations
(i) Management Fees
Management Fees are recognized on accrual basis at specific rates, applied on daily net assets of the scheme. The fees charged are in accordance with the terms of Scheme Information Documents of the scheme and are in line with provisions of SEBI (Mutual Funds) Regulations, 1996 as amended from time to time.
(ii) Interest Income
Interest income is recognized by applying the Effective Interest Rate (EIR) to the gross carrying amount of financial assets other than credit-impaired assets and financial assets classified as measured at FVTPL.
The EIR in case of a financial asset is computed
a. As the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the gross carrying amount of a financial asset.
b. By considering all the contractual terms of the financial instrument in estimating the cash flows
c. Including all fees received between parties to the contract that are an integral part of the effective interest rate, transaction costs, and all other premiums or discounts.
Any subsequent changes in the estimation of the future cash flows is recognised in interest income with the corresponding adjustment to the carrying amount of the assets.
Interest income on credit impaired assets is recognised by applying the effective interest rate to the net amortised cost (net of provision) of the financial asset.
(iii) Dividend Income
Dividend income is recognised
a. When the right to receive the payment is established,
b. it is probable that the economic benefits associated with the dividend will flow to the entity and
c. the amount of the dividend can be measured reliably
(iv) Rental Income
Rental income arising from operating leases is recognised on a straight-line basis over the lease term. In cases where the increase is in line with expected general inflation Rental Income is recognised as per the contractual terms.
Operating leases are leases where the Company does not transfer substantially all of the risk and benefits of ownership of the asset.
(v) Net gain on Fair value changes
Any differences between the fair values of financial assets classified as fair value through the profit or loss, held by the Company on the balance sheet date is recognised as an unrealised gain / loss. In case there is a net gain in the aggregate, the same is recognised in âNet gains on fair value changesâ under Revenue from operations and if there is a net loss the same is disclosed under âExpensesâ in the statement of Profit and Loss.
However, net gain / loss on derecognition of financial instruments classified as amortised cost is presented separately under the respective head in the Statement of Profit and Loss.
Similarly, any realised gain or loss on sale of financial instruments measured at FVTPL presented separately under the respective head in the Statement of Profit and Loss.
3.9 Employee benefits
Short term employee benefit
All employee benefits payable wholly within twelve months of rendering the service are classified as shortterm employee benefits. These benefits include short term compensated absences such as paid annual leave. The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees is recognised as an expense during the period. Benefits such as salaries and wages, etc. and the expected cost of the bonus/ex-gratia are recognised in the period in which the employee renders the related service.
Post-employment employee benefits
a) Defined contribution schemes
All the employees of the Company are entitled to receive benefits under the Provident Fund Scheme, defined contribution plans in which both the employee and the Company contribute monthly at a stipulated rate. The Company has no liability for future benefits other than its annual contribution and recognises such contributions as an expense in the period in which employee renders the related service. If the contribution payable to the scheme for service received before the Balance Sheet date exceeds the contribution already paid, the deficit payable to the scheme is recognised as a liability after deducting the contribution already paid. If the contribution already paid exceeds the contribution due for services received before the Balance Sheet date, then excess is recognised as an asset to the extent that the pre- payment will lead to, for example, a reduction in future payment or a cash refund.
b) Defined Benefit schemes
The Company provides for the gratuity, a defined unfunded benefit retirement plan covering all employees. The plan provides for lump sum payments to employees upon death while in employment or on separation from employment after serving for the stipulated years mentioned under âThe Payment of Gratuity Act, 1972â. The present value of the obligation under such defined benefit plan is determined based on actuarial valuation, carried out by an independent actuary at each Balance Sheet date, using the Projected Unit Credit Method, which recognizes each period of service as giving rise to an additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.
The obligation is measured at the present value of the estimated future cash flows. The discount rates used for determining the present value of the obligation under defined benefit plan are based on the market yields on Government Securities as at the Balance Sheet date.
Net interest recognized in profit or loss is calculated by applying the discount rate used to measure the defined benefit obligation to the net defined benefit liability or asset. The actual return on the plan assets above or below the discount rate is recognized as part of re-measurement of net defined liability or asset through other comprehensive income. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, attrition rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, these liabilities are highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.
Re-measurement, comprising of actuarial gains and losses and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability), are recognized immediately in the balance sheet with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Re-measurements are not reclassified to profit or loss in subsequent periods.
Other long-term employee benefits
Companyâs liabilities towards compensated absences to employees are accrued on the basis of valuations, as at the Balance Sheet date, carried out by an independent actuary using Projected Unit Credit Method. Actuarial gains and losses comprise experience adjustments and the effects of changes in actuarial assumptions and are recognised immediately in the Statement of Profit and Loss.
The Company presents the Provision for compensated absences under provisions in the Balance Sheet.
3.10 Leases:
Identification of Lease:
The determination of whether an arrangement is a lease, or contains a lease, is based on the substance of the arrangement and requires an assessment of whether the fulfilment of the arrangement is dependent on the use of a specific asset or assets or whether the arrangement conveys a right to use the asset.
For arrangements entered into prior to April 01, 2017, the Company has determined whether the arrangement contain lease on the basis of facts and circumstances existing on the date of transition.
Leases that do not transfer to the Company substantially all of the risks and benefits incidental to ownership of the leased items are operating leases.
Recognition of lease payments:
Rent Expenses representing operating lease payments are recognised as an expense in the statement of profit and loss on a straight-line basis over the lease term, unless the increase is in line with expected general inflation, in which case lease payments are recognised based on contractual terms.
3.11 Impairment of non-financial assets
The carrying amount of assets is reviewed at each balance sheet date if there is any indication of impairment based on internal/external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of the assets, net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and risks specific to the asset.
In determining net selling price, recent market transactions are taken into account, if available. If no such transactions can be identified, an appropriate valuation model is used. After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful life.
3.12 Income Taxes Current Tax
Current tax assets and liabilities for the current and prior years are measured at the amount expected to be recovered from, or paid to, the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted, or substantively enacted, by the reporting date in the countries where the Company operates and generates taxable income.
Current income tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive income or in equity). Current tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
Deferred tax
Deferred tax assets and liabilities are recognised for temporary differences arising between the tax bases of assets and liabilities and their carrying amounts. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the reporting date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred tax assets are only recognised for temporary differences, unused tax losses and unused tax credits if it is probable that future taxable amounts will arise to utilise those temporary differences and losses. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities are realised simultaneously.
Minimum Alternate Tax (MAT)
Minimum alternate tax (MAT) paid in a year is charged to the statement of profit and loss as current tax. The Company recognizes MAT credit available as an asset only to the extent that it is probable that the Company will pay normal income tax during the specified period, i.e., the period for which MAT credit is allowed to be carried forward. The Company reviews such asset at each reporting date and writes down the asset to the extent the Company does not have convincing evidence that it will pay normal tax during the specified period.
3.13 Provisions
Provisions are recognised when the enterprise has a present obligation (legal or constructive) as a result of past events, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
When the effect of the time value of money is material, the enterprise determines the level of provision by discounting the expected cash flows at a pre-tax rate reflecting the current rates specific to the liability. The expense relating to any provision is presented in the statement of profit and loss net of any reimbursement.
3.14 Contingent Liabilities
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability as well as contingent assets but discloses its existence in the financial statements.
3.15 Earning Per Share
The Company reports basic and diluted earnings per share in accordance with Ind AS 33 on Earnings per share. Basic EPS is calculated by dividing the net profit or loss for the year attributable to equity shareholders (after deducting preference dividend and attributable taxes) by the weighted average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares. Dilutive potential equity shares are deemed converted as of the beginning of the period, unless they have been issued at a later date. In computing the dilutive earnings per share, only potential equity shares that are dilutive and that either reduces the earnings per share or increases loss per share are included.
4. Significant accounting judgments, estimates and assumptions
The preparation of financial statements in conformity with the Ind AS requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the accompanying disclosure and the disclosure of contingent liabilities, at the end of the reporting period. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and future periods are affected. Although these estimates are based on the managementâs best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.
In particular, information about significant areas of estimation, uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements is included in the following notes:
4.1 Business Model Assessment
Classification and measurement of financial assets depends on the results of the SPPI and the business model test. The Company determines the business model at a level that reflects how groups of financial assets are managed together to achieve a particular business objective. This assessment includes judgment reflecting all relevant evidence including how the performance of the assets is evaluated and their performance measured, the risks that affect the performance of the assets and how these are managed and how the managers of the assets are compensated. The Company monitors financial assets measured at amortized cost or fair value through other comprehensive income that are derecognised prior to their maturity to understand the reason for their disposal and whether the reasons are consistent with the objective of the business for which the asset was held. Monitoring is part of the Companyâs continuous assessment of whether the business model for which the remaining financial assets are held continues to be appropriate and if it is not appropriate whether there has been a change in business model and so a prospective change to the classification of those assets.
4.2 Defined employee benefit assets and liabilities
The cost of the defined benefit gratuity plan and the present value of the gratuity obligation are determined using actuarial valuations. 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.
4.3 Fair value measurement
When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using various valuation techniques. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. Judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments.
4.4 Contingent liabilities and provisions other than impairment on loan portfolio
The Company operates in a regulatory and legal environment that, by nature, has a heightened element of litigation risk inherent to its operations. As a result, it is involved in various litigation, arbitration in the ordinary course of the Companyâs business.
When the Company can reliably measure the outflow of economic benefits in relation to a specific case and considers such outflows to be probable, the Company records a provision against the case. Where the probability of outflow is considered to be remote, or probable, but a reliable estimate cannot be made, a contingent liability is disclosed.
Given the subjectivity and uncertainty of determining the probability and amount of losses, the Company takes into account a number of factors including legal advice, the stage of the matter and historical evidence from similar incidents. Significant judgement is required to conclude on these estimates.
4.5 Other estimates
These include contingent liabilities, useful lives of tangible and intangible assets etc.
5. First time adoption
These financial statements, for the year ended March 31, 2019, are the first financial statements the Company has prepared in accordance with Ind AS. For periods up to and including the year ended March 31, 2018, the Company prepared its financial statements in accordance with Accounting Standards notified under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Indian GAAP or previous GAAP).
Accordingly, the Company has prepared financial statements which comply with Ind AS applicable for periods ending on March 31, 2019, together with the comparative period data as at and for the year ended March 31, 2018, as described in the summary of significant accounting policies. In preparing these financial statements, the Companyâs opening balance sheet was prepared as at April 01, 2017, the Companyâs date of transition to Ind AS. This note explains the principal adjustments made by the Company in restating its Indian GAAP financial statements, including the balance sheet as at April 01, 2017 and the financial statements as at and for the year ended March 31, 2018.
Exemptions applied
Ind AS 101 allows first-time adopters certain exemptions from the retrospective application of certain requirements under Ind AS. The Company has applied the following exemptions:
5.1 Investment in Subsidiaries, associates
Ind AS 101 permits a first time adopter to measure its investment, at the date of transition, at cost determined in accordance with Ind AS 27, or deemed cost. The deemed cost of such investment shall be its fair value at the Companyâs date of transition to Ind AS, or Previous GAAP carrying amount at that date. The Company has elected to measure its investment in subsidiary at the Previous GAAP carrying amount as its deemed cost on the transition date.
5.2 Lease arrangements
Appendix C to Ind AS 17 requires entity to assess whether contract or arrangement contains a lease. In accordance with same, this assessment should be carried out at the inception of arrangement. However, the company has used exemption under Ind AS 101 and assessed all arrangements based on conditions in place as on date of transition.
5.3 Property, plant & equipment, Investment Property & intangible assets
On transition to Ind AS, the company has elected to continue with the carrying value of all of its property, plant and equipment and intangible assets as at March 31, 2017, measured as per the previous GAAP and use that carrying value as the deemed cost of the property, plant and equipment and intangible assets as on April 01, 2017.
5.4 Designation of previously recognised financial instruments
As per Ind AS 101 - An entity shall apply the exception to the retrospective application in case of âderecognition of financial assets and financial liabilitiesâ wherein a first-time adopter shall apply the derecognition requirements in Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind ASs. For example, if a first time adopter derecognised non-derivative financial assets or non-derivative financial liabilities in accordance with its previous GAAP as a result of a transaction that occurred before the date of transition to Ind ASs, it shall not recognise those assets and liabilities in accordance with Ind ASs (unless they qualify for recognition as a result of a later transaction or event). The Company has opted not to re-evaluate financial assets derecognized in the past.
5.5 Fair value measurement of financial assets or financial liabilities at initial recognition
Under Ind AS 109, if an entity measures a financial instrument on initial recognition based on valuation techniques that only use observable market data or current market transactions in the same instrument, and the fair value at initial recognition is different from the transaction price, then it is required to recognise the âday oneâ gain or loss at initial recognition of this financial instrument. Ind AS 101 allows an entity to apply the âday oneâ gain or loss recognition requirement of Ind AS 109 prospectively to transactions entered into on or after the date of transition to Ind AS. The Company has opted for this exemption to recognise the âday oneâ gain or loss on initial recognition arising due to difference in transaction cost and fair value prospectively for transactions entered into on or after the date of transition to Ind AS.
5.6 Estimates
An entityâs estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies).
5.7 Classification and measurement of financial assets
Ind AS 101 requires an entity to assess classification and measurement of financial assets (investment in debt instruments) on the basis of the facts and circumstances that existed at the date of transition to Ind AS.
Mar 31, 2018
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2018
A. Corporate Information
Shriram Asset Management Company Limited (''the Company'') was incorporated under the Companies Act, 1956 on 27th July, 1994 and received the Certificate of Commencement of Business on 5th December, 1994. The Company received permission from Securities and Exchange Board of India (SEBI) to act as the Asset Management Company of Shriram Mutual Fund on 21st November, 1994 vide registration no. MF/017/94/4.
B. Basis of Preparation
The financial statements have been prepared in accordance with Generally Accepted Accounting Principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the Accounting Standards notified under the Companies (Accounts) Rule, 2014 and the relevant provisions of the Companies Act, 2013. The financial statements have been prepared on an accrual basis and under the historical cost convention. The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.
NOTE NO.1 SIGNIFICANT ACCOUNTING POLICIES
1.1 Use of estimates
The preparation of financial statements in conformity with Indian GAAP requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based on the management''s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.
1.2 Property, Plant and Equipment / Intangible Fixed Assets, Depreciation/ Amortisation and Impairment Property, Plant and Equipment
Fixed assets are stated at cost less accumulated depreciation and impairment losses, if any. Cost comprises of the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.
Depreciation on Property, Plant and Equipment
Depreciation is provided on Written Down Value (WDV), at the rates prescribed in Schedule II of the Companies Act 2013. Additions during the year are being depreciated on a pro-rata basis from the date on which the asset was put to use. Similarly where any asset has been sold, discarded, demolished or destroyed, the depreciation on such asset is calculated on pro-rata basis up to the date, on which such asset has been sold, discarded, demolished or destroyed.
Intangible Fixed Assets
Intangible assets (herein being software) are stated at cost less amortizations & impairment losses if any. Cost of internally generated Software includes purchase price of materials and other expenses directly attributable and also other cost allocable on a reasonable and consistent basis for creating, producing and making the software ready for its intended use have been considered as per Accounting Standard 26 issued by ICAI.
Amortization of Intangible Assets
Since the pattern of future economic benefit cannot be estimated reliably, the software shall be amortized over a period of five years on straight line method. Considering the level of technological changes in software, the management has ascertained the useful life of the software to be five years
1.3 Investments
Investments which are readily realizable and intended to be held for not more than one year from the date on which such investment are made, are classified as current investments. All other investments are classified as long-term investments. Current investments are carried in the financial statement at lower of cost and fair value determined on an individual investment basis. Long term investments are carried at cost. However, provision for diminution in value is made to recognize a decline other than temporary in the value of the investments. On disposal of an investment, the difference between its carrying amount and net disposal proceeds is charged or credited to the statement of profit and loss.
1.4. Retirement and other Employee Benefits Provident Fund
All the employees of the Company are entitled to receive benefits under the Provident Fund, a defined contribution plan in which both the employee and the Company contribute monthly at a stipulated rate. The Company has no liability for future Provident Fund benefits other than its annual contribution and recognizes such contributions as an expense in the year it is incurred.
Gratuity
The Company provides for the gratuity, a defined unfunded benefit retirement plan covering all employees. The plan provides for lump sum payments to employees at retirement, death while in employment or on termination of employment. The Company accounts for liability of future gratuity benefits based on an external actuarial valuation on projected unit credit method carried out annually for assessing liability as at the balance sheet date.
Leave Encashment
Long term compensated absences are provided for based on actuarial valuation. The actuarial valuation is done as per projected unit credit method carried out annually for assessing liability as at the balance sheet date.
1.5 Revenue Recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.
i. Management Fees are recognized on accrual basis at specific rates, applied on daily net assets of the scheme. The fees charged are in accordance with the terms of Scheme Information Documents of the scheme and are in line with provisions of SEBI (Mutual Funds) Regulations, 1996 as amended from time to time.
ii. Dividend income is recognized when the right to receive dividend is established.
iii. Interest income is recognized on a time proportion basis, taking into account the amount outstanding and the rates applicable.
1.6 Income Taxes
Tax expense comprises of current and deferred tax. Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act, 1961. Deferred income taxes reflects the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years.
Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. In situations where the Company has unabsorbed depreciation or carry forward tax losses, all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits.
1.7 Provisions
A provision is recognized when the company has a present obligation as a result of past event; it is probable that outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.
1.8 Cash and Cash Equivalents
Cash and Cash Equivalents in the cash flow statement comprise cash at bank and in hand.
1.9 Contingent Liabilities
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements.
1.10 Earnings per Share
Basic earnings per share are calculated by dividing the net profit or loss for the period by the weighted average number of equity shares outstanding during the period.
|
March 31, 2018 |
March 31, 2017 |
|
|
(Rs) |
(Rs.) |
|
|
2 SHARE CAPITAL |
||
|
2.1) Authorised Shares |
||
|
90,00,000 (P.Y. 90,00,000) Equity Shares of Rs. 10/- each |
90,000,000 |
90,000,000 |
|
16,00,000 (P.Y.16,00,000) Preference Shares of Rs 100/- each |
510,000,000 |
160,000,000 |
|
Total |
600,000,000 |
250,000,000 |
|
2.2) Issued, subscribed and fully paid-up shares |
||
|
60,00,000 (P.Y.60,00,000) Equity Shares of Rs. 10/- each * |
60,000,000 |
60,000,000 |
|
14,00,000 (P.Y. 14,00,000) (0.01%) Preference Shares of Rs. 100/- each |
140,000,000 |
140,000,000 |
|
35,00,000 (P.Y. NIL) ( 6%) Preference Shares of Rs 100/- each |
350,000,000 |
- |
|
Total |
550,000,000 |
200,000,000 |
* Note : Shriram Credit Company Limited (Holding Company) holds 68.67%
2.3) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period
|
Equity Shares |
March 31, 2018 |
March 31, 2017 |
||
|
Quantity |
(Rs.) |
Quantity |
(Rs) |
|
|
At the beginning of the year |
6,000,000 |
60,000,000 |
6,000,000 |
60,000,000 |
|
Outstanding at the end of the year |
6,000,000 |
60,000,000 |
6,000,000 |
60,000,000 |
2.4) Preference Shares
A) 14,00,000 (P.Y. 14,00,000) 0.01 % Redeemable Non Convertible Preference Shares of Rs. 100/- each.
|
March 31, 2018 |
March 31, 2017 |
|||
|
Quantity |
(rs) |
Quantity |
(rs) |
|
|
At the beginning of the year |
1,400,000 |
140,000,000 |
1,400,000 |
140,000,000 |
|
Issued during the year |
- |
- |
- |
- |
|
Outstanding at the end of the year |
1,400,000 |
140,000,000 |
1,400,000 |
140,000,000 |
B) 35,00,000 (P.Y. NIL) 6% Redeemable Non Convertible Preference Shares of Rs. 100/- each
|
March 31, 2018 |
March 31, 2017 |
|||
|
Quantity |
(Rs) |
Quantity |
(Rs) |
|
|
At the beginning of the year |
- |
- |
- |
- |
|
Issued during the year Outstanding at the end of the year |
3,500,000 |
350,000,000 |
- |
- |
|
3,500,000 |
350,000,000 |
- |
- |
|
2.5) Terms/rights attached to Equity Shares
The Company has only one class of equity shares having a par value of ? 107- per share. Each holder of equity share is entitled to one vote per share. Dividend, as and when recommended by the Board of Directors, is subject to approval of the shareholders in their Annual General Meeting. The Directors have not recommended any dividend for the year ended March 31,2018.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Mar 31, 2017
1.1 Presentation and disclosure
(a) Use of estimates
The preparation of financial statements in conformity with Indian GAAP requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based on the management''s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.
(b) The accounts have been prepared primarily on historical cost convention and on accrual basis of accounting and comply with the provisions of the Companies Act, 2013.
1.2 Tangible Fixed Assets and Depreciation
Fixed assets are stated at cost of acquisition less accumulated depreciation. Depreciation is provided on Written Down Value method in the manner and at the rates specified in Schedule II to the Companies Act, 2013.
1.3 Intangible Assets and Amortization
Intangible Assets are stated at cost less amortization. Amortization is provided on straight line method as per AS-26 issued by ICAI. Considering the level of technological changes in software, the management has ascertained the useful life of the Intangible Assets to be five years.
1.4 Investments
Investments that are intended to be held for not more than a year are classified as current investments and all other investments as long term investments. Current investments are carried at lower of cost or fair value computed category wise. Long-term investments are carried at cost. However, provision for diminution in value is made to recognize a decline other than temporary in nature in value of such investments.
1.5 Employee Benefits
1.5.1 Company''s contributions to Provident Fund are charged to Profit and Loss Account.
1.5.2 The provision for leave encashment and provision for gratuity is made as per actuarial valuation.
1.6 Revenue Recognition
Revenue is recognized as per Accounting Standard 9 of ICAI.
Dividend income on investments is accounted for when the right to receive the payment is established.
1.7 Income Taxes
1.7.1. Tax expense includes current and deferred tax measured in accordance with the Income Tax Act, 1961 as is prevailing or subsequently enacted as at the reporting date. Current income tax relating to items recognized directly in equity are adjusted against such equity and not through statement of profit and loss.
1.7.2. Deferred Tax Assets and Liabilities arising on account of timing differences are recognized in the statement of Profit and Loss. Deferred tax assets have been recognized only to the extent there is virtual certainty of realization of the assets in future.
1.8 Earnings Per Share
Basic earnings per share are calculated by dividing the net Profit and Loss for the period by the weighted average number of equity shares outstanding during the period.
1.9 Provisions
A provision is recognized when the Company has a present obligation as a result of past event, and a probable outflow of resources based on a reliable estimate will be required to settle the obligations which are not discounted to its present value. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates.
1.10 Revenue from operation & Mutual Fund Expenses
Mutual Fund Expenses and corresponding Management Fees are accounted for in the books of the Company.
Mar 31, 2015
1.1 Presentation and disclosure
(a) Use of estimates
The preparation of interim financial statements in conformity with
Indian GAAP requires the Management to make judgments, estimates and
assumptions that affect the reported amounts of revenues, expenses,
assets and liabilities and the disclosure of contingent liabilities, at
the end of the reporting period. Although these estimates are based on
the management's best knowledge of current events and actions,
uncertainty about these assumptions and estimates could result in the
outcomes requiring a material adjustment to the carrying amounts of
assets or liabilities in future periods.
(b) The accounts have been prepared primarily on historical cost
convention and on accrual basis.
1.2 Tangible Fixed Assets and Depreciation
Fixed assets are stated at cost of acquisition less accumulated
depreciation. Depreciation is provided on Written Down Value method in
the manner and at the rates specified in Schedule II to the Companies
Act, 2013.
1.3 Intangible Assets and Amortisation
Intangible Assets are stated at cost less amortisation. Amortisation is
provided on straight line method as per AS-26 issued by ICAI.
1.4 Investments
Investments that are intended to be held for not more than a year are
classified as current investments and all other investments as long
term investments. Current investments are carried at lower of cost and
fair value computed category wise. Long-term investments are carried at
cost. However, provision for diminution in value is made to recognize a
decline other than temporary in nature in value of such investments.
1.5 Employee Benefits
1.5.1 Company's contributions to Provident Fund are charged to Profit
and Loss Account.
1.5.2 The provision for leave encashment and provision for gratuity is
made on actuarial valuation.
1.6 Revenue Recognition
Revenue is recognized as per Accounting Standard 9 of ICAI.
Dividend income on investments is accounted for when the right to
receive the payment is established.
1.7 Income Taxes
1.7.1. Tax expense includes current and deferred tax measured in
accordance with the Income Tax Act, 1961 as is prevailing or
substantively enacted as at the reporting date. Current income tax
relating to items, recognized directly in equity, are adjusted against
such equity and not through statement of profit and loss.
1.7.2. The Deferred Tax Assets & Liabilities arising on account of
timing difference are recognised in the statement of profit & loss.
Deferred tax assets have been recognized only to the extent there is
virtual certainty of realization of assets in future.
1.8 Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period.
1.9 Provisions
A provision is recognized when the Company has a present obligation as
a result of past event, and a probable outflow of resources based on a
reliable estimates will be required to settle the obligation, which are
not discounted to its present value. These are reviewed at each Balance
Sheet date and adjusted to reflect the current best estimates.
Mar 31, 2014
1.1 Presentation and disclosure -
(a) Use of estimates
The preparation of financial statements in conformity with Indian GAAP
requires the management to make judg- ments, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and
liabilities and the disclosure of contingent liabilities, at the end of
the reporting period. Although these estimates are based on the
management''s best knowledge of current events and actions, uncertainty
about these assumptions and estimates could result in the outcomes
requiring a material adjustment to the carrying amounts of assets or
liabilities in future periods.
(b) The accounts have been prepared primarily on historical cost
convention and on accrual basis.
1.2 Tangible Fixed Assets and Depreciation
Fixed assets are stated at cost of acquisition less accumulated
depreciation. Depreciation is provided on Written Down Value method in
the manner and at the rates specified in Schedule XIV to the Companies
Act, 1956.
1.3 Intangible Assets and Amortisation
Intangible Assets are stated at cost less amortization. Amortisation is
provided on straight line method as per AS-26 issued by ICAI.
1.4 Investments
Investments that are intended to be held for not more than a year are
classified as current investments and all other investments as long
term investments. Current investments are carried at lower of cost and
fair value computed category wise. Long-term investments are carried at
cost. However, provision for diminution in value is made to recognize a
decline other than temporary in nature in value of such investments.
1.5 Employee Benefits
1.5.1 Company''s contributions to Provident Fund are charged to Profit
and Loss Account.
1.5.2 The provision for leave encashment and provision for gratuity is
made on actuarial valuation.
1.6 Revenue Recognition
Revenue is recognized as per Accounting Standard 9 of ICAI.
Dividend income on investments is accounted for when the right to
receive the payment is established.
1.7 Income Taxes
1.7.1. Tax expense comprises current and deferred tax. Current
income-tax is measured at the amount expected to be paid to the tax
authorities in accordance with the Income-tax Act, 1961 enacted in
India and tax laws prevailing in the respective tax jurisdictions where
the company operates. The tax rates and tax laws used to compute the
amount are those that are enacted or substantively enacted, at the
reporting date. Current income tax relating to items, recognized
directly in equity, are adjusted against such equity and not through
statement of profit and loss.
1.7.2. The Deferred Tax Assets & Liabilities arising on account of
timing difference are recognised in the statement of profit & loss.
Deferred tax assets have been recognized only to the extent there is
virtual certainty of realization of assets in future.
1.8 Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity sharehold- ers (after
deducting preference dividends and attributable taxes) by the weighted
average number of equity shares outstanding during the period.
1.9 Provisions
A provision is recognized when the Company has a present obligation as
a result of past event and a probable outflow of resources based on a
reliable estimates will be required to settle the obligation, which are
not discounted to its present value. These are reviewed at each Balance
Sheet date and adjusted to reflect the current best estimates.
2.0) Terms/rights attached to equity shares
The Company has only one class of equity shares having a par value of
Rs.10/- per share. Each holder of equity share is entitled to one vote
per share. Dividend, as and when recommended by the Board of Directors,
is subject to approval of the shareholders in their Annual General
Meeting. The Directors have not recomended any dividend for the year
ended March 31, 2014.
In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the
shareholders.
2.1) Terms/rights attached to Redeemable Non Convertible Preference
Shares (RNCPS)
During the year ended March 31, 2014 the Company issued additional
300000 (Three lakh) (0.01%) RNCPS of Rs. 100/-each fully paid up, taking
the total amount of RNCPS to Rs. 4,00,00,000/-. These RNCPS carry non
cumula- tive dividend @ 0.01% p.a. The dividend proposed by the Board
of Directors is subject to the approval of the shareholders in the
Annual General Meeting. Each holder of RNCPS is entitled to one vote
per share only on resolutions placed before the Company which directly
affect the rights attached to RNCPS. The RNCPS shall be redeemed by the
Company at par on expiry of five years from the date of allotment. The
Company shall, however, has the right to redeem the RNCPS before the
due date. Subject to the applicable laws, and the approvals/ consents
as may be necessary or required, the date of redemption of RNCPS can be
extended for such further term as may be mutually agreed to between the
Company and the holder of RNCPS.During the year no provision has been
made for dividend on Preference Shares.
3.1) An amount of Rs. 22,785,000/- representing disputed redemption money
on 35,00,000 units of "Risk Guardian 95" is held by the Company in
trust to be paid to the rightful owner when the dispute is settled by
the appropriate court/ forum. This amount has been deployed in
subordinated bond and along with interest accrued thereon, the present
value of which is Rs. 76,807,183/- (inclusive of tax of Rs. 11,122,842/-
for the period from 2001-02 to 2010-11). The disputed amount of Rs.
22,785,000/- along with interest accrued thereon has been recognised in
the accounts as payable to the rightful owner. In view of the loss
incurred during the period, no provision for Income Tax is consid- ered
necessary
Mar 31, 2013
1.1 Presentation and disclosure -
(a) Use of estimates
The preparation of financial statements in conformity with Indian GAAP
requires the management to make judgments, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and
liabilities and the disclosure of contingent liabilities, at the end of
the reporting period. Although these estimates are based on the
management''s best knowledge of current events and actions, uncertainty
about these assumptions and estimates could result in the outcomes
requiring a material adjustment to the carrying amounts of assets or
liabilities in future periods.
(b) The accounts have been prepared primarily on historical cost
convention and on accrual basis.
1.2 Tangible Fixed Assets and Depreciation
Fixed assets are stated at cost of acquisition less accumulated
depreciation. Depreciation is provided on Written Down Value method in
the manner and at the rates specified in Schedule XIV to the Companies
Act, 1956.
1.3 Intangible Assets and Amortisation
Intangible Assets are stated at cost less amortization. Amortisation is
provided on straight line method as per AS-26 issued by ICAI.
1.4 Investments
Investments that are intended to be held for not more than a year are
classified as current investments and all other investments as long
term investments. Current investments are carried at lower of cost and
fair value computed category wise. Long-term investments are carried at
cost. However, provision for diminution in value is made to recognize a
decline other than temporary in nature in value of such investments.
1.5 Employee Benefits
1.5.1 Company''s contributions to Provident Fund are charged to Profit
and Loss Account.
1.5.2 The provision for leave encashment and provision for gratuity is
made on actuarial valuation.
1.6 Revenue Recognition
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the company and the revenue can be
reliably measured.
Dividend income on investments is accounted for when the right to
receive the payment is established.
1.7 Income Taxes
Tax expense comprises current and deferred tax. Current income-tax is
measured at the amount expected to be paid to the tax authorities in
accordance with the Income-tax Act, 1961 enacted in India and tax laws
prevailing in the respective tax jurisdictions where the company
operates. The tax rates and tax laws used to compute the amount are
those that are enacted or substantively enacted, at the reporting date.
Current income tax relating to items recognized directly in equity is
recognized in equity and not in the statement of profit and loss.
The Deferred Tax Assets & Liabilities arising on account of timing
difference are recognised in the Statement of Profit and Loss.
Deferred tax assets have been recognized only to the extent there is
virtual certainty that the assets would be realized in future.
1.8 Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting preference dividends and attributable taxes) by the weighted
average number of equity shares outstanding during the period.
1.9 Provisions
A provision is recognized when the Company has a present obligation as
a result of past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation
and a reliable estimate can be made of the amount of the obligation.
Mar 31, 2012
1.1 Presentation and disclosure -
(a) Presentation and disclosure of financial statements during the year
ended 31 March 2012, the revised Schedule VI notified under the
Companies Act 1956, has become applicable to the company, for
preparation and presentation of its financial statements. The adoption
of revised Schedule VI does not impact recognition and measurement
principles followed for preparation of financial statements. However,
it has significant impact on presentation and disclosures made in the
financial statements. The Company has also reclassified the previous
year figures in accordance with the requirements applicable in the
current year.
(b) Use of estimates
The preparation of financial statements in conformity with Indian GAAP
requires the management to make judgments, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and
liabilities and the disclosure of contingent liabilities, at the end of
the reporting period. Although these estimates are based on the
management's best knowledge of current events and actions,
uncertainty about these assumptions and estimates could result in the
outcomes requiring a material adjustment to the carrying amounts of
assets or liabilities in future periods.
(c) The accounts have been prepared primarily on historical cost
convention and on accrual basis.
1.2 Tangible Fixed assets and depreciation:
Fixed assets are stated at cost of acquisition less accumulated
depreciation. Depreciation is provided on Written Down Value method in
the manner and at the rates specified in Schedule XIV to the Companies
Act, 1956.
1.3 Investments
Investments that are intended to be held for not more than a year are
classified as current investments and all other investments as long
term investments. Current investments are carried at lower of cost and
fair value computed category wise. Long-term investments are carried at
cost. However, provision for diminution in value is made to recognize a
decline other than temporary in nature in value of such investments.
1.4 Employee Benefits.
1.4.1 Company's contributions to Provident Fund are charged to Profit
and Loss Account.
1.4.2 The provision for leave encashment and provision for gratuity is
made on actuarial valuation.
1.5 Revenue recognition
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
Dividend income on investments is accounted for when the right to
receive the payment is established.
1.6 Income taxes
Tax expense comprises current and deferred tax. Current income-tax is
measured at the amount expected to be paid to the tax authorities in
accordance with the Income-tax Act, 1961 enacted in India and tax laws
prevailing in the respective tax jurisdictions where the Company
operates. The tax rates and tax laws used to compute the amount are
those that are enacted or substantively enacted, at the reporting date.
Current income tax relating to items recognized directly in equity is
recognized in equity and not in the statement of profit and loss.
The Deferred Tax Assets & Liabilities arising on account of timing
difference are recognised in the profit & loss account. Deferred tax
assets have been recognized only to the extent there is virtual
certainty that the assets would be realized in future.
1.7 Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting preference dividends and attributable taxes) by the weighted
average number of equity shares outstanding during the period.
1.8 Provisions
A provision is recognized when the Company has a present obligation as
a result of past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation
and a reliable estimate can be made of the amount of the obligation.
Mar 31, 2010
A. The accounts have been prepared primarily on historical cost
convention and on accrual basis.
b. Fixed assets and depreciation:
Fixed assets are stated at cost of acquisition less accumulated
depreciation. Depreciation is provided on Written Down Value method in
the manner and at the rates specified in Schedule XIV to the Companies
Act,1956.
c. Investments that are intended to be held for not more than a year
are classified as current investments and all other investments as long
term investments. Current investments are carried at lower of cost and
fair value computed category wise". Long term investments are carried
at cost. However, provision for diminution in value is made to
recognize a decline other than temporary in nature in value of such
investments.
d. Preliminary expenses and share issue expenses are being written off
over a period of 10 years.
e. Employee Benefits
i) Companys contributions to Provident Fund are charged to Profit and
Loss Account.
ii) The provision for leave encashment and provision for gratuity is
made on actuarial valuation.
f. Dividend income on investments is accounted for when the right to
receive the payment is established.
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कंपनी का इतिहास
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Shriram Asset Management Company Ltd. मुख्य वित्तीय अनुपात
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Shriram Asset Management Company Ltd. परिणाम
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