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ANNUAL REPORT 2018 - 2019
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 1ST MARCH 201 9
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 recognised because it is probable that an
outflowofresourceswillnotberequiredtosettletheobligation.However,ifthepossibilityofoutflowof
resources,arising out of present obligation,is remote,it is not even disclosed as contingent liability.The
companydoesnotrecognizeacontingentliabilitybutdisclosesitsexistenceinthefinancialassets.
Contingentassetsareneitherrecognizednordisclosedinthefinancialstatements.
m. RevenueRecognition

TheCompanymanufacturesandsellsarangeofchemicalsandotherproducts.
Effective April 01,2018,the Company has applied Ind AS 115‘Revenue from Contracts with Customers’
whichestablishesacomprehensiveframeworkfordeterminingwhether,howmuchandwhenrevenue
is to be recognized.Ind AS 115 replaces Ind AS 18 Revenue and Ind AS 11 construction Contracts.The
effectonadoptionofIndAs115wasinsignificant.
Revenue from sale of goods is recognized when significant risks and rewards of ownership are
transferred to the buyer, there is no continuing managerial involvement with the goods and the
amount of revenue can be measured reliably,which coincides with the date of dispatch/bill of lading.
The Company retains no effective control of the goods transferred to a degree usually associated with
ownership and no significant uncertainty exists regarding the amount of the consideration that will be
derivedfromthesaleofgoods.

The Company does not expect to have any contracts where the period between the transfer of the
promised goods or services to the customer and payment by the customer exceeds one year. As a
consequence,itdoesnotadjustanyofthetransactionpricesforthetimevalueofmoney.
Revenue is measured at fair value of the consideration received or receivable includes freight,wherever
applicableandisnetoftradediscounts,volumerebatesandGST.
Exportincentivesundervariousschemesareaccountedintheyearofexport.

Revenue from technical services recognized on the basis of milestones for rendering services as per the
agreement.

Interest income is recognized on time apportionment basis.Effective interest rate (EIR) method is used
tocomputetheinterestincomeonlongtermloansandadvances.Interestincomefromafinancialasset
is recognised when it is probable that the economic benefits will flow to the Company and the amount
ofincomecanbemeasuredreliably.
Dividendincomeoninvestmentsisrecognisedwhentherighttoreceivedividendisestablished.
n. EmployeeBenefits
i. DefinedContributionPlans

Contributionstodefinedcontributionschemessuchasemployees’stateinsurance,labourwelfarefund,
superannuation scheme, employee pension scheme etc. are charged as an expense based on the
amount of contribution required to be made as and when services are rendered by the employees.
Eligible employees receive benefits from a provident fund,which is a defined contribution plan to the
Trust/Government administeredTrust.Both the employee and the company make contribution to the
AminesPlasticizersLimitedEmployees’providentFundTrust/GovernmentadministeredTrustequalto
the specified percentage of the covered employee’s salary.Company also contributes to a Government
administeredpensionfundonbehalfofitsemployees.

ii. DefinedContributionPlans
The Company also provides for retirement benefits in the form of gratuity and compensated absences

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NOTES TO THE ACCOUNTS