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ijĚŠĚƑîŕŕNj ƑĚČūijŠĿƙĚē ĿŠ ƥĺĚ ¬ƥîƥĚŞĚŠƥ ūlj ¡ƑūǛƥ îŠē gūƙƙ ĚNJČĚƎƥ ƥĺîƥ ƥĺĚNj îƑĚ ēĚljĚƑƑĚē ĿŠ ūƥĺĚƑ ĚƐƭĿƥNj Ŀlj ƥĺĚNj ƑĚŕîƥĚ
ƥū ƐƭîŕĿljNjĿŠij Čîƙĺ ǜūDž ĺĚēijĚƙȦ GūƑĚĿijŠ ĚNJČĺîŠijĚ ēĿljljĚƑĚŠČĚƙ ƑĚijîƑēĚē îƙ îŠ îēŏƭƙƥŞĚŠƥ ƥū ċūƑƑūDžĿŠij Čūƙƥƙ îƑĚ
ƎƑĚƙĚŠƥĚē ĿŠ ƥĺĚ ¬ƥîƥĚŞĚŠƥ ūlj ¡ƑūǛƥ îŠē gūƙƙȡ DžĿƥĺĿŠ ǛŠîŠČĚ ČūƙƥƙȦ
ŕŕ ūƥĺĚƑ ljūƑĚĿijŠ ĚNJČĺîŠijĚ ijîĿŠ ʈ ȳŕūƙƙȴ îƑĚ
ƎƑĚƙĚŠƥĚē ĿŠ ƥĺĚ ¬ƥîƥĚŞĚŠƥ ūlj ¡ƑūǛƥ îŠē gūƙƙ ūŠ î ŠĚƥ ċîƙĿƙ DžĿƥĺĿŠ ūƥĺĚƑ ĿŠČūŞĚ ʈ ȳĚNJƎĚŠƙĚȴȦ
Non-monetary items that are measured at fair value that are denominated in a foreign currency are translated using
the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities
carried at fair value are reported as part of the fair value gain | (loss).
c) Revenue recognition:
i)
Revenue from contracts with customers:
¹ĺĚ ūŞƎîŠNj îēūƎƥĚē TŠē ¬ ǧǧǫȡ Ƀ¤ĚDŽĚŠƭĚ ljƑūŞ ūŠƥƑîČƥƙ DžĿƥĺ ƭƙƥūŞĚƑƙɄ ƭƙĿŠij ƥĺĚ ŞūēĿǛĚē ƑĚƥƑūƙƎĚČƥĿDŽĚ
transition method effective April 01, 2018. Refer Note 28.17 for details of impact on the Financial Statements on
account of the transition.
The Company manufacture and sell chemicals in domestic and international market, spread across two segments
namely Life Sciences Chemicals and Performance and Other Chemicals.
Revenue is recognised when control of goods is transferred to a customer in accordance with the terms of the
contract. The control of the goods is transferred upon delivery to the customers either at factory gate of the Company
ūƑ ƙƎĚČĿǛČ ŕūČîƥĿūŠ ūlj ƥĺĚ ČƭƙƥūŞĚƑ ūƑ DžĺĚŠ ƥĺĚ ijūūēƙ îƑĚ ĺîŠēĚē ūDŽĚƑ ƥū ƥĺĚ ljƑĚĿijĺƥ ČîƑƑĿĚƑȡ îƙ ƎĚƑ ƥĺĚ ƥĚƑŞƙ ūlj
the contract. A receivable is recognised by the Company when the goods are delivered to the customer as this
represents the point in time at which the right to consideration becomes unconditional, as only the passage of time is
required before payment is due.
Revenue from services including those embedded in contract for sale of goods namely freight and insurance services
mainly in case of export sales, is recognised upon completion of services.
Revenue is measured based on the consideration to which the Company expects to be entitled as per contract
DžĿƥĺ î ČƭƙƥūŞĚƑȦ ¹ĺĚ ČūŠƙĿēĚƑîƥĿūŠ Ŀƙ ēĚƥĚƑŞĿŠĚē ċîƙĚē ūŠ ƥĺĚ ƎƑĿČĚ ƙƎĚČĿǛĚē ĿŠ ƥĺĚ ČūŠƥƑîČƥȡ ŠĚƥ ūlj ƥĺĚ ĚƙƥĿŞîƥĚē
variable consideration. Accumulated experience is used to estimate and provide for the variable consideration, using
ƥĺĚ ĚNJƎĚČƥĚē DŽîŕƭĚ ŞĚƥĺūēȡ îŠē ƑĚDŽĚŠƭĚ Ŀƙ ūŠŕNj ƑĚČūijŠĿƙĚē ƥū ƥĺĚ ĚNJƥĚŠƥ ƥĺîƥ Ŀƥ Ŀƙ ĺĿijĺŕNj ƎƑūċîċŕĚ ƥĺîƥ î ƙĿijŠĿǛČîŠƥ
reversal will not occur. Contracts with customers are for short-term, at an agreed price basis having contracted credit
period ranging up to 180 days. The contracts do not grant any rights of return to the customer. Returns of goods are
accepted by the Company only on an exception basis. Revenue excludes any taxes or duties collected on behalf of
the government which are levied on sales such as goods and services tax.
ii) Other revenue:
Eligible export incentives are recognised in the year in which the conditions precedent are met and there is no
ƙĿijŠĿǛČîŠƥ ƭŠČĚƑƥîĿŠƥNj îċūƭƥ ƥĺĚ ČūŕŕĚČƥîċĿŕĿƥNjȦ
TŠƥĚƑĚƙƥ ĿŠČūŞĚ ljƑūŞ ǛŠîŠČĿîŕ îƙƙĚƥƙ Ŀƙ ƑĚČūijŠĿƙĚē ƭƙĿŠij ƥĺĚ ĚljljĚČƥĿDŽĚ ĿŠƥĚƑĚƙƥ ƑîƥĚ ŞĚƥĺūēȦ ¹ĺĚ ĚljljĚČƥĿDŽĚ ĿŠƥĚƑĚƙƥ ƑîƥĚ
Ŀƙ ƥĺĚ ƑîƥĚ ƥĺîƥ ĚNJîČƥŕNj ēĿƙČūƭŠƥƙ ĚƙƥĿŞîƥĚē ljƭƥƭƑĚ Čîƙĺ ƑĚČĚĿƎƥƙ ƥĺƑūƭijĺ ƥĺĚ ĚNJƎĚČƥĚē ŕĿljĚ ūlj ƥĺĚ ǛŠîŠČĿîŕ îƙƙĚƥ ƥū ƥĺĚ
ijƑūƙƙ ČîƑƑNjĿŠij îŞūƭŠƥ ūlj î ǛŠîŠČĿîŕ îƙƙĚƥȦ ØĺĚŠ ČîŕČƭŕîƥĿŠij ƥĺĚ ĚljljĚČƥĿDŽĚ ĿŠƥĚƑĚƙƥ ƑîƥĚȡ ƥĺĚ ūŞƎîŠNj ĚƙƥĿŞîƥĚƙ ƥĺĚ
ĚNJƎĚČƥĚē Čîƙĺ ǜūDžƙ ċNj ČūŠƙĿēĚƑĿŠij îŕŕ ƥĺĚ ČūŠƥƑîČƥƭîŕ ƥĚƑŞƙ ūlj ƥĺĚ ǛŠîŠČĿîŕ ĿŠƙƥƑƭŞĚŠƥ ȳljūƑ ĚNJîŞƎŕĚȡ ƎƑĚƎîNjŞĚŠƥȡ
extension, call and similar options) but does not consider the expected credit losses.
'ĿDŽĿēĚŠēƙ îƑĚ ƑĚČūijŠĿƙĚē ĿŠ ƥĺĚ ¬ƥîƥĚŞĚŠƥ ūlj ¡ƑūǛƥ îŠē gūƙƙ ūŠŕNj DžĺĚŠ ƥĺĚ ƑĿijĺƥ ƥū ƑĚČĚĿDŽĚ ƎîNjŞĚŠƥ Ŀƙ ĚƙƥîċŕĿƙĺĚēȫ Ŀƥ
Ŀƙ ƎƑūċîċŕĚ ƥĺîƥ ƥĺĚ ĚČūŠūŞĿČ ċĚŠĚǛƥƙ îƙƙūČĿîƥĚē DžĿƥĺ ƥĺĚ ēĿDŽĿēĚŠē DžĿŕŕ ǜūDž ƥū ƥĺĚ ūŞƎîŠNj îŠē ƥĺĚ îŞūƭŠƥ ūlj ƥĺĚ
dividend can be measured reliably.
Lease rental income is recognised on accrual basis.
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Notes to the Financial Statements