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Financial instruments | 12 Months Ended
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Mar. 31, 2022
Disclosure of detailed information about financial instruments [abstract] |
Disclosure of financial instruments [text block] |
| 33. | Financial instruments
Financial instruments by category The carrying value and fair value of financial instruments by each category as of March 31, 2022 were as follows:
Particulars |  | Note |  |  | Financial assets/ liabilities at amortised costs |  |  | Financial assets / liabilities at FVTPL |  |  | Financial assets / liabilities at FVTOCI |  |  | Total carrying value |  |  | Total fair value |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 8 |  |  |  | 4,574,013 |  |  |  | - |  |  |  | - |  |  |  | 4,574,013 |  |  |  | 4,574,013 |
Other assets |  |  | 10 |  |  |  | 589,971 |  |  |  | - |  |  |  | - |  |  |  | 589,971 |  |  |  | 589,971 |
Trade receivables |  |  | 13 |  |  |  | 10,784,668 |  |  |  | - |  |  |  | - |  |  |  | 10,784,668 |  |  |  | 10,784,668 |
Other receivables |  |  | 13 |  |  |  | 29,869 |  |  |  | - |  |  |  | - |  |  |  | 29,869 |  |  |  | 29,869 |
Other investments |  |  | 15 |  |  |  | 474,340 |  |  |  | - |  |  |  | 1,710 |  |  |  | 476,050 |  |  |  | 476,050 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank overdraft |  |  | 8 |  |  |  | 371,995 |  |  |  | - |  |  |  | - |  |  |  | 371,995 |  |  |  | 371,995 |
Lease liabilities |  |  | 7 |  |  |  | 2,207,403 |  |  |  | - |  |  |  | - |  |  |  | 2,207,403 |  |  |  | 2,207,403 |
Other liabilities |  |  | 18 |  |  |  | 60,742 |  |  |  | - |  |  |  | - |  |  |  | 60,742 |  |  |  | 60,742 |
Borrowings from banks |  |  | 19 |  |  |  | 9,379,680 |  |  |  | - |  |  |  | - |  |  |  | 9,379,680 |  |  |  | 9,379,680 |
Borrowings from others |  |  | 19 |  |  |  | 5,500,511 |  |  |  | - |  |  |  | - |  |  |  | 5,500,511 |  |  |  | 5,500,511 |
Trade and other payables |  |  | 20 |  |  |  | 10,510,409 |  |  |  | - |  |  |  | - |  |  |  | 10,510,409 |  |  |  | 10,510,409 |
Derivative financial liabilities |  |  | 20 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
The carrying value and fair value of financial instruments by each category as of March 31, 2021 were as follows:
Particulars |  | Note |  |  | Financial assets/ liabilities at amortised costs |  |  | Financial assets / liabilities at FVTPL |  |  | Financial assets / liabilities at FVTOCI |  |  | Total carrying value |  |  | Total fair value |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 8 |  |  |  | 5,502,054 |  |  |  | - |  |  |  | - |  |  |  | 5,502,054 |  |  |  | 5,502,054 |
Other assets |  |  | 10 |  |  |  | 375,802 |  |  |  | - |  |  |  | - |  |  |  | 375,802 |  |  |  | 375,802 |
Trade receivables |  |  | 13 |  |  |  | 8,520,118 |  |  |  | - |  |  |  | - |  |  |  | 8,520,118 |  |  |  | 8,520,118 |
Other receivables |  |  | 13 |  |  |  | 79,830 |  |  |  | - |  |  |  | - |  |  |  | 79,830 |  |  |  | 79,830 |
Other investments |  |  | 15 |  |  |  | 210,528 |  |  |  | - |  |  |  | 1,710 |  |  |  | 212,238 |  |  |  | 212,238 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank overdraft |  |  | 8 |  |  |  | 123,666 |  |  |  | - |  |  |  | - |  |  |  | 123,666 |  |  |  | 123,666 |
Lease liabilities |  |  | 7 |  |  |  | 2,202,649 |  |  |  | - |  |  |  | - |  |  |  | 2,202,649 |  |  |  | 2,202,649 |
Other liabilities |  |  | 18 |  |  |  | 216,284 |  |  |  | - |  |  |  | - |  |  |  | 216,284 |  |  |  | 216,284 |
Borrowings from banks |  |  | 19 |  |  |  | 7,174,373 |  |  |  | - |  |  |  | - |  |  |  | 7,174,373 |  |  |  | 7,174,373 |
Borrowings from others |  |  | 19 |  |  |  | 2,234,856 |  |  |  | - |  |  |  | - |  |  |  | 2,234,900 |  |  |  | 2,234,900 |
Trade and other payables |  |  | 20 |  |  |  | 8,185,844 |  |  |  | - |  |  |  | - |  |  |  | 8,185,844 |  |  |  | 8,185,844 |
Derivative financial liabilities |  |  | 20 |  |  |  | 8,079 |  |  |  | - |  |  |  | - |  |  |  | 8,079 |  |  |  | 8,079 |
Details of financial assets hypothecated as collateral The carrying amount of financial assets as at March 31, 2022 and 2021 that the Group has provided as collateral for obtaining borrowings and other facilities from its bankers are as follows:
|  | As of |
|  | March 31, 202 2 |  |  | March 31, 20 21 |
Cash and cash equivalents |  |  | 4,304,700 |  |  |  | 5,147,534 |
Trade receivables |  |  | 10,991,295 |  |  |  | 8,373,011 |
|  |  | 15,295,995 |  |  |  | 13,520,545 |
Derivative financial instruments
| (a) | Forwards and options
Foreign exchange forward contracts and options are purchased to mitigate the risk of changes in foreign exchange rates associated with certain payables, receivables and forecasted transactions denominated in certain foreign currencies. These derivative contracts do not qualify for hedge accounting under IFRS 9 and are initially recognized at fair value on the date the contract is entered into and subsequently re-measured at their fair value. Gains or losses arising from changes in the fair value of the derivative contracts are recognized immediately in profit or loss. The counterparties for these contracts are generally banks or financial institutions. The following table gives details in respect of the notional amount of outstanding foreign exchange contracts as at March 31, 2022 and 2021.
|  | As of |
|  | March 31, 20 22 |  |  | March 31, 2021 |
Forward contracts |  |  |  |  |  |  |  |
In U.S. Dollars (Sell) |  |  | - |  |  |  | - |
In U.S. Dollars (Buy) |  |  | - |  |  |  | - |
The Company recognized a net gain on the forward contracts of ₹ 2,206 (March 31, 2021: ₹ 13,687 – Net Loss) for the year ended March 31, 2022. The forward exchange contracts and option contracts mature between one and twelve months. The table below summarizes the notional amounts of derivative financial instruments into relevant maturity groupings based on the remaining period as at the end of the year:
|  | As of |
|  | March 31, 202 2 |  |  | March 31, 20 21 |
Buy: |  |  | (US $) |  |  |  | (US $) |
Not later than one month |  |  | - |  |  |  | - |
Later than one month and not later than three months |  |  | - |  |  |  | - |
Later than three months and not later than six months |  |  | - |  |  |  | - |
Later than six months and not later than one year |  |  | - |  |  |  | - |
| (b) | Cross Currency Swap:
The Group has entered into Cross Currency Swaps in order to hedge the cash flows arising out of the Principal and Interest payments of the underlying External Commercial Borrowing denominated in USD. The period of the swap contracts is co terminus with the period of the underlying ECB. As per the terms of the arrangement, the Company shall pay INR fixed and receive fixed USD principal and interest cash flows during the term of the contract. The swap arrangement is marked to market at the end of every period and losses are recognised in the Statement of Income. The swap contracts outstanding balances as on March 31, 2022 and March 31, 2021 is as follows.
Particulars |  | Value of the outstanding INR term loan |  |  | Value of the outstanding USD principal |  |  | Mark to Market losses/ (gain) |
Tranche 1 |  |  | 132,300 |  |  |  | USD 18,000 |  |  |  | - |
Tranche 2 (Undrawn) |  |  | 198,450 |  |  |  | USD 27,000 |  |  |  | - |
Total |  |  | 330,750 |  |  |  | USD 45,000 |  |  |  | - |
Particulars |  | Value of the outstanding INR term loan |  |  | Value of the outstanding USD principal |  |  | Mark to Market losses/ (gain) |
Tranche 1 |  |  | 147,000 |  |  |  | USD 20,000 |  |  |  | - |
Tranche 2 (Undrawn) |  |  | 220,500 |  |  |  | USD 30,000 |  |  |  | - |
Total |  |  | 367,500 |  |  |  | USD 50,000 |  |  |  | - |
The maturity of these contracts extends for five years and six months. The table below summarizes the cash flows (principal) of these derivative financial instruments into relevant maturity groupings based on the remaining period as at the end of the year:
|  | As at |  |  | As at |
|  | March 31, 2022 |  |  | March 31, 2021 |
Particulars |  | Payable (USD) |  |  | Receivable (INR) |  |  | Payable (USD) |  |  | Receivable (INR) |
Less than 1 year |  |  | 10,000 |  |  |  | 73,500 |  |  |  | 5,000 |  |  |  | 36,750 |
One to two years |  |  | 10,000 |  |  |  | 73,500 |  |  |  | 10,000 |  |  |  | 73,500 |
Two to three years |  |  | 10,000 |  |  |  | 73,500 |  |  |  | 10,000 |  |  |  | 73,500 |
Three to four years |  |  | 10,000 |  |  |  | 73,500 |  |  |  | 10,000 |  |  |  | 73,500 |
Four to five years |  |  | 5,000 |  |  |  | 36,800 |  |  |  | 10,000 |  |  |  | 73,500 |
More than five years |  |  | - |  |  |  | - |  |  |  | 5,000 |  |  |  | 36,750 |
Total cash flows |  |  | 45,000 |  |  |  | 330,750 |  |  |  | 50,000 |  |  |  | 367,500 |
The Group recognized a net loss on the cross currency swaps of ₹ Nil [Previous year : ₹ Nil for the year ended March 31, 2022.
| (c) | Interest Rate Swap:
The Group has entered into Interest Rate Swaps in order to hedge the cash flows arising out of the Interest payments of the underlying ECB. The period of the swap contract is co terminus with the period of the underlying ECB. As per the terms of the arrangement, the Company shall pay fixed rate of interest (8.9%) and receive variable rate of interest equal to LIBOR + 2.5% on notional amount. The swap arrangement is marked to market at the end of every period and losses are recognised in the Statement of income. The maturity of these contracts extends for five years and six months. The table below summarizes the cash flows (interest) of these derivative financial instruments into relevant maturity groupings based on the remaining period as at the end of the year:
|  | As of |
|  | March 31, 202 2 |  |  | March 31, 2021 |
|  | Receivable (US $) |  |  |  |  |  |  |  |  | Payable (US $) |  |  | Receivable (US $) |  |  |  |  |  |  |  |  | Payable (US $) |
|  |  | 1,126 |  |  |  | 269,994 |  |  |  | 1,210 |  |  |  | 323,043 |
Less than 1 year |  |  | 855 |  |  |  | 205,072 |  |  |  | 1,126 |  |  |  | 269,994 |
One to two years |  |  | 580 |  |  |  | 139,164 |  |  |  | 855 |  |  |  | 205,072 |
Two to three years |  |  | 308 |  |  |  | 73,749 |  |  |  | 580 |  |  |  | 139,164 |
Three to four years |  |  | 52 |  |  |  | 12,366 |  |  |  | 308 |  |  |  | 73,749 |
Four to five years |  |  | - |  |  |  | - |  |  |  | 52 |  |  |  | 12,366 |
Total cash flows |  |  | 2,921 |  |  |  | 700,345 |  |  |  | 4,131 |  |  |  | 1,023,388 |
* Amount below rounding off norm adopted by the Group Total notional amount outstanding as of March 31, 202 2 is US $ 4,500 (March 31, 20 21 : US $ 2,000) . Net gain on account of interest rate swaps amount to ₹ 16,879 for the year ended March 31, 202 2 (March 31, 20 21 : ₹ 8,079 – Net loss). Fair value measurements: The details of assets and liabilities that are measured on fair value on recurring basis are given below:
|  | Fair value as of March 31, 2022 |  |  | Fair value as of March 31, 2021 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial assets – gain on outstanding forward/options contracts |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial liabilities – loss on outstanding forward/options contracts |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Derivative financial liabilities - loss on outstanding cross currency swaps |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Derivative financial liabilities - loss on outstanding interest rate swaps |  |  | - |  |  |  | - |  |  |  | 16,879 |  |  |  | - |  |  |  | - |  |  |  | 8,079 |
| · | Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities.
| · | Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).
| · | Level 3 – unobservable inputs for the asset or liability.
Interest income/ (expenses), gains/ (losses) recognized on financial assets and liabilities Recognized in profit or loss
|  | Year ended |
|  | March 31, 202 2 |  |  | March 31, 2021 |  |  | March 31, 2020 |
Financial assets at amortised cost |  |  |  |  |  |  |  |  |  |  |  |
Interest income on bank deposits |  |  | 45,060 |  |  |  | 56,134 |  |  |  | 32,094 |
Interest income from other financial assets |  |  | 28,517 |  |  |  | 26,700 |  |  |  | 161,826 |
Impairment loss of trade receivables |  |  | (433,723 | ) |  |  | (755,495 | ) |  |  | (479,747 | )
Financial assets at fair value through profit or loss |  |  |  |  |  |  |  |  |  |  |  |
Net change in fair value of derivative financial instruments gain/(loss) |  |  | (16,879 | ) |  |  | 8,079 |  |  |  | 380 |
Financial liabilities at amortised cost |  |  |  |  |  |  |  |  |  |  |  |
Interest expenses on lease obligations |  |  | (185,092 | ) |  |  | (178,300 | ) |  |  | (171,824 | )
Interest expenses on borrowings from banks, others and overdrafts |  |  | (805,170 | ) |  |  | (714,121 | ) |  |  | (764,398 | )

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