PRIVI SPECIALITY CHEMICALS LIMITED Annual Report 2020-21

101 Annual Report 2020-21 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS 4 a Right of use assets Description Gross carrying amount Accumulated Amortisation Net carrying amount As at April 01, 2020 (Restated) Addition during the year Disposal during the year As at March 31, 2021 As at April 01, 2020 (Restated) Amortisation for the year Disposal during the year As at March 31, 2021 As at March 31, 2021 Land 2,007.28 143.18 – 2,150.46 240.53 211.20 – 451.73 1,698.73 Building 419.01 – – 419.01 122.37 122.37 – 244.74 174.27 Plant and Machinery 67.00 – – 67.00 53.11 6.93 – 60.04 6.96 2,493.29 143.18 – 2,636.47 416.01 340.50 – 756.51 1,879.96 The aggregate depreciation expense on right-of-use asset is included under depreciation and amortisation expense in the Statement of Profit and Loss. The Company has not recognised any impairment loss during the current year (March 31, 2020 - Nil). Description Gross carrying amount Accumulated Amortisation Net carrying amount As at April 01, 2019 (Restated) Addition during the year Disposal during the year As at March 31, 2020 As at April 01, 2019 (Restated) Amortisation for the year Disposal during the year As at March 31, 2020 As at March 31, 2020 Land 1,179.85 827.43 – 2,007.28 58.95 181.58 – 240.53 1,766.75 Building – 419.01 – 419.01 – 122.37 – 122.37 296.64 Plant and Machinery 67.00 – – 67.00 46.16 6.95 – 53.11 13.89 1,246.85 1,246.44 – 2,493.29 105.11 310.90 – 416.01 2,077.28 * Addition is due to transition adjustment on account of implementation of Ind AS 116 from April 01, 2019. The aggregate depreciation expense on right-of-use asset is included under depreciation and amortisation expense in the Statement of Profit and Loss. The Company has not recognised any impairment loss during the current year (March 31, 2019 - Nil). i) The Company has taken land for non-cancellable period of 99 years, Building ranging from 3 years to 5 years and plant and machinery for 10 years. The Company leases with contract term of less than 1 year. These leases are short term and/or leases of low value items. The company has elected not to recognise right of use assets and lease liabilities of these assets. ii) Lease Expenses recognized in Profit and Loss statement not included in the measurement of lease liabilities: Particulars Year Ended March 31, 2021 Year Ended March 31, 2020 (Restated) Variable lease payments – – Expenses relating to short-term leases 16.22 19.98 Interest cost Lease lability 84.89 97.52 Expenses relating to leases of low-value assets, excluding short-term leases of low value assets – – NOTES TO THE STANDALONE FINANCIAL STATEMENTS for the year ended March 31, 2021 (Currency: Indian Rupees in lakhs)