PRIVI SPECIALITY CHEMICALS LIMITED Annual Report 2020-21

110 PRIVI SPECIALITY CHEMICALS LIMITED (Formerly known as Fairchem Speciality Limited) 15 Current borrowings (secured) Particulars As at March 31, 2021 As at March 31, 2020 (Restated) From Banks: Cash credit 14.81 – Working capital demand loan 7,500.00 13,513.17 Packing credit from bank 6,713.35 8,862.73 Buyers credit – 1,278.31 Total 14,228.16 23,654.21 a) All the above loans are secured by first pari passu charge on all current assets of the Company both present and future. b) Working capital loans from banks are secured by way of hypothecation of inventories both on hand and in transit and book debts and other receivables both present and future and also secured by way of second charge on fixed assets. Working capital loans carry interest rate @ 5.50% to 6.40%. c) Post shipment and packing credit from bank carry interest rate @ 0.70% to 6.75% and are due for payment within 180 days. d) Cash Credit loan from bank carry interest rate @ 6.50% to 7.00%. 16 Provisions Particulars Non-Current portion Current portion As at March 31, 2021 As at March 31, 2020 (Restated) As at March 31, 2021 As at March 31, 2020 (Restated) Provisions for employee benefits Compensated absences (refer note 31) 367.02 337.83 50.76 38.56 Gratuity (refer note 31) 1,084.04 953.72 83.12 62.81 Other provision Provision for wealth tax – – – 0.20 1,451.06 1,291.55 133.88 101.57 17 Income tax Particulars As at March 31, 2021 As at March 31, 2020 (Restated) Amounts recognised in profit or loss The major components of income tax expense for the years ended March 31, 2021 and March 31, 2020 are: Current income tax: Current income tax expenses 4,011.18 4,906.69 Tax Adjustment of earlier years – (14.15) Deferred tax: Relating to origination and reversal of temporary differences 40.12 (367.58) Income tax expense reported in the statement of profit or loss 4,051.30 4,524.96 NOTES TO THE STANDALONE FINANCIAL STATEMENTS for the year ended March 31, 2021 (Currency: Indian Rupees in lakhs)