PRIVI SPECIALITY CHEMICALS LIMITED Annual Report 2020-21

129 Annual Report 2020-21 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS 34 Contingent liabilities: Claims against the Company not acknowledged as debts are below Particulars As at March 31, 2021 As at March 31, 2020 (Restated) Income tax authorities 1,515.22 1,518.55 Custom Duty* 15.52 15.52 * D emand of Rs. 15.52 lakhs (out of which Rs. 6.00 lakhs paid) raised by Customs, Excise and Service Tax Appellate Tribunal West Zonal Bench, Mumbai for clearance of imported goods under DEPB scheme. (Contravention of the provisions of Section 111 (o) of the Customs Act, 1962) The claims against the Company comprise of pending litigations / proceedings pertaining to demands raised by Excise, Custom, Sales / VAT tax and other authorities / bodies. The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial statements. It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending resolution of the respective proceedings as it is determinable only on receipt of judgements/decisions pending with various forums/authorities. The Company does not expect any reimbursements in respect of the above contingent liabilities. 35 Commitments Particulars As at March 31, 2021 As at March 31, 2020 (Restated) Estimated amount of contracts remaining to be executed on capital account and not provided for (Net of advances of Rs. 3,290.41 lakhs, (March 31, 2020 : Rs. 495.26 lakhs) 11,374.66 4,520.01 LC’s issued in favour of suppliers, but the material not dispatched 1,531.81 1,486.14 36 Earnings per share Particulars As at March 31, 2021 As at March 31, 2020 (Restated) Profit after tax attributable to equity shareholders [A] 11,702.15 14,401.69 Number of equity shares at the beginning of the year [B] 3,90,62,700 3,90,62,700 Number of equity shares outstanding at the end of the year [C] 3,90,62,700 3,90,62,700 Weighted average number of equity shares outstanding during the year [D] 3,90,62,700 3,90,62,700 Basic and diluted earnings per share of face value Rs. 10 [A]/[D] 29.96 36.87 37 Revenue from Contracts with Customers (A) The Company is primarily in the business of manufacture and sale of aroma chemicals. All sales are made at a point in time and revenue recognised upon satisfaction of the performance obligations which is typically upon dispatch/ delivery. The Company has a credit evaluation policy based on which the credit limits for the trade receivables are established, the Company does not give significant credit period resulting in no significant financing component. NOTES TO THE STANDALONE FINANCIAL STATEMENTS for the year ended March 31, 2021 (Currency: Indian Rupees in lakhs)