PRIVI SPECIALITY CHEMICALS LIMITED Annual Report 2020-21

158 PRIVI SPECIALITY CHEMICALS LIMITED (Formerly known as Fairchem Speciality Limited) 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 3,371.84 165.91 – 3,537.75 290.92 226.42 – 517.34 3,020.41 Building 180.38 – – 180.38 74.64 74.64 – 149.28 31.10 Plant and Machinery 67.00 – – 67.00 53.11 6.93 – 60.04 6.96 3,619.22 165.91 – 3,785.13 418.67 307.99 – 726.66 3,058.47 The aggregate depreciation expense on right-of-use asset is included under depreciation and amortisation expense in the Statement of Profit and Loss. The Group 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 1,934.48 1,437.36 – 3,371.84 94.65 196.27 – 290.92 3,080.92 Building – 180.38 – 180.38 – 74.64 – 74.64 105.74 Plant and Machinery 67.00 – – 67.00 46.16 6.95 – 53.11 13.89 2,001.48 1,617.74 – 3,619.22 140.81 277.86 – 418.67 3,200.55 * Addition includes 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 Group has not recognised any impairment loss during the current year (March 31, 2019 - Nil). i) The Group has taken land for non-cancellable period ranging from 3 year to 99 years, Building ranging from 3 years to 99 years and plant and machinery for 10 years. The Group leases with contract term of less than 1 year. These leases are short term and/or leases of low value items. The Group 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 liability 72.24 70.72 Expenses relating to leases of low-value assets, excluding short-term leases of low value assets – – NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended March 31, 2021 (Currency: Indian Rupees in lakhs)