FUTURE AJANTA PHARMA Accounting Policy

1 Corporate Information


Ajanta Pharma Limited (“Company”) is a public limited company incorporated and domiciled in India. Its shares are listed on Bombay Stock Exchange and National Stock Exchange. The Registered office of Company is located at Ajanta House, Charkop, Kandivali (West), Mumbai.


Company is engaged in development, manufacturing and marketing of specialty pharmaceutical finished dosages.


The financial statements for Company for the year ended 31st March 2017 were authorized for issue by Company''''s Board of Directors on 3rd May 2017.


2 Basis of preparation


The financial statements of Company have been prepared in accordance with Indian Accounting Standards (Ind-AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended by the Companies (Indian Accounting Standards) (Amendment) Rules, 2016.


These Financial Statements are Company''''s first Ind AS Financial Statements and are covered by Ind AS 101, “First-time adoption of Indian Accounting Standards”.


For all periods up to and including the year ended 31st March 2016, Company prepared its financial statements in accordance with the Accounting Standards notified under the Section 133 of the Companies Act, 2013, read together with Companies (Accounts) Rules 2014 (Previous GAAP).


An explanation of how the transition to Ind-AS has affected Company''''s equity and its net profit is provided in note no. 61.


The financial statements have been prepared on an accrual basis and under the historical cost basis, except for the following assets and liabilities which have been measured at fair value or revalued amount wherever applicable:


Derivative financial instruments


Certain financial assets measured at fair value


3 Functional and Presentation Currency


The financial statements are presented in Indian Rupees (‘INR'''' or ‘Rupees'''' or ‘Rs.'''' or T) which is the functional currency for Company.


4 Rounding of Amounts


All amounts disclosed in the financial statements and notes have been rounded off to the nearest cr. Amount less than '''' 50,000/- are shown as actual.


5 Current versus non-current classification


The assets and liabilities in the balance sheet are presented based on current/non-current classification.


An asset is current when it is:


- Expected to be realized or intended to be sold or consumed in normal operating cycle, or


- Held primarily for the purpose of trading, or


- Expected to be realized within twelve months after the reporting period, or


- Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.


All other assets are classified as non-current.


A liability is current when it is:


- Expected to be settled in normal operating cycle, or


- Held primarily for the purpose of trading, or


- Due to be settled within twelve months after the reporting period, or


- There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.


All other liabilities are treated as non-current.


Deferred tax assets and liabilities are classified as noncurrent assets and liabilities respectively.


6 SIGNIFICANT ACCOUNTING POLICIES


6.1. Property, plant and equipment


Freehold land is carried at historical costs. All other items of property, plant and equipment are stated at cost less accumulated depreciation and impairment loss, if any.


Cost includes cost of acquisition, installation or construction, other direct expenses incurred to bring the assets to its working condition and finance costs incurred up to the date the asset is ready for its intended use and excludes Cenvat / value added tax eligible for credit / setoff.


Such cost includes the cost of replacing part of the plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met. When significant parts of plant and equipment are required to be replaced at intervals, Company depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in the statement of profit or loss as incurred.


Capital work-in-progress in respect of assets which are not ready for their intended use are carried at cost, comprising of direct costs, related incidental expenses and attributable interest.


All identifiable Revenue expenses including interest incurred in respect of various projects / expansion, net of income earned during the project development stage prior to its intended use, are considered as pre - operative expenses and disclosed under Capital Work - in - Progress.


Capital expenditure on tangible assets for research and development is classified under property, plant and equipment and is depreciated on the same basis as other property, plant and equipment.


Property, plant and equipment are eliminated from financial statements, either on disposal or when retired from active use. Losses arising in the case of the retirement of property, plant and equipment and gains or losses arising from disposal of property, plant and equipment are recognized in the statement of profit and loss in the year of occurrence.


Depreciable amount for assets is the cost of an asset, or other amount substituted for cost, less its estimated residual value. Depreciation on the property, plant and equipment is provided on written down value method, over the useful life of the assets, as specified in Schedule II to the Companies Act, 2013. Property, plant and equipment which are added / disposed off during the year, depreciation is provided on pro-rata basis. Premium on Leasehold lands are amortized over the period of lease. Building constructed on leasehold land are depreciated based on the useful life specified in Schedule II to the Companies Act, 2013, where the lease period of the land is beyond the life of the building. In other cases, building constructed on leasehold lands are amortized over the primary lease period of the lands.


The assets'''' residual values, useful lives and methods of depreciation are reviewed at each financial year end and adjusted prospectively, if appropriate.


An asset''''s carrying amount is written down immediately to its recoverable amount if the asset''''s carrying amount is greater than its estimated recoverable amount.


On transition to Ind AS, Company has elected to continue with the carrying value of all of its property, plant and equipment recognized as at 1st April 2015 measured as per the previous GAAP and use that carrying value as the deemed cost of the property, plant and equipment.


6.2. Intangible Assets


Intangible assets are recognized when it is probable that the future economic benefits that are attributable to the assets will flow to Company and the cost of the assets can be measured reliably.


Intangible assets are stated at cost or acquisition less accumulated amortization and impairment loss, if any.


Internally generated intangibles, excluding capitalized development costs, are not capitalized and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred.


Software is amortized over their estimated useful life on straight line basis from the date they are available for intended use, subject to impairment test.


The amortization period and the amortization method for an intangible assets with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates.


Gains or losses arising from derecognition of an intangible assets are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit and loss when the assets is derecognized.


Research and Development


Revenue expenditure on research is expensed under the respective heads of accounts in the period in which it is incurred.


Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortized over the period of expected future sales from the related project. The carrying value of development costs is reviewed for impairment annually when the asset is not yet in use, and otherwise when events or changes in circumstances indicate that the carrying value may not be recoverable.


On transition to Ind AS, Company has elected to continue with the carrying value of all of intangible assets recognized as at 1st April 2015 measured as per previous GAAP and use that carrying value as the deemed cost of intangible assets.


6.3. Financial Instruments:


A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.


Financial Assets:


Classification:


Company classifies financial assets as subsequently measured at amortized cost, fair value through other comprehensive income or fair value through profit or loss, on the basis of its business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.


Initial recognition and measurement:


All financial assets are recognized initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset.


Subsequent measurement:


For the purpose of subsequent measurement, financial assets are classified in two broad categories:


Financial assets at fair value ( FVTPL /FVTOCI) Financial assets at amortized cost


When assets are measured at fair value, gains and losses are either recognized in the statement of profit and loss (i.e. fair value through profit or loss (FVTPL)), or recognized in other comprehensive income (i.e. fair value through other comprehensive income (FVTOCI)).


Financial Assets measured at amortized cost (net of any write down for impairment, if any):


Financial assets are measured at amortized cost when asset is held within a business model, whose objective is to hold assets for collecting contractual cash flows and contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest. Such financial assets are subsequently measured at amortized cost using the effective interest rate (EIR) method less impairment, if any. The losses arising from impairment are recognized in the Statement of profit and loss.


Financial Assets measured at Fair Value Through Other Comprehensive Income (“FVTOCI”):


Financial assets under this category are measured initially as well as at each reporting date at fair value, when asset is held within a business model, whose objective is to hold assets for both collecting contractual cash flows and selling financial assets. Fair value movements are recognized in the other comprehensive income.


Financial Assets measured at Fair Value Through Profit or Loss (“FVTPL”):


Financial assets under this category are measured initially as well as at each reporting date at fair value with all changes recognized in profit or loss.


Investment in Subsidiary:


Investment in equity instruments of Subsidiaries are measured at cost as per Ind AS 27. In the financial statements, investment in subsidiary Company''''s is carried at cost. The carrying amount is reduced to recognize any impairment in the value of investment.


Investment in Equity Instruments:


Equity instruments which are held for trading are classified as at FVTPL. All other equity instruments are classified as FVTOCI. Fair value changes on the instrument, excluding dividends, are recognized in the other comprehensive income. There is no recycling of the amounts from other comprehensive income to profit or loss.


Investment in Debt Instruments:


A debt instrument is measured at amortized cost or at FVTOCI. Any debt instrument, which does not meet the criteria for categorization as at amortized cost or as FVOCI, is classified as at FVTPL. Debt instruments included within the FVTPL category are measured at fair value with all changes recognized in the Statement of profit and loss.


Derecognition of Financial Assets:


A financial asset is primarily derecognized when the rights to receive cash flows from the asset have expired or Company has transferred its rights to receive cash flows from the asset.


Impairment of Financial Assets:


In accordance with Ind - AS 109, Company applies expected credit loss (ECL) model for measurement and recognition of impairment loss on the financial assets that are debt instruments and trade receivables.


Financial Liabilities:


Classification:


Company classifies all financial liabilities as subsequently measured at mortised cost or FVTPL.


Initial recognition and measurement:


All financial liabilities are recognized initially at fair value and, in the case of loans, borrowings and payables, net of directly attributable transaction costs.


Financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and derivative financial instruments.


Subsequent measurement:


Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Interest-bearing loans and borrowings are subsequently measured at mortised cost using the Effective Interest Rate (EIR) method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of profit and loss.


Derecognition of Financial Liabilities:


A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the Statement of Profit and Loss.


Derivative Financial Instrument:


Company uses derivative financial instruments, such as forward currency contracts to mitigate its foreign currency risks. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.


6.4. Inventories


Raw materials and packing materials are valued at lower of cost and net realizable value, cost of which includes duties and taxes (net off CENVAT and VAT, wherever applicable). Cost of imported raw materials and packing materials lying in bonded warehouse includes customs duty. Finished products including traded goods and work-in-progress are valued at lower of cost and net realizable value. Cost is arrived at on FIFO basis. The cost of Inventories have been computed to include all cost of purchases, cost of conversion, standard overheads and other related cost incurred in bringing the inventories to their present condition.


Slow and non-moving material, obsolesces, defective inventory are fully provided for and valued at net realisable value.


Goods and materials in transit are valued at actual cost incurred up to the date of balance sheet. Materials and other items held for use in production of inventories are not written down, if the finished products in which they will be used are expected to be sold at or above cost.


6.5. Cash And Cash Equivalent


Cash and Cash Equivalents comprise of cash on hand and cash at bank including fixed deposit/highly liquid investments with original maturity period of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.


6.6. Cash Flow Statements


Cash flows are reported using the indirect method, whereby net profit before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flow from operating, investing and financing activities of Company are segregated.


6.7. Foreign Currency Transactions


Revenue Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing on the date of the transaction.


Monetary items denominated in foreign currencies at the year-end are re-measured at the exchange rate prevailing on the balance sheet date. Non-monetary foreign currency items are carried at cost.


Any income or expense on account of exchange difference either on settlement or on restatement is recognized in the Statement of Profit and Loss.


6.8. Revenue Recognition


Revenue is recognized to the extent that it is probable that the economic benefits will flow to Company and the revenue can be reliably measured, regardless of when the payment is being made.


Revenue is measured at the fair value of the consideration received or receivable. Amount disclosed as revenue are inclusive of excise duty, excluding sales tax or value added taxes or service taxes or duties collected on behalf of the government, and net of returns, trade discount/ allowances, rebates, and amounts collected on behalf of third parties.


Revenue from sale of goods is recognized, when all significant risks and rewards are transferred to the buyer, as per the terms of contracts and no significant uncertainty exists regarding amount of the consideration that will be derived from the sale of goods.


Revenue from sale of technology / know how (rights, licenses and other intangibles) are recognized when performance obligation is completed as per the terms of the agreement. Incomes from services are recognized when services are rendered.


Dividend income is recognized when right to receive dividend is established. Interest income is recognized on time proportion basis. Insurance and other claims are recognized as a revenue on certainty of receipt on prudent basis. Export benefits available under prevalent schemes are accounted to the extent considered receivable.


6.9. Employee Benefits


All employee benefits payable wholly within twelve months rendering service are classified as short term employee benefits. Benefits such as salaries, wages, short-term compensated absences, performance incentives etc., and the expected cost of bonus, ex-gratia are recognized during the period in which the employee renders related service.


(i) Defined benefit plans


Company provides for gratuity, a defined benefit retirement plan (‘the Gratuity Plan'''') covering eligible employees. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee''''s salary and the tenure of employment with Company.


Liabilities with regard to Gratuity Plan are determined by actuarial valuation, performed by an independent actuary, at each balance sheet date using the Projected Unit Credit Method.


Company fully contributes all ascertained liabilities to the Ajanta Pharma Limited Group Gratuity Trust (the Trust). Trustees administer contributions made to the Trust and contributions are invested in a scheme with Life Insurance Corporation of India as permitted by laws of India.


The retirement benefit obligations recognized in the balance sheet represents the present value of the defined benefit obligations reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited to the present value of available refunds and reductions in future contributions to the scheme. The company recognizes the net obligation of a defined benefit plan in its balance sheet as an asset or liability. Actuarial gains and losses are recognized in full in the other comprehensive income for the period in which they occur. The effect of any plan amendments are recognized in the statement of profit and loss.


(ii) Defined contribution plans


Contributions to defined contribution plans are recognized as expense when employees have rendered services entitling them to such benefits. Company pays provident fund contributions to publicly administered provident funds as per local regulations. Company has no further payment obligations once the contributions have been paid. The contributions are accounted for as defined contribution plans and the contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available.


(iii) Compensated absences


Company has a policy on compensated absences which are both accumulating and non-accumulating in nature. The expected cost of accumulating compensated absences is determined by actuarial valuation performed by an independent actuary at each balance sheet date using projected unit credit method on the additional amount expected to be paid/availed as a result of the unused entitlement that has accumulated at the balance sheet date.


Compensated absences which are not expected to occur within twelve months after the end of the period in which the employee renders the related services are recognized liability at the present value of the defined benefit obligation at the balance sheet date.


Expense on non-accumulating compensated absences is recognized in the period in which the absences occur.


(iv) Share-based compensation


The company recognizes compensation expense relating to share-based payments in net profit using fair-value in accordance with Ind AS102, Share-Based Payment


6.10. Borrowing Costs


Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Borrowing cost also includes exchange differences to the extent regarded as an adjustment to the borrowing costs.


6.11. Lease


The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at the inception date, whether fulfillment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset, even if that right is not explicitly specified in an arrangement.


Assets acquired on leases where a significant portion of the risks and rewards of ownership are retained by less or are classified as operating leases. Leases rentals are charged to the statement of profit and loss on straight line basis.


6.12.Earnings Per Share


Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the company by the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the company by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value. Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.


6.13. Income Taxes


Income tax expense comprises current and deferred income tax.


Income tax expense is recognized in net profit in the statement of profit and loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in other comprehensive income. Current income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Deferred income tax assets and liabilities are recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.


Deferred income tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of changes in tax rates on deferred income tax assets and liabilities is recognized as income or expense in the period that includes the enactment or the substantive enactment date. A deferred income tax asset is recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized. The company offsets current tax assets and current tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.


6.14.Dividends to Shareholders:


Annual dividend distribution to the shareholders is recognized as a liability in the period in which the dividends are approved by the shareholders. Any interim dividend paid is recognized on approval by Board of Directors. Dividend payable and corresponding tax on dividend distribution is recognized directly in equity.


6.15.Provisions, Contingent Liabilities, Contingent Assets and Commitments


General


Provisions are recognized when Company has a present obligation (legal or constructive) as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made.


Provisions (excluding retirement benefits and compensated absences) are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.


I f there is any expectation that some or all of a provision to be reimbursed, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit and loss net of any virtually certain reimbursement.


If the effect of the time value of money is material, provisions are discounted using a current pretax rate that reflects, when appropriate, the risk specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.


Contingent liability is disclosed in the case of: a present obligation arising from past events, when it is not probable that an outflow of resources will be required to settle the obligation; a present obligation arising from past events, when no reliable estimates is possible; a possible obligation arising from past events, unless the probability of outflow of resources is remote.


Contingent liabilities are not recognized in the financial statements. Contingent assets are neither recognized nor disclosed in the financial statements.


Commitments include the amount of purchase order (net of advances) issued to parties for completion of assets and Non-cancellable operating lease.


Provisions, contingent liabilities, contingent assets and commitments are reviewed at each balance sheet date.


Asset Retirement Obligation


Asset retirement obligations (ARO) are provided for those operating lease arrangements where Company has a binding obligation at the end of the lease period to restore the leased premises in a condition similar to inception of lease. ARO are provided at the present value of expected costs to settle the obligation using discounted cash flows and are recognized as part of the cost of that particular asset. The cash flows are discounted at a current pre-tax rate that reflects the risks specific to the decommissioning liability. The unwinding of the discount is recognized in the income statement as a finance cost. The estimated future costs of decommissioning are reviewed annually and adjusted as appropriate. Changes in the estimated future costs or in the discount rate applied are added to or deducted from the cost of the asset.


6.16.Fair value measurement


Company measures financial instruments, such as, derivatives at fair value at each balance sheet date in accordance with Ind AS 113.


Financial Statements have been prepared on the historical cost basis except for the following material items in the statement of financial position:


Derivative financial instruments are measured at fair value received from Bank.


Mutual Funds are measured at fair values as per Net Asset Value (NAV).


Employee Stock Option Plan (ESOP) at fair values as per Actuarial Valuation Report.


Fair value is the price that would be received to sell an asset or settle a liability in an ordinary transaction between market participants at the measurement date.


The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.


A fair value measurement of a non-financial asset takes into account a market participant''''s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.


The company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.


All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:


Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities.


Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.


Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.


For assets and liabilities that are recognized in the financial statements on a recurring basis, Company determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.


For the purpose of fair value disclosures, the company has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.


6.17. Recent accounting pronouncements


Standards issued but not yet effective


I n March 2017, the Ministry of Corporate Affairs issued the Companies (Indian Accounting Standards) (Amendments) Rules, 2017, notifying amendments to Ind AS 7, ‘Statement of cash flows'''' and Ind AS 102, ‘Share-based payment.'''' These amendments are in accordance with the recent amendments made by International Accounting Standards Board (IASB) to IAS 7, ‘Statement of cash flows'''' and IFRS 2, ‘Share-based payment,'''' respectively. The amendments are applicable to Company from 1st April 2017.


Amendment to Ind AS 7: Statement of Cash Flows


The amendment to Ind AS 7 requires the entities to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes. These amendments are effective for annual periods beginning on or after 1st April 2017. Application of the amendments will result in additional disclosures provided by Company.


Amendment to Ind AS 102: Share-based Payment The amendment to Ind AS 102 address three main areas: the effects of vesting conditions on the measurement of a cash-settled share-based payment transaction; the classification of a share-based payment transaction with net settlement features for withholding tax obligations; and accounting where a modification to the terms and conditions of a share-based payment transaction changes its classification from cash settled to equity settled.


The amendments are effective for annual periods beginning on or after 1st April 2017. These amendments are not expected to have any impact on Company.

CIN: U67190WB2003PTC096617. Trading in Commodities is done through our Group Company Dynamic Commodities Pvt. Ltd. The company is also engaged in Proprietory Trading apart from Client Business.
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