2 e) Material Accounting Policies
The material accounting policies adopted in preparation of standalone financial statements has been disclosed in the
pertinent note along with other information. All accounting policies has been consistently applied to all the periods
presented in the standalone financial statements unless otherwise stated.
2 f) Key accounting estimates and judgments
The preparation of the Company's Standalone Financial Statements requires the management to make judgments,
estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the
accompanying disclosures, and the disclosure of contingent liabilities. Estimates and underlying assumptions are
reviewed on an ongoing basis. Uncertainty about these assumptions and estimates could result in outcomes that
require a material adjustment to the carrying amount of assets or liabilities affected in future periods.
Revisions to accounting estimates are recognised prospectively. The changes in the estimates are reflected in the
standalone financial statements in the period in which changes are made and, if material, their effects are disclosed
in the notes to the Standalone financial statements.
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date,
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within
the next financial year, are described below:
Critical accounting estimates, judgments and key sources of estimation uncertainty
Revenue Recognition : Revenue is recognised upon transfer of control of promised products or services to customers
in an amount that reflects the consideration which the Company expects to receive in exchange for those products
or services. Revenue is measured based on the transaction price, which is the consideration, adjusted for volume
discounts, price concessions and incentives, if any, as specified in the contract with the customer. The Company
exercises judgment in determining whether the performance obligation is satisfied at a point in time or over a period
of time.
Employee retirement plans: The Company provides defined benefit employee retirement plans. Measurement of
obligations under such plans require numerous assumptions and estimates that can have a significant impact on the
recognized costs and obligation, such as future salary level, discount rate, attrition rate and mortality etc.
Recognition of current tax and deferred tax (including MAT credit entitlements)
The Company uses judgments based on the relevant rulings in the areas of allocation of revenue, costs, allowances,
and disallowances which is exercised while determining the provision for income tax, Deferred income tax expense is
calculated based on the differences between the carrying value of assets and liabilities for financial reporting purposes
and their respective tax basis that are considered temporary in nature, Valuation of deferred tax assets (including
MAT credit entitlement) is dependent on management's assessment of future recoverability of the deferred benefit.
Expected recoverability may result from expected taxable income in the future, planned transactions or planned tax
optimizing measures, Economic conditions may change and lead to a different conclusion regarding recoverability,
Useful lives of depreciable/ amortisable assets (tangible and intangible): The Company uses its technical expertise
along with historical and industry trends for determining the economic life of an asset/component of an asset, The
useful lives are reviewed by management periodically and revised, if appropriate, In case of a revision, the unamortised
depreciable amount is charged over the remaining useful life of the assets, Uncertainties in these estimates relate
to technical and economic obsolescence that may change the utility of certain software, customer relationships, IT
equipment and other plant and equipment,
Recognition and measurement of provisions and contingencies
The Company estimates the provisions that have present obligations as a result of past events and it is probable
that outflow of resources will be required to settle the obligations, These provisions are reviewed at the end of each
reporting period and are adjusted to reflect the current best estimates,
The Company uses significant judgments to assess contingent liabilities
The Company does not recognize contingent liability but discloses its existence in the Standalone financial statements.
Refer note 28 for details,
Loss allowance on trade receivables
The Company determines the allowance for credit losses based on historical loss experience adjusted to reflect
current and estimated future economic conditions, The Company considered current and anticipated future economic
conditions relating to industries the Company deals with, and the countries where it operates. The identification of
credit impaired balances of trade receivable requires use of judgments and estimates, Where the expectation is
different from the original estimate, such difference will impact the carrying value of the trade and other receivables,
and credit impaired expenses in the period in which such estimate has been changed, Refer note 8 (b) for details,
Biological Assets
Tissue culture plantations: Estimates and judgments in determining the fair value of tissue culture plants relate to
market prices, quality of plants, and mortality rates, The impact of discounting is not considered material as the
transformation cycle is less than 6 months, Refer note No.12 (b) for details,
3) property, plant and equipment
Accounting Policy:
Property, plant and equipment held for use in the production or/and supply of goods or services, or for administrative
purposes, are measured at cost / deemed cost, less accumulated depreciation and impairment losses, if any, Cost of
property, plant and equipment comprises its purchase price, including import duties and non-refundable purchase taxes,
after deducting trade discounts and rebates, any directly attributable cost of bringing the item to its working condition for
its intended use and estimated attributable costs of dismantling and removing the item and restoring the site on which
it is located,
In case of self-constructed assets, cost includes the costs of all materials used in construction, direct labour, allocation
of overheads, directly attributable borrowing costs,
Depreciation is provided on a pro rata basis using straight line method over the estimated useful life of the fixed assets
taking into consideration their estimated residual values depreciation on all the assets have been provided based on
life of assets taken on the basis of technical assessment by the management on Straight Line Method, Further, green
houses, shades and poly houses are depreciated at 10% and screw barrels used in moulding machines and PVC pipes
are depreciated at 12.50% and 25% per annum respectively, The Management believes that depreciation rates currently
The assets residual values and useful life are reviewed, and adjusted If appropriate, at the end of each reporting period.
Orchards
The Group is engaged into orchard activities, The Orchards are regarded as bearer plant and presented as property, plant
and equipment, The orchards are recognised at historical cost less depreciation, Depreciation is calculated using the
straight-line method to allocate their cost, net of their residual values, over a period of 15 years from the date of planting,
Orchard mortality is charged to Statement of Profit and Loss.
Capital work-in-progress
Capital work-in-progress assets in the course of construction for production or/and supply of goods or services or
administrative purposes, or for purposes not yet determined, which are not ready for intended use as on the date of
Balance Sheet are disclosed as Capital work-in-progress and are carried at cost, less any recognised impairment loss,
if any. Directly attributable expenditure (including finance costs relating to borrowed funds/general borrowings for
construction or acquisition of property, plant and equipment) incurred on project under implementation are treated as
Pre-operative expenses pending allocation to the asset and are shown under CWiP
The Movable and immovable assets of the company are provided as security to Its lenders as detailed In Note no,
14(a) & 14(b) relating to Security,
During the year, as the Company's market capitalization was lower than the carrying value of its net assets, an
impairment assessment was performed for Property, Plant and Equipment, Supported by an independent valuation
report, the recoverable amount was determined based on a Value In Use calculation using management's five-year
cash flow projections, These projections utilized a pre-tax discount rate of 12% and a terminal growth rate of 4%, As
the estimated recoverable amount exceeded the carrying value, no impairment provision has been recognized for the
year ended March 31,2026.
iv) Capital work-in-progress
Capital work-in-progress mainly comprises of factory buildings and plant and machinery purchased at various
locations,
5) right to use assets
Accounting Policy:
The Company recognises right to use assets at the commencement date of the lease (i.e,, the date the underlying asset
is available for use). Right to use assets are measured at cost, less any accumulated depreciation and impairment
losses, and adjusted for any remeasurement of lease liabilities. The cost of right to use assets includes the amount of
lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date.
Right to use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful
lives of the assets.
If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise
of a purchase option, depreciation is calculated using the estimated useful life of the asset.
6) investment property
Accounting Policy :
Investment property is property held either to earn rental income or for capital appreciation or for both, but neither for sale
in the ordinary course of business nor used in production or supply of goods or services or for administrative purposes.
Investment properties are stated at cost net of accumulated depreciation and accumulated impairment losses, if any.
Depreciation on investment properties is provided on a pro rata basis using straight line method over the estimated
useful life of the investment property taking into consideration their estimated residual values. These assets have been
provided depreciation based on life of assets which is 10 years.
# Estimation of Fair value
The Company has carried out the fair valuation of property involving external independent valuation expert. As per the
fair valuation report dated March 31,2026 the fair value of investment property is ' 9.23 (the fair value of investment
property as on March 31,2025 was ' 12.92). The valuation model has considered various input like cost, location, market
appreciation, etc.
The Company has no restrictions on the realisability of its investment properties and no contractual obligations to
purchase, construct or develop investment properties or for repairs, maintenance and enhancements. The fair value of
investment property has been determined using Level 3 inputs under IND AS 113, based on market rates available for
similar properties in the location.
7) financial asset
Accounting Policy:
All financial assets are recognised on trade date when the purchase of a financial asset is under a contract whose term
requires delivery of the financial asset within the timeframe established by the market concerned. Financial assets are
initially measured at fair value, plus transaction costs, except for those financial assets which are classified at fair value
through profit or loss (FVTPL) at inception. All recognised financial assets are subsequently measured in their entirety at
either amortised cost or fair value.
Initial Recognition and Subsequent Recognition
i) Amortised Cost
Financial assets are subsequently measured at amortised cost using the effective interest method, if these financial
assets are held within a business whose objective is to hold these assets in order to collect contractual cash flows
and the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments
of principal and interest on the principal amount outstanding.
Financial assets classified at amortised cost comprise Investment in debt instruments, loans, trade receivables, cash
and cash equivalent, other bank balance and other financial assets except derivative.
ii) Fair value through other comprehensive income (FVTOCI)
Financial assets are measured at fair value through other comprehensive income if these financial assets are held
within a business whose objective is achieved by both collecting contractual cash flows on specified dates that are
solely payments of principal and interest on the principal amount outstanding and selling financial assets.
On initial recognition, the Company has an irrevocable option to present changes in the fair value of equity investments
not held for trading in OCI. This option is made on an investment-by-investment basis.
Investments in equity instruments at FVTOCI are subsequently measured at fair value with gains and losses arising
from changes in fair value recognised in other comprehensive income and accumulated in other Equity. Where the
asset is disposed of, the cumulative gain or loss previously accumulated in the other Equity is directly reclassified to
retained earnings.
iii) Fair value through profit and loss (FVTPL)
Financial assets are measured at fair value through profit or loss unless they are measured at amortised cost or
at fair value through other comprehensive income on initial recognition. The transaction costs directly attributable
to the acquisition of financial assets and liabilities at fair value through profit or loss are immediately recognised in
statement of profit and loss.
Refer note 36 for disclosure related to Fair value measurement of financial instruments.
De-recognition of financial asset
The Company derecognises a financial asset only when the contractual rights to the cash flows from the asset expire,
or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another
entity.
Impairment
The Company recognizes loss allowances using the expected credit loss (ECL) model for the financial assets and
unbilled revenues which are not fair valued through profit or loss. Loss allowance for trade receivables and unbilled
revenues with no significant financing component is measured at an amount equal to lifetime ECL. For all other
financial assets, expected credit losses are measured at an amount equal to the 12-month ECL, unless there has been
a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL.
The Company determines the allowance for credit losses based on historical loss experience adjusted to reflect
current and estimated future economic conditions. The Company considers current and anticipated future economic
conditions relating to industries the Company deals with and the countries where it operates.
The amount of ECLs (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that
is required to be recorded is recognized as an impairment loss or gain in statement of profit and loss.
Investment in Subsidiaries and associates
The investments in subsidiaries and associates are carried in the financial statements at historical cost except when
the investment, or a portion thereof, is classified as held for sale, in which case measured at lower of carrying amount
and fair value less costs to sell. When the Company is committed to a sale plan involving disposal of an investment,
or a portion of an investment, in any subsidiary or associate, the investment or the portion of the investment that will
be disposed of is classified as held for sale when the criteria described above are met. Any retained portion of an
investment in a subsidiary or a associate that has not been classified as held for sale continues to be accounted for
at historical cost.
Investments in subsidiaries and associates carried at cost are tested for impairment in accordance with Ind AS 36
Impairment of Assets
12) a) INVENTORIES
Accounting Policy:
Raw materials, stores and finished goods are stated at the lower of cost and net realisable value. Cost of raw materials
and all other costs incurred in bringing the inventories to their present location and condition. Cost of finished goods
comprises direct materials, direct labour and an appropriate proportion of variable and fixed overhead expenditure, the
latter being allocated on the basis of normal operating capacity. Costs are assigned to individual items of inventory
arrived on weighted average basis. Costs of purchased inventory are determined after deducting rebates and discounts.
However, materials and other supplies held for use in the production of inventories (finished goods) are not written down
below the cost if the finished products in which they will be used are expected to sell at or below the cost.
12) b) BIOLOGICAL ASSETS OTHER THAN BEARER PLANTS
Accounting Policy :
Tissue culture plants
The Company sells tissue culture plants of banana, strawberry, pomegranate & others to its customers. Tissue culture is
a process where, propagation of a plant by using a plant part or single cell or group cell is done in a test tube under very
controlled and hygienic conditions.
The tissue culture plants are valued at their fair value less cost to sell at the end of each reporting period. Changes in
fair value are recognised in the Statement of Profit and Loss. Farming costs such as manure, soil preparation, laboratory
maintenance and poly-house maintenance expenses are expensed as incurred.
The Company's plantations are exposed to risk of damage from climate change, diseases. The Company has extensive
processes in place aimed at monitoring and mitigating those risks. Further, the demand is subject to external climatic
conditions. Management performs regular industry trend analysis for projected harvest volumes and pricing.
13) a) SHARE CAPITAL
Accounting Policy
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its
liabilities. Equity instruments issued by the Company are recognised at the proceeds received, net of direct issue costs.
I) The company has issued and allotted 4,356,000 equity shares of ' 2 each under Employee Stock Option Plan 2011
to the employees at an exercise price of ' 32.40 (FMV ' 36) per share . The company has received the money
against these shares and the allotment of these shares has been completed In previous year.
II) Board of Directors have on 31st March 2020 approved the grant/transfer to the selected employees 1,896,429
Equity Shares purchased by the ESOP Trust 2018, under the amended JISL ESOPs Scheme, 2011 to such persons
and at an exercise price of ' 35 each to be vested In 5 years In equal number as per grant list placed before
the Board as recommended by ESOP Trust 2018, as well as the NRC, Initialed by the Chairman/Secretary for
identification) to be administered by the NRC /JISL Esop Trust 2018 as per the pre approved JISL ESOPs Scheme
2011. Out of the total 1,896,429 shares, the allottees of 1,502,385 shares have exercised their rights. As on the
balance sheet date, 394,044 shares are held by the trust.
III) The Company has converted 16,321,607 equity share warrants of ' 46.64 (Rupees Forty Six and Sixty Four Paise
Only) per share warrant Into ordinary equity shares of face value of ' 2/- (Rupees Two Only) each at a premium
of ' 44.64 per share In exercise of option availed by Promoter Group Company - Stocks & Securities India Pvt
Ltd. on May 22, 2025 under Chapter V of Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2018 ("The Regulation”) on preferential basis upon receipt of balance 75% of the
amount. The equity shares so allotted on preferential basis shall be subject to lock-in for such period as may be
prescribed under the ICDR Regulations.
Iv) The Company has converted 26,464,823 equity share warrants of ' 46.64 (Rupees Forty Six and Sixty Four Paise
Only) per share warrant Into ordinary equity shares of face value of ' 2/- (Rupees Two Only) each at a premium of
' 44.64 per share In exercise of option availed by Alpha Alternatives Funds (Alpha Alternatives Structured Credit
Opportunities Fund, PInkstone Ventures LLP Tritiya Ventures LLP) on May 19, 2025 under Chapter V of Securities
and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("The Regulation”)
on preferential basis upon receipt of balance 75% of the amount. The equity shares so allotted on preferential basis
shall be subject to lock-in for such period as may be prescribed under the ICDR Regulations.
1) Terms / rights, preferences and restrictions attached to ordinary equity shares:
Each holder of Ordinary Equity Shares Is entitled to one vote per share. They have right to receive dividend
proposed by the Board of Directors and approved by the Shareholders In the Annual General Meeting, right
to receive annual report and other quarterly/half yearly/annually reports/notices and right to get new shares
proportionately In case of Issuance of additional shares by the Company.
In the event of liquidation of the Company, the holders of Ordinary Equity Shares will be entitled to receive
remaining assets of the Company, after distribution of all preferential amounts. The distribution will be In
proportion to the number of Ordinary Equity Shares held by the Shareholders. The Company has a first and
paramount lien upon all the Ordinary Equity Shares.
2) Terms and conditions of differential voting rights (DVR):
The DVR equity shareholders have the same rights as the Ordinary Equity Shares of the Company except voting
rights. Every 10 DVR equity shares have one voting right on poll (on show of hands however, they carry 1 vote
for every person voting). Any DVR holder holding less than 10 DVR equity shares holds fractional voting rights.
The DVR equity shares have right to receive full dividend, to receive annual report, right to receive quarterly / half
yearly / annually reports / notices and other Information / correspondence from time to time, to receive bonus
and/or rights shares of the same class of shares as and when such an issue is made in respect of Ordinary
Equity Shares and in the same ratio and terms.
In case of buy back or reduction of capital of Ordinary Equity Shares, the DVR equity shares have right subject
to buyback or reduction on the same terms as Ordinary Equity Shares. Further, in case of issue of Ordinary
Equity Shares or any other securities or assets to ordinary equity shares in case of amalgamation/demerger/
re-organisation/reconstruction, the DVR Equity Shares have right to receive DVR Equity Shares and any other
securities/assets as issued to Ordinary Equity Shares. They have right to hold separate class meeting if their
rights are affected In any manner adversely.
e] The Company does not have any Holding Company or Ultimate Holding Company,
f] The Company during the preceding 5 years -
i) has not allotted shares pursuant to contracts without payment received in cash except as below;
The Company has allotted 78,954,908 Ordinary Equity Shares of face value of ' 2/- (Rupees Two only) in FY
2021-22 each in lieu of additional coupon payable in future (Additional Coupon Convertible debt) on NCD1/NCD2/
ECB2 (as applicable) issued to the Lenders in in terms of the Resolution Plan for restructuring of debt of the
Company formulated under the Reserve Bank of India (Prudential Framework for Resolution of Stressed Assets)
Directions, 2019 issued by Reserve Bank of India vide its circular dated June 7, 2019 on preferential basis pursuant
to restructuring of existing debt facilities (fund base) of ' 3,284,48,
ii) has not allotted shares by way of bonus shares,
iii) has not bought back any shares,
g] During the period ended March 31,2026, there are no outstanding warrants / allotments pending,
h] The Company has not made any calls and hence no calls are unpaid by any Director or Officer of the Company.
i] During the year, the Company received ' 149,67 towards the balance 75% consideration upon the conversion of
42,786,430 number of equity share warrants into equity shares, The funds raised through this issuance have been
fully utilized for the intended purposes, in accordance with the objects stated in the offer document for the preferential
issue,
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