1) Corporate Information :

MISHTANN FOODS LIMITED (CIN: L15400GJ1981PLC004170) ('the Company') is dealing in Agriculture Produce Business i.e. manufacturing and processing of Raw Rice, Basmati Rice, Rice, Wheat, Salt, etc.

Registered Office of the Company is Situated at : B-905, Empire Business Hub, Opp. Shakti Farm, Science City Road, Sola, Ahmedabad, Daskroi, Gujarat, India, 380060

Plant of the Company is situated at : Survey No. 10, At: Kabodari, Himatnagar - Dhansura Highway, Ta : Talod, Dist.: Sabarkantha -383305, Gujarat.

LIST OF SUBSIDIARY:-

1. GROW AND GRUB NUTRIENTS FZ-LLC, UAE

2. GROW & MORE NUTRIFOODS PTE. LTD. in Singapore.

2. SIGNIFICANT ACCOUNTING POLICIES

A. BASIS OF ACCOUNTING:

a. The financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS), under the historical cost convention on accrual basis, the provisions of the companies Act, 2013 ("the Act') (to the extent notified) and guidelines issued by the securities and Exchange Board of India (SEBI), The Ind AS are prescribed under Section 133 of the Act read with Rule 3 of the companies Indian Accounting Standards) Rule 2015 and relevant amendment rules issued thereafter.

b. Effective April 1, 2017, the Company has adopted all the Ind AS standards and the adoption was carried out in accordance with Ind AS 101 First time adoption of Indian Accounting Standards, with April 1, 2016 as the transition date. The transition was carried out from Indian Accounting Principles generally accepted in India as prescribed under section 133 of the Act, read with Rule 7 of the Companies (Accounts0 Rules, 2014 (IGAAP), which was the previous GAAP.

B. USE OF ESTIMATES:

The preparation of the Financial Statements in conformity with Generally Accepted Accounting Principles requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported amounts of income and expenditure during the period. The Management believes that the estimates used in preparation of the Financial Statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognized in the period in which the results are known/ materialized.

C. DIVIDEND:

Final dividends on shares are recorded as liability on the date of approval by the shareholders and interim dividends are recorded as liability on the date of declaration by the company board of directors.

The company declared and pay dividends in Indian rupees is subject to TDS.

The Board of Directors recommended a final dividend 0.1% of equity share for the financial year ended March 31, 2024. The payment is subject to the approval of the shareholders in the ensuring Annual General Meeting of the Company and if approved would result in a cash outflow of approximately Rs. 10,62,813/-. Subject to TDS.

D. PROPERTY, PLANT AND EQUIPMENTS:

Property, Plant and Equipments has been recorded at actual cost inclusive of duties, taxes and other residual expenses related to acquisition, improvement and installation. The company depreciates property, plant and equipments over their estimated useful lives using the WDV method.

For transaction to Ind AS, the Company has elected to continue with the carrying value of all of its property, plant and equipments recognized as of April 1, 2016 (transition date) measured as per the previous GAAP and use that carrying value as its deemed cost as of the transition date.

Intangible Assets:

Intangible Assets are stated at cost of acquisition or less accumulated amortization. If any.

E. IMPAIRMENT OF ASSETS :

Assets are reviewed for impairment losses whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the carrying amount of the assets exceeds its recoverable amount, which is the higher of an asset's net selling price and value in use.

F. INVESTMENTS:

Long-term investments are carried individually at cost less provision for diminution, other than temporary, in the value of such investments. Current investments are carried individually, at the lower of cost and fair value. Cost of investments includes acquisition charges such as brokerage, fees and duties.

G. BORROWING COST AND FINANCE CHARGES:

Borrowing costs directly attributable to the acquisition or construction of an asset that necessarily takes a substantial period of time to get ready for its intended use are capitalized as part of the cost of the asset until such time that the assets are substantially ready for their intended use. Capitalization of borrowing costs is suspended and charged to profit and loss during the extended periods when the active

development on the qualifying assets is interrupted. Qualifying fixed asset is an asset that necessarily takes a substantial period of time to get ready for their intended use or sale. All other borrowing costs are charged to statement of Profit and Loss over the tenure of the borrowing.

H. INVENTORIES:

Current Year The opening stock valued carry forward excess to the extent of RS.9,55,04,370/- hence profit decreased to that extend as per AS 2 the inventories should be valued at lower of the cost and net realizable value. Hence inventory valuation policy followed by the company is not consistent with going concern basis.

I. REVENUE RECOGNITION:

Revenue is recognized to the extent it is probable that the economic benefits will flow to the 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, taking into account contractually defined terms of payment and excluding taxes or duty. The Company assesses its revenue arrangements against specific criteria to determine if it is acting as principle or agent. The company has concluded that it is acting as a principal is all of its revenue arrangements.

J. TAXATION:

Taxes on Income are accounted in the same period to which the revenue and expenses relate. Provision for current income tax is made on the basis of estimated taxable income, in accordance with the provisions of the Income Tax Act, 1961 and rules framed the under Deferred tax is the tax effect of timing difference The timing differences are differences between the taxable income and accounting Income for a period that originate in one period and are capable of reversal in one or more subsequent periods.

MAT credit is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period

K. PROVISIONS, CONTINGENT LIABILITIES AND ASSETS:

Provisions are recognised when the Company has a present obligation as a result of past events and it is more likely that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. Provisions are not discounted to present value and are determined based on best estimate of the expenditure 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 estimate.

Contingent Liabilities are disclosed by way of notes to the financial statements. Contingent assets are neither recognised nor disclosed in the financial statements. As stated by Management, there were following Contingent Liabilities.

i. As reported in last year report the GST department has seized goods worth Rs. 2.41crores available in the premisis of Mishtann Foods Ltd. for which the company has paid Rs. 24.38lakhs under protest for releasing the said seized goods. The CGST has issued showcase notice for the same in lieu of the seized goods. No other show cause notice issued by the department.

ii. As reported in last year report there were no any provision in books of accounts for identified but disputed income tax demand Rs.117.44crores as per income tax website, which are pending with first stage appeal.

L. EARNING PER SHARE (EPS)

Basic earnings per share are computed by dividing the profit/(loss) after tax by the total number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit/(loss) after tax by the total number of equity shares considered for deriving basic earnings per share.

3. RELATED PARTY DISCLOSURES:

The Company has not any transaction of a material nature with the promoters, Directors of management, their subsidiaries or relatives that may have potential conflict with the interest of the company at large. The register of contacts containing the transactions in which Directors are interested in place before the board regularly for it approval.

The Company Confirms that all transaction including purchase and sales done with related party is at Arm's Length Price and in normal course of business with all entities. The Company confirms that none of the transactions, if any, with the related parties was in material conflict with the interest of the Company.

Except Director's Remuneration and other amount paid as under.

4. SEGMENT REPORTING:

The Company is primarily dealing in Agriculture Business i.e. manufacturing and processing of Rice, wheat etc(salt which are in less quantity), which in the context of Accounting Standard 17 on "Segment Reporting” constitutes a single reporting segment. Further, there are no geographical segments

5. EMPLOYEE BENEFIT EXPENCES:

Provident Funds and Employees State Insurance Fund (Defined Contribution Schemes) are administered by Central Government of India and contribution to the said funds are charges to Profit and Loss Account or accrual basis.

Leave encashment (Defined Benefit Scheme) is provided annually based on management estimates in accordance with the policies of the company

The Provision of Gratuity is Rs. Nil.

6. Any material gains/ losses which arise from the events or transaction which are Events Occurring after the Balance Sheet Date of the company are separately disclosed.

7. Auditor's remuneration:

During the year under consideration provision has made for Auditor's remuneration.

(in Rupees) 31 March 2024 31 March 2024

Statutory Audit Fees 1,50,000 1,70,000

8. Director's remuneration:

During the year under consideration provision has made for Director's remuneration.

For which no resolution is passed in the AGM for same or has not obtained any information.

(in Rupees)

31 March 2024 31 March 2024

Remuneration 6,00,000 6,50,000

9. As certified by company that it has received written representation from all the directors. That companies is which they are directors had not defaulted in terms of section 164(2) of the Companies Act, 2013, and that representations of directors takes in Board that Director is disqualified from being appointed as director of the company.

10. The Company has not received any memorandum (as required to be filled by the suppliers with the notified authority under Micro, Small and Medium Enterprise Development Act, 2006) claiming their status during the year as micro, small or medium enterprises. Consequently there are no amounts paid/ payable to such parties during the year.

11. Expenditure in foreign currency is Rs. NIL/- in respect of Foreign Travelling.

12. Export Sales in foreign currency is $187,650 USD (INR 1,55,00,890/-). However, Other Income in foreign currency is Rs. Nil.

13. There is No Any Amalgamation or Acquisition with Other Company / Firm / Entity by the company during the financial year.

14. The company has Not received any type of Government Grants or Subsidies.

15. The company did Not enter into any Lease Agreement except godown building at Plant.

16. No segment or part of company is discontinued or

sold during the year.

17. The company has Not entered into any Joint Venture.

18. Previous year figures have been regrouped /rearranged wherever necessary to correspond with the current year's classifications/disclosure.

19. Particulars of licensed capacity or production capacity is 45 Ton per hour of the company.

20. The company is engaged primarily in Agriculture Business i.e. manufacturing and processing of Rice, wheat etc. As per AS-108 Operating Segment, none of the segment/products exceeds specified limits for the purpose of reporting as per AS-108 is not applicable.

21. Deferred Tax Asset amounting to NIL/- has been created with respect to fixed assets considering the prudence aspect.

22. The Company is operationally and financially fully supported by its promoter companies. In view of the Company's long term business projections and promoter's commitment to the business by providing for necessary funds as and when need arises, the financial statements have been prepared on a going concern basis.

23. Audit committee minutes not produced before us.

24. The turnover with GST is subject to verification of reconciliation.

25. As inform to us by the management there were no Crypto currency or virtual currency transaction.

26. As inform to us by the management there were no new registration of charges with ROC except old charges continue.

27. The management has submitted statement of current assets for stock & debtors with bank for CC loan limit.

28. The company has issued preferential equity share

2.96.00. 000 of Rs. 1/- each plus premium of Rs.

37.00. 00.000/- at a rate of Rs. 12.50/- per shar on conversion of warrant hence paid-up capital increase from Rs. 100crores to Rs. 102.96crores. The utilization of

said fund have been utilized for working capital.

29. As inform to us by the management there were no details of benami property held.

30. All of the Debit, Credit, Balances including, Loans & advances lying in various party's Customer's accounts are subject to their balance confirmation. Date of the company are separately disclosed.