1. Company Overview
Tricorn Fruit Products Ltd (the 'Company' or 'Corporate Debtor') is a public limited company
incorporated under the provisions of the Companies Act., and its shares are listed on Bombay
Stock Exchange in India. The company is an exporter of processed fruits. Tricom Fruits processes
and exports a variety of fruits in the form of puree, puree concentrate and frozen clear juice
concentrate.
The Company had voluntarily filed petition under Section 10 of Insolvency and Bankruptcy Code,
2016 (IBC) with National Company Law Tribunal. The Hon'ble National Company Law Tribunal,
Mumbai Bench has passed an Interim Order dated 30.04.2024 wherein the matter was reserved
for Orders.
2. SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of preparation of Financial Statements:
These financial statements have been prepared in accordance with the Accounting Standards
notified under the Companies (Indian Accounting Standards) Rules, 2016 as amended by
Companies (Indian Accounting Standards) Rules, 2018 and other relevant provisions of the
Companies Act, 2013. Financial statements have been prepared on going concern basis.
2.2 Use of Estimates:
The preparation of financial statements requires the management of the Company to make
estimates and assumptions that affect the reported balances of assets and liabilities and
disclosures relating to the contingent liabilities as at the date of the financial statements and
reported amounts of income and expenses during the year. Examples of such estimates include
provisions for doubtful receivables, employee benefits, provision for income taxes, the useful lives
of depreciable fixed assets and provision for impairment. Future results could differ due to
changes in these estimates and the difference between the actual result and the estimates are
recognized in the period in which the results are known/ materialize.
2.3 Discontinued Operations:
IND AS 105 requires non-current asset and assets of a disposal group classified as held for
distribution separately from other assets in balance sheet. It also requires that the liabilities of a
disposal group should be classified as held for distribution separately from other liabilities in
balance sheet. As the company operates in single segment i.e. Processing of fruit products and has
discontinued the operations since 1 April 2017, all the assets and liabilities except Property Plant
and equipment should be considered as held for distribution from April 1, 2017.
2.4 Property Plant and Equipment, Depreciation and Amortization
A) Property Plant and Equipment:
Property Plant and Equipment are stated at cost less accumulated depreciation/ amortization.
For this purpose, cost comprises of cost of acquisition and all costs directly attributable to
bringing the asset to the present condition for its intended use. Property Plant and Equipment
are sold by Edelweiss Assets Reconstruction company for Rs 19,50,00,000/- under the
provisions of SARFAESI Act. Company doesn't have any Property Plant and Equipment's at end
of the year.
B) Method of Depreciation:
In respect of property plant and equipment acquired during the year, depreciation/
amortization is charged on a straight line basis so as to write-off the cost of the assets over the
useful lives and for the assets acquired prior to 1st April, 2014, the carrying amount as on 1st
April, 2014 is depreciated over the remaining useful life based on an evaluation.
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