s. Provisions, Contingent liabilities & Contingent assets
Provisions
Provisions are recognised when the Company has a present legal or constructive
obligation as a result of past events, it is probable that an outflow of resources will be
required to settle the obligation and the amount can be reliably estimated. Provisions
are not recognised for future operating losses.
Where there are a number of similar obligations, the likelihood that an outflow will be
required in settlement is determined by considering the class of obligations as a whole.
A provisions is recognized even if the likelihood of an outflow with respect to any one
item included in the same class of obligations may be small.
Provisions are measured at the present value of management's best estimate of the
expenditure required to settle the present obligation at the end of the reporting period.
The discount rate used to determine the present value is a pre-tax rate that reflects
current market assessments of the time value of money and the risks specific to the
liability. The increase in the provisions due to the passage of time is recognized as
interest expense.
Contingent Liabilities
Contingent Liabilities are disclosed, unless the possibility of outflow of resources is
remote, when there is
_ A possible obligation that arises from past events, the existence of which will be
confirmed only by the occurrence or non-occurrence of one or more uncertain
future events not wholly within the control of the entity or
_ A present obligation that arises from past events whether it is either not probable
that an outflow of resources will be required to settle the obligation or reliable
estimate of the amount cannot be made
The company has disclosed the same as per the requirements of Ind AS 37
Contingent Assets
A contingent asset is a possible asset that arises from past events and whose existence
of which will be confirmed only by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the entity. The Company does
not recognize the contingent asset in its standalone financial statements since this may
result in the recognition of income that may never be realised. Where an inflow of
economic benefits are probable, the company disclose a brief description of the nature
of contingent assets at the end of the reporting period. However, when the realisation
of income is virtually certain, then the related asset is not a contingent asset and the
Company recognize such assets.
t. Employee benefits
(i) Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits that are
expected to be settled wholly within 12 months after the end of the period in which
the employees render the related service are recognised in respect of employees'
services up to the end of the reporting period and are measured at the amounts
expected to be paid when the liabilities are settled. The liabilities are presented as
current employee benefit obligations in the balance sheet.
(ii) Other long-term employee benefit obligations
The liabilities for earned leave and sick leave are not expected to be settled wholly
within 12 months after the end of the period in which the employees render the
related service. They are therefore measured as the present value of expected
future payments to be made in respect of services provided by employees up to the
end of the reporting period using the projected unit credit method. The benefits
are discounted using the market yields at the end of the reporting period that
have terms approximating to the terms of the related obligation. Remeasurements
as a result of experience adjustments and changes in actuarial assumptions are
recognised in profit or loss.
The obligations are presented as current liabilities in the balance sheet if the entity
does not have an unconditional right to defer settlement for at least twelve months
after the reporting period, regardless of when the actual settlement is expected
to occur.
(iii) Post- employment obligations
The Company operates the following post-employment schemes:
(a) defined benefit plans such as gratuity; and
(b) defined contribution plans such as Provident fund, Employee State Insurance
and Superannuation fund
Gratuity obligations
The liability or asset recognised in the balance sheet in respect of defined benefit
gratuity plans is the present value of the defined benefit obligation at the end of the
reporting period less the fair value of plan assets. The defined benefit obligation is
calculated annually by actuaries using the projected unit credit method.
The present value of the defined benefit obligation denominated by discounting
the estimated future cash outflows by reference to market yields at the end of
the reporting period on government bonds that have terms approximating to the
terms of the related obligation.
The net interest cost is calculated by applying the discount rate to the net balance
of the defined benefit obligation and the fair value of plan assets. This cost is
included in employee benefits expense in the Statement of Profit and Loss.
Remeasurement gains and losses arising from experience adjustments and
changes in actuarial assumptions are recognised in the period in which they occur,
directly in other comprehensive income. They are included in retained earnings in
the statement of changes in equity and in the balance sheet.
Changes in the present value of the defined benefit obligation resulting from plan
amendments or curtailments are recognised immediately in profit or loss as past
service cost.
Defined contribution plans
In accordance with Indian law, The company operate a scheme of gratuity which
is a defined benefit plan. The gratuity plan provides for a lump sum payment to
vested employees at retirement, death while in employment or on termination
of employment in accordance with the provisions under the Code on Social
Security, 2020 or as per the Company Scheme, as applicable. Vesting occurs
upon completion of contractual period of continuous years of service as defined
in the Code on Social Security,2020. The gratuity plan is a funded plan. The
Company does not fully fund the liability and maintains a target level of funding
to be maintained over a period of time based on estimations of expected gratuity
payments.
The Company pays provident fund contributions to publicly administered
Provident funds and Employee State Insurance funds as per local regulations.
The 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 recognised as employee benefits expense when they are
due. Prepaid contributions are recognised as an asset to the extent that a cash
refund or a reduction in the future payments is available. Superannuation Scheme
(administered through a 'Superannuation Trust' formed by the Company) is a
defined contribution plans, where the Company has no further obligations under
the plan beyond its monthly/ quarterly contributions.
(iv) Bonus plans
The Company recognises a liability and an expense for bonuses. The Company
recognises a provision where contractually obliged or where there is a past
practice that has created a constructive obligation.
u. Contributed Equity
Equity shares are classified as equity.
Incremental costs directly attributable to the issue of new shares are shown in equity as
a deduction, net of tax, from the proceeds.
v. Dividends
Dividend paid during the year being appropriately authorized and no longer at the
discretion of the entity, on or before the end of the reporting period and distributed
during reporting period is accounted.
w. Earnings per share
(i) Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to owners
of the Company by the weighted average number of equity shares outstanding
during the financial year.
(ii) Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic
earnings per share to take into account:
- the after income tax effect of interest and other financing costs associated
with dilutive potential equity shares, and
- the weighted average number of additional equity shares that would have
been outstanding assuming the conversion of all dilutive potential equity
shares.
x. Rounding of amounts
All amounts disclosed in the financial statements and notes have been rounded off to
the nearest lakhs as per the requirement of Schedule III, unless otherwise stated.
y. Non-current asset’s held for sale and/or discontinued operations
Non-current assets and disposal groups are classified as held for sale if their carrying
amount will be recovered principally through a sale transaction rather than through
continuing use. This condition is regarded as met only when the asset (or disposal
group) is available for immediate sale in its present condition subject only to terms
that are usual and customary for sales of such asset (or disposal group) and its sale
is highly probable. The Management must be committed to the sale, which should be
expected to qualify for recognition as completed sale within one year from the date of
classification.
When the Group is committed to sale plan involving loss of control of a subsidiary, all
of the assets and liabilities of that subsidiary are classified as held for sale when the
criteria described above are met, regardless of whether the Group will retain a non¬
controlling interest in its former subsidiary after the sale.
Non-current assets held for sale/for distribution to owners and disposal groups are
measured at the lower of their carrying amount and the fair value less costs to sell/
distribute. Assets and liabilities classified as held for sale/ distribution are presented
separately in the balance sheet. Property, plant and equipment and intangible assets
once classified as held for sale/ distribution to owners are not depreciated or amortised.
Discontinued operations are excluded from the results of continuing operations and are
presented as a single amount as profit or loss before tax from discontinued operations
in the consolidated statement of profit and loss.
When the Group is committed to a sale plan involving disposal of an investment, or a
portion of an investment, in an 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, and the Group discontinues the use of the equity method in relation to the
portion that is classified as held for sale. Any retained portion of an investment in an
associate that has not been classified as held for sale continues to be accounted for
using the equity method. The Group discontinues the use of the equity method at the
time of disposal when the disposal results in the Group losing significant influence over
the associate or joint venture.
After the disposal takes place, the Group accounts for any retained interest in the
associate in accordance with Ind AS 109 unless the retained interest continues to be an
associate, in which case the Group uses the equity method (see the accounting policy
regarding investments in associates above).
Non- current assets (and disposal groups) classified as held for sale are measured at
the lower of their carrying amount and fair value less costs to sell
2.5 Recent pronouncements
Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing
standards under Companies (Indian Accounting Standards) Rules as issued from time to
time.
In May 2025, MCA notified amendments to Ind AS 21 - The Effects of Changes in Foreign
Exchange Rates, applicable w.e.f. April 1, 2025. The Company has reviewed the amendment
and based on its evaluation has determined that it does not have any significant impact in
its financial statements
In August 2025, MCA notified the following amendments to:
1. Ind AS 1, Presentation of Financial Statements, applicable w.e.f. April 1, 2025 - The
amendment relates to classification of liabilities as current or noncurrent and non¬
current liabilities with covenants. In the context of classifying a liability as current,
it removes the requirement of existence of a right to defer settlement for at least 12
months after the repor'ting date and instead requires that the said right should exist
on the reporting date and have substance.The amendment also introduces guidance on
classification of liabilities with covenants.The Company has no impact of these
amendments in its classification criteria of current and non-current liabilities.
2. Ind AS 7, Statement of Cash Flows and Ind AS 107, Financial Instruments: Disclosures,
applicable w.e.f. April 1, 2025 - The amendment in Ind AS 7 requires to inform users of
financial statements of the existence of supplier finance arrangements and explain the
nature of the arrangements, the carrying amount of liabilities and the range of payment
due dates. Ind AS 107 has been amended to add supplier finance arrangements as
a factor that may cause concentration of liquidity risk. The Company has reviewed
the amendment and based on its evaluation has determined that it does not have any
significant impact in its financial statements.
3. Ind AS 12, International Tax Reform - Pillar Two Model Rules applicable immediately -
The amendments provide a temporary mandatory relief from deferred tax accounting
for top-up tax and disclose that they have applied the relief. This relief is immediate and
applies retrospectively.
2.7. Critical estimates and judgements
Areas involving critical estimates.
Estimation of defined benefit obligation, Refer note: 37
As per records of the Company, including its register of shareholders/ members and other
declaration received from shareholders regarding beneficial interest, the above shareholding
represent both legal and beneficial ownerships of shares.
(c) Rights attached to equity shares:
The Company has only one class of equity shares having par value of Rs. 1/- per share (March
31st, 2025: Rs. 1/- per share). Each holder of equity shares is entitled to one vote per share.
The Company declares and pays dividends in Indian rupees. The dividend proposed by the
Board of Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting.
In the event of liquidation of the Company, the holders of 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 equity shares held by the shareholders.
General Reserve:
The general reserve is used from time to time to transfer profits from retained earnings for
appropriation purposes. As the general reserve is created by a transfer from one component of
equity to another and is not an item of other comprehensive income, items included in the general
reserve will not be reclassified subsequently to statement of profit and loss. The reserve is utilised
for Bonus issue in accordance with the provisions of Companies Act 2013.
Securities premium:
Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised
for Bonus issue in accordance with the provisions of Companies Act 2013.
The working capital limits, sanctioned by State Bank of India (SBI) and HDFC Bank as at March
31st, 2026, are Rs. 3,000.00 lakhs and Rs. 2,000.00 lakhs, respectively (March 31st, 2025: Rs.
3,000.00 lakhs and Rs. 2,000.00 Lakhs respectively).
The working capital limits from SBI is secured by first charge on all Current Assets, Collateral First
charge on Property, Plan and Equipment of the company. The same is repayable on demand and
carries interest MCLR 0.35%.
The working capital limits from HDFC Bank is secured by first charge on all Current Assets,
Collateral First charge on Property, Plant and Equipment of the company . The same is repayable
on demand and carries interest @ 8.70% p.a.
Quarterly returns or statements of current assets filed by the Company with banks or financial
institutions are in agreement with the books of accounts
Note: Debit balance in cash credit accounts as on March 31st, 2026 (and March 31st, 2025) have
been grouped under the head “Cash and Cash equivalents”.
to soya bean processing and soya oil sale was amended with effect from 13.12.2004 and
Commercial Tax department took the view that the soya bean purchased prior to 13.12.2004
will attract tax at old rates and a demand to Rs.29.22 lakhs was raised. This is being contested
by the Company in the High Court. The management believes that the ultimate outcome of
this proceeding will not have a material adverse effect on the Company's financial position
and results of operations.
(ii) Company imported Squid Liver Powder (SLP) which was one of the raw materials for manu¬
facturing of shrimp feed. SLP was imported by the Company under raw material classifica¬
tion. However, Customs has disputed our claim and demanding duty applicable for import
of complete feed. Company appealed against the order of CESTAT, Chennai, before Madras
High Court.
The Company is contesting the demands and the management, including its tax advisors,
believe that its position will likely be upheld in the appellate process. No tax expense has
been accrued in the financial statements for the tax demand raised. The management be¬
lieves that the ultimate outcome of this proceeding will not have a material adverse effect on
the Company's financial position and results of operations.
iii) The Company has purchased spares like pellet dies etc. in the year 2017-2018 & 2018¬
2019 under stores & spares classification and paid IGST @12%. In the year 2022-23 cus¬
toms has reclassified these items and charged IGST @18% and asked the Company to
pay differential tax along with Interest. The Company has paid the differential amount of
GST along with interest and asked waiver for fine and penalty. But the customs depart¬
ment has raised a fine Rs. 7,00,000/- and penalty 4,44,140/-. Aggrieved by the demand the
Company has filed an appeal with the Commissioner of Customs (Appeals), Maharashtra.
The Company is contesting these demands and believes that its position will likely be upheld
in the appellate process. Accordingly, the Company has not accounted the fine and penalty
raised by the GST authorities. The management believes that the ultimate outcome of this
proceeding will not have a material adverse effect on the Company's financial position and
results of operations.
iv) During the Financial Year 2024-25 the company has received a GST show cause notice from
Joint commissioner, GST, Visakhapatnam disputing the classification and rate of GST ad¬
opted by the company related to Royalty payments for the period July 2017 to September
2021 amounting to Tax of Rs.263.42 Lakhs and penalty of Rs.263.92 Lakhs.
The Company is contesting these demands and believes that its position will likely be upheld
in the Appellate process and filed an appeal on 30.04.2025. Accordingly, the Company has
not accounted the tax and penalty raised by the GST authorities. The management believes
that the ultimate outcome of this proceeding will not have a material adverse effect on the
company's financial position and results of operations.
32 Capital Commitments
Estimated amount of capital contracts remaining to be executed to the extent not provided for
(net of advances) Rs. 708.28 lakhs (March 31st, 2025: Rs. 620.94 lakhs).
35 Segment reporting
The Company is engaged in the business of Shrimp feed, Shrimp Hatchery and power generation.
The Chairman and Managing Director (CMD) has been identified as the Chief Operating Decision
maker (CODM). There are three segments in the Company i.e. Shrimp Feed, Shrimp Hatchery,
Wind Mills.
As the Company does not have revenue from any significant external customer amounting to 10%
or more of the Company's total revenue, the related information as required under paragraph 34
of Ind AS 108 has not been disclosed.
Shrimp Feed is manufactured & marketed through dealers, which is used to grow shrimp.
Company had installed four wind mills of 3.2MW at Chitra Durga, Karnataka. Power generated
from wind mills is sold to BESCOM under Power Purchase agreement.
Shrimp Hatchery produces shrimp seed and sold to the aqua farmers.
Segment Revenue and Results
All segment revenues & expenses that are directly attributable to the segments are reported
under the respective segment. The revenues and expenses that are not directly attributable to any
segments are shown as unallocated expenses.
Segment assets and liabilities
Segment assets include all operating assets used by the business segment and consist principally
Property, Plant and Equipment, Debtors and Inventories. Segment liabilities primarily include
creditors and other liabilities. Assets and Liabilities that cannot be allocated between the segments
are shown as a part of unallocated assets and liabilities respectively.
(ii) Defined Contribution Plans
The Company also has certain defined contribution plans. Contributions are made to provident
fund (at the rate of 12% of basic salary); Employee State Insurance and Superannuation Fund
in India for employees as per regulations. The contributions are made to registered funds
administered by the government. The obligation of the Company is limited to the amount
contributed and it has no further contractual nor any constructive obligation. The expense
recognised during the period towards defined contribution plan is Rs. 604.83 Lakhs (March 31st,
2025 - Rs. 544.75 Lakhs)
(iii) Defined benefit Plans
In accordance with Indian law, The company operate a scheme of gratuity which is a defined
benefit plan. The gratuity plan provides for a lump sum payment to vested employees at retirement,
death while in employment or on termination of employment in accordance with the provisions
under the Code on Social Security, 2020 or as per the Company Scheme, as applicable. Vesting
occurs upon completion of contractual period of continuous years of service as defined in the
Code on Social Security,2020. Employees who are in continuous service for a period of 5 years are
eligible for gratuity. The amount of gratuity payable on retirement / termination is the employee's
last drawn basic salary per month computed proportionately for 15 days salary multiplied for the
number of years of service. The gratuity plan is a funded plan. The Company does not fully fund
the liability and maintains a target level of funding to be maintained over a period of time based
on estimations of expected gratuity payments.
(iii) Post employment benefit Plans
The Company provides for gratuity for employees in India as per the Code on Social Security, 2020.
Employees who are in continuous service for a period of 5 years. Further, Fixed Term Employee
(FTE) are eligible for gratuity upon rendering service under the contract for a period of one year
from the commencement of the contract in accordance with the applicable provisions of the
Code.. The amount of gratuity payable on retirement / termination is the employee's last drawn
basic salary per month computed proportionately for 15 days salary multiplied for the number of
years of service. The gratuity scheme of the Company is an unfunded defined benefit plan and no
separate gratuity fund has been created by the Company. The gratuity liability is determined on
the basis of an actuarial valuation carried out at the reporting date using the Projected Unit Credit
Method.
The amounts recognised in the balance sheet and the movements in the defined benefit obliga¬
tion over the year are as follows:
Impact of new labour code
Effective November 21, 2025, the Government of India has consolidated multiple existing labour
legislations into a unified framework comprising of four Labour Codes- the Code on Wages, 2019,
the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational
Safety, Health and Working Conditions Code, 2020. On the basis of information and guidance
available as on date, the Company has assessed and duly recorded the incremental financial im¬
pact of the above amounting Rs. 851.41 Lakhs for the year ended March 31st, 2026. This increase
pertains to the provision for gratuity and leave encashment, which has been recognised as an em¬
ployee benefit expense. The Company continues to monitor the finalisation of Central and State
Rules, as well as Government clarifications regarding other aspects of the Labour Codes.
The above sensitivity analysis is based on a change in an assumption while holding all other as¬
sumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions
may be correlated. When calculating the sensitivity of the defined benefit obligation to significant
actuarial assumptions the same method (present value of the defined benefit obligation calcu¬
lated with the projected unit credit method at the end of the reporting period) has been applied
as when calculating the defined benefit liability recognised in the balance sheet.
The methods and types of assumptions used in preparing the sensitivity analysis did not change
compared to the prior period.
(vii) Risk exposure
Through its defined benefit plan, the Company is exposed to a number of risks, the most signifi¬
cant of which are detailed below:
Asset volatility: The plan liabilities are calculated using a discount rate set with reference to bond
yields; if plan assets under perform this yield, this will create a deficit. The Company's plan assets
are insurer managed funds and are subject to less material risk.
(i) Fair value hierarchy
The carrying amount of the current financial assets and current financial liabilities are considered
to be same as their fair values, due to their short term nature. In absence of specified maturity
period, the carrying amount of the non-current financial assets and non-current financial liabilities
such as security deposits, are considered to be same as their fair values.
The fair value of quoted equity investments, has been classified as Level 1 in the fair value hierar¬
chy as the fair value has been determined on the basis of market value. The fair value of unquoted
equity instruments has been classified as Level 2 in the fair value hierarchy as the fair value has
been determined on the basis of discounted cash flows. The fair value of mutual funds is classi¬
fied as Level 2 in the fair value hierarchy as the fair value has been determined on the basis of Net
Assets Value (NAV) declared by the mutual fund. The fair value of Financial derivative contracts
has been classified as Level 2 in the fair value hierarchy as the fair value has been determined on
the basis of mark-to-market provided by the Bank from which the contract has been entered. The
corresponding changes in fair value of investment is disclosed as 'Other Income'.
Trade payables are reclassified as outstanding expenses and trade payables.
The Company's risk management is carried out by the JMD under policies approved by the Risk
Management Committe a sub-committe of the Board of Directors. The Committe provides guid¬
ing principles for overall risk management, as well as policies covering specific areas such as inter¬
est rate risk, credit risk and investment of excess liquidity.
Credit Risk
(i) Credit Risk Management
Credit risk can be classified as credit exposure to customers including outstanding receiv¬
ables and risk arising from cash & cash equivalents, loans, security deposits and deposits
with banks and financial statements.
Credit risk arises from cash and cash equivalents, loans, security deposits and deposits with
banks and financial institutions, as well as credit exposures to customers including outstand¬
ing receivables.
Credit risk is managed by the Sr.General Manager (Mktg) of the Avanti Feeds Limited. The
Company has few customer with most of them being foreign customers. The Company pro¬
vides a credit period of 60-90 days which is in line with the normal industry practice.
The Company undertakes the credit analysis of each customer before transacting. The fi¬
nance team under the guidance of Sr.GM (Mktg) also reviews the credit rating of the custom¬
ers credit periodically and follow up on long outstanding invoices.
The Company considers the probability of default upon initial recognition of asset and
whether there has been a significant increase in credit risk on an on going basis through
out each reporting period. To assess whether there is a significant increase in credit risk the
Company compares the risk of a default occurring on the asset as at the reporting date with
the risk of default as at the date of initial recognition. It considers available reasonable and
supportive forwarding-looking information. The below factors are considered:
- external credit rating (as far as available)
- actual or expected significant adverse changes in business, financial or economic con¬
ditions that are expected to cause a significant change to the borrower's ability to meet
its obligations.
- actual or expected significant changes in the operating results of the borrower.
- significant increase in credit risk on other financial instruments of the same borrower.
- Significant changes in the expected performance and behaviour of the borrower, in¬
cluding changes in the payment status of the borrower in the Company and changes in
operating results of the borrower.
Macro economic information (such as regulatory changes, market interest rate or
growth rates) is incorporated as part of the internal rating model. In general, it is pre¬
sumed that credit risk has significantly increased since initial recognition if the pay¬
ments are more than 180 days past due.
A default on a financial asset is when the counterparty fails to make contractual pay¬
ments within 365 days of when they fall due. This definition of default is determined by
considering the business environment in which the entity operates and other macro¬
economic factors.
Liquidity Risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations
associated with its financial liabilities that are settled by delivering cash or another financial
asset. The Company's approach to managing liquidity is to ensure, as far as possible, that it
will have sufficient liquidity to meet its liabilities when they are due, under both normal and
stressed conditions, without incurring unacceptable losses or risking damage to the Com¬
pany's reputation.
The Joint Managing Director monitors rolling forecasts of the Company's liquidity position
and cash and cash equivalents on the basis of expected cash flows and any excess/short
liquidity is managed in the form of current borrowings, bank deposits and investment in mu¬
tual funds.
(i) Maturities of financial liabilities
The following are the remaining contractual maturities of financial liabilities at the reporting
date. The amounts are gross and undiscounted, and include estimated interest payments
and exclude the impact of netting agreements.
39 Capital management
(a) Risk Management
The Company's objectives when managing capital are to
• safeguard their ability to continue as a going concern, so that they can continue to pro¬
vide returns for shareholders and benefits for other stakeholders, and
• Maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Company may adjust the amount of
dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets
to reduce debt. The Company has been maintaining a steady dividend.
The Company's capital structure is largely equity based. It monitors capital on the basis
of the following gearing ratio: Net debt divided by Total 'equity' (as shown in the balance
sheet).
(iii) The Company does not have any charges or satisfaction which is yet to be registered with
ROC beyond the statutory period.
(iv) The Company has not traded or invested in Crypto Currency or Virtual Currency during the
financial year.
(v) The Company has not been declared wilful defaulter by any bank or financial institution or
government or any government authority.
(vi) The Company has not advanced or loaned or invested funds to any other person(s) or
entity(is), including foreign entities (Intermediaries) with the understanding that the Inter¬
mediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the company (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(vii) The Company has not received any fund from any person(s) or entity(is), includ¬
ing foreign entities (Funding Party) with the understanding (whether recorded in
writing or otherwise) that the Group shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the company Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(viii) The Company has not entered into any such transactions which are not recorded in the
books of accounts that has been surrendered or disclosed as income during the year in the
tax assessments under the Income Tax Act, 1961 (such as , search or survey or any other
relevant provisions of the Income Tax Act, 1961.
42 The discontinued business segment is:
Sale of power from wind mills. The Company has sold its windmill asset during the year, this di¬
vestment is part of the Company's strategy to streamline non core assets and has no material
impact on ongoing operations.
43 Previous year figures have been regrouped/reclassified, where necessary, to conform to this
year’s classification.
The accompanying notes are an integral part of the financial statements
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