i) The Company has converted 12,040,623 equity share warrants of ' 28.87(Rupees Twenty Eight and Eighty Seven
Paise Only) per share warrant into ordinary equity shares of face value of ' 2/- (Rupees Two Only) each at a
premium of ' 26.87 per share in exercise of option availed by Promoter Group Company - Cosmos Investments
and Trading Private Ltd. on June 24, 2022 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.
ii) The Company has converted 60,000,000 equity share warrants of ' 28.87(Rupees Twenty Eight and Eighty Seven
Paise Only) per share warrant into ordinary equity shares of face value of ' 2/- (Rupees Two Only) each at a
premium of ' 26.87 per share in exercise of option availed by Shantakaram Financial Advisory Services Pvt. Ltd.
and Subhkam Ventures (I) Pvt. Ltd. during the period May 2, 2023 to July 19, 2023 under Chapter V of Securities
and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("The Regulation”)
to the Investor group 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.
iii) The Company has converted 2,822,877 equity share warrants of ' 28.87(Rupees Twenty Eight and Eighty Seven
Paise Only) per share warrant into ordinary equity shares of face value of ' 2/- (Rupees Two Only) each at a
premium of ' 26.87 per share in exercise of option availed by Promoter Group Company - Cosmos Investments
and Trading Private Ltd. on July 13, 2023 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 issued and allotted 16,321,607 Equity Share Warrants of ' 46.64 each to Stocks & Securities
(I) Pvt Ltd. (promoter group Company) on 24th November, 2023.The Company has received 25% upfront money
amounting to ' 190.31 against the allotment of 16,321,607 Equity Share Warrants, convertible into One (1) Equity
Share and the conversion can be exercised at any time during the period of Eighteen (18) months from the date
of allotment of Equity Share Warrants, as the case may be, on such terms and conditions as applicable. No equity
share warrants have been converted to Equity Shares during the year.
v) The Company has issued and allotted 26,464,823 Equity Share Warrants of ' 46.64 each to Alpha Alternatives
Funds (Alpha Alternatives Structured Credit Opportunities Fund, Pinkstone Ventures LLP Tritiya Ventures LLP) on
24th November, 2023.The Company has received 25% upfront money amounting to ' 308.58 against the allotment
of 26,464,823 Equity Share Warrants, convertible into One (1) Equity Share and the conversion can be exercised
at any time during the period of Eighteen (18) months from the date of allotment of Equity Share Warrants, as the
case may be, on such terms and conditions as applicable. No equity share warrants have been converted to Equity
Shares during the year.
vi) 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.
vii) 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 1,497,685 shares have exercised their rights. As on the
balance sheet date 398,744 shares are held by the trust.
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.
14) FINANCIAL LIABILITIES
Accounting Policy:
Financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities are initially measured at fair value through profit and loss or at amortised cost. Transaction costs
that are directly attributable to the acquisition of financial liabilities (other than financial liabilities at fair value through
profit or loss) are deducted from the fair value measured on initial recognition of financial liability. They are measured
at amortised cost using the effective interest method.
The Company derecognises financial liabilities when, and only when, the Company's obligations are discharged,
cancelled, or have expired. When an existing financial liabilities are 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 recognised in the statement of profit or loss.
Note 36 for disclosure related to Fair value measurement of financial instruments.
SECURITY DETAILS
i) Working Capital Loans: (including Residual CC Facility, Bank Guarantee, Letter of Credit and Derivative/FC/CEL)
Consortium of Banks (In Alphabetical order) led by State Bank of India, Commercial Branch, Fort, Mumbai; Asset
Reconstruction Company (India) Limited (ARCIL), Mumbai; Bank of Baroda, Mumbai; Canara Bank, Mumbai; Export
Import Bank of India, Mumbai; IDBI Bank Ltd, Mumbai; J C Flowers (ARC) Private Limited; Punjab National Bank, Mumbai;;
Standard Chartered Bank, Mumbai and Union Bank of India, Mumbai.
The working capital facilities of sanctioned amount of ' 23,909.30 are secured by a first pari-passu charge created in
favour of Security Trustee i.e. IDBI Trusteeship Services Ltd., Mumbai for the benefit of Working Capital Lenders by Deed
of Hypothecation dated 21st February, 2022, on entire current assets of the Company present and future including stock,
movables and receivables on pari - passu basis amongst all working capital lenders in the WC Consortium, excluding,
identified overdue receivables.
The Working Capital Facilities as above are further secured by a second charge ranking pari-passu created in favour
of Security Trustee i.e. IDBI Trusteeship Services Ltd., Mumbai for the benefit of Working Capital Lenders by Indenture
of Mortgage of immovable properties of the Company situated at Dist. Jalgaon, Solapur, Pune, Nashik in the State of
Maharashtra and Dist. Bhavnagar in the State of Gujarat and by deposit of title deeds at Dist. Jabalpur in the State of
Madhya Pradesh, Dist. Alwar, in the State of Rajasthan, Dist. Tirupur in the State of Tamil Nadu and Dist. Nalgonda in
the State of Telangana, together with the buildings, structures standing thereon and all plant and machinery attached
to earth. The working capital facilities are also secured by personal guarantee by the four Promoter Directors of the
Company in their personal capacity.
ii) Funded Interest Term Loan - 1
Consortium of Banks (in Alphabetical order) led by State Bank of India, Commercial Branch, Fort, Mumbai and D N Road
Branch, Mumbai; Asset Reconstruction Company (India) Limited (ARCIL), Mumbai; Bank of Baroda, Mumbai; Canara
Bank, Mumbai; Export Import Bank of India, Mumbai; IDBI Bank Ltd, Mumbai; J C Flowers (ARC) Private Limited, Mumbai;
Punjab National Bank, Mumbai; Standard Chartered Bank, Mumbai and Union Bank of India, Mumbai.
The FITL 1 facilities sanctioned amount of ' 2,842.70 are secured by a first pari-passu charge created in favour of
Security Trustee i.e. IDBI Trusteeship Services Ltd, Mumbai for the benefit of FITL 1 Lenders by Deed of Hypothecation
dated 21st February, 2022 on entire current assets of the Company present and future including stock, movables and
receivables on pari - passu basis excluding identified overdue receivables.
The FITL 1 Facilities as above are further secured by a second charge ranking pari-passu created in favour of Security
Trustee i.e. IDBI Trusteeship Services Ltd., Mumbai for the benefit of FITL 1 Lenders by Indenture of Mortgage of Dist.
Jalgaon, Solapur, Pune, Nashik in the State of Maharashtra, Dist. Bhavnagar in the State of Gujarat, and by deposits of
title deeds of immovable properties of the Company situated at Dist. Jabalpur in the State of Madhya Pradesh, Dist.
Alwar in the State of Rajasthan, Dist. Tirupur in the State of Tamil Nadu and Dist. Nalgonda in the State of Telangana,
together with the buildings, structures standing thereon and all plant and machinery attached to earth.
iii) 0.01% Secured Redeemable Non-Convertible Debentures Series A (Series I as per Debenture Trust Deed) of ' 1,000
each
Consortium of Banks (in Alphabetical order) led by State Bank of India, Commercial Branch, Fort, Mumbai and D N Road
Branch, Mumbai; Asset Reconstruction Company (India) Limited (ARCIL), Mumbai; Bank of Baroda, Mumbai; Canara
Bank, Mumbai; Export Import Bank of India, Mumbai; IDBI Bank Ltd, Mumbai; J C Flowers (ARC) Private Limited, Mumbai;
Punjab National Bank, Mumbai; Standard Chartered Bank, Mumbai and Union Bank of India, Mumbai.
The Secured Redeemable Non-Convertible Debentures Series A (Series I as per Debenture Trust Deed) facilities
sanctioned amount of ' 10,207.30 are secured by a first pari-passu charge created in favour of Security Trustee i.e. IDBI
Trusteeship Services Ltd, Mumbai for the benefit of Secured Redeemable Non-Convertible Debentures Series A (Series
I as per Debenture Trust Deed) Holders by Deed of Hypothecation dated 21st February, 2022 on entire current assets
of the Company present and future including stock, movables and receivables on pari - passu basis excluding identified
overdue receivables.
The Secured Redeemable Non-Convertible Debentures Series A (Series I as per Debenture Trust Deed) Facilities as above
are further secured by a second charge ranking pari-passu created in favour of Security Trustee i.e. IDBI Trusteeship
Services Ltd., Mumbai for the benefit of NCD Series A Lenders by Indenture of Mortgage of Dist. Jalgaon, in the State of
Maharashtra and Dist. Bhavnagar in the State of Gujarat and by deposits of title deeds of immovable properties of the
Company situated at Dist. Tirupur in the State of Tamil Nadu and Dist. Nalgonda in the State of Telangana together with
the buildings, structures standing thereon and all plant and machinery attached to earth however.
The Secured Redeemable Non-Convertible Debentures Series A (Series I as per Debenture Trust Deed) facilities are
further secured by a first pari-passu charge by Indenture of Mortgage of Dist. Jalgaon, Solapur, Nashik and Pune in the
State of Maharashtra and by deposit of title deeds of immovable properties of the Company situated at Dist. Jabalpur in
the State of Madhya Pradesh and Dist. Alwar in the State of Rajasthan, together with the buildings, structures standing
thereon and all plant and machinery attached to earth.
iv) (a) Rupee Term Loan (Canara Bank)
The loan of sanctioned of ' 1,901.70 together with interest, commitment charges, liquidated damages, costs expenses
and all other monies payable to Canara Bank is secured by a second charge on entire current assets of the Company
present and future including stock, movables and receivables on pari-passu basis, excluding, identified overdue
receivables.
The loan is further secured by first charge ranking pari passu by way of equitable mortgage created in favour of security
trustee i.e. IDBI Trusteeship Services Ltd., Mumbai on behalf of Exim Bank and Canara Bank by Indenture of Mortgage of
immovable properties of the Company situated at Village Bambhori & Kusumbe, Dist. Jalgaon in the state of Maharashtra
together with all buildings, Structure thereon and all plant and machinery attached to earth.
(b) Rupee Term Loan (EXIM Bank)
The loan of sanctioned of ' 1,563.60 together with interest, commitment charges, liquidated damages, costs expenses
and all other monies payable to EXIM Bank is secured by a second charge on entire current assets of the Company present
and future including stock, movables and receivables on pari-passu basis, excluding, identified overdue receivables.
The loan is further secured by first charge ranking pari passu by way of equitable mortgage created in favour of security
trustee i.e. IDBI Trusteeship Services Ltd., Mumbai on behalf of Exim Bank by Indenture of Mortgage of selected
immovable properties of the Company situated at Village Bambhori, Shirsoli & Kusumbe, Dist. Jalgaon in the state of
Maharashtra and by deposit of title deeds at Dist. Alwar in the State of Rajasthan together with all buildings, Structure
thereon and all plant and machinery attached to earth.
v) (a) 0.01% Secured Redeemable Non-Convertible Debentures Series B (Series II as per Debenture Trust Deed) of
' 1,000 each
The Secured Redeemable Non-Convertible Debentures Series B (EXIM Bank) facilities of sanctioned of ' 1,036.40 are
secured by a second pari-passu charge created in favour of Security Trustee i.e. IDBI Trusteeship Services Ltd, Mumbai
for the benefit of NCD Series B Holders (EXIM Bank) by Deed of Hypothecation dated 21st February, 2022, on entire
current assets of the Company present and future including stock, movables and receivables on pari - passu basis and
on identified overdue receivables.
The NCD Series B (EXIM Bank) facilities as above are further secured by a second charge ranking pari-passu created
in favour of Security Trustee i.e. IDBI Trusteeship Services Ltd., Mumbai for the benefit of NCD Series B (EXIM Bank)
Lenders by deposits of title deeds of immovable properties of the Company situated in Village Bambhori, Takarkheda
and Shirsoli, Dist. Jalgaon in the State of Maharashtra, Dist. Bhavnagar in the State of Gujarat, Dist. Nalgonda, in the
State of Telangana, Dist. Tirupur in the state of Tamil Nadu and Dist. Alwar in the State of Rajasthan, together with the
buildings, structures standing thereon and all plant and machinery attached to earth.
(b) NCD Series B (Canara Bank)
The NCD Series B (Canara Bank) facility are secured by a second pari-passu charge created in favour of Security Trustee
i.e. IDBI Trusteeship Services Ltd, Mumbai for the benefit of NCD Series B Holders (Canara Bank) on entire current assets
of the Company present and future including stock, movables and receivables on pari - passu basis and on identified
overdue receivables.
The NCD Series B (Canara Bank) facilities as above are further secured by a second charge ranking pari-passu created
in favour of Security Trustee i.e. IDBI Trusteeship Services Ltd., Mumbai for the benefit of NCD Series B (Canara Bank)
Lenders by deposits of title deeds of immovable properties of the Company situated in Village Bambhori and Kusumbe,
Dist. Jalgaon in the State of Maharashtra, together with the buildings, structures standing thereon and all plant and
machinery attached to earth.
vi) Funded Interest Term Loan - 2
The FITL 2 facility sanctioned amount of ' 351.00 are secured by a second pari-passu charge created in favour of
Security Trustee i.e. IDBI Trusteeship Services Ltd, Mumbai for the benefit of FITL 2 Holders by Deed of Hypothecation
dated 21st February, 2022 on entire current assets of the Company present and future including stock, movables and
receivables on pari - passu basis and on identified overdue receivables.
The FITL 2 facilities as above are further secured by a second charge ranking pari-passu created in favour of Security
Trustee i.e. IDBI Trusteeship Services Ltd., Mumbai for the benefit of FITL 2 Lenders by Indenture of Mortgage of
immovable properties of the Company situated in Village Bambhori, Shirsoli and Kusumbe, Dist. Jalgaon in the State
of Maharashtra, Dist, Bhavnagar in the State of Gujarat and by deposits of title deeds at Dist. Alwar in the State of
Rajasthan, Dist. Nalgonda in the State of Telangana and Dist. Udumalpet in the State of Tamil Nadu together with the
buildings, structures standing thereon and all plant and machinery attached to earth.
vii) IFC (RTL)
The IFC (RTL) facility sanctioned amount of ' 1,563.60 are secured by a first pari-passu charge created in favour
of Security Trustee i.e. IDBI Trusteeship Services Ltd, Mumbai for the benefit of IFC (Non-ICA Lenders) by Deed of
Hypothecation dated 23rd March, 2022 on Identified fixed assets to be charged on first charge basis on specific movable
assets of the Borrowers.
The IFC (RTL) facilities as above are further secured by a first charge ranking pari-passu created in favour of Security
Trustee i.e. IDBI Trusteeship Services Ltd., Mumbai for the benefit of IFC (Non-ICA Lenders) by Indenture of Mortgage
of immovable properties of the Company situated in Village Bambhori, Eklangna and Shirsoli, Dist. Jalgaon, in the State
of Maharashtra, Dist. Bhavnagar in the State of Gujarat and by deposits of title deeds at Dist. Nalgonda in the State of
Telangana and Dist. Udumalpet in the state of Tamil Nadu together with the buildings, structures standing thereon and
all plant and machinery attached to earth.
viii) IFC (Funded Interest Term Loan - 2)
The IFC (FITL 2) facility sanctioned amount of ' 288.60 are secured by a first pari-passu charge created in favour
of Security Trustee i.e. IDBI Trusteeship Services Ltd, Mumbai for the benefit of IFC (Non-ICA Lenders) by Deed of
Hypothecation dated 23rs March, 2022, on Identified fixed assets to be charged on first charge basis on specific movable
assets of the Borrowers.
The IFC (FITL 2) facilities as above are further secured by a first charge ranking pari-passu created in favour of Security
Trustee i.e. IDBI Trusteeship Services Ltd., Mumbai for the benefit of IFC (Non-ICA Lenders) by Indenture of Mortgage
of immovable properties of the Company situated in Village Bambhori, Takarkheda and Shirsoli, Dist. Jalgaon in the
State of Maharashtra, Dist. Bhavnagar in the State of Gujarat and by deposits of title deeds at Dist. Alwar in the State of
Rajasthan, Dist. Nalgonda in the State of Telangana and Dist. Udumalpet in the State of Tamil Nadu together with the
buildings, structures standing thereon and all plant and machinery attached to earth.
ix) IFC (NCD Series 2)
The IFC (NCD Series 2) facilities sanctioned amount of ' 1,036.40 are secured by a first pari-passu charge created in
favour of Security Trustee i.e. IDBI Trusteeship Services Ltd, Mumbai for the benefit of IFC (Non-ICA Lenders) by Deed
of Hypothecation dated 23rd March, 2022, on Identified fixed assets to be charged on first charge basis on specific
movable assets of the Borrowers.
The IFC (NCD Series 2) facility as above are further secured by a first charge ranking pari-passu created in favour of
Security Trustee i.e. IDBI Trusteeship Services Ltd., Mumbai for the benefit of IFC (Non-ICA Lenders) by Indenture of
Mortgage of immovable properties of the Company situated in Village Bambhori, Takarkheda and Shirsoli, Dist. Jalgaon,
in the State of Maharashtra, Dist. Bhavnagar in the State of Gujarat and by deposits of title deeds at Dist. Alwar in the
State of Rajasthan, Dist. Nalgonda, in the State of Telangana and Dist. Udumalpet in the State of Tamil Nadu together
with the buildings, structures standing thereon and all plant and machinery attached to earth.
x) ECB 1 Lender
The ECB Lenders for ECB 1 facilities sanctioned amount of ' 887.10 (USD 12.82 mn) is secured by first Charge by Deed
of Hypothecation dated 23rd March, 2022, over identified movable properties such as plant and machineries at Jain
Plastic Park, Bambhori, Jalgaon and further secured by way of first ranking charge over the land and other immovable
properties together with all building and structure thereon and all other plant and machinery at both the plants of the
Company at Village Bambhori, Eklagna and Shirsoli Dist. Jalgaon in the State of Maharashtra, Dist. Bhavnagar in the
State of Gujarat, Dist. Nalgonda, in the State of Telangana and Dist. Udumalpet in the State of Tamil Nadu.
xi) ECB 2 Lender
The ECB Lenders for ECB 2 facility sanctioned amount of ' 588.00 (USD 8.50 mn) is secured by first charge over the
same assets charged in favour of the ECB Lenders for the ECB 1 Facility and over the Identified Overdue Receivables
along with the Lenders of the NCDs by Deed of Hypothecation dated 23rd March, 2022 and further secured by way of
first ranking charge over the land and other immovable properties together with all building and structure thereon and
all other plant and machinery at both the plants of the Company at Village Bambhori, Eklagna and Shirsoli Dist. Jalgaon
in the State of Maharashtra, Dist. Bhavnagar in the State of Gujarat, Dist. Nalgonda, in the State of Telangana and Dist.
Udumalpet in the State of Tamil Nadu.
xii) ECB (FITL-3) Lender
The ECB Lenders for ECB (FITL) facility sanctioned amount of ' 99.60 (USD 1.44 mn) is secured by first charge over the
same assets charged in favour of the ECB Lenders for the ECB 1 Facility and over the Identified Overdue Receivables
along with the Lenders of the NCDs and further secured by way of first ranking charge over the land and other immovable
properties together with all building and structure thereon and all other plant and machinery at both the plants of the
Company at Village Bambhori, Eklagna and Shirsoli Dist. Jalgaon in the State of Maharashtra, Dist. Bhavnagar in the
State of Gujarat, Dist. Nalgonda in the State of Telangana and Dist. Udumalpet in the State of Tamil Nadu.
xiii) ECB loan-UBS Switzerland AG
The above ECB loan is secured by way of first and exclusive charge on Extursion Line for the production of HDPE pipes
in diameter range upto 2,500 mm including efficient air cooling (EAC) with standard accessories (movable Assets),along
with all right ,title, interest, benefits, claim and demands both present and future, whatsoever ,of JISL in, to under or in
respect of, the Movable Assets, and to secure for the repayment of the Loan and payment of other monies including all
interest at the agreed rates ,costs, charges, expenses and all other monies due to UBS.
The registration of charge in favour of UBS in process.
xiv) Vehicle Loan
The loan is secured by exclusive charge on specific vehicle to specified lenders.
i) Sale of goods
The Company's revenue is primarily from sale of micro irrigation system, PVC pipes, HDPE pipes, Plastic sheets,
Renewable Energy Solutions, tissue culture plants and other agricultural inputs. Revenue excludes any taxes and
duties collected on behalf of the Government.
Revenue from sale of products is recognised when control of goods is transferred based on the terms of contract
which may either be point of sale (i.e. the plant) or where the goods is to be delivered to the destination specified by
the customer, which is typically the vessel on which it is shipped, where the goods are delivered. In contracts where
control is transferred at the point of sale and the Company provides transportation service, the transport service is
treated as a distinct separate performance obligation under the contract and the same is recognised as revenue
when the said performance obligation is completed. In case arrangement of transportation which is not part of
consideration, the reimbursement of actual freight is adjusted with cost incurred.
At contract inception, the Company assess the goods promised in a contract with a customer and identifies as a
performance obligation of each promise to transfer to the customer. Revenue from contracts with customers is
recognized when control of goods is transferred to customers and the Company retains neither continuing managerial
involvement to the degree usually associated with ownership nor effective control over the goods sold. Revenue
from the sale of goods is measured at the fair value of the consideration received or receivables, net of returns and
allowances and trade discounts.
ii) Rendering of services
In contract involving rendering of services, revenue is recognised in profit or loss in the proportion of the stage of
completion of the transaction at the reporting date and are measured net of Goods and Service Tax.
iii) Contract revenue
Contract revenue is recognised only to the extent of cost incurred till such time the outcome of the job cannot be
ascertained reliably. When the outcome of the contract is ascertained reliably contract revenue is recognised at
cost of work performed on the contract plus proportionate margin, using the percentage of completion method.
The estimated cost of each contract is determined based on the estimate of the cost to be incurred till the final
completion of the contract and includes cost of materials, services, and other related overheads. Any projected losses
on contracts under execution are recognized in full when identified.
22) FINANCE COSTS
Accounting Policy:
Borrowing costs consist of interest and transactions costs incurred in connection with the borrowing of funds.
Borrowing costs also include exchange differences to the extent regarded as an adjustment to the borrowing costs.
Transaction cost in respect of long-term borrowings are amortised over the tenure of respective loans using effective
interest method.
Borrowing costs that are attributable to the acquisition or construction of qualifying assets (i.e. an asset that
necessarily takes a substantial period of time to get ready for its intended use) are capitalized as a part of the cost of
such assets. All other borrowing costs are charged to the Statement of Profit and Loss in which they are incurred
Where there is an unrealised exchange loss which is treated as an adjustment to interest and subsequently there is a
realised or unrealised gain in respect of the settlement or translation of the same borrowing, the gain to the extent of
the loss previously recognised as an adjustment is recognised as an adjustment to interest.
24(b) Details of Corporate social responsibility expenditure
As per Section 135 of the Companies Act, 2013, a Company meeting the applicable threshold, needs to spend
at least 2% of its average net profit for the immediately preceding three financial years on corporate social
responsibility (CSR) activities. The areas for CSR activities are in accordance to the CSR Policy of the Company
which includes Rural Development Project, eradicating hunger, poverty and malnutrition, healthcare and sanitation,
animal welfare, etc. A CSR committee has been formed by the Company as per the Act.
a) During the year, the Company has incurred ' 51.39 (PY ' 52.39) on account of Corporate Social Responsibility
(CSR) included under Other Expenses.
b) Gross Amount required to be spent by the Company during the year is ' 34.79 (PY ' 4.67)
c) Amount of ' 51.39 approved by the board to be spent during the year
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from 'profit before tax' as
reported in the statement of profit and loss because of items of income or expense that are taxable or deductible in
other years and items that are never taxable or deductible. The current income tax charge is calculated on the basis
of the tax laws enacted or substantively enacted at the balance sheet date.
Deferred tax
Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the balance sheet
and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are recognised for
all taxable temporary differences.
Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable
that taxable profits will be available against which those deductible temporary differences can be utilised. Such
assets and liabilities are not recognised if the temporary difference arises from initial recognition of goodwill or from
the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that at the
time of transaction affects neither the taxable profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it
is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the
liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively
enacted by the balance sheet date. The measurement of deferred tax liabilities and assets reflects the tax on
sequences that would follow from the manner in which the Company expects, at the reporting date, to recover or
settle the carrying amount of its assets and liabilities.
Minimum Alternative Tax (MAT) 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. MAT Credits are in the form of unused tax
credits that are carried forward by the Company for a specified period of time, hence it is grouped with Deferred Tax
Asset.
Current and deferred tax is recognised in Statement of Profit and Loss, except to the extent that it relates to items
recognised in OCI or directly in equity. In this case, the tax is also recognised in OCI or directly in equity, respectively.
Short-term obligations
A liability is recognised for benefits accruing to employees in respect of wages and salaries, Bonus etc. in the period
the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that
service.
Retirement benefit costs and termination benefits
A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into
a separate entity and will have no legal or constructive obligation to pay further amounts. Payments to defined
contribution retirement benefit plans are recognised as an expense when employees have rendered service entitling
them to the contributions.
For defined benefit retirement plans, the cost of providing benefits is determined using the projected unit credit
method, with actuarial valuations being carried out at the end of each annual reporting period. The present value of
the defined benefit obligation is determined by discounting the estimated future cash outflows using market yields
of government bonds having terms approximating to the terms of related obligation. The gratuity liability being fund
with JISL Gratuity Trust.
Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable)
and the return on plan assets (excluding interest), is reflected in the balance sheet with a charge or credit recognised
in other comprehensive income in the period in which they occur. Remeasurement gain/ loss recognised in other
comprehensive income is reflected immediately in retained earnings and will not be reclassified to the statement of
profit and loss. Past service cost is recognised in the statement of profit and loss in the period of a plan amendment.
Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability
or asset.
The retirement benefit obligation recognised in the balance sheet represents the actual deficit or surplus in the
Company's defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any
economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.
The Company has a policy on compensated absences which are 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. Actuarial gains and losses arising
from experience adjustments and changes in actuarial assumptions are charged or credited to the statement of profit
and loss in the period in which they arise.
Compensated absences which are not expected to occur within twelve months after the end of the period in which
the employee renders the related service are recognised based on actuarial valuation at the present value of the
obligation as on the reporting date.
26(a) Defined Contribution plans
Provident Fund : Contribution towards provident fund for employees is made to the regulatory authorities, where the
Company has no further obligations. Such benefits are classified as Defined Contribution Schemes as the Company
does not carry any further obligations, apart from the contributions made on a monthly basis.
Contribution to Defined contribution plan recognised as expense for the year as under:
a) Employers contribution to Provident fund CY ' 86.30 (PY ' 67.83)
b) Employers contribution to Pension scheme CY ' 95.24 (PY ' 88.42)
c) Employers contribution to Superannuation fund CY ' 37.43 (PY ' 18.76) managed by a Trust.
d) Employers contribution to ESIC CY ' 21.37 (PY ' 20.77)
e) Employers contribution to State Labour welfare fund CY ' 0.81 (PY ' 0.36)
The net of provision for unfunded leave encashment liability up to March 2025 is ' 162.86 (PY ' 143.10)
26(b) Defined Benefit plans
Gratuity : The Company provides for gratuity, a defined benefit plan (the "Gratuity Plan”) covering eligible employees
in accordance with the Payment of Gratuity Act, 1972. 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
The plans in India typically expose the Company to actuarial risks such as: investment risk. interest rate risk. Longevity
risk and salary risk.
Investment risk : The present value of the defined benefit plan liability is calculated using a discount rate determined
by reference to government bond yields; if the return on plan asset is below this rate, it will create a plan deficit.
Currently the plan has a relatively balanced investment in Government securities and debt instruments.
Interest risk: A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by
an increase in the value of the plan's debt investments.
Longevity risk: The present value of the defined benefit plan liability is calculated by reference to the best estimate
of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the
plan participants will increase the plan's liability.
Salary risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of
plan participants. As such, an increase in the salary of the plan participants will increase the plan's liability.
Basic earnings per share is computed by dividing profit or loss attributable to equity shareholders of the Company
by the weighted average number of equity shares outstanding during the year. For the purpose of calculating diluted
earnings per share, the net profit or loss for the year attributable to equity shareholders and the weighted average
number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.
Basic and diluted earnings / (loss) per share is calculated by dividing the profit / (loss) attributable to equity holders
of the Company by the weighted average of equity shares outstanding during the year.
28) CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Accounting Policy:
Contingent liabilities are possible obligations whose existence will only be confirmed by future events not wholly
within the control of the Company, or present obligations where it is not probable that an outflow of resources will be
required or the amount of the obligation cannot be measured with sufficient reliability.
Contingent liabilities are not recognized in the financial statements but are disclosed unless the possibility of an
outflow of economic resources is considered remote.
Contingent assets are not recognized in the financial statements unless it is virtually certain that the future event will
confirm the asset's existence and the asset will be realised.
29) The Lenders have "Right of Recompense” (RoR) of ' 13,389.73 (PY ' 13,370.25) to recover the losses suffered on
account of agreeing to change in terms of the Existing Debt, including waiver of defaults or penal interest , as approved
in terms of the Resolution Plan and the payment of the Compund ROR to the Lenders shall be discharged, in the order
of priority”(a) firstly, through payment received under the Special Coupon, (b) secondly, through payments received
under the Put Option Obligations, (c) thirdly, (in case not paid pursuant to clause (a) and (b) and above) through
sale of shares forming part of JFFFL Non-Disposal, and (d) lastly, (in case not paid from sub-clause (a), (b) and (c),
above) from cash flows of the Borrower after meeting repayment obligations under the Residual Debt in terms of
the Restructured Documents along with interest calculated at the rate of 9.70% (nine point seven zero percent) per
annum on unpaid amount till payment of the Compounted ROR.
Note:
i) Previous year's figures are given in bracket.
ii) As the future liability for gratuity is provided on an actuarial basis for the Company as a whole, the amount
pertaining to individual is not ascertainable and therefore no included above.
Terms and conditions
Sales:
The sales to related parties are made on terms equivalent to those that prevail in arm's length transactions and in the
ordinary course of business. Sales transactions are based on prevailing price lists and purchase orders with related
parties. For the year ended 31 March 2025, the Company has not recorded any impairment of receivables relating to
amounts owed by related parties.
Purchases:
The purchases from related parties are made on terms equivalent to those that prevail in arm's length transactions
and in the ordinary course of business. Purchase transactions are based on made on normal commercial terms and
conditions and market rates.
The transactions other than mentioned above are also in the ordinary course of business and at arm's length basis.
34) FINANCIAL RISK MANAGEMENT
The Company's principal financial liabilities, excluding derivative instruments, consist of loans and borrowings, trade
payables, and other financial liabilities, primarily incurred to support the Company's operational requirements. The
principal financial assets comprise loans, trade receivables, cash and cash equivalents, bank balances, and other
financial assets, which arise directly from the Company's business activities. Additionally, the Company holds
investments in debt and equity instruments and enters into derivative contracts for risk management purposes.
The Company is exposed to various financial risks, including market risk, credit risk, and liquidity risk. The responsibility
for overseeing the management of these risks lies with the senior management, who are supported by a dedicated
financial risk committee. This committee is responsible for advising on financial risk matters.
The financial risk committee provides assurance to senior management that the Company's financial risk exposures
are appropriately identified, assessed, and managed in accordance with established policies and risk management
objectives. Derivative instruments are used solely for hedging purposes, and all such activities are executed by
qualified teams under appropriate supervision. In line with its risk management policy, the Company does not engage
in derivative trading for speculative purposes.
The Board of Directors reviews and approves the risk management policies, which govern the Company's approach
to managing financial risks. A summary of these risks and the related risk management policies is provided in the
following sections.
The Company's board of directors has overall responsibility for the establishment and oversight of the Company's
risk management framework. The Board of Directors have established the Risk Management Committee, which is
responsible for developing and monitoring the Company's risk management policies. The committee reports regularly
to the board of directors on its activities.
The board and the risk management committee provides principles for overall risk management, as well as policies
covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial
instrument, etc.
A) Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer
contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily
trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign
exchange transactions and other financial instruments. The Company only deals with parties which has good credit
rating/ worthiness given by external rating agencies or based on Companys internal assessment.
Trade receivables and contract assets
Customer credit risk is managed by each business unit subject to the Company's established policy, procedures and
control relating to customer credit risk management.
In accordance with Ind AS 109 - Financial Instruments, the Company evaluates the impairment of financial assets
using the expected credit loss (ECL) model. A substantial portion of the Company's trade receivables arises from
Government Projects and subsidies, which are considered to have an insignificant risk of default. Accordingly, the
Company recognises provisions for these receivables on a case-by-case basis as approved by the management. For
all other customers, the Company applies the simplified approach to measure lifetime expected credit losses for
trade receivables and contract assets. An impairment analysis is carried out at each reporting date using a provision
matrix, which is based on the ageing of receivables and groups of customers with similar credit risk characteristics
and historical loss patterns. The provision matrix incorporates reasonable and supportable information available at
the reporting date, including historical credit loss experience, current conditions, and forecasts of future economic
conditions. The Company does not hold any collateral as security (except as mentioned in note no 8 (b)) and the
maximum exposure to credit risk at the reporting date is limited to the carrying value of financial assets disclosed in
Note 8(b) & 9.
Financial instruments and cash deposits
The Company's maximum exposure to credit risk for the components of the balance sheet at March 31,2025 and
March 31,2024 is the carrying amounts as illustrated in Note 36(i).
Balances and deposits with banks are subject to low credit risks due to good credit ratings assigned to the banks.
Credit risk from balances with banks and financial institutions is managed by the Company's treasury department in
accordance with the Company's policy. Investments of surplus funds are made only with approved counterparties
and within credit limits assigned to each counterparty.
The Company has invested in Non-Convertible Debentures (NCDs) issued by its subsidiaries. Based on the projected
profitability of the respective subsidiaries, no significant counterparty credit risk is perceived in relation to these
investments.
Based on management assessment, the credit risk for security deposits, claims receivables, and incentive receivables
is considered to be low as these balances are recoverable from mainly from government project/ under notified
scheme with an established track record of compliance and are subject to low risk of default. These financial assets
are monitored on an ongoing basis and no significant increase in credit risk has been observed as at the reporting
date.
Derivatives
The Company's maximum exposure to credit risk for the components of the balance sheet at March 31,2025 and
March 31,2024 is the carrying amounts as illustrated in Note 36(i).
The derivatives are entered into with credit worthy banks and financial institution counterparties. The credit worthiness
of such banks and financial institutions is evaluated by the management on an ongoing basis and is considered to be
good.
B) Liquidity risk
Liquidity risk is the risk that the Company encounters difficulty in raising funds to meet commitments associated with
financial instruments. Liquidity risk management implies maintaining sufficient cash and marketable securities and
the availability of funding through committed credit facilities to meet the obligations when due.
Management monitors rolling forecasts of the Company's liquidity position (comprising the undrawn borrowing
facilities below) and cash and cash equivalents on the basis of expected cash flows. The Company manages its
liquidity risk by preparing month on month cash flow projections to monitor liquidity requirements. In addition, the
Company projects cash flows and considering the level of liquid assets necessary to meet these, monitoring the
balance sheet liquidity ratios against internal an external regulatory requirements and maintaining debt financing
plans.
i) Maturities of financial liabilities
The below table analyses the Company's financial liabilities into relevant maturity groupings based on their
contractual maturities. The amounts disclosed in the table are contractual undiscounted cash flows, balances due
within 12 months equal their carrying balances as the impact of discounting is not significant.
C] Market risk
i) Foreign currency risk
Market risk is the risk that changes in market prices such as foreign exchange rates, interest rates and equity prices
etc. The Company operations involve foreign exchange transactions including import, export as well as financing
and investment transactions and is exposed to foreign exchange risk arising from foreign currency transactions,
primarily with respect to US$, EUR, GBP and CHF. Foreign currency risk arises from future commercial transactions
and recognised in assets and liabilities denominated in foreign currency that is not Company's functional currency
(i.e., INR). The risk is measured through a forecast of highly probable foreign currency cash flows. The objective of
the hedges is to minimise the volatility of the INR cash flows of a high probable forecast transactions.
a) Foreign currency risk exposure
The Company's exposure to foreign currency risk at the end of the reporting period expressed in INR, are as
follows:
Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk
is the risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest
rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing investments will
fluctuate because of fluctuations in the interest rates. In order to optimize the Company's position with regards
to interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest
rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its
total portfolio. Accordingly, the Company endeavors to gradually reduce the exposure to variable interest rate
borrowings.
The Company's main interest rate risk arised from long-term borrowings with variable rates, which expose the
group to cash flow interest rate risk. The Company's borrowings at variable rate were mainly denominated in INR,
US$, and EUR.
The Company's fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest rate
risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of
change in market interest rates.
iii) Commodity risks
The principal raw materials used in the Company's products are various plastic polymers, which are primarily
derivatives of crude oil. These raw materials are sourced globally, and domestic prices typically align with
international market trends. The effective pricing and availability of polymers are influenced by fluctuations in
crude oil prices, exchange rate movements—particularly the Indian Rupee against major global currencies—and
global demand-supply dynamics.
To mitigate risks arising from price volatility and supply uncertainties, the Company employs a comprehensive
procurement and risk management strategy, which includes:
1) Diversifying its sourcing base to ensure continuous material availability;
2) Entering into appropriate contracts and long-term supply commitments;
3) Implementing a well-structured procurement and inventory management policy; and
4) Adopting a prudent hedging strategy to manage foreign currency exposure.
The Company has established a Risk Management Committee, comprising members from the Board of Directors
and operational leadership, which is responsible for formulating and implementing strategies to manage
commodity price risks. This committee continuously monitors market developments and ensures that appropriate
risk mitigation measures are in place.
iv) Other market price risks:
The Company is exposed to equity price risk, which arises from FVTPL equity securities. The Company has a very
insignificant portion of amounts invested in unquoted equity instruments other than subsidiaries, joint venture and
associates. The management monitors the proportion of equity instruments in its investment portfolio based on
market indices.
35) CAPITAL MANAGEMENT
i) The Company's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence
and to sustain future development of the business. Management monitors the return on capital as well as the level
of dividends to ordinary shareholders. The board of directors seeks to maintain a balance between the higher
returns that might be possible with higher levels of borrowings and the advantages and security afforded by a
sound capital position.
The Company monitors capital using a ratio of 'adjusted net debt' to 'adjusted equity'. For this purpose, adjusted
net debt is defined as total liabilities, comprising interest-bearing loans and borrowings and obligations under
finance leases, less cash and cash equivalents. Adjusted equity comprises all components of equity.
The Company monitors capital on the basis of the following gearing ratio:
Net debt (total borrowings net of cash and cash equivalents) divided by total 'equity' (as shown in the balance
sheet, including non controlling interests).
36) FAIR VALUE MEASUREMENT
Accounting Policy:
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date, regardless of whether that price is directly observable or
estimated using another valuation technique.
The Company has an established control framework with respect to the measurement of fair values. In estimating the
fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market
participants would take those characteristics into account when pricing the asset or liability at the measurement date.
The management has overall responsibility for overseeing all significant fair value measurements and it regularly
reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes
or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the
third parties to support the conclusion that these valuations meet the requirements of Ind AS, including the level in
the fair value hierarchy in which the valuations should be classified. Fair value for measurement and/or disclosure
purposes in the financial statement is determined on such a basis, except for share-based payment transactions,
leasing transactions and measurements that have some similarities to fair value but are not fair value, such as net
realisable value in Inventories or value in use in Impairment of Assets.
The estimated fair value of the Company's financial instruments is based on market prices and valuation techniques.
Valuations are made with the objective to include relevant factors that market participants would consider in setting
a price, and to apply accepted economic and financial methodologies for the pricing of financial instruments.
References for less active markets are carefully reviewed to establish relevant and comparable data.
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be
exchanged in a current transaction between willing parties, other than in forced or liquidation sale.
This section gives an overview of the significance of financial instruments for the Company and provides additional
information on balance sheet items that contain financial instruments. The details of material accounting policies,
including the criteria for recognition, the basis of measurement and the basis on which income and expenses are
recognised in respect of each class of financial asset, financial liability and equity instrument are disclosed in Note 7
& 14 to the financial statements.
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition
at fair value, grouped into Level 1 to Level 3, as described below:
Quoted prices in an active market (Level 1): This level of hierarchy includes financial assets that are measured by
reference to quoted prices (unadjusted) in active markets for identical assets or liabilities. This category consists
of investment in quoted equity shares.
Valuation techniques with observable inputs (Level 2): This level of hierarchy includes financial assets and
liabilities, measured using inputs other than quoted prices included within Level 1 that are observable for the
asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices). This level of hierarchy includes
Company's over-the-counter (OTC) derivative contracts.
Valuation techniques with significant unobservable inputs (Level 3): This level of hierarchy includes financial
assets and liabilities measured using inputs that are not based on observable market data (unobservable inputs).
Fair values are determined in whole or in part, using a valuation model based on assumptions that are neither
supported by prices from observable current market transactions in the same instrument nor are they based on
available market data.
iii) Valuation process and technique used to determine fair value
Specific valuation techniques used to value financial instruments include:
a) Quoted investments (Equity Shares)- Market Value
b) Unquoted Investments - As determined by the Management, there is no significant change in the value of
Unquoted investment in equity shares valuing ' 0.56 (PY ' 0.56)
c) The carrying amount of financial assets and financial liabilities measured at amortised cost in the financial
statements are a reasonable approximation of their fair values since the Company does not anticipate that the
carrying amounts would be significantly different from the values that would eventually be received or settled.
37) SUBSIDIARIES & STEP DOWN SUBSIDIARIES
The subsidiaries at 31 March 2025 are set out below. Unless otherwise stated, they have share capital that are held
directly by the Company, and the proportion of ownership interests held equals the voting rights held by Company. There
is no difference in the reporting period of the subsidiaries, step down subsidiaries and associate Company with respect
to the Holding Company. The country of incorporation or registration is also their principal place of business.
40) The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the
Company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for
the Code on Social Security, 2020 on November 13, 2020, and has invited suggestions from stakeholders which are
under active consideration by the Ministry. The Company will assess the impact of the Code when it comes into effect
and will record any related impact in the period when the Code becomes effective.
41) The Company has used accounting software for maintaining its books of account which has a feature of recording
audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in
the software, except that audit trail feature is not enabled at the database level insofar as it relates to accounting
software. Further the Payroll Application does not have any Audit Trail feature. No instance of audit trail feature being
tampered with was noted in respect of software where audit trail has been enabled. Additionally, the audit trail has
been preserved as per the statutory requirements for record retention where the audit trail has been enabled.
42) SEGMENT INFORMATION
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating
Decision Maker (CODM) of the Company. The CODM is responsible for allocating resources and assessing
performance of the operating segments of the Company.
In accordance with Ind AS 108 "Operating Segments”, segment information has been given in the Consolidated
financial statements of the Company, and therefore, no separate disclosure on segment information is given in these
financial statement.
43) Other Regulatory Information as per amended Schedule III.
a) The Company has not revalued its Property, Plant and Equipment (including Right-of-Use Assets) and intangible
assets during the current and previous financial year.
b) The Company has not used borrowings for purpose other than specified purpose of the borrowing. Further, there
is no delay in creation or satisfaction of charges with ROC beyond the statutory period except in mentioned note
14(a).
c) The Company does not have any Benami property. Further, there are no proceedings initiated or are pending against
the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988
and rules made thereunder.
d) The Company does not have transactions with any struck off companies during the current and previous financial
year.
e) The Company has not traded or invested in Crypto currency or Virtual Currency during the current year and previous
financial year.
f) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall:
i) 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
ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
g) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party)
with the understanding (whether recorded in writing or otherwise) that the Company shall:
i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf
of the Funding Party (Ultimate Beneficiaries); or
ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
h) The Company does not have any such transaction which is 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.
i) The Company has not been declared as a wilful defaulter by any bank or financial institution or government or any
government authority.
j) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read
with Companies (Restriction on number of Layers) Rules, 2017.
k) The Company has not filed any Scheme of Arrangements in terms of sections 230 to 237 of the Companies Act,
2013 with any Competent Authority which has an accounting impact on current or previous financial year.
44) Where events occurring after the Balance Sheet date provide evidence of conditions that existed at the end of the
reporting period, the impact of such events is adjusted within the financial statements. Otherwise, events after the
Balance Sheet date of material size or nature are only disclosed.
45) The financial statements have been approved by the Board of Directors in their meeting held on May 14, 2025.
As per our report of even date attached
For Singhi & Co.
Chartered Accountants For and on behalf of the Board of Directors
Firm Registration Number: 302049E
Sd/- Sd/- Sd/- Sd/- Sd/-
Navindra Kumar Surana Avdhut V. Ghodgaonkar Bipeen Valame Anil B. Jain Shishir Dalal
Partner Company Secretary Chief Financial Vice Chairman & Director
Membership No. 053816 Officer Managing Director DIN 00007008
DIN 00053035
Date : May 14, 2025 Date : May 14, 2025
Place : Jalgaon Place : Jalgaon
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