3.18 Provisions, contingent liabilities and contingent assets
The Company recognizes the provisions when a present obligation (legal or constructive) as a result of past event exists and it is
probable that an outflow of resources embodying economic benefits will be required to settle such obligation and the amount of
such obligation can be reliably estimated.
If the effect of time value of money is material, provisions are discounted using a current pre-tax rate that reflects when appropriate,
the risk specific to the liability. When discounting is used, the increase in provision due to passage of time is recognized as a
finance cost.
A disclosure for a contingent liability is made when there is possible obligation or a present obligation that may but probably will not
require an outflow of resources embodying the economic benefits or the amount of such obligation cannot be measured reliably
When there is possible obligation or a present obligation in respect of which likelihood of outflow of resources embodying the
economic benefits is remote, no provision or disclosure is made.
Contingent assets are not recognized. However, when the realisation of income is virtually certain, then the related asset is no
longer a contingent asset, and is recognized as an asset.
Provisions, contingent liabilities and contingent assets are reviewed at each Balance Sheet date.
Commitments are future liabilities for contractual expenditure, classified and disclosed as estimated amount of contracts remaining
to be extracted on capital account and not provided for.
Other commitments related to sales/procurements made in the normal course of business are not disclosed to avoid
excessive details.
3.19 Employee Benefits
Short-Term Employee Benefits
All employee benefits falling due wholly within twelve months of rendering the services are classified as short-term employee
benefits, which include benefits like salaries, wages, and performance incentives and are recognized as expenses in the period in
which the employee renders the related service.
Post-Employment Benefits
Contributions to defined contribution schemes, such as, Provident Fund, Employees State Insurance are recognized as expenses
in the period in which the employee renders the related service. The Company has no further obligations beyond its monthly
contributions. The Company also provides for post-employment defined benefit in the form of gratuity The cost of providing
benefit is determined using the projected unit credit method, with actuarial valuation being carried out at each balance sheet
date. Re-measurement of the net benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding
interests) and the effect of the assets ceiling (if any, excluding interest) are recognized in OCI. The effect of any plan amendments
are recognized in net profit in the statement of profit and loss.
In case of funded plans, the fair value of the plan assets is reduced from the gross obligation under the defined benefit plans to
recognise the obligation on a net basis.
3.20 Earnings Per Share
Basic earnings per share
Basic earnings per share is calculated by dividing:
- the profit / loss attributable to owners of the Company
- by the weighted average number of equity shares outstanding during the financial year, adjusted for bonus elements in equity
shares issued during the year and excluding treasury shares.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings shares 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.
3.21 Statement of Cash Flows
Cash flows are reported using indirect method, whereby net profits before tax is adjusted for the effects of transactions of a non¬
cash nature and any deferrals or accruals of past or future cash receipts or payments and items of income or expenses associated
with investing or financing cash flows. The cash flows from regular revenue generating (operating activities), investing and financing
activities of the Company are segregated.
Cash and cash equivalents (including bank balances) shown in the Statement of Cash Flows exclude items which are not available
for general use as at the date of Balance Sheet.
3.22 Segment Reporting
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.
3.23 Recent Accounting Pronouncements
Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies (Indian
Accounting Standards) Rules as amended from time to time. For the year ended 31 March, 2025, MCA has notified Ind -AS 117
Insurance Contracts and amendments to Ind-AS 116 Leases, relating to sale and leaseback transactions, applicable to the
Company w.ef. 01 April, 2024. The Company has reviewed the new pronouncements and based on its evaluation has determined
that the new pronouncement is not applicable to the Company.
(f) As per records of the Company, including its register of shareholders/members, the above shareholding represents legal ownerships
of shares. The above percentage have been computed after excluding 171,015 nos ( 31st March, 2024 176,015 nos) of equity shares
issued to ESOP Trust.
(g) The Company has not issued any equity shares pursuant to contract without payment being received in cash or by way of bonus
shares or bought back any equity shares during the last five years preceding the balance sheet date.
(h) Shares reserved for issue under Employee stock purchase plan
Information relating to Employee stock purchase plan, including details of options issued, exercised and lapsed during the financial
year and options outstanding as at the end of the reporting period are set out in note 45.
Nature and purpose of reserves
(a) Securities premium
The amount received in excess of face value of the equity shares is recognised as securities premium. This reserve will be utilised in
accordance with the provisions of Section 52 of the Companies Act, 2013 (“the Act”).
(b) General reserves
General reserve is created from time to time by transferring profits from retained earnings and can be utilised for purposes such as
dividend pay-out, bonus issue, etc. Mandatory Transfer to general reserve is not required under the Act.
(c) Share options outstanding account
The shares option outstanding account is used to recognise the grant date fair value of options issued to employees under
the Employee Stock Grant Scheme which are unvested as on the reporting date and is net of the deferred employee
compensation expense.
(d) Retained Earnings
Retained earnings are the profits that the Company has earned till date, net-off less any transfers to general reserve, dividends or
other distribution to the shareholders.
(e) Share warrants
Share warrants are instruments that give their holder the right to buy the stock of the issuing company at a predetermined price
within a stipulated time frame. They are similar to options, the holder of a warrant has the right (but not the obligation) to purchase the
shares of a company at a specified price in the future.
(f) Foreign Currency Convertible Bonds :
The conversion of the FCCBs will be at the option of IFC, the conversion price for the equity shares to be issued upon conversion
of the FCCBs is H135 per share which is subject to adjustments in accordance with the terms agreed between the parties and
applicable law. FCCBs shall be redeemed if not fully converted on the date that is 5 years plus one day from the date of subscription.
(g) Other comprehensive income:
Remeasurement of Net Defined Benefit Plans: Differences between the interest income on plan assets and the return actually
achieved, and any changes in the liabilities over the year due to changes in actuarial assumptions or experience adjustments within
the plans, are recognised in other comprehensive income and are adjusted to retained earnings.
Debt Instruments through Other Comprehensive Income: The fair value change of the debt instruments measured at FVOCI is
recognised in Debt instruments through OCI. Upon derecognition, the cumulative fair value changes on the said instruments are
reclassified to the Statement of Profit and Loss.
Fair value of cash flow hedges through Other Comprehensive Income: The effective portion of the fair value change of the cash
flow hedges measured at fair value through other comprehensive income is recognised in Cash flow hedges through Other
Comprehensive Income. Upon derecognition, if the hedged cash flow relates to a non-financial asset, the amount accumulated in
equity is subsequently included within the carrying value of that asset. For other cash flow hedges, amounts accumulated in other
comprehensive income are taken to the statement of profit and loss at the same time as the related cash flow.
Notes:
(a) Pursuant to resolution passed by the Board of Directors of the Company at the meeting held on 28th May, 2021, the Company had
issued 10,680 Foreign Currency Convertible Bonds (FCCB) having face value of USD 1,000 each through private placement of
unlisted, unsecured, unrated to International Finance Corporation (IFC).
The conversion of the FCCBs will be at the option of IFC, the conversion price for the equity shares to be issued upon conversion
of the FCCBs is H 135 per share, as per IFC’s letter dated 03rd January, 2024 for IFC’s in-principle approval for amendment to certain
provisions of the FCCB Subscription Agreement dated 8th May 2021 executed between IFC and the Company.
FCCBs shall be redeemed if not fully converted on the date that is 5 years plus one day from the date of subscription. Coupon offered,
if any of FCCB’s, are repayable in 10 semi annual instalments starting from 15th June, 2021.
No interest shall be payable if the volume weighted average price per equity share of the Company traded on the relevant stock
exchange for a 3 month period is equal to or greater than H 200 per share, accordingly no interest provision has been made for the
year ended 31st March, 2025.
(b) Non-Convertible Debentures (NCDs) are payable as per redemption schedule w.e.f. 15th June, 2023 to 15th June, 2029 in thirteen
instalments, half yearly on 15th June and 15th December of H 11.54 crore each presently carrying interest @ 10.81% p.a. The company
shall use the proceeds from the issue of the debentures pursuant to this deed to finance its future expansion plans and working
capital requirements, in accordance with the financial plan and applicable law. The loan is secured by First pari passu charge by
hypothecation of movable and mortgage of immovable properties situated at Samudrapalle Village, Panchayathi Palamner Mandal,
Andhra Pradesh and Aawasari Phata Manchar, Taluka Ambegaon, Maharashtra together with all the erections and constructions of
every description which are standing, erected or attached to the properties.
(c) Term loan from a bank of H 42.93 crore ( 31st March, 2024 : H 0.88 crore) carry interest @ 10.75% p.a. The loans are repayable over
60 monthly instalments maturing in January 2030 of H 0.90 crore along with interest. The loan is secured by exclusive charge on
fixed assets acquired from proceeds of such loan, Exclusive Mortgage Charge on Land & Building Convention Centre, Padma Nidhi
149/1 , Samudra Palli (Vi), Pengaragunta (P.O.), Palamaner (Mdl), Chittoor (Dist), A.P-517408, Subservient Charge on Factory land and
building at Samudrapalle Village, Panchayathi Palamner Mandal, Andhra Pradesh and Aawasari Phata Manchar, Taluka Ambegaon,
Maharashtra and mortgage of Entire (Present & Future) Plant & Machinery and other fixed assets owned by the company and
personal guarantee of Mr. Devendra Shah and Mr. Pritam Shah
(d) Hire purchase loan of H 0.30 crore ( 31st March, 2024 : H 0.41 crore) from HDFC Bank Ltd carries interest @ 9.35 % p.a. The loans
are repayable in 60 monthly instalments maturing in November 2029 of H 0.01 crore each. The loan is secured by specific assets
financed (vehicle).
(e) Average interest rate for the non-current borrowings is 0% p.a. - 10.81% p.a.
(f) Refer Note 37 for information about liquidity risk and market risk of borrowings.
(g) All charges have been registered with the Registrar of Companies (RoC). The company does not have charges which is yet to be
registered with the Registrar of Companies (RoC) beyond the statutory period.
Notes :
(a) In accordance with Indian Accounting Standard (Ind AS) 20, Accounting for Government Grants and Disclosure of Government
Assistance, the Company has accounted for Industrial Promotion Subsidy under Package Scheme of Incentives, 2013 amounting to
H 76.60 crore ( 31st March, 2024: H 26.92 crore), Production Link Incentives Scheme, 2021 amounting to H 11.61 crore ( 31st March, 2024:
H 13.72 crore) as Other Operating Income in Statement of profit and loss.
(b) The Company has also accounted for Milk subsidy amounting to H 7.2 crore (31st March, 2024: H Nil) as Other operating income in
statement of profit and loss, based on government circular dated 02nd August, 2024.
(c) Performance obligation in respect of sale of goods is satisfied when control of the goods is transferred to the customer, generally
on delivery of the goods and payment is generally due as per the terms of contract with customers. As at year end there are no
unsatisfied performance obligation.
Note 36: Disclosure pursuant to Indian Accounting Standard (Ind AS) 107, Financiallnstruments - Disclosures
A. Accounting classification and fair values
The under mentioned table shows the carrying amounts and fair values of financial assets and financial liabilities, including their
levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at
fair value if the carrying amount is a reasonable approximation of fair value.
B. Measurement of fair value
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 a forced or liquidation sale.
Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short
term loans from banks and other financial institutions approximate their carrying amounts largely due to short term maturities of
these instruments.
C. Fair Value Hierarchy
The fair value of financial instruments as referred to above have been classified into three categories depending on the inputs used
in the valuation technique. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities
(Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements).
Level 1: Includes financial instruments measured using quoted prices. This includes listed equity instruments, traded bonds that have
quoted price. The fair value of all equity instruments which are traded in the stock exchanges is valued using the closing price as at
the reporting period and the mutual funds are valued using closing NAV.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which
maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required
to fair value an instrument are observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the
case for unlisted equity securities included in level 3.
i) The carrying values of current financial liabilities and current financial assets are taken as their fair value because of their short
term nature.
ii) The carrying values of non-current financial liabilities and non-current financial assets are taken as their fair value based on their
discounted cash flows.
iii) The Company has used quoted market price for determining fair value of investments in equity instruments and mutual funds.
iv) There have been no transfers between level 1, level 2 and level 3 for year ended 31st March, 2025 and 31st March, 2024 respectively
Note 37: Financial Risk Management
Risk management framework
The Company has in place a mechanism to inform the Board about the risk assessment and the risk minimization procedures in place
and periodical review to ensure that management controls risk through means of a properly defined framework. The Company has
formulated and adopted Risk Management Policy to prescribe risk assessment, management, reporting and disclosure requirements of
the Company to comply with the rules of the regulator
The Company’s audit committee also oversees how management monitors compliance with the Company’s risk management policies
and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The audit
committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management
controls and procedures, the results of which are reported to the audit committee.
The Company’s principal financial liabilities, comprises of borrowings, trade and other payables. The main purpose of these financial
liabilities is to finance the Company’s operations. The Company’s principal financial assets include investments in equity shares, loans,
trade and other receivables, and cash and cash equivalents that the Company derives directly from its operations. The Company also
holds FVOCI/FVTPL investments.
The Company’s activities expose it to credit risk, liquidity risk and market risk. The Company’s primary focus is to foresee the
unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance.
This note explains the sources of risk to which the Company is exposed to and how the entity manages the risk.
(A) Credit risk
Trade and Other receivables
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual
obligations. The risk arises principally from the Company’s trade and other receivables. The carrying amounts of financial assets
represent the maximum credit risk exposure.
The company has adopted a policy of dealing with credit worth counter parties and obtaining collateral where appropriate as a
means of mitigating the risk of financial loss from defaults
Concentration of credit risk with respect to Trade receivables are limited, due to the customer base being large, diverse and across
sector and countries. All trade receivables are reviewed and assessed for default on quaterly basis.
Trade receivables are typically unsecured and are derived from revenue earned from customers located in India. Credit risk has
always been managed by the Company through credit approvals, establishing credit limits and continuously monitoring the
creditworthiness of customers to which the Company grants credit terms in the normal course of business. In monitoring customer
credit risk, customers are grouped according to their credit characteristics, including whether they are General trade, Modern
trade, Institutional and Horeca customers. Outstanding customers dues are regularly monitored. The company exposure are
continously monitored.
Cash and bank balances:
Credit risk on cash and bank balances is limited as the company generally transacts with banks and financial institutions with high
credit ratings assigned by domestic credit rating agencies.
(B) 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. Management monitors rolling forecasts of the
Company’s liquidity position (comprising the undrawn borrowing facilities) and cash and cash equivalents on the basis of expected
cash flows. The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank
overdraft/ cash credit facility The Company also monitors the level of expected cash inflows on trade receivables together with
expected cash outflows on trade payables and other financial liabilities. The Company has access to a sufficient sources of short
term funding with existing lenders that could be arrange upon should there be need.
(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.
(C) Market risk
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from adverse changes in market rates
and prices (such as interest rates and foreign currency exchange rates) or in the price of market risk-sensitive instruments as a result
of such adverse changes in market rates and prices. Market risk is attributable to all market risk-sensitive financial instruments, all
foreign currency receivables and payables and all current and non current. The Company is exposed to market risk primarily related
to foreign exchange rate risk and interest rate risk.
(i) Foreign currency exchange rate risk
The Company is subject to risk of changes in foreign currency values that impact costs of imported raw material and import
of equipment for expansion of plants, primarily with respect to USD and EURO. The Company’s business model incorporates
assumptions on currency risks and ensures any exposure is covered through the normal business operations.
The Company has not entered into any derivative transactions during the year and there were no derivative transactions
outstanding as on 31st March, 2025
(a) The Company unhedged exposure to foreign currency risk at the end of the reporting year are as follows
(ii) Cash flow and fair value interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. The Company’s main interest rate risk arises from long-term borrowings with variable rates, which expose
the Company to cash flow interest rate risk.
The company’s borrowings are carried at amortised cost. They are therefore not subject to interest rate risk as defined in Ind AS
107, Financial Instruments: Disclosures, since neither the carrying amount nor the future cash flows will fluctuate because of a
change in market interest rates.
(a) Interest rate risk exposure
Company’s interest rate risk arises from borrowings. The interest rate profile of the Company’s interest-bearing financial
instruments as reported to the management of the Company is as follows :
(b) Cash flow sensitivity analysis for variable-rate instruments
The sensitivity analysis below has been determined based on the exposure to interest rates at the end of the reporting
period. For floating rate liabilities, the analysis is prepared assuming that the amount of the liability as at the end of the
reporting period was outstanding for the whole year. A 100 basis point increase or decrease is used when reporting interest
rate risk internally to key management personnel and represents Management’s assessment of the reasonably possible
change in interest rates. This analysis assumes that all other variables, in particular foreign currency exchange rates,
remain constant.
Note 38: Capital Management
(a) Risk Management
For the purpose of the Company’s capital management, capital includes issued equity capital and all other equity reserves
attributable to the equity holders of the Company. The primary objective of the Company’s capital management is to safeguard the
Company’s ability to remain as a going concern and maximise the shareholder value.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions, annual operating
plans, long term and other strategic plans and the requirements of the financial covenants. To maintain or adjust the capital structure,
the Company may adjust its dividend payment ratio to shareholders, return capital to shareholders or issue fresh shares.
The Company monitors capital using a ratio of 'adjusted net debt' to 'equity'. For this purpose, adjusted net debt is defined as
liabilities, comprising interest-bearing loans and borrowings less cash and cash equivalents. Equity comprises all components of
equity including share premium and all other equity reserves attributable to the equity share holders.
(b) Dividend
The Board of Directors of the Company has recommended dividend of H 1 (One Rupee) per equity shares of the face value of H
10 each for the financial year ended 31st March, 2025 which is subject to the approval of the shareholders in the ensuring Annual
General Meeting.
In order to achieve this overall objective, the Company’s capital management, amongst other things, aims to ensure that it meets
financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. There have
been no breaches in the financial covenants of any interest-bearing loans and borrowing in the current year.
No changes were made in the objectives, policies or processes for managing capital of the Company during the current and
previous year.
Note 39:- Disclosure pursuant to Indian Accounting Standard (Ind AS) 116, Leases
The company has entered into commercial leases for taking building (office spaces), land and Plant & Equipment on lease. There are no
restrictions placed upon the Company by entering into these leases. Some of the lease arrangements also include a non-cancellable
period, purchase option and escalation clauses.The Company has not given any sub lease during the year.
B. Defined benefit plan- Gratuity
The Company operates a defined benefit gratuity plan, which is governed by the Payment of Gratuity Act, 1972. The plan entitles
an employee who has completed at least five years of continuous service, to gratuity at the rate of fifteen days wages for every
completed year of service or part thereof in excess of six months, based on the last drawn wage by the employee concerned, subject
to the maximum limit specified under the Payment of Gratuity Act, 1972 as amended from time to time. The gratuity amount is payable
on termination of the emoployee or retirement whichever event is earlier, the benefit vest after five years of continuous service.
The defined benefit gratuity plan is administered by a Trust that is legally separate from the Company. The gratuity plan is a funded
plan, managed by Life Insurance Company (“LIC”) and the Company’s makes annual contributions to Group Gratuity cum Life
Assurance Scheme managed by LIC.
The most recent actuarial valuation of the defined benefit obligation was carried out as at 31st March, 2025. The present value of
the defined benefit obligations and the related current service cost and past service costs were measured using Projected Unit
Credit Method.
Notes:
i. The Company is involved in other disputes, lawsuits, claims, inquiries and proceedings including commercial matters that arise from
time to time in the ordinary course of business. The Company believes that there are no such pending matters that are expected to
have any material adverse effect on its financial statements in any given accounting period.
ii. The amounts shown above represent the best possible estimates of pending litigations/disputes arrived at on the basis of available
information. The above do not include potential risks/demands, if any, for ongoing issues where no claims have been made against
the Company.
iii. Pending resolution of the respective proceedings, it is not practicable for the Company to estimate the timings of cash outflows, if
any, in respect of the above as it is determinable only on receipt of judgements/ decisions pending with various forums/ authorities.
Note 45: Disclosure pursuant to Indian Accounting Standard (Ind AS) 102, Share-Based Payments
The Board of Directors constituted the equity settled Employee Stock Option Plan (“ESOP 2022”) vide its resolutions dated 13th August,
2022 for issue of 5,00,000 stock options to the key employees of the Company, which has been approved in the Company’s Annual
General meeting dated 30th September, 2022 further ESOP 2022 was amendend in the Annual General meeting dated 27th September
2023 by increasing the pool size from erstwhile 5,00,000 Stock Options to 25,00,000 Stock Options. Additionally as per ESOS 2015
approved by member's resolution dated 03rd April, 2015 which was further amended vide special resolution dated 16th May 2015 and
which was ratified post IPO by the shareholders in the 26th AGM held on 19th September, 2018 the balance 1,76,015 shares avaliable under
ESOS 2015 got transfered to ESOP 2022 vide amended to ESOS 2015
The number of shares allocated for allotment under ESOP 2022 is 25,00,000 equity shares of H 10 each (including 1,76,015 shares held by
ESOP trust vide amendment to ESOS 2015. The scheme are monitored and supervised by Nomination and Remuneration Committee of
the Board of Director in compliance with provision of Securities and Exchange Board of India (Shares Based Employee Benefits & Sweat
Equity) Regulation, 2021 and any circulars/notifications/guidance/frequently asked question issued thereunder as amended from time
to time.
The Employee Stock Option Plan includes employees of Parag Milk Foods Limited and its subsidiaries.
According to ESOP 2022, the employee selected will be entitled to stock options, subject to satisfaction of the prescribed vesting
conditions in the scheme. The fair valuation of the option have been computed as per the black scholes pricing model.
Note 48:
a) No provision for current tax is required to be made for the year ended 31st March, 2025, in view of certain allowances and deductions
available under the Income Tax Act, 1961.
B) The Income Tax Department conducted a search under Section 132 of the Income Tax Act, 1961, on the Company and its associated
persons in the month of November 2021. The Company had only received a Panchanama dated 27th November, 2021. Subsequently,
in the Assessment Order for A.Y 2021-22 dated 31st December 2022, a reference has been made to the search and seizure and
appeal has been preferred against this order.
Note 49:
The Company has a process whereby periodically all long term contracts are assessed for material foreseeable losses. At the year-
end, the Company has reviewed all such contracts and confirmed that no provision is required to be created under any law / accounting
standard towards any foreseeable loss.
Note 50: Audit Trail
The Company has used an 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 the accounting software. Further, no instance of audit trail feature
being tampered with was noted in respect of the software where audit trail has been enabled & the audit trail has been preserved by the
Company as per the statutory requirements for record retention.
Note 51: Environmental, Social and Governance (ESG)
As a socially and environmentally responsible business, committed to the highest standards of corporate governance, the Company
is focused on growing sustainably to build long-term stakeholder value by embracing sustainable development. The Company aims to
deliver value to its employees, customers and stake holders.
Note 52: Events after the reporting period
The Board of Directors in their meeting on 2nd May 2025 recommended a final dividend of H1 (One) per equity share for the financial year
ended March 31 2025. This payment is subject to the approval of shareholders in the Annual General Meeting of the Company and if
approved would result in a net cash outflow of approximately H11.92 crore. It is not recognised as a liability as at 31st March, 2025.
Note 53:
Figures of the previous year have been regrouped wherever necessary The figures have been rounded off to the nearest crore of rupees
upto two decimal places. The figure 0.00 wherever stated represents value less than H 50,000.
Note 54:
Note No. 1 to 54 form integral part of the Standalone Balance Sheet and Standalone Statement of Profit and Loss.
Signatures to Notes 1 to 54
SHARP & TANNAN For and on behalf of the Board of Directors of
Chartered Accountants Parag Milk Foods Limited
Firm's Registration No. 109982W
by the hand of
Edwin Paul Augustine Devendra Shah Pritam Shah
Partner Chairman Managing Director &
Membership No. 043385 DIN: 01127319 Interim Chief Financial Officer
DIN: 01127247
Virendra Varma
Company Secretary & Compliance
Officer
Membership No. F10520
Place: Mumbai Place: Mumbai
Date: 02nd May 2025 Date: 02nd May 2025
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