Punjab National Bank (under item no (a) above)
Secured against hypothecation of raw material, stores, semi-finished goods & finished goods and Book Debts and colletarally secured against Eq. mortgage of land & building of Nizamabad unit,lease rights on land of malda unit, building constructed there on and the P & M and other fixed assets of the Nizambad & Malda units.
Citi Bank NA (under item no (b) above):-
Secured against charge on a part of land located at G T Road, Phagwara
Current maturities of long Term Borrowings (under item no (c) above) are secured as per item no. 18(a)
INFORMATION UNDER Ind AS-19 ‘'EMPLOYEE BENEFITS'' :
Defined Benefit Plan
Defined benefit plans include Gratuity which is determined on the basis of actuarial valuation at the end of the year and contributions are deposited with SBI Life Insurance Company Ltd. under a separate trust, and charged to the Profit & Loss Account of the relevant year. The required disclosures are given hereunder:
4. Contingent Liabilities not provided for include :
(i) LCs / Bank Guarantees / Corporate Guarantee / Bond :
(a) The Company has issued LCs / Bank Guarantees for H 10.22 Crores (Previous Year H10.22 Crores) in favour of West Bengal State Electricity Board & Himachal Pradesh State Electricity Board for power connection of Malda unit & Gurplah unit & for import of machinery / machinery parts etc.
(b) The Company has given a Corporate Guarantee(s) of H 40 crores (Previous Year H40 Crores) to Yes Bank Ltd. for availing the Term Loan by its wholly owned subsidiary M/s Sukhjit Mega Food Park & Infra Ltd. for setting up the Mega Food Park. The outstanding balance of the term loan appeared at H 2 Cr. as on 31.03.2025 (H10 Cr. as on 31.03.2024), which has been squared up in the month of April, 2025 and the said corporate guarantee of H 40 crores is being released by the Bank. There is no other Corporate Guarantee / third party Guarantee / security given / provided by the Company.
(c) The Company has executed a common Bond of H 9 Crores (Previous year H 9 Crores) in favour of Assistant Commissioner of Customs/ Customs & Excise for availing exemption against import of machinery under EPCG scheme. The Company is fulfilling the export obligation under EPCG scheme of the Central Government against import of capital goods at concessional rates. The pending Export obligation appeared at H 69.49 Crores as on 31.03.2025 (Previous year H 67.09 Crores) to be fulfilled in the period of next 3 years. The exports of the company appeared at H 0.94 Crores during the current year (PY H 6.12 Crores).
- (**) H2.81Crores has been wrongly levied for R&C measures by A.P. Northern Power Distribution Company Ltd., Nizamabad against exemption enjoyed by the unit. Our petition has been duly admitted by the Hon'ble High Court of Andhra Pradesh on merits and the demand has been stayed accordingly.
- (***) H3.03 Crores include H 2.51 Crores is the demand raised by the Assessing officer by wrongly disallowing the expense(s) duly allowable u/s 43B of the Income Tax Act, 1961, without appreciating the factual position and balance H 0.52 Crores is raised by the Assessing officer by disallowing our claim for an item against the law settled by the Hon'ble Supreme Court. The company has filed an appeal and the matter is pending before Hon'ble CIT (Appeals).
(iii) Estimated value of contracts remaining to be executed on capital account and not provided for (net of Advances) : H 7.50 Crores (Previous year H 9.50 Crores)
5. Short term loans & advances include H 43.20 Crores (Previous year H 42.84 Crores) and Other non current assets include H21.63 Crores (Previous year H21.63 Crores) due from the subsidiary companies. These mainly include H 62.41 Crores (Previous year H 61.78 Crores) receivable from Sukhjit Mega Food Park & Infra Ltd., which is providing some key infrastructural facilities & utilities to the manufacturing unit of the company at Rehana Jattan, Phagwara.
16. ADDITIONAL REGULATORY INFORMATION / DISCLOSURE AS PER SCHEDULE III TO THE COMPANIES ACT, 2013:
(i) The Company does not have any benami property held in its name. No proceedings have been initiated or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.
(ii) The quarterly / monthly statements / information of current assets filed by the company with banks are in agreement with the books of accounts.
(iii) The company has not used the borrowings for any purpose other than the specified purpose of the borrowings. The funds raised on short term basis have not been utilised for long term purposes during the year.
(iv) There is not default in terms of repayment of any loan i.e either principal or interest thereon.
(v) The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any government authority.
(vi) The Company has complied with the requirement with respect to number of layers, prescribed under section 2(87) of the Companies Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017.
(vii) Utilisation of borrowed funds and share premium :
(i) 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:
(a) Directly or indirectly lend or invest with other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or
(b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
(ii) 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 :
(a) Directly or indirectly lend or invest with other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
(b) Provide any guarantee, security or the like on behalf of the ultimate beneficiaries.
(viii) There is no income surrendered or disclosed as income during the year in tax assessments under the Income Tax Act, 1961 (such as search or survey), that has not been recorded in the books of account.
(ix) The Company has not traded or invested in crypto currency or virtual currency during the year.
(x) The company had no transaction during the year with the companies struck off u/s 248 of The Companies Act, 2013 or u/s 560 of The Companies Act, 1956.
(xi) The Company had no Intangible asset under development at the end of the year.
(xii) The Company does not have any charges or satisfaction of charges which are yet to be registered with Registrar of Companies beyond the statutory period.
(xiii) The financial statements have been approved by the Audit Committee and the Board of Directors at their respective meetings held on 30th May, 2025.
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