2.13 Provisions, Contingent liabilities & Contingent Assets:
Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result
of past events and it is probable that there will be a outflow of resources. Contingent Liabilities are not recognised but are disclosed in
the notes. Contingent Assets are neither recognised nor disclosed in the financial statements.
2.14 Segment Reporting
Based on “Management Approach" as defined by Ind AS 108, The Chief Operating Decision Maker (CODM) evaluates the
"Operating Segments”. Operating segments are reported in a manner consistent with the internal reporting provided to the CODM.
The accounting policies adopted for segment reporting are in conformity with the accounting policies adopted for the Company.
Revenue and expenses have been identified to segments on the basis of their relationship to the operating activities of the segment.
The company has only one segment of trading and warehousing of Agri Products as of now.
2.15 Rece nt Accou nti ng Pronoun cements
Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies (Indian
Accounting Standards) Rules as issued from time to time. During the year ended 31 st March, 2025, MCA has not notified any new
standards or amendments to the ex is ting standards applicable to the Company
Maharashtra, and (ii) extension of first charge ranking pari-pasu on movable properties situated at village Chhata, District Mathura in the
state of Uttar Pradesh. These debentures are further secured by first charge on all the movable assets of the Company both present and
future (excluding current assets and specific assets charged to others) situated at aforesaid bcations and ranking on a pari-pasu basis
with others. The debentures are further secured by personal guarantee of a Promoter Director.
13.3 Loans from financial institutions amounting to Rs. 1,937.86 lakh (Previous year- Rs. 2,616.78 lakh) along with loans
acquired/settled/repaid by Strategic Investor are secured by way of Equitable Mortgage on immovable properties situated at Chhata,
District Mathura in the State of Uttar Pradesh and are further secured by way of hypothecation of movable properties of the Company
both present and future (other than current assets and specific assets charged to others) ranking on a pari-pasu basis and are further
secured by personal guarantee of a PromoterDirector.
13.4 Above loans from financial institution are inclusive of advance of Rs. 407.90 lakh given by the said institution to an Equipment
Vendor for the supply of specific plants at Company's site to be leased on commissioning to the Company. The above outstanding is
included in the Term Loan in view of a CDR proposal to that effect followed by in-principle confirmation from the said Financial Institution
to that restructuring scheme.
13.5 Part of the assets being security against the above Notes from 13.1 to 13.3 has been disposed off as scrap by company in terms of
approval of board and shareholders for removal of hazardous and obsolete chemicals filled equipment and for freeing up the land for
setting up new business activities. Company has kept land and other assets as security with above lenders and current market value of
land has significantly increased than the value required as security forthe above loan.
Recovery petitions filed by above lenders are already pending with DRT. Management has also approached them for one-time
settlement. Management is hopeful to close the matter by mutual agreement in due course. Secured Loan from Strategic Investor
includes dues of banks and Financial Institution which were acquired and repaid by the Strategic Investor. These dues are secured by
way of hypothecation/ charge on the immovable properties of the company excluding assets specifically charged to others and are
further secured by personal guarantee of a Promoter Director.
13.6APromoter Director of the Company, his family members, have pledged 20.88 lakh shares owned by them to Financial Institutions
as collateral security.
13.7The Company has been sanctioned a Warehouse Receipt Finance Credit Facility from Aryadhan Financial Solutions Pvt. Ltd., with
a sanctioned drawing amount of Rs. 150 Lakhs at an interest rate of 12.5% per annum. The facility has been availed to meet the
Company's regular working capital requirements for the purchase of agricultural commodities. The credit facility is secured by pledging
the agricultural commodities in stock.
27 TheoneTime Settlement dated 4th December, 2023 from Pradeshiya Industrial & Investment Corporation of U.P. Limited (PICUP),
granted to the company of its dues payable by 3rd December, 2024 along with 11% simple interest. The Company has paid to
PIICUPRs. 678.92 Lakhs towards same on 20th April, 2024 while balance outstanding amount remains unpaid. The Company, vide
letter dated 13th November, 2024, has formally requested PICUP for an extension of the deadline for the payment of the balance
OTS amount. PICUP, in its letter dated 23rd January, 2025, approved the extension allowing the Company to make the final
instalment of Rs. 2,299 lakhs (Principal Penal Interest) on or before 3rd June, 2025. As company is requesting rebate in the interest
portion of the dues, a reliable estimate cannot be made of the amount likely to be paid in satisfaction of above obligations. With
respect to the provision of Ind AS 37 no further provision has been made for additional amounts on account of interest and other
charges which may be payable to the lenders.
28 During the previous year the project for setting up a Mega Food Park was abandoned due to changed policies of the Government,
accordingly the lease agreement with Nandvan Mega Food Park Pvt. Ltd. was cancelled vide deed of cancellation agreement dated
20th March, 2024. Following the provisions of Ind AS 40, the transfer of assets from investment property to be made when
investment property ceases to meet the definition of investment property and there is the change in use, accordingly the Investment
properties comprising of land and buildings under the said lease agreement are now transferred to the Property, Plant & Equipments
under the fixed assets schedule. Further the Company has also Sold its Investments in Nandvan Mega Food Park Pvt. Ltd. to Akhill
Marketing Private Ltd vide share purchase agreement dated 20th March, 2024 at Cost of Rs. 0.90 Lakhs as Mega Food Park project
was abandoned. Also the Outstanding Rent Receivable from Nandvan Mega Food Park Pvt. Ltd. of Rs. 18 Lakhs are added to its
outstanding Loan (Receivable)Account.
29 Calls in arrears include unpaid Allotment Money related to Debentures which have been converted into Equity Shares as per the
terms of their issue. The Company, in exercise of its lien on such shares, has not issued the share certificates to the defaulting
Debenture holders. The Company’s lien on such shares will extend to the forfeiture of such shares if considered necessary by the
Company Board in due courseoftime.
30 In respect of financial liabilities of the company towards outstanding debentures and secured loans from state financial institution,
the Company is in negotiations for settlement of their dues. A reliable estimate cannot be made of the amount likely to be paid in
satisfaction of above obligations. Following the provision of Ind AS 37 no provision has been made for additional amounts on
account of interest and other charges which may be payable to the lenders.
32 Contingent Liabilities not provided for in the Accounts are as follows:
a) Claims against the Company not acknowledged as debt, as certified by the management, including matter under litigation as on 31 st
March, 2025 is Rs. 26.92 Lakhs (P.Y. Rs. 834.67 Lakhs).
b) During the financial year 2015-16 company had received a letter from Central Bank Merchant Banking Divison, Debenture Trustee
Section claiming their fees including interest on arrears of Rs. 506.09 Lakhs for acting as Debenture Trustee. The Company has
disputed the same as matter pertaining to liability for debentures was already over in the year 2007 and subsequently most of
debentures were acquired by strategic investor who has no agreement with Central Bank Merchant Banking Divison, Debenture
Trustee Section and therefor company has not made any provision for this demand.
c) Bombay Stock Exchange (BSE) have levied penalties for F.Y. 2019-20 to F.Y. 2022-23 under the various regulations of Securities
Exchange Board of India (SEBI). The company after making various representations and waiver request payment of Rs. 31.13
Lakhs made to BSE.
d) During the year the Company has received assessment order from Income Tax authority for the A. Y. 2023-24 in relatbn to the earlier
income tax search action u/s 132 of the Income Tax Act, 1961 on the promoters group entities including the company. Department
has assessed as undisclosed income u/s. 69Aof an aggregate amount of Rs. 40.94 Lakhs and has charged Rs. 31.94 Lakhs as tax
and surcharge along with interest of Rs. 7.13 Lakhs. In response company has filed the Appeals before the appropriate authorities
forthe said assessment year. Auditors are not in a position to comment on it in either way and now matter is subjudice. Company has
not made any provision for the above liabilities as it is confident that these additions will be deleted in appeals proceedings, in line
withsimilarfadsinthe order of appeal that were allowed by the department for earlier assessment years.
33 No deferred tax benefit is recognised in the absence of reasonable certainty that the taxable income will be generated by the
company in near future tooffsetthe losses.
34 Segmentlnformation:
As the Company has only one segment of trading and warehousing of Agri Products., discbsure under "Ind AS-108 Segment
Reporting" is not applicable.
35 Ratios applicable to company as per revised schedule III of Companies Act, 2013 are as follows:
a) No amount in respect of related parties has been written off / written back during the accounting period.
b) Related party relationships have been identified by the management based on Ind AS 24 and relied upon by the statutory auditors.
c) During the year, loan from a director Mr.Ambuj Chaturvedi Amt. Rs. 83.75 Lakhs was transferred to Overseas InfrastructureAlliance
(India) Private Limited pursuant to confirmation and consent received from the director.
37 The Company has not advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of
funds) any funds, to or in any other persons or entities, including foreign entities ("Intermediaries"), with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever (“Ultimate Beneficiaries") by or on behalf of the Company or provide any guarantee, security orthe like to or
on behalf of the Ultimate Beneficiaries.
The Company has not received any funds from any persons or entities, including foreign entities ("Funding Parties"), with the
understanding, whether recorded in writing or otherwise, that the Company shall directly or indirectly, lend or invest in other persons
or entities identified in any manner whatsoever ("Ultimate Beneficiaries”) by or on behalf of the Funding Party or provide any
guarantee, security orthe like from oron behalf of the Ultimate Beneficiaries.
38 Previous year figures have been regrouped, reworked, rearranged and reclassified wherever necessary. Figures in brackets
indicate the corresponding figures for the previous year.
The accompanying notes form an integral part of the financial statements
In terms of our report of even date attached.
For B.M. CHATURVEDI & CO. FOR AND ON BEHALF OF THE BOARD
irAlS Il^TW18 SURESH V. CHATUVEDI S C RASTOGI ADVAIT CHATURVEDI
iuaii-kin. injifw Promoter Director Director Director
KARTIKAGRAWAL (DIN: 00577689) (DIN: 03612907) (DIN: 05003448)
Partner
ICAI M No 463529 AMBUJ CHATURVEDI SONAL J. WAGHELA ANOOP GUPTA
Director Director Director
(DIN: 05003458) (DIN: 09495499) (DIN: 02481320)
UDIN: 25463529BMOPJM9689
Date: 2T" May, 2025 KAPIL CHATURVEDI JYOTI DARADE
Place: Mumbai Chief Financial Officer Company Secretary
|