6.3 As reported earlier, the Company had filed appeal with the Company Law Board against the dismissal of the Company's application by the said Board in 1982 in connection with the transfer of 54000 equity shares of the Ganesh Flour Mills Co. Ltd. to its name. The appeal is pending for final hearing and disposal. However, by way of abundant caution, the Company during year ended March 31, 1994, stated the value of the said investment at a token figure of Re.1 each by writing off the investment.

6.4 These preference shares were issued on September 26, 2015 and are redeemable, either in whole or in part at anytime and from time to time within a period of 20 years.

12.1 The bank has a lien on margin money as security against the guarantees issued amounting to Rs. 35.28 lakhs (March 31, 2023 : Rs. 28.16 lakhs) and against Letter of credit amounting to Rs. 2.00 lakhs (March 31, 2023 : Rs. 2.50 lakhs).

12.2 Fixed Deposit receipts aggregating to Rs. 287.54 lakhs (March 31, 2023 : Rs. Rs. 231.45 lakhs) have been pledged to a bank to secure the bank overdraft facility sanctioned by it. (Limit Rs. 240 lakhs (March 31, 2023 : Rs.200 Lakhs)). (Refer Note 22.2).

b) Terms / rights attached to equity shares

The Company has only one class of equity having a par value of Rs.10 per share. Each Equity Shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

17.1 Nature and purpose of reserves

(i) General reserve

General Reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. General Reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income.

(ii) Retained earnings

Retained earning are the profits that the Group has earned till date, less any transfer to General Reserve, dividends or other distributions paid to the shareholders.

(iii) Equity instruments through other comprehensive income

The fair value change of the equity instruments measured at fair value through other comprehensive income is recognised in equity instruments through Other Comprehensive Income. Upon derecognition, the cumulative fair value changes on the said instruments are transfer to the retained earning.

(iv) Remeasurement of defined benefit plan

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.

Details of security for secured loans from banks

22.1 Cash credit facility is secured by hypothecation of all the stocks, book debts (the above cash credit along with the other facilities of inland / foreign letter of credit and guarantees aggregating to Rs. 478.73 lakhs (March 31, 2023 : Rs. 478.73 lakhs) are further secured by way of deposit of the title deeds in respect of Company's property situated at 12-14 , Veer Nariman Road, 4th Floor, Brady House, Mumbai 400001.

22.2 Bank Overdraft is secured by pledge of fixed deposit receipts aggregating to Rs. 287.54 lakhs (March 31, 2023 : Rs.231.45 lakhs) (Limit Rs. 240 lakhs (March 31, 2023 : Rs.200 Lakhs)) (Refer Note 12.2)

31.1 Salaries and wages include Chief Financial Officer's remuneration amounting to Rs. 66.30 lakhs (2022-2023 : Rs. 59.15 lakhs) and Company Secretary's remuneration amounting to Rs. 8.36 lakhs (2022-2023 : Rs. 6.70 lakhs).

31.2 Remuneration to Managing Director includes Rs. 15.55 lakhs (2022-2023 : Rs. 13.54 lakhs) towards contribution to provident fund and other funds and Medical Reimbursement of Rs. 0.21 lakhs (2022-2023 : Rs. 1.45 lakhs).

35 Segment information

As per Ind AS 108- “Operating Segment”, segment information has been provided in Note 39 under the Notes to Consolidated Financial Statements.

36 Benami property

There were no proceedings initiated or pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.

37 Wilful Defaulter

The Company is not a declared wilful defaulter by any bank of financial institution or other lender.

38 Relationship with Struck off Companies

The Company has no transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956 during the year.

39 Charges:

There were no charges or satisfaction yet to be registered with the Registrar of Companies beyond the statutory period as at March 31, 2024.

40 Compliance with number of layers of companies

The Company does not have any subsidiary within the meaning of sub-Section (87) of Section 2 of the Companies Act, 2013 read with the rules thereunder.

41 Utilisation of borrowed funds and share premium

(i) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s), entity(is) including foreign entities (intermediaries) with the understanding that the intermediary shall directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or on behalf of the Company (ultimate benefices) or provide any guarantee, security of the like to or on behalf of the ultimate beneficiary.

(ii) The Company has not received any borrowed funds from any person(s), entity(is) including foreign entities (funding party with the understanding that the Company shall directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or on behalf of the Funding party (ultimate benefices) or provide any guarantee, security of the like to or on behalf of the ultimate beneficiary.

42 Financial Instruments

The following 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.

The Company's Corporate finance department monitors and manages the financial risks relating to the operations of the Company through internal risk reports which analyse the exposures by degree and magnitude of risks. These risks include market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk.

The risk management policies are established to ensure timely identification and evaluation of risks, setting acceptable risk thresholds, identification and mapping controls against these risks, monitor the risk and their limits, improve risk awareness and transparency. Risk management policies and systems are reviewed regularly to reflect changes in the market conditions and Company's activities to provide reliable information to the management and the Board to evaluate the adequacy of the risk management framework in relation to the risk faced by the Company. The Company's finance function reports quarterly to the Company's Board of Directors that monitors risks and policies implemented to mitigate risk exposures. The Board of Directors reviews and agrees policies for managing each of these risks which are summarized below:

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: interest rate risk and currency risk. Financial instruments affected by market risk include loans and borrowings, deposits and derivative financial instruments.

The objective of market risk management is to avoid exposure in our foreign currency transactions and interest rate risk.

Interest rate risk management

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 exposure to the risk of changes in market interest rates relates primarily to the Company's debt obligations with floating interest rates. The Company manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings.

Interest rate sensitivity analysis

The sensitivity analyses below have been determined based on the exposure to interest rates for both fixed and floating rate borrowings at the end of the reporting period. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 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.

42.2 Credit risk management

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, and arises principally from the Company's receivables from customers, counterparties to the derivative contract, bank balances, investment securities and other receivables. Credit risk is managed through credit approvals and continuous monitoring in the normal course of business. The Company establishes an allowance for doubtful debts and impairment that represents its estimate of expected credit losses in respect of trade and other receivables. The maximum exposure to credit risk in case of all the financial instruments covered below is restricted to their respective carrying amount.

Trade receivables

The credit period ranges from 30 days to 180 days. Before accepting any new customer, the company assesses the potential customer credibility and define credit limits for each customer, such limits are reviewed annually.

Cash and bank balances

The credit risk on liquid funds and other bank deposits is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

Liquidity risk refers to the risk of financial distress or extraordinary high financing costs arising due to shortage of liquid funds in a situation where business conditions unexpectedly deteriorate and requiring financing. Ultimate responsibility for liquidity risk management rests with the board of directors. The Company manages liquidity risk by maintaining reserves and banking facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

The following tables detail the Company's remaining contractual maturity for its financial liabilities with agreed repayment periods and its financial assets. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows.

The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.

The sensitivity analysis presented above may not be representative of the actual change in the projected benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the projected benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same method as applied in calculating the projected benefit obligation as recognised in the balance sheet.

48 Income Taxes

The Company is subject to Indian Income Tax Act on a standalone basis. Entity is assessed to tax on taxable profits determined for each fiscal year beginning on April 1 and ending on March 31. For each fiscal year, the entity profit or loss is subject to the higher of the regular income tax payable or the Minimum Alternative Tax (“MAT”).

Provision for tax is determined under generally accepted accounting principles and adjusted for, inter alia, the Company's assessment of allowable expenditure (as applicable), including exceptional items, set off of tax losses and unabsorbed depreciation. Statutory income tax is charged at 15% plus a Surcharge and Cess. MAT for the fiscal year 2023-24 is payable at 15% as increased by Surcharge and Cess. MAT paid in excess of regular income tax payable during a year can be carried forward and set off against regular income taxes payable within a period of fifteen years succeeding the fiscal year in which MAT credit arises.

52 Previous year’s figures have been regrouped and rearranged wherever necessary.