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Notes to Accounts of Kesar Enterprises Ltd.
Mar 31, 2025
Note (a): The written down value of Freehold Land, Leasehold Land, Building and Plant and Equipment revalued by the Company on 30th June, 2023 was? 29,655.30 Lakhs and their fair market value were ? 34,080.53 Lakhs. Hence, during the Previous Year, the revaluation resulted in increase in the value of Freehold Land, Leasehold Land, Building and Plant and Equipments by ? 4,425.23 Lakhs. Depreciation on revalued portion is provided for the balance estimated useful life of the respective assets and equivalent amount is transferred from Revaluation Reserve to General reserve.
(#) Note b (i): In respect of land (out of the above Freehold Land) owned by the Company in Village Khurpia, Tehsil Kiccha, District Udham Singh Nagar, Uttarakhand on an application of a third party, passed an order dated 06.02.2023 deleting the name of the Company as owner and entering the name of third party as owner, in Khatauni (a revenue record of the Local District). On the strength of the order dated 06.02.2023, the third party also filed original suit before Ld. Senior Civil Judge, District Udham Singh Nagar, Uttarakhand, seeking permanent injunction against the Company in respect of the said land. Ld. Senior Civil Judge granted temporary injunction against the Company via order dated 03.03.2023. These orders have been challenged by the Company at appropriate forums including through writ petition filed by the Company before Hon''ble High Court of Uttarakhand at Nainital, which is currently pending for adjudication.
(#) Note b (ii): In respect of land (out of the above Freehold Land) owned by the Company in village Bandia, Bareilly Nainital Road, Tehsil - Kichha, District - Udham Singh Nagar, Uttarakhand, Consolidation Officer, Kichha has, on the request of a third party, passed an order dated 3rd May 2024, deleting the name of the company and entering the name of the third party as legal owner of the said land. On the strength of the said order, the third party has been able to get the land entered in her name in the concerned Khatauni (a revenue record of the Local District). The Company has challenged the order before the Competent Civil Court as well as a writ petition has also been filed before Hon''ble High Court of Uttarakhand at Nainital, which is currently pending for adjudication.
(b) Terms/rights attached to Equity Shares
The Company has only one class of Equity Shares having a par value of '' 10 /- per Share. Each Holder of Equity Shares is entitled to one vote per Share. The Company declares and pays Dividends in Indian Rupees. The Dividend, if proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting except for interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the value of the remaining assets of the Company after distribution of all preferential amounts, in proportion of their holdings.
(1) Sugar Development Fund (Co-Gen Term Loan)
Security: Secured by way of first pari passu charge on Properties of the Sugar Factory at Baheri both present and future
Terms of Repayments:
Tranche I: Repayable in 10 half yearly installments of '' 159.77 Lakhs each, starting from July 4, 2014 to January 4, 2019.
Tranche II: Repayable in 10 half yearly installments of '' 158.47 Lakhs each, starting from March 2015 to September 2019.
Rate of Interest: Ranging from 4% to 7.5%.
(2) Sugar Development Fund (Modernisation Term Loan)
Security: Secured by way of first pari passu charge on Properties of the Sugar Factory at Baheri both present and future
Tranche I: Repayable in 5 annual installments of '' 44.05 Lakhs each, starting from August 3, 2018 to August 3, 2022.
Tranche II: Repayable in 5 annual installments of '' 46.72 Lakhs each, starting from August 15, 2018 to August 15, 2022. .
Rate of Interest: 4%.
(3) U P Co Operative Bank Ltd. (Working Capital Term Loan)
Security: Secured by pledge of Stocks of Sugar and further secured by second pari passu charge on Fixed Assets of Sugar Division
Terms of Repayments: Repayable in 8 half yearly installments from August 2019 to Feb 2023 Rate of Interest: Ranging from 8.95% to 9.50%.
34. Alcohol and Molasses Storage Reserves and Effluent Disposal Reserves amounting to '' 121.32 Lakhs (P.Y. '' 116.79 Lakhs) are not deposited with a Scheduled Bank since it is reserved by the Company for utilization for provision and maintenance of adequate storage facilities as required under Uttar Pradesh Sheera Niyantran (Sansodhan) Adesh, 1974.
The liability for leave entitlement is '' 171.94 Lakhs (P.Y. '' 160.07 Lakhs) disclosed under Long Term Provision (Refer Note No. 17) and Short-Term Provision (Refer Note No. 24)
(iii) Sensitivity Analysis
The below sensitivity analysis is based on the change in an assumption while holding all other assumptions constant. In practice this unlikely to occur and change in some of the assumptions may be correlated. When calculation the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the defined benefit liability recognized in the balance sheet. The method and types of assumptions used in reporting the sensitivity analysis did not change compared to the prior period.
2) Gratuity is a defined benefit plan and company is exposed to the following risks:
Interest Risk Interest rate risk: A fall in the discount rate which is linked to the
Government Securities Rate will increase the present value of the liability requiring higher provision. A fall in the discount rate generally increases the mark to market value of the assets depending on the duration of asset.
Salary Risk The present value of the defined benefit plan liability is calculated by
reference to the future salaries of members. As such, an increase in the salary of the members more than assumed level will increase the plan''s liability
Investment Risk The present value of defined benefit plan liability is calculated using a
discount rate which is determined by reference to marker yields as at the end of the reporting period on government bonds. If the return on plant assets is below this rate, it will create a plan deficit. Currently, for the plan in India, it has a relatively balanced mix of investments in government securities, and other debt instruments.
Assets Liability Matching Risk The plan faces the ALM risk as to the matching cash flow. Since the
plan is invested in lines of Rule 101 of Income Tax Rules,1962, this generally reduces ALM risk.
Mortality Risk Since the benefits under the plan is not payable for lifetime and
payable till retirement age only, plan does not have any longevity risk.
Concentration Risk Plan is having a concentration risk as all the assets are invested with
the insurance company and a default will wipe out all the assets. Although probability of this is very low as insurance companies have to follow stringent regulatory guidelines which mitigate risk.
(iv) Leave Encashment (Non-funded)
The Company has recognised '' 69.57 Lakhs (P.Y. '' 112.65 Lakhs) in Statement of Profit and Loss based on actuarial valuation.
The Company''s principal financial liabilities, comprises borrowings, trade and other payables, and financial guarantee contracts. The main purpose of these financial liabilities is to finance the Company''s operations and to support its operations directly or indirectly. The Company''s principal financial assets include loans, trade and other receivables, cash and cash equivalents that derive directly from its operations.
The Company is exposed to credit risk and liquidity risk. Market risk is applicable for equity shares and variable borrowing. Foreign exchange risk is not applicable since the company does not have long term imports. The below note explains the sources of risk which the entity is exposed to and how the entity manages the risk :
Credit risk is the risk that a 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 and other financial instruments.
Outstanding customer receivables are regularly monitored and any further services to major customers are approved by the senior management.
On account of adoption of Ind-AS 109, the Company uses the expected credit loss model to assess the impairment loss or gain. The Company uses a provision matrix to compute the expected credit loss allowance for trade receivables. The provision matrix takes into account available external and internal credit risk factors and the Company''s historical experience for customers.
For the purpose of the Company''s capital management, capital includes issued equity share capital, securities premium and all other reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to maximise the value of the shares and to reduce the cost of capital.
Rental expense recorded for short-term leases (less than one year) was '' 4.65 lakhs and '' 4.64 lakhs for the year ended March 31,2025 and March 31, 2024 respectively.
44. In the Previous Year, the Company had entered into a One Time Settlement (OTS) with UCO Bank and has paid the entire OTS amount as per OTS sanction terms. Accordingly, the Company has given the accounting effect in the books by writing back of liabilities amounting to '' 9,113.77 Lakhs and included in Other Income (II) in the Previous Year.
45. The Company has incurred substantial losses in the current as well as in the earlier years and the net worth of the Company has completely eroded, mainly attributable to high sugarcane prices and relatively lower and unviable Sugar prices. The Company expects improvement in the revenues and business of the Company in future in view of various steps taken by Uttar Pradesh State Government and Central Government to improvise the sugarcane MSP and also improving the power rate for which writ petition is filed with Uttar Pradesh Electricity Regulatory authority. The Company is in process of monetizing its non operating assets (immovables) which will bring funds in the company. This will help us improving the operational capability in long term basis. Hence, these financial statements have been prepared on a "going concern" basis, despite accumulated losses resulting in erosion of its entire net worth.
b) The Company has evaluated the Deferred Tax Asset and Deferred Tax Liability on the eligible components as required under Ind AS 12 - Taxes on income. The net outcome is coming to Deferred Tax Asset. Currently the Company has huge unabsorbed depreciation and carry forward losses under the Income tax laws. The Company has assessed future position and is convinced of having a reasonable certainty of realizing the accumulated losses in future. However, the Company decided that it would be prudent that the net Deferred Tax Asset should not be recognized in the current year in the books of accounts.
47. The Code on Social Security 2020 (''the Code'') relating to employee benefits, during the employment and postemployment, has received Presidential assent on September 28, 2020. The Code has been published in the Gazette of India. Further, the Ministry of Labour and Employment has released draft rules for the Code on November 13, 2020. However, the effective date from which the changes are applicable is yet to be notified and rules for quantifying the financial impact are also not yet issued.
The Company will assess the impact of the Code and will give appropriate impact in the financial statements in the period in which the Code becomes effective and the related rules to determine the financial impact are published.
48. Balances in ledgers of Sundry Receivables (Debtors), Sundry Payables (Creditors), Loans & Advances/ Security Deposits accepted and given, few Non-operative Bank Accounts are subject to confirmation and reconciliation.
50. Additional regulatory information:
a) Loans and advances to promoters, Directors, Key Managerial Personnel and Related Parties
The Company has not given any loans and advances to promoters, Directors, Key Managerial Personnel and Related Parties except as mentioned in note number 38 - Related Party Disclosures as per Indian Accounting Standard 24
b) Compliance with number of layers of companies
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 for the financial years ended March 31,2025 and March 31, 2024.
c) Undisclosed Income
There are no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
d) Details of Crypto Currency or Virtual Currency
The Company has not traded or invested in Crypto currency or Virtual currency during the financial year ended March 31, 2025 and March 31, 2024.
e) Wilful Defaulter
Based on the available information''s available with the management, the Company has not been declared as a wilful defaulter by any bank or financial institution or other lender.
f) Fraud Reporting
The company has not reported any fraud during the year ended March 31, 202 and March 31, 2024.
g) Relationship with Struck off companies
The Company is under the process of identifying the transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act,1956.
h) Details of Benami Property held
No proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.
i) Title deed of immovable properties:
The title deeds of the immovable property disclosed in the financial statements are held in the name of the company except in respect of freehold land, which was owned by the Company has now been reflected in the name of the third party as owner, in Khatauni:
(a) Village Khurpia, Tehsil Kichha, District Udham Singh Nagar, Uttarakhand.
(b) Village Bandia, Bareilly Nainital Road, Tehsil - Kichha, District - Udham Singh Nagar, Uttarakhand.
j) There are no charges or satisfaction of charges yet to be registered with Registrar of Companies beyond the statutory period.
k) 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 in 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
l) 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 in 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.
m) The company has used an accounting software for maintaining its books of accounts which has a feature of recording audit trail (edit log) facility and the same has been operated throughout the year for all relevant transactions recorded in the software.
51. The previous year figures have been regrouped and reclassified wherever necessary to correspond with the current year classification / disclosure.
Mar 31, 2024
Note (a): The written down value of Freehold Land, Leasehold Land, Building and Plant and Equipments revalued by the Company on 30th June, 2023 were ? 29,655.30 Lakhs and their fair market value were ? 34,080.53 Lakhs. Hence, the revaluation resulted in increase in the value of Freehold Land, Leasehold Land, Building and Plant and Equipments by? 4,425.23 Lakhs. The revaluation of the Freehold Land, Leasehold Land, Building and Plant and Equipments resulted into additional Depreciation charge of ? 4.45 Lakhs for the year under consideration. Depreciation on revalued portion is provided for the balance estimated useful life of the respective assets and equivalent amount is transferred from Revaluation Reserve to General reserve.
(#) Note b (i): In respect of land (out of the above Freehold Land) owned by the Company in Village Kluirpia, Tehsil Kiccha, District Udharn Singh Nagar, Uttarakhand on an application of a third party, passed an order dated 06.02.2023 deleting the name of the Company as owner and entering the name of third party as owner, in Khatauni (a revenue record of the Local District). On the strength of the order dated 06.02.2023, the third party also filed original suit before Ld. Senior Civil Judge, District Udharn Singh Nagar, Uttarakhand, seeking permanent injunction against the Company in respect of the said land. Ld. Senior Civil Judge granted temporary injunction against the Company via order dated 03.03.2023. These orders have been challenged by the Company at appropriate forums including through writ petition filed by the Company before Hon''ble High Court of Uttarakhand at Nainital, which is currently pending for adjudication.
(#) Note b (ii): In respect of land (out of the above Freehold Land) owned by the Company in village Bandia, Bareilly Nainital Road, Tehsil - Kichha, District - Udharn Singh Nagar, Uttarakhand, Consolidation Officer, Kichha has, on the request of a third party, passed an order dated 3rd May 2024, deleting the name of the company and entering the name of the third party as legal owner of the said land. On the strength of the said order, the third party has been able to get the land entered in her name in the concerned Khatauni (a revenue record of the Local District). The Company has challenged the order before the Competent Civil Court as well as a writ petition has also been filed before Hon''ble High Court of Uttarakhand at Nainital, which is currently pending for adjudication.
Terms/rights attached to Equity Shares
The Company has only one class of Equity Shares having a par value of '' 10 /- per Share. Each Holder of Equity Shares is entitled to one vote per Share. The Company declares and pays Dividends in Indian Rupees. The Dividend, if proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting except for interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the value of the remaining assets of the Company after distribution of all preferential amounts, in proportion of their holdings.
(1) Sugar Development Fund (Co-Gen Term Loan)
Security: Secured by way of first pari passu charge on Properties of the Sugar Factory at Baheri both present and future
Tranche I: Repayable in 10 half yearly installments of '' 159.77 Lakhs each, starting from July 4, 2014 to January 4, 2019. Tranche II: Terms of Repayments: Repayable in 10 half yearly installments of '' 158.47 Lakhs each, starting from March 2015 to September 2019.
Rate of Interest: Ranging from 4% to 7.5%.
(2) Sugar Development Fund (Modernisation Term Loan)
Security: Secured by way of first pari passu charge on Properties of the Sugar Factory at Baheri both present and future
Tranche I: Repayable in 5 annual installments of '' 44.05 Lakhs each, starting from August 3, 2018 to August 3, 2022. Tranche II: Terms of Repayments: Repayable in 5 annual installments of '' 46.72 Lakhs each, starting from August 15, 2018 to August 15, 2022.
Rate of Interest: 4%.(3) U P Co Operative Bank Ltd. (Working Capital Term Loan)
Security: Secured by pledge of Stocks of Sugar and further secured by second pari passu charge on Fixed Assets of Sugar Division
Terms of Repayments: Repayable in 8 half yearly installments from August 2019 to Feb 2023 Rate of Interest: Ranging from 8.95% to 9.50%.
(4) UCO Bank (Cogen Term Loan)
Primary Security: Secured by way of first pari passu charge on all Fixed Assets of Sugar, Spirit and Cogen Division at Baheri both present and future, and 1st pari passu charge on the Current Assets of Cogen Division both present and future.
Collateral Security:Secured by way of 2nd pari passu charge on the Current Assets of Sugar and Spirit Division at Baheri (except Sugar Stocks pledged) both present and futurePersonal Guarantee: Personal Guarantee of Shri H R Kilachand
Terms of Repayments: The Company has entered into One Time Settlement (OTS) with the UCO Bank and entire OTS amount was to be paid by 31/03/2024 and entire OTS amount is paid by the Company as per OTS sanction terms. Pursuant to the payment of entire OTS amount, the Company is in the process of completing with the other procedural formalities like release of the Bank''s charge on the assets of the Company and withdrawal of various legal cases.
|
32. CONTINGENT LIABILITIES |
('' in Lakhs) |
||
|
(a) |
particulars Claims against the company not acknowledged as debts in respect of |
As at 31st March,2024 4.75 |
As at 31st March,2023 4.75 |
|
(b) |
criminal and civil cases Disputed sales tax, entry tax, trade tax and excise duty cases under appeal: Central Sales Tax |
62.00 |
62.00 |
|
Entry Tax (U.P.) |
982.60 |
982.60 |
|
|
Trade Tax (U.P.) |
17.21 |
17.21 |
|
|
Excise Duty |
953.35 |
4,992.59 |
|
|
Others |
0.48 |
0.48 |
|
|
Total |
2020.39 |
6,059.63 |
|
|
33. CAPITAL AND OTHER COMMITMENTS Estimated amount of contracts remaining to be executed not provided for - Towards Property Plant and Equipment |
2,997.37 |
2,997.37 |
|
- Towards Operating Expenditure |
149.63 |
0.00 |
34. Alcohol and Molasses Storage Reserves and Effluent Disposal Reserves amounting to '' 116.79 Lakhs (P.Y. '' 108.58 Lakhs) are not deposited with a Scheduled Bank since it is reserved by the Company for utilization for provision and maintenance of adequate storage facilities as required under Uttar Pradesh Sheera Niyantran (Sansodhan) Adesh, 1974.
35. Information as required to be furnished as per section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) is given below: -
|
The principal amount and the interest due thereon remaining unpaid to any supplier |
131.92 |
84.91 |
|
The amount of Principal and interest paid beyond the appointed day |
162.03 |
183.14 |
|
The amount of interest due and payable on delayed payments |
7.53 |
2.14 |
|
The amount of interest accrued and remaining unpaid |
7.53 |
2.14 |
|
The amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues as above are actually paid to the small enterprise. |
0.00 |
0.00 |
This disclosure is on the basis of information available with the Company regarding the status of Suppliers as defined under the "The Micro, Small & Medium Enterprises Development Act, 2006."
The liability for leave entitlement is ''160.07 Lakhs (P.Y. ''162.64 Lakhs) disclosed under Long Term Provision (Refer Note No. 17) and Short-Term Provision (Refer Note No. 24)
(iii) Sensitivity Analysis
The below sensitivity analysis is based on the change in an assumption while holding all other assumptions constant. In practice this unlikely to occur and change in some of the assumptions may be correlated. When calculation the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the defined benefit liability recognized in the balance sheet. The method and types of assumptions used in reporting the sensitivity analysis did not change compared to the prior period.
The Company''s principal financial liabilities, comprises borrowings, trade and other payables, and financial guarantee contracts. The main purpose of these financial liabilities is to finance the Company''s operations and to support its operations directly or indirectly. The Company''s principal financial assets include loans, trade and other receivables, cash and cash equivalents that derive directly from its operations.
The Company is exposed to credit risk and liquidity risk. Market risk is applicable for equity shares and variable borrowing. Foreign exchange risk is not applicable since the company does not have long term imports. The below note explains the sources of risk which the entity is exposed to and how the entity manages the risk :
Credit risk is the risk that a 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 and other financial instruments.
Outstanding customer receivables are regularly monitored and any further services to major customers are approved by the senior management.
On account of adoption of Ind-AS 109, the Company uses the expected credit loss model to assess the impairment loss or gain. The Company uses a provision matrix to compute the expected credit loss allowance for trade receivables. The provision matrix takes into account available external and internal credit risk factors and the Company''s historical experience for customers.
For the purpose of the Company''s capital management, capital includes issued equity share capital, securities premium and all other reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to maximise the value of the shares and to reduce the cost of capital.
The Company monitors capital using a gearing ratio, which is net debt divided by total equity. The Company includes within net debt, interest bearing loans and borrowings.
Rental expense recorded for short-term leases (less than one year) was '' 4.64 lakhs and ''4.29 lakhs for the year ended March 31,2024 and March 31, 2023 respectively.
44. The Company had entered into a One Time Settlement (OTS) with UCO Bank in March, 2023 and has paid the entire OTS amount as per OTS sanction terms. Accordingly, the Company has given the accounting effect in the books by writing back of liabilities amounting to '' 9,113.77 Lakhs and included in Other Income (II). Pursuant to the payment of entire OTS amount, the Company is in the process of completing with the other procedural formalities like release of the Bank''s charge on the assets of the Company and withdrawal of various legal cases.
45. The Company has incurred substantial losses in the earlier years, mainly attributable to high sugarcane prices and relatively lower and unviable Sugar prices. The Company is hopeful for the revival of the Sugar Industry in Uttar Pradesh in view of various steps taken by Uttar Pradesh State Government and Central Government. Hence, these Ind-AS financial statements have been prepared on a "going concern" basis, despite accumulated losses resulting in erosion of its entire net worth.
b) The Company has evaluated the Deferred Tax Asset and Deferred Tax Liability on the eligible components as required under Ind AS 12 - Taxes on income. The net outcome is coming to Deferred Tax Asset. Currently the Company has huge unabsorbed depreciation and carry forward losses under the Income tax laws. The Company has assessed the future position and is convinced of having a reasonable certainty of realizing the accumulated losses in future. However, the Company decided that it would be prudent that the net Deferred Tax Asset should not be recognized in the current year in the books of accounts.
47. The Code on Social Security 2020 (''the Code'') relating to employee benefits, during the employment and postemployment, has received Presidential assent on September 28, 2020. The Code has been published in the Gazette of India. Further, the Ministry of Labour and Employment has released draft rules for the Code on November 13, 2020. However, the effective date from which the changes are applicable is yet to be notified and rules for quantifying the financial impact are also not yet issued.
The Company will assess the impact of the Code and will give appropriate impact in the financial statements in the period in which the Code becomes effective and the related rules to determine the financial impact are published.
48. Balances in ledgers of Sundry Receivables (Debtors), Sundry Payables (Creditors), Loans & Advances/ Security Deposits accepted and given, few Non-operative Bank Accounts are subject to confirmation and reconciliation.
50. additional regulatory information:
a) Loans and advances to promoters, Directors, Key Managerial Personnel and Related Parties
The Company has not given any loans and advances to promoters, Directors, Key Managerial Personnel and Related Parties except as mentioned in note number 38 - Related Party Disclosures as per Indian Accounting Standard 24
b) Compliance with number of layers of companies
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 for the financial years ended March 31,2024 and March 31,2023.
There are no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
d) Details of Crypto Currency or Virtual Currency
The Company has not traded or invested in Crypto currency or Virtual currency during the financial year ended March 31,2024 and March 31,2023.
Based on the information''s available with the management, the Company has not been declared as a wilful defaulter by any bank or financial institution or other lender.
f) Fraud Reporting
The company has not reported any fraud during the year ended March 31,2024 and March 31, 2023.
g) Relationship with Struck off companies
The Company is under the process of identifying the transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act,1956.
h) Details of Benami Property held
No proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.
i) Title deed of immovable properties:
The title deeds of the immovable property disclosed in the financial statements are held in the name of the company except in respect of freehold land, which was owned by the Company has now been reflected in the name of the third party as owner, in Khatauni:
(a) Village Khurpia, Tehsil Kichha, District Udham Singh Nagar, Uttarakhand.
(b) Village Bandia, Bareilly Nainital Road, Tehsil - Kichha, District - Udham Singh Nagar, Uttarakhand.
j) There are no charges or satisfaction of charges yet to be registered with Registrar of Companies beyond the statutory period.
k) 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 in 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
l) 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 in 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.
m) The company has used an accounting software for maintaining its books of accounts which has a feature of recording audit trail (edit log) facility and the same has been operated throughout the year for all relevant transactions recorded in the software.
51. The previous year figures have been regrouped and reclassified wherever necessary to correspond with the current year classification / disclosure.
Mar 31, 2023
v) Provision for litigations and contingencies:
The provision for litigations and contingencies are determined based on evaluation made by the management of the present obligation arising from past events, the settlement of which is expected to result in outflow of resources embodying economic benefits, which involves judgements around estimating the ultimate outcome of such past events and measurement of the obligation amount.
vi) Provision for expected credit losses of trade receivables:
The Company uses a simplified approach to determine impairment loss allowance on the portfolio of trade receivables. This is based on its historically observed default rates over the expected life of the trade receivable and is adjusted for forward looking estimates. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analysed. The assessment of the correlation between historical observed default rates, forecast economic conditions and expected credit loss is a significant estimate. The amount of expected credit loss is sensitive to changes in circumstances and of forecast economic conditions. The Company''s historical credit loss experience and forecast of economic conditions may not be representative of customer''s actual default in the future.
(f) Revenue Recognition
The Company derives revenue primarily from sale of manufactured goods.
Revenue is recognized on satisfaction of performance obligation upon transfer of control of promised products to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products.
The Company does not expect to have any contracts where the period between the transfer of the promised goods to the customer and payment by the customer exceeds one year. As a consequence, it does not adjust any of the transaction prices for the time value of money.
The Company satisfies a performance obligation and recognises revenue over time, if one of the following criteria is met:
1. The customer simultaneously receives and consumes the benefits provided by the Company''s performance as the Group performs; or
2. The Company''s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or
3. The Company''s performance does not create an asset with an alternative use to the Company and an entity has an enforceable right to payment for performance obligation is satisfied.
For performance obligation where one of the above conditions are not met, revenue is recognised at the point in time at which the performance obligation is satisfied.
Revenue from sale of products and services is recognised at a time on which the performance obligation is satisfied.
Dividend income from investments is recognised when the shareholder''s right to receive payment has been established.
Interest income is recognized using the effective interest rate (EIR) method.
Insurance Claims are accounted when the right to receive payment is established.
(g) Property Plant and Equipment
Property, plant and equipment are stated at cost including amounts added on revaluation for Land, Building & Plant & Equipment, less accumulated depreciation and impairment loss, if any. The cost of property, plant and equipment comprises its purchase price, non-refundable duties and taxes and any cost directly attributable to bringing the asset to its location and condition necessary for it to be capable of operating in the manner intended by management.
The Company is following revaluation model for Land, Building & Plant & Equipments. The assets are stated at fair market value less accumulated depreciation recognized after the date of the revaluation. Revaluation Reserve to the extent of amount in excess of written down value is shown as ''Revaluation Reserve'' under the head ''Other Equity''. The revaluation shall be carried out every five years.
Subsequent expenditures related to an item of property, plant and equipment are added to its book value only if it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably.
(h) Depreciation is provided in following manner:
(i) Premium on Leasehold Land is amortised over the period of lease.
(ii) Depreciation on the Bio-Gas Plant, Power Generation Plant, Plant & Machinery installed for Expansion and Modernisation (Sugar & Spirit Division) has been provided on a Straight Line Method based on remaining useful life of the assets in compliance with the provisions as specified in Schedule II of the Companies Act, 2013.
(iii) Depreciation on Assets taken on lease has been provided on a Straight Line Method based on remaining useful life of the assets in compliance with the provisions as specified in Schedule II of the Companies Act, 2013.
(iv) For all other assets, depreciation is provided on a Written Down Value Method based on remaining useful life of the assets in compliance with the provisions as specified in Schedule II of the Companies Act, 2013.
(vi) Depreciation on Assets, whose actual cost does not exceed 0.05 Lakh for each asset is provided at the rate of hundred percent.
(vii) Depreciation on revalued portion is provided for the balance estimated useful life of the respective assets.
(viii) For property, plant and equipments added / disposed off during the year, depreciation has been provided on a pro-rata basis with reference to the period, at the applicable rates.
(i) Capital Work-in-Progress
Cost of assets not ready for intended use, as on the balance sheet date, is shown as capital work in progress..
(j) Borrowing Costs
Interest and other borrowing costs attributable to qualifying assets are capitalised. Other interest and borrowing costs are charged to Statements of Profit and Loss.
(k) Leases
The Company as a Lessee
The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: (1) the contract involves the use of an identified asset (2) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (3) the Company has the right to direct the use of the asset.
At the date of commencement of the lease, the Company recognizes a right-of-use asset ("ROU") and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.
Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.
The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter period of the lease term and useful life of the underlying asset.
The lease liability is initially measured at amortized cost at the present value of the future lease payments. The
lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of the leases. Lease liabilities are remeasured with a corresponding adjustment to the related right of use asset if the Company changes its assessment if whether it will exercise an extension or a termination option.
Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.
The Company as a lessor
Leases for which the Company is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.
When the Company is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.
For operating leases, rental income is recognized on a straight-line basis over the term of the relevant lease.
(l) Impairment of Non-Financial Assets
Assessment is done at each Balance Sheet date as to whether there is any indication that an asset (tangible and intangible) may be impaired. For the purpose of assessing impairment, the smallest identifiable group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows from other assets or groups of assets, is considered as a cash generating unit. If any such indication exists, an estimate of the recoverable amount of the asset / cash generating unit is made. Assets whose carrying value exceeds their recoverable amount are written down to the recoverable amount. An impairment loss is recognized in the Statements of Profit and Loss. Recoverable amount is higher of an asset''s or cash generating unit''s net selling price and its value in use. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. Assessment is also done at each Balance Sheet date as to whether there is any indication that an impairment loss recognised for an asset in prior accounting periods may no longer exist or may have decreased. A reversal of an impairment loss is recognised immediately in the Statements of Profit and Loss.
(m) Financial Instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial Instruments are further divided in two parts viz. Financial Assets and Financial Liabilities.
Part I - Financial Assets
i) Initial recognition and measurement
All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through a statements of profit and loss, transaction costs that are attributable to the acquisition of the financial asset. However, trade receivables that do not contains a significant financing component are measured at transaction price. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Company commits to purchase or sell the asset.
ii) Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in the following categories:
- Financial Asset at amortised cost:
A Financial Asset is measured at the amortised cost if both the following conditions are met:
⢠The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and
⢠Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.
This category is the most relevant to the Company. After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income and the losses arising from impairment are recognised in the Statements of Profit and Loss.
- Financial Asset at FVTOCI (Fair Value through Other Comprehensive Income)
A Financial Asset is classified as at the FVTOCI if following criteria are met:
⢠The objective of the business model is achieved both by collecting contractual cash flows (i.e. SPPI) and selling the financial assets
Financial instruments included within the FVTOCI category are measured initially as well as at each reporting date at fair value. Fair value movements are recognized in the other comprehensive income (OCI). However, the Company recognizes interest income, impairment losses and reversals and foreign exchange gain or loss in the statements of profit and loss. On de-recognition of the asset, cumulative gain or loss previously recognised in OCI is reclassified from the equity to the statements of profit and loss. Interest earned whilst holding FVTOCI debt instrument is reported as interest income using the EIR method.
- Financial Assets at FVTPL (Fair Value through Statements of Profit and Loss)
FVTPL is a residual category for financial instruments. Any financial instrument, which does not meet the criteria for categorization as at amortized cost or as FVTOCI, is classified as at FVTPL.
Financial instruments included within the FVTPL category are measured at fair value with all changes recognized in the Statements of Profit and Loss.
Equity investments
All equity investments in scope of Ind-AS 109 are measured at fair value except unquoted Equity Shares. Equity instruments which are held for trading and contingent consideration recognised by an acquirer in a business combination to which Ind-AS 103 applies are classified as at FVTPL. For all other equity instruments, the Company may make an irrevocable election to present in other comprehensive income subsequent changes in the fair value. The Company makes such election on an instrument by instrument basis. The classification is made on initial recognition and is irrevocable. If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are recognized in the OCI. There is no recycling of the amounts from OCI to P&L, even on sale of investment. However, the Company may transfer the cumulative gain or loss within equity. Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the Statements of Profit and Loss.
iii) De-recognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily de-recognised (i.e. removed from the Company''s balance sheet) when:
⢠The rights to receive cash flows from the asset have expired, or
⢠The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ''pass-through'' arrangement and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Company continues to recognise the transferred asset to the extent of the Company''s continuing involvement. In that case, the Company also recognises an associated liability. The transferred asset and the associated liability are measured
on a basis that reflects the rights and obligations that the Company has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay.
iv) Impairment of financial assets
In accordance with Ind-AS 109, the Company applies expected credit loss (ECL) model for measurement and recognition of impairment loss on the following financial assets and credit risk exposure:
⢠Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, debt securities deposits, trade receivables and bank balance
⢠Financial assets that are debt instruments and are measured as at FVTOCI
⢠Trade receivables or any contractual right to receive cash or another financial asset
⢠Loan commitments which are not measured as at FVTPL
⢠Financial guarantee contracts which are not measured as at FVTPL
The Company follows ''simplified approach'' for recognition of impairment loss allowance on trade receivables or contract revenue receivables. The application of simplified approach does not require the Company to track changes in credit risk. Rather, it recognizes impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.
For recognition of impairment loss on other financial assets and risk exposure, the Company determines that whether there has been a significant increase in the credit risk since initial recognition. If credit risk has not increased significantly, 12-month ECL is used to provide for impairment loss. However, if credit risk has increased significantly, lifetime ECL is used. If, in a subsequent period, credit quality of the instrument improves such that there is no longer a significant increase in credit risk since initial recognition, then the Company reverts to recognising impairment loss allowance based on 12-month ECL.
Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a financial instrument. The 12-month ECL is a portion of the lifetime ECL which results from default events that are possible within 12 months after the reporting date.
ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/ expense in the statements of profit and loss.
Part II - Financial Liabilities
i) Initial recognition and measurement
The Company''s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and financial guarantee contracts.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through Statements of Profit and Loss, loans and borrowings, payables, are also classified as above.
ii) Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through Statement of Profit and Loss
Financial liabilities at fair value through Statements of Profit and Loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through Statements of Profit and Loss. Gains or losses on liabilities held for trading are recognised in the Statements of Profit and Loss.
Financial liabilities designated upon initial recognition at fair value through the Statements of Profit and Loss is designated as such at the initial date of recognition, and only if the criteria in Ind-AS 109 are satisfied. For liabilities designated as FVTPL, fair value, gains/ losses attributable to changes in own credit risks are recognized in OCI. These gains / losses are not subsequently transferred to statements of profit and loss. However, the Company may transfer the cumulative gain or loss within equity. All other changes in fair value of such liability are recognised in the statements of profit and loss. The Company has not designated any financial liability as at fair value through the Statements of Profit and Loss.
Loans and borrowings
This is the category most relevant to the Company. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the Statements of Profit and Loss when the liabilities are de-recognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statements of profit and loss. This category generally applies to borrowings.
Preference shares, which are mandatorily redeemable on a specific date, are classified as liabilities under borrowings. The dividends on these preference shares, if any are recognised in the Statements of Profit and Loss as finance cost.
Financial guarantee contracts
Financial guarantee contracts issued by the Company are those contracts that require a payment to be made to reimburse the holder for a loss it incurs because the specified debtor fails to make a payment when due in accordance with the terms of a debt instrument. Financial guarantee contracts are recognised initially as a liability at fair value, adjusted for transaction costs that are directly attributable to the issuance of the guarantee. Subsequently, the liability is measured at the higher of the amount of loss allowance determined as per impairment requirements of Ind-AS 109 and the amount recognised less cumulative amortisation.
iii) De-recognition
A financial liability is de-recognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is 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 de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Statements of Profit and Loss.
iv) Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
(n) Inventories
(i) Raw Materials and Stores and Spares are valued at cost arrived on weighted average method.
(ii) Work in Progress and Finished Goods are valued at lower of cost and Net Realisable Value. Cost includes direct material, direct labour and attributable overheads.
(iii) By-Products and Scrap Materials are valued at estimated net realisable value.
Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make the sale.
(o) Foreign Currency Transactions
Transactions in foreign currencies are accounted at the initially recorded exchange rate prevailing on the date of transaction. Monetary assets and liabilities denominated in foreign currency at the balance sheet date are translated at the year-end rates. Gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the statements of profit and loss. In case of forward contracts (non speculative), the premium or discount being the differences between the forward
exchange rate and the exchange rate at the inception of the contract is recognized as expense or income over the life of the contract. The exchange difference either on settlement or translation is recognized in the statements of profit and loss.
Non-monetary assets and non-monetary liabilities denominated in foreign currency and measured at historical cost are reported using the exchange rate prevalent at the date of transaction.
(p) Intangible assets - Research & Development Expenditure
Expenditure during Research phase is charged off to the statements of Profit and Loss in the year in which it is incurred and expenditure during Development phase is recognised as intangible assets , if it is materialized, else it is charged off to the statements of Profit and Loss in the year where it is not materialized.
(q) Earnings per Share
Basic earnings per share are calculated by dividing the net profit or loss after tax for the year attributable to equity shareholders 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 after tax for the year attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.
(r) Provisions
Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognised for future operating losses.
Provisions are measured at the present value of management''s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense.
(s) Tax Expense
The tax expense for the period comprises current and deferred tax. Tax is recognised in the Statements of Profit and Loss, except to the extent that it relates to items recognised in the other comprehensive income or directly in equity. In which case, the tax is also recognised in other comprehensive income or directly in equity respectively.
- Current tax
Current tax assets and liabilities for current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and tax laws that are applicable to the Company.
- Deferred tax
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply to the period when the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The carrying amount of deferred tax liabilities and assets are reviewed at the end of each reporting period.
Deferred tax relating to items recognized outside the Statements of Profit and Loss are recognized outside the Statements of Profit and Loss, either in other comprehensive income or directly in equity.
- Minimum Alternate Tax (MAT)
MAT is recognised 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. In the year in which the MAT credit becomes eligible to be recognised as an asset in accordance with the recommendations contained in the Guidance Note issued by ICAI, the said asset is created by way of a credit to the Statements of Profit and Loss and is shown as MAT credit entitlement. The Company review the same at each balance sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no longer convincing evidence to the effect that Company will pay normal income tax during the specified period
(t) Segment Reporting
The segments are in line with the reporting done to the Chief Operating Decision maker which is the Board of Directors. Inter segment transactions have been accounted for based on the price which has been arrived at considering cost plus appropriate margins. Revenue and expenses that are directly identifiable with or allocable to segments are considered for determining the segment results. Segment assets and liabilities include those directly identifiable with the respective segments. Business segments are identified on the basis of the nature of products, the risk/return profile of the individual business, the organizational structure and the internal reporting system of the Company.
(u) Employee Benefits
Short Term Employee Benefits
The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees are recognised as an expense during the period when the employees render the services.
Post-Employment Benefits Defined Contribution Plans
A defined contribution plan is a post-employment benefit plan under which the Company pays specified contributions to a separate entity. The Company makes specified monthly contributions towards Provident Fund, Superannuation Fund and Pension Scheme. The Company''s contribution is recognised as an expense in the Statements of Profit and Loss during the period in which the employee renders the related service.
Defined Benefit Plans
The Company pays gratuity to the employees whoever has completed five years of service with the Company at the time of resignation/superannuation. The gratuity is paid @15 days salary for every completed year of service as per the Payment of Gratuity Act 1972.
The gratuity liability amount is contributed to the approved gratuity fund formed exclusively for gratuity payment to the employees. The gratuity fund has been approved by respective IT authorities.
The liability in respect of gratuity and other post-employment benefits is calculated using the Projected Unit Credit Method and spread over the period during which the benefit is expected to be derived from employees'' services.
Re-measurement of defined benefit plans in respect of post-employment are charged to the Other Comprehensive Income.
(v) Contingent Liabilities and Contingent Assets
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company or a present obligation arising from past events that is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The company does not recognize a contingent liability but discloses its existence in the financial statements.
Contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company.
Contingent assets are neither recognized nor disclosed, in the financial statements except there is a virtual certainty to receive the same.
(w) Cash and cash equivalents
Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three months or less from the date of acquisition, which are subject to an insignificant risk of changes in value.
(x) Government grants and subsidies
Grants and subsidies from the government are recognized when there is reasonable assurance that (i) the company will comply with the conditions attached to them, and (ii) the grant/subsidy will be received.
When the grant or subsidy relates to revenue, it is netted off with the related costs, which they are intended to compensate. Where the grant relates to property, plant and equipments, it is netted off with the specified property, plant and equipments if grants related to specific property, plant and equipments otherwise netted off on pro rata basis to all eligible property, plant and equipments.
The loan or assistance is initially recognized and measured at fair value and the government grant is measured as the difference between the initial carrying value of the loan and the proceeds received. The loan is subsequently measured as per the accounting policy applicable to financial liabilities.
(1) Sugar Development Fund (Co-Gen Term Loan)
Security: Secured by way of first pari passu charge on Properties of the Sugar Factory at Baheri both present and future
Terms of Repayments:
Tranche I: Repayable in 10 half yearly installments of '' 159.77 Lakhs each, starting from July 4, 2014 to January 4, 2019.
Tranche II: Repayable in 10 half yearly installments of '' 158.47 Lakhs each, starting from March 2015 to September 2019.
Rate of Interest: Ranging from 4% to 7.5%.
(2) Sugar Development Fund (Modernisation Term Loan)
Security: Secured by way of first pari passu charge on Properties of the Sugar Factory at Baheri both present and future.
Terms of Repayments:
Tranche I: Repayable in 5 annual installments of '' 44.05 Lakhs each, starting from August 3, 2018 to August 3, 2022. Tranche II: Repayable in 5 annual installments of '' 46.72 Lakhs each, starting from August 15, 2018 to August 15, 2022.
Rate of Interest: 4%.
(3) U P Co Operative Bank Ltd. (Working Capital Term Loan)
Security: Secured by first pari passu charge on fixed assets of the Sugar Factory.
Terms of Repayments: Repayable in 8 half yearly installments from August 2019 to Feb 2023 Rate of Interest: 9.50%.
## Previous year grouped under "Other Long term Liabilities
(4) UCO Bank (Cogen Term Loan) (Refer Note No: 44(a))
Primary Security: Secured by way of first pari passu charge on all Fixed Assets of Sugar, Spirit and Cogen Division at Baheri both present and future, and 1st pari passu charge on the Current Assets of Cogen Division both present and future.
Collateral Security: Secured by way of 2nd pari passu charge on the Current Assets of Sugar and Spirit Division at Baheri (except Sugar Stocks pledged) both present and future
Personal Guarantee: Personal Guarantee of Shri H R Kilachand
Terms of Repayments: Repayable in 24 quarterly instalments of ''171.29 Lakhs & '' 42.17 Lakhs each, starting from quarter ending September 2016 to June 2022 as per bilateral debt restructuring plan.
Rate of Interest: 12.70%.
UCO Bank has sanctioned a compromise proposal of one-time settlement (OTS) against their entire dues. The Company has provided interest on accrual basis in the current year. The accounting effect due to OTS will be accounted for on completion of payment of all installments as per OTS terms and receipt of ''No Dues Certificate'' from the UCO Bank.
(b) The management is required to perform the valuation of the property, plant and equipment as per the accounting policy of the revaluation of the Asset. During the current year, UCO Bank as mentioned in clause (a) above has filed various proceedings and also issued possession Notice for taking possession of the immovable properties of the Company. Accordingly, the required valuation of the assets have not been carried out in current year. The Management will evaluate the revaluation in subsequent years.
45. The Company has incurred substantial losses in the earlier years, mainly attributable to high sugarcane prices and relatively lower and unviable Sugar prices. The Company is hopeful for the revival of the Sugar Industry in Uttar Pradesh in view of various steps taken by Uttar Pradesh State Government and Central Government. Also, One Time Settlement (OTS) has been arrived at with Indian Bank (erstwhile Allahabad bank) in financial year 2020-21 and with UCO bank in the current financial year by virtue of which the company expects substantial reduction in finance costs in subsequent financial years with resultant improvement in profitability and the net worth. Hence these Ind AS financial statements have been prepared on a "going concern" basis, despite accumulated losses resulting in erosion of its entire net worth.
b) The Company has evaluated the Deferred Tax Asset and Deferred Tax Liability on the eligible components as required under Ind AS 12 - Taxes on income. The net outcome is coming to Deferred Tax Asset. Currently the Company has huge unabsorbed depreciation and carry forward losses under the Income tax laws. The Company has assessed the future position and is convinced of having a reasonable certainty of realizing the accumulated losses in future. However, the Company decided that it would be prudent that the net Deferred Tax Asset should not be recognized in the current year in the books of accounts.
47. The Code on Social Security 2020 (''the Code'') relating to employee benefits, during the employment and postemployment, has received Presidential assent on September 28, 2020. The Code has been published in the Gazette of India. Further, the Ministry of Labour and Employment has released draft rules for the Code on November 13, 2020. However, the effective date from which the changes are applicable is yet to be notified and rules for quantifying the financial impact are also not yet issued.
The Company will assess the impact of the Code and will give appropriate impact in the financial statements in the period in which, the Code becomes effective and the related rules to determine the financial impact are published.
50. ADDITIONAL REGULATORY INFORMATION:
a) Loans and advances to promoters, Directors, Key Managerial Personnel and Related Parties
The Company has not given any loans and advances to promoters, Directors, Key Managerial Personnel and Related Parties except as mentioned in note number 38 - Related Party Disclosures as per Indian Accounting Standard 24
b) Compliance with number of layers of companies
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 for the financial years ended March 31, 2023 and March 31, 2022.
c) Undisclosed Income
There are no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
d) Details of Crypto Currency or Virtual Currency
The Company has not traded or invested in Crypto currency or Virtual currency during the financial year ended March 31, 2023 and March 31, 2022.
e) Wilful Defaulter
Based on the available information''s available with the management, the Company has not been declared as a wilful defaulter by any bank or financial institution or other lender.
f) Fraud Reporting
The company has not reported any fraud during the year ended March 31,2023, and March 31, 2022.
g) Relationship with Struck off companies
The Company is under the process of identifying the transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act,1956.
h) Details of Benami Property held
No proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.
i) Title deed of immovable properties
All the title deeds of immovable properties are held in the name of the Company.
j) There are no charges or satisfaction of charges yet to be registered with Registrar of Companies beyond the statutory period.
51. The previous year figures have been regrouped and reclassified wherever necessary to correspond with the current year classification / disclosure.
As per our report of even date For and on behalf of the Board of Directors
For V. C. Shah & Co. H R KILACHAND MAHESH A KUVADIA
Chartered Accountants Chairman & Managing Director Independent Director
ICAI Firm Registration No.109818W DIN:00294835 DIN: 07195042
Viral J. Shah ROHIT BALU GAURAV SHARMA
Partner Chief Financial Officer Company Secretary & AVP (Legal)
Membership No. 110120
Place: Mumbai Place: Mumbai
Date: 30th May, 2023 Date: 30th May, 2023
Mar 31, 2018
36. Related Party Disclosures as per Indian Accounting Standard 24
Names of related parties and nature of related party relationships:
a) Key Management Personnel and their relatives:
Mr. H R Kilachand Chairman & Managing Director
Relatives of Key Management Personnel:
Mrs. M H Kilachand Wife of Chairman & Managing Director
Mr. Rohan H Kilachand Son
Mrs. Nidhi R Kilachand Daughter in Law
Ms. Rohita H Kilachand Daughter
b) Enterprises over which Key Management Personnel and their relatives are able to exercise significant influence:
Kesar Terminals & Infrastructure Limited Kesar Multimodal Logistics Limited Kesar Corporation Pvt. Ltd.
Kilachand Devchand & Co. Pvt. Ltd.
Indian Commercial Co. Pvt. Ltd.
India Carat Pvt. Ltd.
Seel Investments Pvt. Ltd.
c) Others
Mr. M A Kuwadia Non-Executive Director
Mr. P N Dubey Non-Executive Director (upto 30.4.2018)
Mr. D J Shah Director & Company Secretary (Director upto 30.4.2018)
Key management personnel compensation in total and for each of the following categories:
Employee Benefits
Short Term Employee Benefits
The undiscounted amount of short term employee benefits expected to be paid in exchange for the services rendered by employees are recognized as an expense during the period when the employees render the services.
Post-Employment Benefits
Defined Contribution Plans
A defined contribution plan is a post-employment benefit plan under which the Company pays specified contributions to a separate entity. The Company makes specified monthly contributions towards Provident Fund, Superannuation Fund and Pension Scheme. The Company''s contribution is recognized as an expense in the Statement of Profit and Loss during the period in which the employee renders the related service.
Defined Benefit Plans
The Company pays gratuity to the employees whoever has completed five years of service with the Company at the time of resignation/superannuation. The gratuity is paid @15 days salary for every completed year of service as per the Payment of Gratuity Act 1972.
The liability in respect of gratuity and other post-employment benefits is calculated using the Projected Unit Credit Method and spread over the period during which the benefit is expected to be derived from employees'' services.
Re-measurement of defined benefit plans in respect of post-employment are charged to the Other Comprehensive Income.
1. Financial Risk Management Objectives and Policies
The Company''s principal financial liabilities, comprises borrowings, trade and other payables, and financial guarantee contracts. The main purpose of these financial liabilities is to finance the Company''s operations and to support its operations directly or indirectly. The Company''s principal financial assets include loans, trade and other receivables, cash and cash equivalents that derive directly from its operations.
The Company is exposed to credit risk and liquidity risk. Market risk is applicable for equity shares and variable borrowing. Foreign exchange risk is not applicable since the company does not have long term imports. The below note explains the sources of risk which the entity is exposed to and how the entity manages the risk :
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 and other financial instruments.
Trade receivables
Outstanding customer receivables are regularly monitored and any further services to major customers are approved by the senior management.
On account of adoption of Ind-AS 109, the Company uses expected credit loss model to assess the impairment loss or gain. The Company uses a provision matrix to compute the expected credit loss allowance for trade receivables. The provision matrix takes into account available external and internal credit risk factors and the Company''s historical experience for customers.
Financial instruments and cash deposits
Credit risk from balances with banks and financial institutions is managed by the Company''s finance department. Equity price risk
The Company''s equity securities are held at Fair Value through Other Comprehensive Income and depending on the market opportunity, the company shall sell such investments.
Interest rate risk
The Company has MCLR based borrowing and depending on the interest rate scenario, the company decides on the mix of fixed rate versus variable rate borrowing.
Liquidity Risk
The Company''s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans, preference shares and unsecured loans.
The table below provides details regarding the maturities of significant financial liabilities as of March 31, 2018, March 31, 2017 and March 31, 2016
Capital Management
For the purpose of the Company''s capital management, capital includes issued equity share capital, securities premium and all other reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to maximize the value of the share and to reduce the cost of capital.
The Company monitors capital using a gearing ratio, which is net debt divided by total equity. The Company includes within net debt, interest bearing loans and borrowings, less cash and cash equivalents.
2. Company has unabsorbed depreciation and carry forward losses under tax laws, on the consideration of prudence and in the absence of reasonable certainty supported by convincing evidence of sufficient future taxable income, deferred tax asset is not recognized by the Company
3. Some of the credit facilities have been classified as Non-Performing Assets (NPA) by certain banks. However, the company has provided interest on accrual basis. Any difference on account of interest and penal interest shall be accounted for as and when the same is settled with the respective banks.
4. Sugar cane purchase price for the season 2017-2018 is accounted at State Advisory Price (SAP) '' 325/- per quintal for early, '' 315/- per quintal for general and '' 310/- per quintal for rejected varieties vide Press Note No. 2489/463-1 7-3(48)/98-99 dated 26-10-2017 by the State Government of Uttar Pradesh.
5. The Company has incurred huge cash loss due to mismatch between high Sugar Cane Price and low Sugar Sales realization. The net worth of the Company is eroded completely. The U.P. Sugar Industry has made representations to the U.P. State Government and the Company is hopeful for the revival of the Sugar Industry in near future and hence these financial statements have been prepared on a going concern basis, despite accumulated losses resulting in erosion of its net worth.
The Government of India has recently announced a package for improving the financial health of the Sugar Industry.
6. According to the requirements of Schedule III of the Companies Act, 2013, sales for the period up to June 30, 2017, and the earlier periods presented in these financial results are inclusive of excise duty. Consequent to the applicability of Goods and Service Tax (GST) w.e.f. July 1, 2017, sales are shown net of GST in accordance with requirements of Ind-AS - 18 ''Revenue''
7. INCOME TAX
Since there is loss as per Books and as per Income Tax Act, no tax reconciliation between Tax on profit as per Books and Tax profit as per Income Tax Act.
8. FIRST TIME ADOPTION OF IND-AS
For all periods up to March 31, 2017, the Company prepared its financial statements in accordance with accounting standards notified under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Indian GAAP) Indian GAAP ("IGAAP"). These financial statements of Kesar Enterprises Limited for the year ended March 31, 2018 have been prepared in accordance with Ind-AS. This is the first set of Financial Statements in accordance with Ind-AS. For the purpose of transition from the GAAP to Ind-AS, the Company has followed guidance provided in Ind-AS 101 - First Time Adoption of Indian Accounting Standards, w.e.f. April 01, 2015 as the transition date.
The transition to Ind-AS has resulted in changes in the presentation of the financial statements, disclosures in the notes, accounting policies and principles. The accounting policies set out in Note 1 have been applied in preparing the financial statements for the year ended on March 31, 2018 as well as for March 31, 2017 for comparative information. In preparing these financial statements, opening balance sheet was prepared as at 1 April 2016. This note explains the principal adjustments made by the Company in restating its Indian GAAP financial statements, including the balance sheet as at 1 April 2017 and the financial statements as at and for the year ended March 31, 2017.
Exemptions on first time adoption of Ind-AS availed in accordance with Ind-AS 101, have been described below: Exemptions availed on first time adoption of Ind-AS 101
Ind-AS 101 allows certain optional exemptions and mandatory exemptions on first time adoption of Ind-AS from the retrospective application of certain provisions of Ind-AS. The Company has accordingly applied the following exemptions:
IND-AS optional exemptions:
(i) Property, Plant and Equipment and Intangible Assets
Ind-AS 101 permits, a first-time adopter to elect to continue with the carrying values for all of its property, plant and equipment as recognized in the financial statements as at the date of transition to Ind-AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments for de-commissioning liabilities. This exemption can also be used for intangible assets covered by Ind-AS 38 Intangible Assets and Investment properties covered by Ind-AS 40 Investment Properties.
Accordingly, the Company has elected to measure all of its property, plant and equipment, Investment properties and intangible assets at their previous GAAP carrying value except Land, Building and Plant and equipmentâs which are carried at revalued amount.
Ind-AS mandatory exceptions:
(i) Estimates
An entity''s estimates in accordance with Ind-AS at the date of transition to Ind-AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error.
Ind-AS estimates as at April 1, 2016 are consistent with the estimates as at the same date made in conformity with previous GAAP. The Company made estimates for following items in accordance with Ind-AS at the date of transition as these were not required under previous GAAP:
- Impairment of financial assets based on expected credit loss model.
(ii) Classification and measurement of financial assets
Ind-AS 101 requires an entity to assess classification and measurement of financial assets on the basis of the facts and circumstances that exist at the date of transition to Ind-AS.
Accordingly, the Company has determined the classification of financial assets based on the facts and circumstances that exist on the date of transition.
The previous GAAP numbers have been reclassified to conform to Ind-AS presentation requirements for the purpose of this note.
Notes
The major reasons for adjustments in Previous GAAP numbers are as under:
1 Property, Plant & Equipmentâs
On transition to Ind-AS, the Company has elected to continue with the carrying value of all of its property, plant and equipment recognized as at April 1, 2016 measured as per the previous GAAP as the deemed cost of the property, plant and equipment except Land, Building and Plant & Equipmentâs are carried at revalued amount.
2 Investment Equity Shares
Investments under Amortized Cost category are initially measured at purchase price plus transaction cost if material. Investments under FVTOCI and FVTPL are measured at fair value being the purchase price of the security. Transaction cost which are not material are expensed out.
Subsequent measurement of Amortized Cost category is at Amortized Cost, while for FVTOCI and FVTPL, it is at fair value. The change is fair value in FVTOCI is recognized in the OCI, while the change in fair in FVTPL is recognized in Profit and Loss account.
3 Trade Receivables
Under Ind-AS, impairment allowance has been determined based on Expected Credit Loss model (ECL). Accordingly, trade receivables have been reduced by 76.10 Lakhs with a corresponding decrease in retained earnings of 6.71 Lakhs
4 Borrowings
In the financial statements prepared under previous GAAP, the carrying value of interest free loan was recognized at the principal amount payable by the Company. Under IND-AS interest free borrowing being a financial liability is required to be recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.
5 Actuarial gains/losses on defined benefit obligation
The Company recognized costs related to its post-employment defined benefit plan on an actuarial basis. Under previous GAAP, the actuarial gains and losses on gratuity are charged to the statement of profit and loss. Under Ind AS, such actuarial gains or losses are required to be recognized in other comprehensive income. Accordingly, actuarial losses for financial year 2016-17 amounting to Rs 1.34 Lakhs are re-classified from statement of profit and loss to other comprehensive income. There is no impact on total equity as a result of this adjustment.
The previous GAAP numbers have been reclassified to conform to Ind-AS presentation requirements for the purpose of this note
Notes
1 Sale of Investments
As per requirement of Ind-AS 109 profit on sale of investment of '' 1 77.99 Lakhs reduced from other income and recognized under Other Comprehensive Income
2 Actuarial gains/losses on defined benefit obligation
The Company recognized costs related to its post-employment defined benefit plan on an actuarial basis. Under previous GAAP, the actuarial gains and losses on gratuity are charged to the statement of profit and loss. Under Ind AS, such actuarial gains or losses are required to be recognized in other comprehensive income. Accordingly, actuarial losses for financial year 2016-17 amounting to Rs 1.34 Lakhs are re-classified from statement of profit and loss to other comprehensive income. There is no impact on total equity as a result of this adjustment.
3 Finance Cost
Ind-AS required transaction cost incurred towards origination of borrowing to be deducted from the carrying amount of borrowing on initial recognition. These costs of recognized in the statement of profit or loss over the tenure of the borrowing as part of the interest expenses by applying the effective interest method
4 Provision for Expected Credit Loss
As per Ind-As 109 the company has required to apply expected credit loss model for recognizing the allowances for doubtful debts. As a result, the allowances for doubtful debts are increased by '' 6.71 and the same added and recognized in "Other Expenses"
5 Other Comprehensive Income (OCI)
Under Ind-AS, all items of income and expenses recognized in the period should be included in profit or loss statement for the period, unless a standard requires or permits otherwise. Items of Income or expenses that are not recognized in statement profit or loss, are shown in the statement of profit or loss as ''other comprehensive income'' includes measurement of define employees'' benefits plans. The amount related to measurement of defined employees benefit plan of Rs, 1.34 Lakhs, sale of investment Rs, 1 77.99 Lakhs and reduction in fair value of investment Rs, 0.95 Lakhs
The previous GAAP numbers have been reclassified to conform to Ind-AS presentation requirements for the purpose of this note.
9. Ministry of Corporate Affairs ("MCA") through Companies (Indian Accounting Standards) Amendment Rules, 2018 has notified the new Standard Ind-AS 115 "Revenue from Contracts with Customers" which is effective from April 1, 2018. The core principle of Ind-AS 115 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Specifically, the standard introduces a 5step approach to revenue recognition:
- Step 1: Identify the contract(s) with a customer
- Step 2: Identify the performance obligation in contract
- Step 3: Determine the transaction price
- Step 4: Allocate the transaction price to the performance obligations in the contract
- Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation
Under Ind-AS 115, an entity recognizes revenue when (or as) a performance obligation is satisfied, i.e. when ''control'' of the goods or services underlying the particular performance obligation is transferred to the customer. The standard permits two possible methods of transition:
- Retrospective approach - Under this approach the standard will be applied retrospectively to each prior reporting period presented in accordance with Ind-AS 8- Accounting Policies, Changes in Accounting Estimates and Errors.
- Retrospectively with cumulative effect of initially applying the standard recognized at the date of initial application (Cumulative catch - up approach)
The Company will adopt the standard on April 1, 2018 by using the cumulative catch-up transition method and accordingly comparatives for the year ended March 31, 2018 will not be retrospectively adjusted. The effect on adoption of Ind-AS 115 is expected to be insignificant.
10. The previous period figures have been regrouped and re-casted wherever necessary.
Mar 31, 2017
1. Terms/rights attached to Equity Shares
The Company has only one class of Equity Shares having a par value of '' 10 /- per Share. Each Holder of Equity Shares is entitled to one vote per Share. The Company declares and pays Dividends in Indian Rupees. The Dividend, if proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting except for 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 holdings.
2. The Company follows Accounting standard 22 (AS-22) "Accounting for taxes on Income", the Company has unabsorbed depreciation and carry forward losses under tax laws, deferred tax assets shall be recognized but on the consideration of prudence and in the absence of virtual certainty supported by convincing evidence of sufficient future taxable income, deferred tax asset is not recognized by the Company.
3. Some of the credit facilities have been classified as Non-Performing Assets (NPA) by certain banks. However, the company has provided interest on accrual basis. Any difference on account of interest and penal interest shall be accounted for as and when the same is settled with the respective banks.
4. The Company had filed a Reference with Board for Industrial and Financial Reconstruction (BIFR) as required under Section 15 of "The Sick Industrial Companies (Special Provisions) Act, 1985" (SICA) on 18/05/2015. The said reference has been registered by BIFR as Case No. 121/2015 on 21/09/2015. Pursuant to repeal of SICA and dissolution of BIFR with effect from 1.12.2016, the Company has been allowed 180 days to opt for reference before National Company Law Tribunal (NCLT) under the recently notified ''The Insolvency and Bankruptcy Code, 2016'' (IBC).
5. The Company has incurred huge cash loss due to mismatch between high Sugar Cane Price and low Sugar Sales realization. The net worth of the Company is eroded completely. During the current year, the Company has made profit and there is positive cash flow due to firming up sugar prices. The Company expects the same trend to witness in forthcoming years and hence these financial statements have been prepared on a going concern basis, despite accumulated losses resulting in erosion of its net worth.
6. Sugar cane purchase price for the season 2016-2017 is accounted at State Advisory Price (SAP) '' 315/- per quintal for early, '' 305/- per quintal for general and '' 300/- per quintal for rejected varieties vide Press Note No. 2394CD/46-3-16-3(48)/98-99 dated 21-11-2017 by the State Government of Uttar Pradesh.
7. The previous period figures have been regrouped and re-casted wherever necessary. The current financial statements are prepared for the period of Twelve Months and hence not comparable with the previous period of Fifteen Months figures.
Mar 31, 2016
1. CONTINGENT LIABILITIES
Claims / demands against the Company under litigation:
(i) Claims against the company not acknowledged as debts in respect of criminal and civil cases '' 19.52 Lac (Previous Year '' 19.52 Lac)
(ii) Disputed sales tax, entry tax, trade tax and excise duty cases under appeal - '' 8,469.32 lac (Previous Year '' 3,392.88 lac)
2. Alcohol and Molasses Storage Reserves and Effluent Disposal Reserves amounting to '' 64.30 Lac (P.Y. '' 58.78 Lac) are not deposited with a Scheduled Bank, as required under Uttar Pradesh Sheera Niyantran (Sansodhan) Adesh, 1974.
3. The Micro and Small Enterprises to whom amount was payable and outstanding for more than stipulated period (as per the terms & conditions of the orders) are as under:-
This disclosure is on the basis of information available with the Company regarding the status of Suppliers as defined under the "The Micro, Small & Medium Enterprises Act, 2006." Since the Company has not received any claims, hence interest is provided but not paid during the period.
4. EMPLOYEE BENEFIT
Defined Contribution Plans
The Company has recognized the following amounts in statement of Profit and Loss
Defined Benefit Plan
(i) Gratuity (Funded)
(ii) Leave Encashment (Non-funded)
(i) Gratuity (Funded)
In accordance with Accounting Standard (AS 15) (Revised 2005), actuarial valuation was performed by independent actuaries in respect of the aforesaid defined benefit plan.
5. Related party disclosures as per Accounting Standard 18
Names of related parties and nature of related party relationships:
a) Key Management Personnel and their relatives:
Mr. H R Kilachand Chairman & Managing Director
Relatives of Key Management Personnel:
Mrs. M H Kilachand Wife of Chairman & Managing Director
Mr. Rohan H Kilachand Son
Mrs. Nidhi R Kilachand Daughter in Law
Ms. Rohita H Kilachand Daughter
b) Enterprises over which Key Management Personnel and their relatives are able to exercise significant influence:
Kesar Terminals & Infrastructure Limited Kesar Multimodal Logistics Limited Kesar Corporation Pvt. Ltd.
Kilachand Devchand & Co. Pvt. Ltd.
Indian Commercial Co. Pvt. Ltd.
India Carat Pvt. Ltd.
Kilachand Devchand Commercial Pvt. Ltd.
Duracell Investments & Finance Pvt. Ltd. (merged with Seel Investment Pvt. Ltd. w.e.f. 08/05/2015)
Seel Investments Pvt. Ltd.
Disclosure of transactions between the Company and related parties and the status of outstanding balance as on 31st March, 2016 indicated in bold. Previous Year figures indicated in the row there below in brackets:
36. Disclosure in respect of Operating Lease in accordance with AS 19 on ''Leases''
) The total of future minimum lease payments under non-cancellable operating leases for each of the following periods:
i) Not later than one year '' 4.00 Lac (P.Y. '' 68.84 Lac).
ii) Later than one year and not later than five years Nil (P.Y. '' Nil)
b) Lease payments recognized in the statement of profit and loss during the period is '' 25.65 Lac (P.Y. '' 41.48 Lac).
7. The Company follows Accounting standard 22 (AS22) "Accounting for taxes on Income", Deferred Tax Asset arising on account of Unabsorbed depreciation and brought forward losses has been recognized only to the extent of Deferred Tax Liability on conservative basis. The management has assessed the position and on the basis of virtual certainty of realizing it in future, has recognized Deferred Tax Asset as on 31st March, 2016, amounting to '' 1,867.35 Lac (P.Y. '' 1,631.92 Lac).
8. The Company, over the last few years, has been incurring huge cash losses, due to which its net worth has been eroded and its current liabilities are in excess of current assets. The sugar industry is facing difficulties on account of increasing sugar cane prices, lower sugar prices and consequential inadequate recovery of cost of production. These factors have adversely affected the Company''s operations and financial performance. Finance cost has further added to the accumulated cash losses.
The Company had filed a Reference with Board for Industrial and Financial Reconstruction (BIFR) as required under Section 15 of "The Sick Industrial Companies (Special Provisions) Act, 1985" on 18/05/2015. The said reference has been registered by BIRF as Case No. 121/2015 on 21/09/2015. The process of revival/ rehabilitation of the Company is under way in line with the prescribed procedures and rules under SICA.
During the current period, the Company has witnessed a steady increase in sugar prices. This has resulted in the Company generating operational profits for the quarter ended March 31, 2016. The industry outlook is also positive in the short term and long term with sugar prices expected to hold.
During the period, the Company has restructured its Cogen Term Loans with two of its term lenders where in the outstanding debts as at 1st July, 2014 (cut-off date), the Company is granted 2 years of moratorium period for full principle amount and partial interest amount and 4 years of repayment period starting from October, 2016 for principle amount and interest thereon.
Accordingly, these financial statements have been prepared on a going concern basis, despite accumulated losses resulting in erosion of its net worth.
9. Sugar cane purchase price for the season 2015-2016 is accounted at State Advisory Price (SAP) '' 280/- per quintal for general, Rs, 275/- per quintal for rejected and Rs, 290/- per quintal for early varieties. The Government of Uttar Pradesh has announced various rebates in sugar cane purchase price for the season 2015-2016 vide press note dated 18/01/2016, linked to average market price of sugar & by-products during the period 1st October, 2015 to 31st May, 2016. The above rebates shall be accounted if and when crystallized to the Company or declared by the State Government of Uttar Pradesh.
10. The Government of Uttar Pradesh has announced various rebates in sugar cane purchase price for the season 2014-2015 vide press note dated 12/11/2014, linked to average market price of sugar & by-products during the period 1st October, 2014 to 31st May, 2015. The Company has received and accounted for financial assistance of Rs, 28.60 per quintals of cane which works out to Rs, 1,768.86 lacs and corresponding cost of material consumed is also reduced by the same amount.
The Government of Uttar Pradesh vide Press Note 4/2015/620 S-G-NU-1/15-1607/2004 dated June 12, 2015, has revised commission payable to the Co-operative Societies towards Sugar Cane purchase for the Season 2012-13 and 2014-15 from 3% of FRP to Rs, 2 per quintal. Therefore, excess provision of Rs, 262.50 lacs for the season 12-13 reversed and Rs, 123.70 lacs has been charged for the season 2014-15 during the period.
11. The previous period figures have been regrouped and re-casted wherever necessary. The current financial statements are prepared for the period of Fifteen Months and hence not comparable with the previous period of Eighteen Months figures.
Dec 31, 2014
1. Contingent Liabilities
Nature of claim/Demands As at As at
31st 30th June,
December, 2013
2014
Claims / demands against the Company under
litigation:
Central Sales Tax 122.56 122.56
Entry Tax (U.P.) 745.07 730.30
Trade Tax (U.P.) 113.36 193.07
Excise Duty 2,376.34 408.02
Arrears of Dividend on Cumulative
Preference Shares 0 2.21
Others 35.55 35.55
Total 3,392.88 1,491.71
2. Alcohol and Molasses Storage Reserves and Effluent Disposal
Reserves amounting to Rs. 58.78 Lac (P.Y. Rs. 62.06 Lac) are not
deposited with a Scheduled Bank, as required under Uttar Pradesh Sheera
Niyantran (Sansodhan) Adesh, 1974.
3. Segmental Reporting Disclosures under Accounting Standard 17
Business Segments:
Based on the guiding principles given in Accounting Standard 17
"Segmental Reporting" issued by the Institute of Chartered Accountants
of India, the Company''s primary business segments are
a. Sugar
b. Power
c. Spirits
d. Seed
e. Agricultural Products
4. Disclosure in respect of Operating Lease in accordance with AS 19 on
''Leases''
a) The total of future minimum lease payments under non-cancellable
operating leases for each of the following periods:
i) Not later than one year Rs. 68.84 Lac (P.Y. Rs. 58.83 Lac).
ii) Later than one year and not later than five years is Nil (P.Y. Rs.
9.20 Lac).
b) Lease payments recognised in the statement of profit and loss during
the Period of Eighteen Months is Rs. 41.48 Lac (P.Y. Rs. 50.02 Lac).
5. The Company follows Accounting standard 22 (AS22) "Accounting for
taxes on Income", Deferred Tax Asset arising on account of Unabsorbed
depreciation and brought forward losses has been recognised only to the
extent of Deferred Tax Liability. The management has assessed the
position and on the basis of reasonable/ virtual certainty of realising
it in future, has recognised Deferred Tax Asset as on 31st December,
2014, amounting to Rs. 1,631.92 Lac (P.Y. Rs. 1,569.74 Lac).
6. The Company has incurred significant operational losses in Sugar
Division during the current period due to a steep decline in sugar
prices and uneconomically high Sugarcane prices. Considering the
various representations made by the Industry, the State Government of
Uttar Pradesh has decided to form a high level committee to determine a
fair sugarcane pricing policy and to restore the viability of the Sugar
Industry and the Company is hopeful that pursuant to the same the
Company would turnaround in near future. Accordingly, the financial
statements have been prepared on the assumption of going concern,
despite accumulated losses resulting in erosion of its networth.
7. Sugar cane purchase price for the season 2014-2015 is accounted at
State Advisory Price (SAP) Rs. 280/- per quintal for general, Rs. 275/-
per quintal for rejected and Rs. 290/- per quintal for early varieties.
The Government of Uttar Pradesh has announced various rebates in sugar
cane purchase price for the Season Year 2014-2015 vide press note dated
12/11/2014, linked to average market price of sugar & by-products
during the period 1st October, 2014 to 31st May, 2015. The above
rebates shall be accounted if and when crystalised to the Company or
declared by the State Government of Uttar Pradesh.
8. The Previous Year figures have been regrouped and re-casted
wherever necessary. The current financial statements are prepared for
the Period of Eighteen Months and hence not comparable with the
Previous Year figures.
Jun 30, 2013
1. Related party disclosures as per Accounting Standard 18
Names of related parties and nature of related party relationships:
a) Key Management Personnel and their relatives:
Mr. H R Kilachand Chairman & Managing Director
Mrs. M H Kilachand Director
Relatives of Key Management Personnel Mr. Rohan H Kilachand Son
Ms. Rohita H Kilachand Daughter
b) Enterprises over which Key Management Personnel and their relatives
are able to exercise signifcant infuence: Kesar Terminals &
Infrastructure Limited
Kesar Multimodal Logistics Limited
Kesar Corporation Pvt. Ltd.
Kilachand Devchand & Co. Pvt. Ltd.
Indian Commercial Co. Pvt. Ltd.
India Carat Pvt. Ltd.
Kilachand Devchand Commercial Pvt. Ltd.
Duracell Investments & Finance Pvt. Ltd.
Seel Investments Pvt. Ltd.
Skyline Chem-Trade Pvt. Ltd.
Disclosure of transactions between the Company and related parties and
the status of outstanding balance as on 30th June, 2013 indicated in
bold. Previous year fgures indicated in the row there below:
2. Disclosure in respect of Operating Lease in accordance with AS 19
on ''Leases''
a) The total of future minimum lease payments under non-cancellable
operating leases for each of the following periods:
i) Not later than one year Rs. 58.83 Lac (P.Y. Rs. 47.94 Lac).
ii) Later than one year and not later than fve years Rs. 9.20 Lac (P.Y. Rs.
29.05 Lac).
b) Lease payments recognised in the statement of proft and loss during
the year is Rs. 50.02 Lac (P.Y. Rs. 23.91 Lac).
3. The Company follows Accounting Standard 22 (AS 22) "Accounting for
taxes on IncomeÂ, Deferred Tax Asset arising on account of Unabsorbed
depreciation and brought forward losses has been recognised during the
year only to the extent of Deferred Tax Liability. The management has
assessed the position and on the basis of reasonable/virtual certainty
of realising it in future, has recognised Deferred Tax Asset as on 30th
June 2013 amounting to Rs. 1,569.74 Lac (P.Y. Rs. 1,296.43 Lac) and carried
it as at the end of the year.
4. The previous year fgures have been regrouped and re-casted
wherever necessary.
Jun 30, 2012
1. Alcohol and Molasses Storage Reserves and Effluent Disposal
Reserves amounting to Rs. 130.83 Lac (P.Y. Rs. 123.51 Lac) are not
deposited with a Scheduled Bank, as required under Uttar Pradesh Sheera
Niyantran (Sansodhan) Adesh, 1974.
2. Segmental Reporting Disclosures under Accounting Standard 17
Business Segments:
Based on the guiding principles given in Accounting Standard 1 7
"Segmental Reporting"issued by the Institute of Chartered Accountants
of India, the Company's primary business segments are
a. Sugar
b. Spirits
c. Seed
d. Power
e. Agricultural Products
Geographical Segments:
Since the Company's activities/operations are primarily within the
country and considering the nature of products it deals in, the risk
and returns are same and as such there are no geographical segments.
Financial Information about the primary business segment:
3. Related party disclosures as per Accounting Standard 18
Names of related parties and nature of related party relationships:
a. Key Management Personnel and relatives of such personnel:
Mr. H R Kilachand Chairman & Managing Director
Mrs. M.H. Kilachand Director
Relatives of Key Management Personnel
Mr. Rohan H. Kilachand Son
Ms. Rohita H. Kilachand Daughter
b. Enterprises over which Key Management Personnel and their relatives
are able to exercise significant influence:
Kesar Terminals & Infrastructure Limited
Kesar Corporation Pvt. Ltd.
Kilachand Devchand & Co. Pvt. Ltd.
Indian Commercial Co. Pvt. Ltd.
India Carat Pvt. Ltd.
Kilachand Devchand Commercial Pvt. Ltd.
Duracell Investments & Finance Pvt. Ltd.
Seel Investments Pvt. Ltd.
Skyline Chem-Trade Pvt. Ltd.
4. Disclosure in respect of Operating Lease in accordance with AS 19
on 'Leases'
a) The total of future minimum lease payments under non-cancellable
operating leases for each of the following periods:
i) Not later than one year Rs. 47.94 Lac (P.Y. Rs. 23. 91 Lac).
ii) Later than one year and not later than five years Rs 29.05 Lac
(P.Y. Rs. Nil).
b) Lease payments recognised in the statement of profit and loss during
the year is Rs. 23.91 Lac (P.Y. Rs. 40.90 Lac).
5. Jointly controlled entity:
In compliance with the Accounting Standard 27 on 'Financial Reporting
of Interest in Joint Ventures' as notified by the (Companies Accounting
Standard) Rules, 2006, the Company has interest in the following
jointly controlled entity:
Kesar Multimodal Logistics Ltd (KMLL) has entered in to a Concession
Agreement with the Madhya Pradesh Agricultural Marketing Board (Mandi
Board) for setting up a "Composite Logistics Hub" at Pawarkheda in the
6. Exceptional itm represent differential cane price for sugar season
2007-2008 accounted for pursuant to the Hon'ble Supreme Court Order
dated 17th January, 2012
7. As notified by Ministry of Corporate Affairs, Revised Schedule VI
under the Companies Act, 1956 is applicable to the Financial Statements
for the financial year commencing on or after 1" April, 2011.
Accordingly, the financial statements for the year ended on 30th June,
2012 are prepared in accordance with the Revised Schedule VI. The
amounts and disclosures included in the financial statements of the
previous year have been reclassified to conform to the requirements of
Revised Schedule VI.
Jun 30, 2010
1. Demerger of Storage Undertaking /Division of the Company into Kesar
Terminals and Infrastructure Limited (KTIL).
a) The Board of Directors of Kesar Enterprises Limited (KEL) at their
meeting held on 21-01-2009 approved the Scheme of demerger of Storage
Undertaking/Division known as Distillers Trading Corporation (DTC)
Division of KEL [Transferor Company] into Kesar Terminals and
Infrastructure Limited (KTIL) [Resulting Company] and their respective
Shareholders and Creditors U/S 391-394 of the Companies Act which was
sanctioned by the Honble High Court, Bombay on 12th March 2010 and as
per the Order, the Scheme of Demerger of Storage Undertaking /Division
known as DTC Division of KEL into KTIL is effective from the "Appointed
Date" i.e. 1st January, 2009. Accordingly, all the Assets and
Liabilities of Storage Division of the Transferor Company(KEL) stands
transferred to and vested in KTIL with Effect from the appointed date
at Book Value.
b) Pursuant to the Scheme of Demerger, in consideration of the transfer
of the Storage Undertaking into KTIL, 47,53,113 Equity Shares of Rs.
10/- each fully paid up are issued and allotted by KTIL on 1-6-2010 to
the shareholders of the Company in the ratio of 10:7 i.e. for every 10
shares in the Company, 7 shares of KTIL.
c) As per the sanctioned Scheme, against the Net Assets of the Storage
Division as on 1st January, 2009 amounting to Rs.1500.52 Lacs (i.e.
gross assets of Rs. 3140.71 Lacs as reduced by liabilities amounting to
Rs.1640.19 Lacs) Rs.971.55 Lacs is debited to Securities Premium
Account, Rs. 49.42 Lacs is debited to Capital Reserve Account and the
balance amount of Rs.479.55 Lacs is Debited to General Reserve Account
of the Company.
d) In view of the above, figures in respect of the current financial
year are not comparable with those of the previous year, since the
previous year figures include the operations of the Storage Division
for 12 months i.e from July 2008 to June, 2009.
2. Contingent Liabilities on account of Demands/Claims against the
Company not acknowledged as debts and not provided for Rs. 711.22 Lacs
(Previous Year Rs. 719.64 Lacs)
3. For Sugar season 2008-2009, the company has accounted for Sugarcane
purchase @ Rs. 140/- per quintal as per the State Advised Price
declared by the U.P. Government. For Sugar season 2009-2010, the
company has paid @ Rs. 165/- per quintal for Sugarcane purchase as per
the State Advised Price (SAP) as declared by the U.P. Government plus
substantial incentives which led to a net total Sugarcane cost of about
Rs. 248/- per Qtl, keeping in view the higher Sugar prices at that
point of time & the shortage of Sugarcane.
4. The estimated amount of contracts remaining to be executed on
Capital Account (net of advances) Rs. 83.29 Lacs (Previous Year Rs
83.29 Lacs).
5. Alcohol and Molasses Storage Funds and Effluent Disposal Fund
amounting to Rs.115.62 Lacs (Previous Year Rs 112.00 Lacs) are not
deposited with a Scheduled Bank as required by the said Orders, under
legal advice.
7. Term Loans from UP Co-operative Bank and Allahabad Bank under SEFA
2007 (Scheme for Extending Financial Assistance to Sugar Undertakings,
2007), are secured by way of residual charge on the Fixed Assets of the
Sugar Division situated at Baheri on pari passu basis.
Term Loans from Sugar Development Fund are secured by way of charge on
the Fixed Assets of the Sugar, Spirit and Power Division situated at
Baheri on First pari passu basis.
Cash Credit facility from U.P.Co-operative Bank Limited, is secured by
way of Pledge of sugar stock. Cash Credit facility from Allahabad Bank
is secured by way of Pledge of sugar stock and joint first
hypothecation charge on pari passu basis over Current Assets of Sugar
Division and Spirits (Distillery) Division at Baheri, State of Uttar
Pradesh (U.P.). Cash Credit facility from U.P.Co-operative Bank Limited
and Allahabad Bank is further secured by second hypothecation/mortgage
charge on pari passu basis over the fixed assets of the Sugar Division
and Spirits (DistWery) Division of the Company situafec/ at Sarieri,
U.P. Cash Credit facility from Axis Bank Limited, is secured by way of
Pledge of warehouse receipts / storage receipts with lien noted in
favour of Bank for stock of Seed Division.
8. In the absence of confirmations, the balances in respect of Loans
and Advances, Sundry Debtors, Sundry Creditors, Acceptances, Deposits
and National Savings Certificates deposited with the Government
Authorities are taken as shown by the books of account and are subject
to adjustments and reconciliations, if any.
9. The Company has entered into arrangements with third Parties for
Manufacture of its Indian Made Foreign liquor (IMFL) products for which
the Company provides them necessary technical know-how, working capital
and marketing services.
The Company has tied up with third parties for manufacture of their
IMFL brands in its plant at Baheri for which necessary technical
know-how, working capital and marketing services are provided by them.
10. The Companys Accounting Year for the purpose of compliance with
the provisions of the Companies Act, 1956 ended on 30th June 2010 and
the previous year for tax purpose ended on 31s1 March 2010. The income
if any for the period from 1/4/2010 to 30/6/2010 forming part of the
annexed accounts will be assessed as a part of the composite income
relevant to previous year ending 31s March, 2011 i.e. Assessment Year
2011-2012.
The Company has made provision for Current Income Tax of Rs. 16.87 Lacs
and Deferred Tax Expenses of Rs. (16.30) Lacs for the financial year
2009-2010 pertaining to Assessment Year 2010-2011.
11. Sundry Creditors include Rs.50.88 Lacs (Previous year Rs. 37.11
Lacs) due to The Micro, Small and Medium Enterprises.
The Micro, Small and Medium Enterprises to whom an amount of Rs.1.00
lac or more was payable and outstanding for more than 45 days (as per
the terms & conditions of the orders) are as under:-
1 M/s. Rajukesh Industries Rs. 4.73 Lacs
2 M/s G.R.Polypet Industries Rs. 26.33 Lacs
3 M/s. Anil Kumar Singhal Rs. 8.15 Lacs
4 M/s. Deepak Chemical Lime Works Rs. 1.76 Lacs
5 M/s. Dehra mineral Corporation Rs. 4.57 Lacs
6 M/s Lux Flavours Chennai Rs. 5.34 Lacs
This disclosure is on the basis of information available with the
Company regarding the status of Suppliers as defined under the
"Interest on delayed payments to The Micro, Small & Medium Enterprises
Act, 2006."
12. Advances includes Rs 9.67 Lacs, outstanding since a long time. In
the opinion of the management, the same are considered good and
recoverable.
13. The Company had given Bank Guarantees to Government of India in
respect of Levy Price realization. Subsequently the Government has
adjusted the amounts from the Buffer Stock Subsidy receivable by the
Company and has also encashed the Bank Guarantees, which has resulted
in excess payment of Rs. 16.80 Lacs to the Government of India. The
Company has lodged its claim with Government Authorities for refund.
14. Segmental Reporting Disclosures under Accounting Standard 17
Business Segments:
Based on the guiding principles given in Accounting Standard 17
"Segmental Reporting" issued by the Institute of Chartered Accountants
of India, the Companys primary business segments are
a. Sugar
b. Spirits
c. Seed
Geographical Segments:
Since the Companys activities/operations are primarily within the
country and considering the nature of products it deals in, the risk
and returns are same and as such there are no geographical segments.
15. Related party disclosures under Accounting Standard 18
Names of related parties and nature of related party relationships:
a. Subsidiary Companies:
As on date of Balance Sheet NIL.
During the year, on 1-6-2010 KTIL ceased to be Subsidiary of the
Company. [Refer Note 1 (b)].
b. Associates: N.A.
c. Key Management Personnel and relatives of such personnel:
Mr. H R Kilachand Chairman & Managing Director
Mrs. M.H. Kilachand Director
Relatives of Key Management Personnel
Mr. Rohan H. Kilachand Son
Ms. Rohita H. Kilachand Daughter
d. Enterprises over which Key Management Personnel and their relatives
are able to exercise significant influence:
Kesar Corporation Pvt. Ltd.
Kilachand Devchand & Co. Pvt. Ltd.
Indian Commercial Co. Pvt. Ltd.
India Carat Pvt. Ltd.
Kilachand Devchand Commercial Pvt. Ltd.
Duracell Investments & Finance Pvt. Ltd.
Seel Investments Pvt. Ltd.
Skyline Chem-Trade Pvt. Ltd.
Kesar Terminals & Infrastructure Limited
18. Share warrant application money account amounting to Rs. 67.90
lacs has been forfeited and transferred to Capital Reserve Account.
19. Quantitative information of Manufacturing and Trading activities
is given in Annexure I.
20. The following tables summarise the components of net benefit
expenses recognised in the Profit and Loss account and the funded
status and amounts recognised in the balance sheet for Gratuity for
financial year.
21. Previous year figures have been regrouped and recasted wherever
necessary.
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