Notes to Accounts of Khaitan (India) Ltd.

Mar 31, 2024

k iii l Prov is ions, C onti ng cut UabMtt&S and Ca nti-ng-fenl Assn Is

Previsions tnvoMhg substantial oegiee Lit estimation n m^asLremen. are recagnKttd when the:-: is a legal s canslrLalive abiinaliun as anj&Jltaf past events a;nri t S p-otablethst Inera will ue an outtlaL ¦ _i research e.nd 3 i‘- at „¦ EStmata can da mats cf .ha atnaurttof obligate n P^rov s ens ate no! IsCogmied o’ I Limit ope,s.l r j os-ses 1 he emeu -it recDgr-aied as a previsian is _;r.e hast BStimaSaoi he con s''c-arst c n i ecu 1O0 to Settle he present obligaltdn a: the end of‘he reporting period, tak.''ig i its account the nsHe j nd unesha. nde^Sdn o annlng the ob !igjtL cft

Gcii i "igant ,aai Hies ¦; *idt recognized arid are d’-edOSad by ¦-¦¦siy a iotas to : le f rancid'' statements when ti ara .- a passe ? ti.igition anting hum pastfivenls, this ftulstenoe pt whletl wiii -ja donfintied or y by Ihe ocCun''ense or rm n oCfiur''Eicft o; are Or rnurittnotfftahlflj urt svt TtS^Ot wholly within ttlBcunlrol at tup Campiny dt v,¹ hS l there SiprBfrehtabllgatHiinihal a,-sus i-itm pas1 events where it t either not b-uaible that an uatfioiL¹ of rSSaj''oUS * ll bo retJuiWd to satlle the sama or a rulcible estimate of She ar’uijnl n I hLSraspest cannot jo mads

Contingent Asserts arc d sdoSBd n tt» tnsiW a! statement by way of not-j¹: to ^CCoLifltS Wha t an Inflow of eCunotnlC banoltta Is probable.

Kfvf Employee Bcnchls

at 5h

b) Provident ft Family Pertldn Fund Inaccj;-, sc wfltl I he pmvisiu.is el Itie Emp.-oyce FtOV Coni Funds And Viscelsrreoui

Previsions Art. ''361!. eligible employ''s** of the company are ontfed to rtree.va burteliis to tfi respect to providen. and. a dottned coriMbiil.L"! plan n Which b-oih ,l m company and iplovGt CWttttnJte monthly to PraVldou: r^:ur f ^Jjthtr''‘e by the Central Government/Trust at a ertt m.-it-d rate. The ebmpmy eemi-Jbutss to Ihs Employees Pension bchomt, 13E-S lor colt a. u LaLo^h''ic; Of tnrp.jyees. ''h£ Company sc.inLiIbc.''tlLri Is charged ofl to the Stdflfcfrrtntot PreTl eaid Loss.

c) Ora Id lly PdstSitnrJiay -ietn and Pttirenier1 bsnef 1j - i Ltre !? m of Gratuity are tc-h jfd 6 rtda 5 deiihed benefit oblige,L trre Hid Is

prodded li an the basis oflh nd party actuarial valuation, using the pr-a^ctedunltefeil tllMiicpt, asattliE cate at thh Caiirtca 3tieeL. fivery Lrnploy''.-o tvhtthes cpmp Ciedfve yddns t '' tierce'' Lorviie str-lil ed I j Gratuity HTLerris lot lassf-tworahfetlwi lit* p''oylsioiisul T11 a Payit''Cnl ¦ j! GfiitU jly Art, 1372.

Tilt ^anility Qrassa''. n&coenL''iGcs In tltu baiartcs sltciti i ic-ibici. s1 cu ''nicd bentili''. grataity plEnti is trie presettl yaidh or the defined bent! Lobapailon at the end ol :^Lte reporting pu, iod iuss He lair y-s''uc a: plan asseiE. I tie defined beiidJli obligalian is calculated an.iiua''.ly by acluailes usltig he tr-a^ecteii unit c red ItmsfiBd.

flit iresen! vaiue of lI^c ae''nved L>e:f-iG ii &b''.igafioit''s detennlnad by dksctRintlitg the estimated iuluie :ash Sutffaws by fefeiwjwto market yields at the end o'' lepo ling period on gova- nment bonds dial Iwn it-ms apfOiLtmating «? I ho lems of th-e rKaifid obligation.

'' I lie n.of Inte-esl C''.''Ei n oap;u. ated by apolylng the riiscoun f rats ta She r^et t alancs af the define J tie nil i ¦.¦h''ligafon an, J the lair ve ue ifptanassets rhlsjqortlsIncludedinflrnpJti^teriirtlflMperieeln thisstflHiniant cp''ri.Land loss

Fte-m&zaurni''''ient gains and losses arising from experience adjustments and cFrengEsIn airtuarie- assumolians of the daiinad benefit cb^: gallon rare recognized n the period In wh''Ch they occur, di redly in ether comprehensive income. They art molded in raiairrad aarnin 5 s in the staiement oF changes, in equity sn c .n the balance a hear.

d) Leave -:n cash ment benefits: Tbia liebfiiissfbrearned leave are net ejected to ba sailed wholly wifein ''£ months altar line end. of the cenod in which the employees render the re ated service. They are IhEraftHe measured es the present value of sxpacred Future payments to Pe made in respect aF services provided by employees up In the and of the reporting period on government bends using the orojected unit credit melhop. The benefits ere discounted us^:rg the market yields h1 the end of the deponing period Ihat have terms approximating tc Fhe terms cf the related obligation. fte-measuramente es a result of experience adjustments and changes n actuarial assumption: aye recognized in prof it or loss.

The obligariens are presented as cl men) I labilities ¦ n the balance sheet if the Gompeny does not have an unoondibonal right to deter settlement For et least twelve months alter 1he raporii ng period, regardless of When the actual settlement is eixpectad to occur.

xv) Revenue

a) Sal-: of Gccbs

Revenue is recognized a! the fair value of Donsidereiiob received or receivable vihen the slgniiioanl risk, rewards and ownership ert goods have been InaniterreLi n id !ha amount thereof oan be measured reriabLy. This represents !hE net Invoice VihIub nf g cads suppSed to third parties after decuPting trade discounts, returns, vateme rebates end outgoing tales tail and is Inclusive of packing charges and exc-se duly there Bgainst.

b) Interest, Dividend and Claims

Dividand InWrho Ifi re:oQfili&d when the rigflttP laosive paymsm is established. Interest hat been accounted using effective Interest rata method. Insurance ctelmS.''Dther claims areeucounted as and whan adm''-ted,¹''Settles.

xirl) Borrowing Coat

Borrowing cost comprises of Interest and other CbSfc Incurred in Mnrwcflon wife the bPrtdwi rig df lha funds. Alt bomawlrig edits ana recognized in the Statement of Profit and Loss using the effective Interest method etc apt to the extent attr Ibiitable to qualifying Properly Plant and Equipment i?PE) which are capitalized to Lite cost of the related assets. A qualifying PPE is an asset, that nccBESirrliy takes o scbSTanllal period uftlma to Pet ready ter its Intended use cr sale

xvli) Texes on Income

Income ten expense represarM! ng the sum of current tax expenses and lha nat charge of the deferred taxes Is retogntzed in the income statement except to the extent I net It relates Id items recognized Directly Iri equity or other Pomprehartslve Income.

Current income tax is provided on the taxable Income end recognized 01 the amount expected Ip bo paid to ? r recovered from the taut au ihortiise, using the tax rates and tax laws Ihat have been enacted or subalsrrtJvely enacted by the end of lha reporting period. Taxabls Income d t''ers hum ''profit betare tax as reported In the statement or profit a no loss because of Hems of income or expanse that are textible or dec uc E ore in ultw years and Hams Ihat are never taxable or deductible.

Eteiened tax Is recognized on tsmporaiy differwiees between the carrying amoums of assets and liabilities In iha financfel Statement end the Correspond''ng tax bases used In the compulation of taxable ptollt. Deferred lax. liabilities are generally racognizad ter ell taxatife tampomry dlffarencas. Deterred (ax assets are generally retognszea ter all deductible temporary dllarences to the extent thv.l It Is probable that taxable pfollls Will be available against Which those deductible temporary drlfsrences can be utilised.

Deferred tax liabilities and assets are measured at fee (ax rutuu trim a a expected to apply In lha period In which the Held llty is settled or the asset realized, based on tax rates (uhd tax laws) tfian have been enacted or substantively enacted by the end of the reporting period.

The car lying -amount of deterred fax assets Is reviewed at tins- end of each reporting period and reduced to the extent that It Is no Ibfigacprobable dial suitldenftaxable profits will be available te allowal! or pant of the deferred tax asset to be utilized.

Kirill) Earnings Per''Share

Basic eai nlnga per share are computed by dividing thy net profit attributable to tlvi equity held ars of the company by fee weighted average number of equity shares outstanding du ring fee period. Diluted earnings per share 1s comp feed by dividing the na t croln attributable to llw equity holders cl the etwnpsmy by the weighted average number ofdourty shares considered forderMng basic darnings pet share and also the welgriHHJ average ndtribar of equity shares that c oui-J have bean Issued upon cmwarslen of all dl lultv* iwlanilal equity shares.

x i>:''i N nn-currd nt assets held far sals

N ? n-CLi ite nKt&etfi ns dtor sale arenB=iSL^rad si the B^r pf^rl-e-r carrying jnTflMntefidUiE fair value less casts to sa I

Assets arc liabilities c assified as held tor salsa-ra t''started seearslely r the bs-sice shee1 Hd-isyer, ths''e sre ns :=,,rn assels descr sad as held tor ss e in curr&nt F nancia'' year

Tbs Ccmgs-ty else sites lor-dL rrenl sssets as nt^:;^{: J}cr sale if the rcarryirg amount vgtll ba rsc averse pmc.celly [toe ugh a Sale rathe- ipai thrcuqn con nuing use t cucns nec.iired !s cc nn j e!e da sa a shm a nd calsviei n ^;s unlikely that sigr-fcanr charges to the ssls *-i,: ps made or l.ia.i i is decision La sell -.Vll bs ¦v.ifhd rawfl. Uanacatitent f ust os etjrnffittted to I is sale Bisected vrith ti ape year Item the cate otclsssbicaten

nx; C ash dividend add non-cash distribution lb eq u ity h alders

Tre Cnmasnv r?cbgr-:es a liattill ¦ i: "H''s cash E.st''ibLLibns tc sc u Ly hi darstJ heCSbfnpefiy -tier [ha distributionIsd,jtl-:^ri;ad arc the distrib''jtich is nc Shiga? at ShE disc''etion j lib (toripar-, Ofettlbufnai ia authorised Wtlan it a apptovim by the s ie^re isIds''L. fli corresponding amocr''. .s rBbcgt:;rec.di:ECI:y rrequity

2U 1 Secured dy HypoLdecslJon of aSscda, Hook teats, standing crops, stores 4 scares and an other current assets and mortgage o'' spncmurBS lano measuring abr„t 2087 ?1 Acres ar.c entirs lixstr mwH o! sugar division nP liie ocnnpmy, pressri! S future arn personal guaramas rvf a [director

Tins Company has sails-'' eu ihe cu- ^ranl-i adachea iu ihe bcmmlngs the ounc''*e-4 lund hes irean used ta ivurhlrig nsenta- HnpbE«

Pjle nr IntarW Of Cash credit Account *3ffll 4* [*f irifotwl iffor doted Sdltl July 3022 ft*Sank.df flUriXia t 1S* for IO0I SSnh, L united as Pei Iasi nane-urt letter psem! 15tr. UeoemtaarMSS

id.J PBSiihffth.tjnpoIRp «naa,flqn.- It^sbirercManedfrrjfr.lheN&FCriinlnrnttriitEUtRS ISKrplLJItaifrtNytdV''IdBt''Ittttf heZywiprtsd rortjenerBl curpurEie purKses

TlrebilsncH jmnuntoH R* ’¦JS.flflJKld tes twi reni-.vnri bys*Bl M0FC V-dn Lelfor dried 1 il Aont-iWJ tor t pimntf rtf tmr \fcat urcF IriAiril 20ZK

Trio Loan Is secured by

i] kifcrtftigeaf 7 Put nr Flats uvj=no by the Company and Odrereiidy Cm pur-atee

ill Pledge of i OOtv; eouity ehanss-of lire Company bald dy''Jia Dredcrs and fire body Corporates

¦ill Personal puranteenf nne director

iv> Corporate &jrenlws

¦i''i Imetucabla and soeoafcPbijarcr attorney eaecutad dy ns omeror toa properly

Tina borrowed fund has bwn used for wmrfcng caaiai and cmaral corporate pure™. Th* Cortoany has intiEfrsd 1tre covenant attached fo the teereytnsa

2G.1 Tire Company das hat deeo rwrartsd as wlfot default* during the currant year w sny of Ifie leaders nt the company.

3T Segment informatics

The beard cf OifBclert dttha Company has appcintec Mr: Sunit Pasari as Chigt Oper«ir>g Dectst''orr tf*>;er (CODWl as defined by Ind AS I rib. Dpa-aiingi Segments T ie CfltlM evaluates She Company''s perfctmance and stlacaiea rtsuurces baaed un a- analyaia or van^cs oedomiance Indicator*.

Tn- CurMafiy defa^ A''rth viiuus costumes, and :he*e >.vas na cuartumej tu ^njfti sies uf tO^fc ur more of die CumpatT^s Rrve-ue A>e‘e »n&ae

53 Erno^; :yw twneto i&llijatkjfss ¦'' sKperraeg

Pie Clirtpiny to^-iHbul-fi ta Pie Provdenl Furd (PR itji nLineri with IIi“ -"Qiaridi PrL^v4derrt Rjhd Ciinn-SSar*! Unde- the PF secern- rortnbtriians are rTtusp by Min LtoComnary ana tsotisfb''e err^o^ees lotho Funs, baste on ihe eumsnt saiarVjs An BmuLnt of Ra 11X6,704.''- ''3. Marci^- j?£23 fts 1-3,34,007,* j has bc<.-^r cl''-augcs i" The StalcmrnL :i* P-ofit *“d l.siss Li-vard* C amp an/s cormb j?nn 1c-Ihe alrrnsad r^c sememe Apart Vran making vnaraMy c::nlriiuti::fi ti £ib lha Cv^pany ftae ns L-ti*¹ ubigaii-jn

¦li| F:« Fmdoym^nL DtfTrad Bgr^’ Pign GrBbiily tRjrKS&Q)

^-¦e C-vrnpan*'' p-jv-a-ea I*.-: D^iuiiy, a deilr*p benelrl recrement pin ejvernig a pipe emp .-rc^es Asw ir« a diene the Qraurty Ti^gj F-jr^s ?nanig«j by the

I ri&-nsy-wior. C^rp:jrs*dr»cr hrdm |i C\) mphe payment *1 K«Kd ptoyots “*n the c^nnt erf rfrtirnmrni qr-jJh Incap tnr*1inn nncrm>ieMn n fmpIqyrnr-Tt, si* an amixifllf hAsea arithe reipetl-.e iWIpityuA''leLgibe Jiir apee^lrtj ¦ iuf*ir Of dayi Hi ap-prtviSicflS ai GP-abuiCy Ad dep£riQ>i£] uflor It e leiure cdstrict subject to a ?nsf:rnum Smrt oi Rs.f.''XO.COn V^scng ¦cjocu''b uo;-n coma*et.:n trttiffl years ert eervxw Llabirtow -vn regard to Lhe Gratuity Ran ana aels r?r_rH3d bry ,actuarial valuation in set cut in Nnte afl 4111} ancs pVi, a.it-a can when. !*¦*¦ Cnmparw makes ca^nbuidnsirlhc GhEbuity Raid

I IK I Hiuk Evp''jnure:

Va t -''.5 am ptlfrvmptj tin ifk; -\ basic rjm -t p^ ditEIMlifrtd Uasumpiinns P''ld ^hrr rr-guleinry f(«ni#lr * ,-h ch may Vary nYCdirnc. T^r,u& ihf

ComDity is exposed to venous r stein providing S»atovB gratuity befiallt tl»md®t^ftj|canijrfwtirctia£BBHftHld«B tX) |.fltwe*i ftsm rndu

^vhe pan eyases rhe CdiidDa''TyiLjtritriskQrial¹-’ interest razes. ATaiin r.iereen :ajKS -.- res^-i -i:¹ ineieaae." mtuSIt laie-suai jZjf ¦: ¦. cnoa zoe snore bnnnirand ''jiNthkjEcrLri''inin -crpj!,! ititha-vdiftllicfllwSatoi¹ y ImshmV HF.rinnaljirtnm^nli:-

(XI) UquIdtty.RFfk;

^This is 17.9 risk lhsn ibs company is not afcua la meet the shed Harm g alu^:ry pay-ruti Ton may arise due re nvi avaii&p

I nil) Salary Lasatattoii Risk:

^Them eaei rf Jt ..i el lieeel.rtrd T pifinllt^lEU aled VlttflIk ii:,..'' ipt atSpiny InaftflJi jieal ? i ¹ at-, l ojhle :i lu..-=r (Ji\ Itlu.....Zliei.i.r.:

innise se ary In ¦ ,iurr forptjn porttcipanlEtTnm therailnf increase p. salary urid(¦ v/mr^: tha presr ar ve uiclcis gunnnw havaa bearing ¦— trethrar''snsDitly.

mint Demon raphit Flish:

“lie-r.-mpaiiy ms used Mrlslnmurtslity a- . attrHun assuntriiun;lnva „ai ..¦ uf|he liability. flieCun''izany is etgjtnea In ns*u: actus mpenenor turning iUHtr6*#praa conndrod trvte i-ssurnptian

|K|V1 irlrgulnlnry flis-ki

Gratuity baneA .s paid apcor-datoo uni ih Ita rso- nements at ''he PHynWU at OratulTy Acl laTitaa amended rra£ line to ins I rare e a na*. c¹ change ,n regulsHuna ¦¦eauiiing higl''ii 0ialuiL_S'' gftMuts .e.o I''tiease in (ha maiinvyn Ufoi i on g ai. ty jl Fs. fifl.oa.aM) A''. upward iBrlsiwt jz manrnran gratieiy mir will nesui'' in £¦ u.01 - Igjjgstinn

Fair Vbiuc Technique

The fair Va lles of the financial SS-Jfts am I nln Ties a-5 ttpijjud&(i ait (bfi ampint mal would be rpce yed td 5P^:I an ssspi or pa rl tn transfer a M-at-iiiiy pp nideily 1 ansarion between p&nlcipate ait ?he measurement date The Mlowifig methods and sssumptinns were used <0 estimate the fair values:

(«i The felrvaiue t-Fcash and cash wtjivB ants, traoB necewaMes, trace payables, cuireri hranna :iatiilirier jnq borrowings ppprccdhiate me^anyina amcunr nrgely due tr> Itie sl-nrl-terr-i nature at these Insrrumems The board considers thal the carrying ayneLinta of fjtfancia assete and finance ¦ abr 1 en repogrtfsed a; cpst/amoftsed costs n the financial aratemepite npptlttirinases ihe-h fislr vnfues

if'' Investments in quoted equity shares are mess,.red ''.jsinri quoted market r.Hces at -he repcrting date mulrip: ad by me qua ifity held.

(cl ^cs-t VfliLefcr vaipetion of unquoted bouTy nsinpmEnts''s errved based or mansqemert eft-mate.

411 FJna ncial Risk i-fl ana qemt-nl ohje r: tiv as end policies

The Company''s principal financial liatflltles-comprise bonpiwings ip domestic currency, cgpitel Wedilors and trede and other payapl&s. Tfi= mar purpose of Ihesefijnarcial I ebiln-ea is tP ’ir-ance th= Com nary''s on-er=tir,ns “he C.nmpan/s orrcipe'' financial assets include-loans, trade and other receivables, cash and cash equivalents, investments at costteir value end deposits. 1ha1 derive directly Fnpm its operations

The Company js emwsecf to market risk crep t-irk anr. liquidity risk TnpC-tKTipeoy''ssetecr appagement oveiBees tttg; maosgeCbenl rri lapse rrNs. Ti p Ensm qltjjfectore re-''p vs and an^_ees nolT.ies ^;r.T mar spire parh of ^:-asp ^Jisks rrfl Cfi are si;miT_;ar^:sed UeK*?,

A Market risk

Mark-et risk means that the fair value offutute cash flaws of a financial instrument will fluctuate becausecf changes In maiket prices Tnegos of maikel rff.li man-sn-pr-e-.i ^:s optimization a'' c ofnand cantrpllrhg the errppsune to market 15k within soqepte ;? ii mils Market risk comprises tvrO ryp-E3 of ¦ -> ⁼ore:gn currency risk niflldSl rate rial'' . and Fr ee risk an 1 a:ted goods

Price Risk an Traded Gauds

T"e car cany s -mastered by tip :^T.ce vdfat iiry c! qo-cils in v.T-ich t)16 Company trades- Tc ¦—linir:¦ 7s the risk related to price of fradeo goads, me Company cd^ir order for sales from auyere prior to purchase r.i gcoos th immediate despslch Id bi.ye¹

3 Credit risks

C-red t r S'' is (ha risk at fnan -e. dss to :ha Cumpsr.y f a customer or counrp''psdv to a fnin.-ia nstnjmer-1 ''ails to hie. its cdntrapluai pbUgalioriS, and a-''ses princrpel y ’“ran lhe Gonpany''s raceivabte^ Tom custorrers and c.t iers. maociirion, c^_edi: ris^ arises horrt ‘inancial puarentees

The Company i nplsmen^a a c edc risv managernerL poll.:-, unce¹ yyh ch ''ha Cc-mgar’Y only transacts business ivi(h colfptafpa l ea rhat nave a ca-lsin leyei dT creoit rvfi nh ness cased On !:e^rrr.l aacesi-nen: c-I re pari as fjnanc ai conoition., h''stdricsl evpa -e-ice, and olhar I''acfors ThB Campartjfs exposure io erttfit risk ^:= i-.l^:uer-ced mainly by ms -ndiv -dua characreriaiict (?f eacn custccne''. Thie Cc-rr''car-, 113 eatabiia --ed a cred I policy or-Ser A''-i!c.n each nM custame- a aralyzec individLsiy tbr crediivonhinesi

11} Credit risk oxpastire

Tire cerrv.-ng arnciu ''.. cf liner cia aasEia repreaerls thH Corn dam pc''-, rheui ^_.l rn EiipoacrE ic-orEd''l rsK ThB madm j n enpc; j^re tc credit risk 3 3 c'' Mansi 2Q24 S 3‘ March 2053 are as Tot jws:

43 Ns Borrowing c-rst navt Pet'''' capitalised ol rinq tie ves:

M Dues fsun -.''lire''s Ha. 35,1 *,579.''- (Fh -;-&.Bii,S51.'' 1

4s Earning |ri Funalgn &tcnATfjf TDD vaue ¦. ''r.vpuit Rs NIL (PY Ni^;_t

4$ 7- - [;LTizii. -y ¦; ".iv-ng nririr INsn PC''¹ a Tty.. I_v i^Lirt 5L1; - r M,''B KM .a- ''.eliri I !H I''l''cvirl, Tr '' ¦* "g Iht r-i-= ¦: Elcnl .-v-.K.Iir e (d IIif < "''np.-.iy, Ihe

Fina-nai sratFPP^_''E s! re atone -aferrEid srit/ hat new teen scnsr- ¦ isted ncr any ccnso diied financial slattfTie’is hit been piepa-ea as 1ne management tntteuea that it dues not an|dY neteaSary Punt .. Enid Influence In itspeci oJ it Unawaal end toenail po tries avet''ltie said codipany.

47 PhHkiCtinn KSiyity 5f 1hp Tu^ir mill Cl Hit Company -¦? CnrtfinueC: Id C urKJt* iustWnJinn lint 4 lung lime Jflet incurring Terty;/ IntuCS The :rt:duiliiii''

an -tias cpuIq tal ce ^rBEonrEC during :be cunt- " _r F*i oecBuse of un rarrunenar ¦-b se pricer e^r-d h nh testproducer - -r.J.tvEfihe c"nps^_;

¦¦. h-tit''c itiei in ruce because ¦.,'' he ¹ upr.-vt irert''.''.-e, fiartiia t -nt be -g Dumoany nas rwt ocTjtfBftd tfe-budKH nfiLijai asdstcinimuDU uperaCnn

4g m fo npininn n-re man uganwrit t-g leaasejjie yame tnlPrHKrty, Plan a-n fcrciOfnenityf sugar dvismn could not tra ess than cscarrying yaiue iiidi any orpyigiun cn accr-ervi of llBpafirtienl It r-itcsiiEiaared necessary, aten froth a -irsvaipn or Fs ¦¦ 07 lakht earned t ''¦oe pre^oua year

4ir tS|ria|n flnaMia! too npejaiivia] ertu tore u¹ the company haya . i-ared Insc sent,- and I3e- nruptcy p-ootaoings sigainat Ire Gump ary unaei EtL

CndgSLIfG n™;"icr In til nlttn C4HI, (f* pfftilicn Of ''he niTC-ti crrnnrp Ira* nut pi''or'' idm-rcd _trr :j,-ihg-curnpr r" u nm :''ln,V ''duriBjri......

e taK np neresEar;- alaptlc ''eE¦¦ va lhe issua ol suer- p''adiH’t here-¹:-^, rt -sits note-/ sage any tcnoe''nt as rega''os t; going cs-.ebf. atatua of ma lumtia/w Et tnS ilarst

''J j 7 - e c.rriua ¦. ¦ ea mtj..:ed .saei uptn L"e ^L e _Ptar e dea Em EStpremea. r-TJa and e^:s.’. Lie imrrfu aie y prtztdi- ¦ er, ¦ spl- el yeari. iuth

iha n?r ivorlr o'' tie comp^n. -as reduced I Hrtravsr, z-j* ;n yjr --js buainess mpr -.-arrenit rr.aned .Titacurrs undcrafcin by lhe ffomp*ij, h sas earned

¦^_et p:u^:ne *di :he 1 -ansia- ,-ea;'' ?JZ£ 12 end 2,22-1-1 f nt mafiegtnit''d s ¦cpelul u! inttprouad ''eeo :e '' Sjcaeqoanl per.^,.'' yteie loo. as sue'' r^r^

jr::tiunls :rl 11 -E cririp^en-,- ¹ sye brirn dtv.v. srpu un racing rnniTr¹''. htitis

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---

Mar 31, 2015

1. Corporate Information :

The Company is the owner of "Khaitan" Brand and getting royalty from its users. The Company is manufacturer of Sugar and also cultivates sugarcane in its captive farms for utilizing the same for manufacturing sugar in its factory.

(a) There has been no change /movements in number of Shares outstanding at the beginning and at the end of the Reporting period .

(b) The company has only one class of issued shares i.e. Equity Share having par value of Rs. 10/- per share . Each holder of Equity Shares is entitled to one vote per share and equal right for dividend . In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after payment of preferential amounts , in proportion to their share holding.

Details of Security

A) Term Loan from IDBI Bank under the " Scheme for extending financial assistance to Sugar undertaking 2014" is secured by hypothecation of stocks, book debts, standing crops ,stores & spares and all other current assets and mortgage of agricultural land measuring about 2067.21 Acres and entire fixed assets of sugar division of the company, present & future and personal guarantee of a Director.

B) Loan from Sugar Development Fund is secured by charge on specified assets and guaranteed by a Director of the Company .

Terms of Repayment of Secured Term Loans

I) Term loan from IDBI Bank is repayable in 36 monthly instalments staring from September , 2016 . The rate of interest is BASE BANK RATE (BBR) 350 Bps (current BBR is 10.25% p.a) . Any delay will attract panel interest @ 2% p.a. and also liquidated damages in case of default.

II) Loan from Sugar Development Fund for Rs. 287.55 laks was sanctioned on 31-03-1992 to be disbursed in 3 instalments upto 31-03- 1995. However, only one instalment of Rs. 132.19 lakhs was disbursed. Initially rate of interest was 9% p.a. and penal interest was 2.5% above normal rate of interest. The interest rate was later revised to 4.5% and again to 7.5%. There was a moratorium of 3 years Repayment of Principal was to be made in 4 equal annual instalment after expiry of moratorium period and interest on loan was payable annually. At present amount due on principal account is Rs. 8563117 (Previous year Rs. 8563117) and Rs.25431195 (previous year Rs.23407341 towards interest. The Company has sent a proposal to Sugar Development Fund for concession/waiver of interest which is pending. Inerest on loan of Rs.2023854 for the year (previous Year Rs.1648081) has been provided as per agreement.

The Company has defaulted in repayment of loan and interest in respect of the following

The loan from Sugar Development fund of Rs. 132.19 lacs was repayable in 4 annual instalments by 1999. There is a continous default now. Principal amount of Rs. 46,56,883 has been paid and balance amount due is Rs. 8563117 as on 31-03-2015 and interest due is Rs.25431195 as on 31.03.2015.

There are no Micro, Small, Medium Enterprises, as defined in the Micro, Small, Medium Enterprises Development Act, 2006, to whom the company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made. The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the company.

3. DEFERRED TAX

a) Net Deferred tax assets as on 31.03.2015 is Rs 45500973/-(Previous year Rs.8,71,23,847/-) in accordance with Accounting Standard 221 'Accounting for taxes on Income' issued by ICAI. Out of above Deferred tax assets of Rs. 12857222/-(Previous Year Rs. 5,44,80,096/- for the year has not been recognised by the Company due to uncertainty on prudence basis and opening Deferred Tax Assets of Rs.3,26,43,751/- has been kept in Balance Sheet.

4. Contingent Liabilities, not provided for, in respect of:

i) Guarantee/Sureties given by the Company for its Business Associates 3,250,000 3,250,000

ii) Counter Guarantee against Guarantees given by the bank to various authorities 2,728,172 2,728,172

iii) Estimated liabilities for Sales Tax relating to earlier years 9,487,225 9,487,225

iv) Income tax matters for earlier years (under appeals) 22,921,244 32,570,557

5(A) Secondary Segment Information

The Company operates exclusively in the Indian Market and as such there are no reportable geographical segments.

(B) Other Discloser

The Company's operation predominantly relate to Sugar and Other products relating to sugar manufecturing .

Accordingly these busness segments comprise the primary basis of segmental information set out in the financial statements. The acoounting policies adopted for segment reporting are in line with the accountng policy of the Company .

6.TRANSACTION WITH RELATED PARTIES

A) Name of the related party and description of relationship :

Related Party Relationship

Khaitan Electricals Limited Associates

The Oriental Mercantile Company Ltd. Associates

Khaitan Lefin Limited Associates

Mr. S.Bafna Executive Director

Seth chiranjilal Khaitan Trust Associates

7. Disclosure of employee benefits is as under:-

i. Defined Benefit Plan:

Post employment and other long-term employee benefits in the form of gratuity and leave encashment are considered as defined benefit obligation. The present value of obligation is determined based on actuarial valuation using projected unit credit method as at the Balance Sheet date. The amount of defined benefit recognised in the Balance Sheet represent the present value of the obligation as adjusted for unrecognised service cost, and as reduced by the fair value of plan assets.

a. Basis of estimates of rate of escalation in salary.

The estimates of rate of escalation in salary considered in actuarial valuation, takes into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

b. The Expenses have been recognized in "Contribution to Provident & Other Funds" in "Salaries/Wages and Bonus" Schedule.'

8. The Compnay is not paying to LIC for gratuity fund. However the Company is also not regular in making payment of Gratuity due to its employess who have been retired from the company.

9. There is no impairmrnt of assets during the year.

10. No Borrowing cost have been capitalised during the year.

11. Advances, Debtors and creditors balances are subject to confirmation.

12. Previous year figures have been regrouped/ rearranged/reclassified wherever necessary

---

Mar 31, 2014

1. Corporate Information

The Company is the owner of "Khaitan" Brand and getting royalty from its users. The Company is manufacturing Sugar and cultivating sugarcane in its captive farms for utilising the same for manufacturing sugar in its factory.

2013-14 2012-13 Particulars Rs. Rs.

2. Contingent Liabilities, not provided for, in respect of:

i) Guarantee/Sureties given by the Company for its Business Associates 3,250,000 3,050,000

ii) Counter Guarantee against Guarantees given by the bank to various 2,728,172 2,528,172 authorities

iii) Estimated liabilities for Sales Tax relating to earlier years 9,487,225 9,487,225

iv) Income tax matters for earlier years (under appeals) 32,570,557 48,042,913

ix. Basis of estimates of rate of escalation in salary.

The estimates of rate of escalation in salary considered in actuarial valuation, takes into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

x. The Expenses have been recognized in "Contribution to Provident & Other Funds" in "Salaries/Wages and Bonus" Schedule.''.

3. The Company is not paying any premium to LIC for Gratuity Fund. Further the Company has paid gratuity directly to the employee who have retired during the year.

4. As per management five employees have filed legal case against the company for claiming their dues of gratuity with the Company. As per the decision of the Court, the company has paidthe dues of three employees along with interest. However, no interest on the dues of the balance two employees have either been paid or provided for in the books..

5. Working Capital Term loan from IDBI and Bank of Baroda was secured by hypothecation of stock, book debts, standing corps, all Moveable Properties and Mortgage of 2067.21 acres of Company''s Agriculture Land and second charge on Fixed Assets of Sugar Division and guarantee of its one director, overdrafts against pledge of Fixed Deposit Receipts Satisfaction of charge for this has not yet been done.

6. Sundry balances written back includes Rs.0.78 lakhs, being liability in our books on account of Term Loan payable but not payable as per bank and hence written back.

7. There is no impairment of assets during the year.

8. No Borrowing cost have been capitalised during the year.

9. Advances, Debtors and creditors balances are subject to confirmation.

10. Previous year figures have been regrouped/ rearranged/reclassified wherever necessary.

---

Mar 31, 2013

1. Corporate Information

The Company is the owner of "Khaitan" Brand and getting royalty from its users. The Company is manufacturing sugar and cultivating sugarcane in its captive farms for utilizing the same for manufacturing sugar in its factory .

2. Sundry Balances written off includes Rs. 18.98 lakhs being very old balances receivable from NJMC Unit Khardah claim for Capital Investment subsidy and State Trading Corporation claiming them to be irrecoverable..

3. There is no impairment of assets during the year.

4. No Borrowing cost have been capitalised during the year.

5. Advances, Debtors and creditors balances are subject to confirmation.

6. Previous year figures have been regrouped/ rearranged wherever necessary

---

Mar 31, 2012

1. Term Loan from IDBI is repayable in 60 equal installments of Rs. 10 Lacs per month from April,2009 to March,2014 installments of Rs. 10 lacs each are due as on 31-03-2012. The applicable rate of interest is 15.25% and in case of default compound interest and penal interest is imposed.

2. a) Working Capital Term loan of Rs. 270 Lacs from IDBI was sanctioned with a moratorium of six months from 01-04-2009 and repayable in 24 monthly instalments @ Rs. 11,25,000 commencing from October, 2009. This amount has been fully repaid during the F. Y. 2011-12. The applicable rate of interest is 13.5%. b) Working Capital Term Loan of Rs. 105.78 Lacs from Bank of Baroda was sanctioned with a moratorium of nine months from April, 2009 and repayable in 24 monthly instalments of Rs. 4,40,750 from January, 2010. This amount has been fully repaid during the F. Y. 2011 - 12. The applicable rate of interest is 12.25%.

3. Loan from Sugar Development Fund for Rs. 287.55 lacs sanctioned on 31-03-1992 to be disbursed in 3 instalments upto 31-03-1995. However only one instalment of Rs. 132.19 lakhs was disbursed. Initially rate of interest was 9% p.a. and penal interest was 2.5% above normal rate of Interest. The interest rate was later revised to 4.5%. There was a moratorium of 3 years and Repayment of Principal was to be made in 4 equal annual instalment after expiry of moratorium period and interest on loan was payable annually. At present amount due on principal account is Rs. 8,563,117.14 and Rs. 20,204,467 towards interest. The Company has sent a proposal to Sugar Development Fund for concession / waiver of interest which is pending. Interest on loan of Rs. 1,470,576 for the year (Rs. 1,383,546) has been provided as per agreement.

The Company has defaulted in repayment of loan and interest in respect of the following :

1. Term Loan from IDBI was to be paid in monthly installment of Rs. 10 lacs. Although the full amount of Rs. 12,00,000 has been paid but the same has not been paid on due dates either in FY 2010-11 or 2011-12 and hence over and above the interest, compound interest and penalty on principal amount has been imposed.

2. The WCTLfrom IDBI was to be repaid in 24 monthly instalments of Rs. 11,25,000 each from October, 2009. There was delay / default in payment of monthly instalments throughout the repayment period from which interest and penal interest has been imposed. Out of total amount of instalment of Rs. 1,35,00,000 payable by 31-03-2011 an amount of Rs. 1,291,859.56 was paid. The total loan has been repaid on 31-12-2011.

3. The WCTL from Bank of Baroda was to be repaid in 24 monthly instalments of Rs. 4,40,750 from January, 2010. There was delay / default in payment of monthly instalments through out the repayment period for which interest and panel interest have been imposed. Out of total amount of instalment of Rs. 5,289,000 payable by 31-3-2011 an amount of Rs. 518,068 was paid. The total loan has been repaid on 31-03-2012.

4. The loan from Sugar Development Fund of Rs. 132.19 Lacs was repayable in 4 annual installments by 1999. There is a continuous default now. Principal amount of Rs. 46,56,883 has been paid and balance amount due is Rs. 8,563,117.14 on 31-03-2012 (F. Y. 2011-12) and interest due is Rs. 20,204,467 as on 31-03-2012.

There are no Micro, Small, Medium Enterprises, as defined in the Micro, Small, Medium Enterprises Development Act, 2006, to whom the company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made.

The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the company.

5. Deferred Tax

a) Net Deferred tax assets as on 31.03.2012 is Rs 78,088,469 in accordance with Accounting Standard 222 'Accounting for taxes on Income' issued by ICAI. Out of above Deferred tax assets of Rs. 35,944,714 for the year has not been recognised by the Company due to uncertainty on prudence basis and opening Deferred Tax Assets of Rs 3,26,43,751/- has been kept in Balance Sheet.

6. Segment Reproting

As required under Accounting Standard 17 on Segment Reporting by the Institute of Chartered Accountants of India, the informations on revenue, profit, assets and liabilities relating to business segments of the Company are given below :

7. Disclosure of employee benefits is as under:- ii. Defined Benefit Plan:

Post employment and other long-term employee benefits in the form of gratuity and leave encashment are considered as defined benefit obligation.- The present value of obligation is determined based on actuarial valuation using projected unit credit method as at the Balance Sheet date. The amount of defined benefits recognized in the balance sheet represent the present value of the obligation as adjusted for unrecognized past service cost, and as reduced by the fair value of plan assets.

Any assets resulting from this calculation is limited to the discounted value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan. The amount recognized in the profit and loss account for the year ended 31st March, 2012 in respect of Employees Benefit Schemes based on actuarial reports as on 31st March, 2012 is as follows:-

viii. Major Category of Plan Assets as a % of the Total Plan Assets as at 31st March, 2012:

1. Administered by Life Insurance Corporation of India 100% 100%

ix. Basis of estimates of rate of escalation in salary.

The estimates of rate of escalation in salary considered in actuarial valuation, takes into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

x. The Expenses have been recognized in "Contribution to Provident & Other Funds" in "Salaries/Wages and Bonus" Schedule.'

8. There is no impairmrnt of assets during the year.

9. No Borrowing cost have been capitalised during the year.

10. Advances, Debtors and creditors balances are subject to confirmation.

11. Previous year figures have been regrouped/ rearranged wherever necessary

---

Mar 31, 2010

1. Contingent Liabilities, not provided for, in respect of:

2009-10 2008-09

Rs. Rs.

a) Guarantee/Sureties given by the Company for its 30,50,000 30,50,000 Business Associates

b) Counter Guarantee against Guarantees given by the 25,28,172 20,74,198 bank to various authorities

c) Estimated liabilities for Sales Tax relating to earlier years 94,87,225 94,87,225

d) Income tax matters for earlier years (under appeals) 4,80,42,913 58,44,032

2. There is no impairment of assets during the year.

3. Interest Received includes on Fixed Deposits Rs. 79,311/-, (Previous year 2,80,696/-) on Investment Rs. 59,500/- (Previous Year Rs. 59,500/-) and from Loan given Rs. 8,66,802/- (Previous Year Rs. 12,75,760).

4. Cane Advances given to parties are considered good and recoverable by the management.

5. Payment of interest on Term Loan amounts to Rs.1,13,44,958/- (Previous year Rs.92,24,088/-).

6. No borrowing cost have been capitalised during the year.

8. a) Sundry Debtors of Agriculture Division includes Rs. 72,135/- (Previous year Rs.5,12,840/-) which are old dues and considered good by the management.

b) Advances, Debtors & Creditors balances as at the year end are subject to confirmation.

c) Sundry Debtors, considered good include Rs. 14,43,146/- which is under litigation.

d) The Companys proposal to Sugar Development Fund for concession/waiver of interest is still pending. Awaiting approval of the same, interest amounting to Rs. 13,05,232/- has been provided as per agreement. However, no balance confirmation has been received from Sugar Development Fund.

7. Un-provided gratuity liability as per actuarial valuation amounts to Rs. 69,79,202/- (Previous year Rs. 69,21,192) and Leave Encashment amount to Rs. 2,61,796/- (Previous year Rs. 2,35,000) in respect of the Sugar & Agriculture Divisions.

8. Disclosure of employee benefits in respect of the Marketing division is as under:-

Defined Contribution Plan:

Employee benefits in the form of Provident Fund, Employee State Insurance Scheme, Pension Scheme and Labour Welfare Fund are considered as defined contribution plan. The contribution to defined contribution plan, recognised as expense for the year is as under:

ii. Defined Benefit Plan:

Post employment and other long-term employee benefits in the form of gratuity and leave encashment are considered as defined benefit obligation. The present value of obligation is determined based on actuarial valuation using projected unit credit method as at the Balance Sheet date. The amount of defined benefits recognised in the balance sheet represent the present value of the obligation as adjusted for unrecognised past service cost, and as reduced by the fair value of plan assets.

Any assets resulting from this calculation is limited to the discounted value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan. The amount recognised in the profit and loss account for the year ended 31st March, 2010 in respect of Employees Benefit Schemes based on actuarial reports as on 31st March, 2010 is as follows:-

ix. Basis of estimates of rate of escalation in salary

The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market.The above information is certified by the actuary. The Expenses have been recognised in "Contribution to Provident & Other Funds" in "Salaries/Wages and Bonus" Schedule. 11. There are no Micro, Small, Medium Enterprises, as defined in the Micro, Small, Medium Enterprises Development Act, 2006, to whom the Company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made.

The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the company.

No commission is payable to directors for the year

Gratuity & Leave Encashment paid to Director on resignation amounting to Rs. Nil (Previous Year Rs. 3,50,000/-) & Rs. NIL (Previous Year Rs. 1,60,000/-) respectively ** [Including Service Tax of Rs.9,742/- (Previous Year Rs. 11,103/-)]

9. Deferred Tax

a) Net Deferred tax assets as on 31.03.2010 is Rs. 5,05,51,994/- in accordance with Accounting Standard 22 Accounting for Taxes on income issued by Institute of Chartered Accountants of India. Out of above Deferred Tax Assets of Rs. 1,79,07,243/- for the year has not been recognised by the Company due to uncertainty on prudence basis and opening Deferred Tax Assets of Rs. 3,26,43,751/- has been kept in the Balance Sheet.

10. Related Party Disclosure :

11. Previous year figures have been regrouped/rearranged wherever necessary.

12. Statement pursuant to Part IV of the Companies Act, 1956.