Notes to Accounts of Poona Dal & Oil Industries Ltd.

Mar 31, 2024

n) Provisions, Contingent Liabilities and Contingent Assets: As per IND AS, the Company recognizes provisions only when it has a present obligation as a result of past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation as and when a reliable estimate of the amount of obligation can be made.

No Provision is recognized for:

a) Any possible obligation that arises from past events and the existence of which 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.

b) Any present obligation that arises from past events but is not recognized because-

(i) It is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or

(ii) A reliable estimate of the amount of obligation cannot be made.

5uch obligations are recorded as Contingent Liabilities. These are assessed periodically and only that part of the obligation for which an outflow of resources embodying economic benefits is probable, is provided for, except in the extremely rare circumstances where no reliable estimates can be made.

Contingent Assets are not recognized in the standalone financial statements since this may result in the recognition of income that may never be realized.

oi Estimated amount of contracts remaining to be executed on capital account and provided for - NIL (Previous year NIL). Company has issued work order for execution of work contract against that Rs.27, 81,249/- has been paid to three parties since long; however same has not been executed by them and matter is under dispute; hence suit is filed against them in court of law and disclosed in Balance Sheet as creditors having debit balance.

pi Finance cost: Finance cost comprise. Interest on Cash Credit & Letter of Credit, LC Commission charges, Bank Charges, Processing fees, commitment fees etc.

3) Significant Judgments Employed in Applying Accounting Policies:

The significant judgments made In applying accounting policies that have the most significant effect on the amounts recognised in the standalone financial statements are as follows:

a) Impairment:

Management conducts an assessment of property, plant, equipment, intangible assets, investment property and all financial assets in phase manner over period of five years to determine whether there are any indications that they may be impaired. In the absence of such information, no further action Is taken.

b) Key Sources of Estimation Uncertainty:

Key assumptions made concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are as follows:

Residua l values are assumed to the extent of 5% of cost of acquisition that are reasonably expected to exist at the end of the assets'' estimated useful life except in case of computer, electrical instruments, furniture and office equipments which has gone beiow 5% in few cases of cost of acquisition due to excess charge of depreciation before implementation of Companies Act, 2013.

c) Inventory provisions:

Management regularly undertakes a review of the company''s inventory (Note 3), stated at INR 318993203/- (previous year INR 57521933/-) in order to assess the likely realisation proceeds, taking into account purchase and replacement prices, age, likely obsolescence, the rate at which goods are being sold and the physical damage. Due to this valuation of inventory of packing material and chemicals has been reduced to that extent.

d) Doubtful debt provisions:

Management regularly undertakes a review of the amounts of loans and receivables owed to the company either from third parties or from staff (Notes 4, 7 & 8) and assess the likelihood of nonrecovery. Such assessment is based upon the age of the debts, historic recovery rates and assessed creditworthiness of the debtor.

4) CIF Value of Imports:

NIL (P.Y. NIL).

5) FOB Value of Export:

NIL (P.Y. Rs. NIL).

6) Expenditure in Foreign Currency:

INR NIL (P.Y. INR NIL).

7) Auditors Remuneration:

10) Prior Period Items:

Prior period items are income or expenses which arise in the current period as a result of errors or omissions In the preparation of the standalone financial statements of one or more prior periods. There are no prior period items in the current financial year.

11) Events occurring after Balance Sheet date:

There are no events occurred after balance sheet date that represent material changes and commitments affecting the financial position of the company.

14) Small And Medium Enterprises Dues:

Since previous year Company has initiated the process of identification of suppliers registered under The Micro Small and Medium Enterprises Development Act, 2006, by obtaining the confirmation from the suppliers, but till today the Company has not received any information from its suppliers regarding registration under ''The Micro, Small and Medium Enterprises Development Act, 2006'', the disclosures / information required to be given in accordance with section 22 of the said Act, is not ascertainable.

15) Liquidity Risk:

The Company''s principal sources of liquidity are cash and cash equivalents and cash flows that are generated from operations. The Company has no outstanding borrowings. The company believes that the working capital is sufficient to meet its current requirements.

Comparative Figures:

The previous year figures have beer regrouped and/or reclassified wherever necessary as it is considered that the revised grouping/classification, which has been adopted in the current accounting year, more fairly presents the state of affairs/results of operations.

For and on behalf of Board of Directors

M/s. Bharat H. Shah & Associates Sd/* Sd/-

Chartered Accountants Pradip P. Parakh Rakesh V. Singh

(Firm Registration No. 122100W) Managing Director Director

(DIN No.: 00053321) (DIN No. : 06987619)

Sd/- Sd/- Sd/-

CA Bharat H Shah Sunil M.Sharma Shivali V.Agrawal

Proprietor CFO Company Secretary and

(Membership No. 110878) Compliance Officer

UDIN:24110878BKBIUD1213

Pune, 25^th May, 2024 Pune, 25^Ih May, 2024 Pune, 25^th May, 2024

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Mar 31, 2015

1. Legal Status And Business Activity

a) Constitution: - The Company POONA DAL AND OIL INDUSTRIES LTD. is a public limited company, incorporated in accordance with the provision of Companies Act, 1956. The company was registered on 01/01/1993.

b) Activity: - The Company is engaged in the business of manufacturing and trading in edible oil and pulses.

2. Significant Judgments Employed In Applying Accounting Policies

The significant judgments made in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements are as follows:

Impairment

Management conducts an assessment of property, plant, equipment, intangible assets, investment property and all financial assets in phase manner over period of 5 years to determine whether there are any indications that they may be impaired. In the absence of such information, no further action is taken.

3. Key Sources Of Estimation Uncertainty

Key assumptions made concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are as follows:

Residual values are assumed to the extent of 5% of cost of acquisition that are reasonably expected to exist at the end of the assets' estimated useful life.

Inventory provisions

Management regularly undertakes a review of the company's inventory (Note 18), stated at INR 188,797,732 (previous year INR 117,969,090) in order to assess the likely realisation proceeds, taking into account purchase and replacement prices, age, likely obsolescence, the rate at which goods are being sold and the physical damage.

Doubtful debt provisions

Management regularly undertakes a review of the amounts of loans and receivables owed to the company either from third parties, (Note 19.1, 19.2 and 21) and assess the likelihood of non-recovery. Such assessment is based upon the age of the debts, historic recovery rates and assessed creditworthiness of the debtor.

4. CIF Value of Imports INR Rs. 2739.02 Lacs (P.Y. Rs. 6198.18 Lacs).

5. FOB Value of Export NIL (P.Y. Rs. NIL).

6. Expenditure in Foreign Currency NIL (P.Y. Rs. NIL).

7. Small And Medium Enterprises Dues

As per the information & explanation given by the management, there is no Small Scale Industrial Undertakings to whom amounts are outstanding for more than 30 days.

8. Deferred Tax Provision

As required by Accounting Standard 22 -(Accounting for taxes on Income) issued by Institute of Chartered Accountants of India, Company has recognised deferred taxes which result from the time difference between book profit & tax profit arrived at Rs. 36,35,693/- & deferred taxes comes to Rs. 11,79,600/-. As it resulted as Deferred Tax Asset same has not been provided for in the books of accounts. Difference of 2,05,926 due to change in working of depreciation as per schedule II of the Companies Act, 2013 has been hit to reserve account it resulted into deferred tax assets; the same also has not been accounted into the books of accounts.

9. Comparative Figures

The previous year figures have been regrouped and/or reclassified wherever necessary as it is considered that the revised grouping/classification, which has been adopted in the current accounting year, more fairly presents the state of affairs/results of operations.

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Mar 31, 2014

Notes to Account :- 1. Legal Status And Business Activity

a) Constitution: - The Company POONA DAL AND OIL INDUSTRIES LTD. is a public limited company, incorporated in accordance with the provision of Companies Act, 1956. The company was registered on 01/01/1993.

b) Activity: - The Company is engaged in the business of manufacturing and trading in edible oil and pulses.

2. Significant Judgments Employed In Applying Accounting Policies

The significant judgments made in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements are as follows:

Impairment

Management conducts an assessment of property, plant, equipment, intangible assets, investment property and all financial assets in phase manner over period of 5 years to determine whether there are any indications that they may be impaired. In the absence of such information, no further action is taken.

3. Key Sources Of Estimation Uncertainty

Key assumptions made concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are as follows:

Residual values are assumed to be zero unless a reliable estimate of the current value can be obtained for similar assets of ages and conditions that are reasonably expected to exist at the end of the assets'' estimated useful lives.

Inventory provisions

Management regularly undertakes a review of the company''s inventory (Note 18), stated at INR 117,969,090 (previous year INR 63,670,692) in order to assess the likely realisation proceeds, taking into account purchase and replacement prices, age, likely obsolescence, the rate at which goods are being sold and the physical damage.

Doubtful debt provisions

Management regularly undertakes a review of the amounts of loans and receivables owed to the company either from third parties, (Note 19.1, 19.2 and 21) and assess the likelihood of non-recovery. Such assessment is based upon the age of the debts, historic recovery rates and assessed creditworthiness of the debtor.

4. CIF Value of Imports

6198.18 Lacs (P.Y. Rs. 20,767.96 Lacs). In most of cases goods are imported on CNF basis and insurance expenses are debited to statement of profit & loss.

5. FOB Value of Export

NIL (P.Y. Rs. NIL).

6. Expenditure in Foreign Currency

NIL (P.Y. Rs. NIL).

7. Small And Medium Enterprises Dues

As per the information & explanation given by the management, there is no Small Scale Industrial Undertakings to whom amounts are outstanding for more than 30 days.

8. Deferred Tax Provision

As required by Accounting Standard 22 -(Accounting for taxes on Income) issued by Institute of Chartered Accountants of India, Company has recognised deferred taxes which result from the time difference between book profit & tax profit arrived at Rs. 576,507/- & deferred taxes comes to Rs. 187,048/-. As it resulted as Deferred Tax Asset same has not been provided for in the books of accounts.

9. Comparative Figures

The previous year figures have been regrouped and/or reclassified wherever necessary as it is considered that the revised grouping/classification, which has been adopted in the current accounting year, more fairly presents the state of affairs/results of operations. As per our attached Report of even date For and on behalf of the Board of Directors

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Mar 31, 2013

1. Legal Status And Business Activity

a) Constitution - The Company POONA DAL AND OIL INDUSTRIES LTD. is a public limited company, incorporated in accordance with the provision of Companies Act, 1956. The company was registered on 01/01/1993.

b) Activity - The Company is engaged in the business of manufacturing and trading in edible oil and pulses.

2. Significant Judgments Employed In Applying Accounting Policies

The significant judgments made in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements are as follows:

Impairment

Management conducts an assessment of property, plant, equipment, intangible assets, investment property and all financial assets in phase manner over period of 5 years to determine whether there are any indications that they may be impaired. In the absence of such information, no further action is taken.

3. Key Sources Of Estimation Uncertainty

Key assumptions made concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are as follows :

Residual values are assumed to be zero unless a reliable estimate of the current value can be obtained for similar assets of ages and conditions that are reasonably expected to exist at the end of the assets'' estimated useful lives.

Inventory provisions

Management regularly undertakes a review of the company''s inventory (Note 18), stated at INR 63,670,692 (previous year INR 105,024,490) in order to assess the likely realisation proceeds, taking into account purchase and replacement prices, age, likely obsolescence, the rate at which goods are being sold and the physical damage.

Doubtful debt provisions

Management regularly undertakes a review of the amounts of loans and receivables owed to the company either from third parties, (Note 19.1, 19.2 and 21) and assess the likelihood of non-recovery. Such assessment is based upon the age of the debts, historic recovery rates and assessed creditworthiness of the debtor.

4. CIF Value of Imports

Rs. 20767.96 lakhs (P. Y. Rs. 8,736.47 lakhs). In most of cases goods are imported on CNF basis and insurance expenses are debited to statement of profit & loss.

5. FOB Value of Export

NIL (P. Y. NIL).

6. Expenditure in Foreign Currency

NIL (P. Y. NIL).

7. Small And Medium Enterprises Dues

As per the information & explanation given by the management, there is no Small Scale Industrial Undertakings to whom amounts are outstanding for more than 30 days.

8. Deferred Tax Provision

As required by Accounting Standard 22 (Accounting for taxes on Income) issued by Institute of Chartered Accountants of India, Company has recognised deferred taxes which result from the time difference between book profit & tax profit arrived at Rs. 806,374/- & deferred taxes comes to Rs. 261,628/-. As it resulted as Deferred Tax Asset same has not been provided for in the books of accounts.

9. Comparative Figures

The previous year figures have been regrouped and/or reclassified wherever necessary as it is considered that the revised grouping/classification, which has been adopted in the current accounting year, more fairly presents the state of affairs/results of operations.

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Mar 31, 2012

1. LEGAL STATUS AND BUSINESS ACTIVITY

a) POONADALAND OIL INDUSTRIES LTD. is a public limited company, incorporated in accordance with the provision of Companies Act, 1956. The company was registered on 01/01/1993.

b) The company manufactures & trades in edible oil & pulses.

2. SIGNIFICANT JUDGMENTS EMPLOYED IN APPLYING ACCOUNTING POLICIES

The significant judgments made in applying accounting policies that have the most significant effect on the amounts recognised In the financial statements are as follows:

Impairment

At each reporting date, management conducts an assessment of property, plant, equipment, intangible assets, investment property and all financial assets to determine whether there are any indications that they may be Impaired. In the absence of such indications, no further action is taken.

3. KEY SOURCES OF ESTIMATION UNCERTAINTY

Key assumptions made concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a materia! adjustment to the carrying amounts of assets and liabilities within the next financial year. are as follows;

Residual values are assumed to be zero unless a reliable estimate of the current value can be obtained for similar assets of ages and conditions that are reasonably expected to exist at the end of the assets' estimated useful lives.

Inventory provisions

Management regularly undertakes a review of the company's inventory (Note 18), stated at INR 105.024,490 (previous year INR 162,693,481 Jin order to assess the likely realisation proceeds, taking into account purchase and replacement prices, age, likely obsolescence, the rate at which goods are being sold and the physical damage.

Doubtful debt provisions

Management regularly undertakes a review of the amounts of loans and receivables owed to the company either from third parties, (Note 19.1,19.2 and 21) and assesses the likelihood of non-recovery. Such assessment is based upon the age of the debts, historic recovery rates and assessed creditworthiness of the debtor.

4. CIF Value of Imports

Rs. 8,736.47 Lacs (P.Y. Rs. 11,231.08 Lacs). In most of cases goods are imported on CNF basis and insurance expenses are debited to statement of profit & toss.

5. FOB Value of Export

NIL (P.Y Rs 1129.89 Lakhs).

6. Expenditure in Foreign Currency NIL (P.Y - NIL).

7. There are no Small Scale Industrial Undertakings to whom amounts are outstanding for more than 30 days.

8. COMPARATIVE FIGURES

The previous year figures have been regrouped and/or reclassified wherever necessary as it is considered that the revised grouping/classification, which has been adopted in the current accounting year, more fairly presents the state of affairs/results of operations.

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Mar 31, 2010

1. CIF Value of Imports Rs. 15234.35 Lakhs (P.Y. Rs. 11799.92 Lakhs)

2. FOB Value of Export Rs.Nil (P.Y. Rs. Nil Lakhs)

3. Expenditure in Foreign Currency - Nil (P.Y. - Nil)

4. Related Party Disclosures

As per Accounting Standard -18 issued by the Institute of Chartered Accountants of India, the Companys related party disclosed as below

I. Particulars of Associate Companies / Firms



Name of Related Party Nature of Relationship

1 Poona Dal and Besan Mills Pvt. Ltd. Associate Company

2 Poona Flour & Foods Associate Firm



II. Key Management Personnel Relationship

1 Pradip Parakh Chairman / Managing Director

2 Sanjeev Garg Director

3 Pankaj C. Baldota Works Director

4. Rajendra D. Shetiya Works Director

5 Shailesh C. Doshi Works Director



Related Party Transactions Associate Company Associate Firms

1 Poona Dal & Besan Mills Pvt. Ltd.

Sales of Material/Rent Receipts 550000 -

Purchases of Material/Payments - -

5. There are no Small Scale Industrial Undertakings to whom amounts are outstanding for more than 30 days.

6. The previous year figures have been regrouped and/or reclassified wherever necessary.