Notes to Accounts of Rama Phosphates Ltd.

Mar 31, 2025

(xi) Provisions, Contingent Liabilities &
Contingent Assets:

The Company recognizes a provision when
there is a present obligation (legal or
constructive) as a result of a past event and it
is probable that an outflow of resources
embodying economic benefits will be required
to settle the obligation and a reliable estimate
can be made of the amount of the obligation.

Contingent liabilities are disclosed when there
is a possible obligation arising from past
events, 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 or a present obligation that arises
from past events where it is either not
probable that an outflow of resources will be
required to settle the obligation or a reliable
estimate of the amount cannot be made.
These are reviewed at each balance sheet
date and are adjusted to reflect the current
management estimate

A contingent asset is generally neither
recognized nor disclosed in financial stat¬
ements.

(xii) Fair value measurement

The Company''s accounting policies and
disclosures require the measurement of fair
values for financial assets and liabilities.

The Company uses valuation techniques that
are appropriate in the circumstances and for
which sufficient data are available to measure
fair value, maximizing the use of relevant
observable inputs and minimizing the use of
unobservable inputs.

All assets and liabilities for which fair value is
measured or disclosed in the financial
statements are categorized within the fair

value hierarchy, described as follows, based
on the lowest level input that is significant to
the fair value measurement as a whole:

• Level 1- Quoted (unadjusted) market prices in
active markets for identical assets or
liabilities.

• Level 2- Valuation techniques for which the
lowest level input that is significant to the fair
value measurement is directly or indirectly
observable.

• Level 3- Valuation techniques for which the
lowest level input that is significant to the fair
value measurement is unobservable.

(xiii) 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 assets and financial
liabilities are recognized when the Company
becomes a party to the contractual provisions
of the instruments.

Financial Assets

Initial recognition and measurement

The Company recognizes financial assets
when it becomes a party to the contractual
provisions of the instrument. All financial
assets are recognized initially at fair value plus
transaction costs that are directly attributable
to the acquisition of the financial asset.

Subsequent measurement

For the purpose of subsequent measurement,
the financial assets are classified as under:

i) Financial assets 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.

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 and fees or costs that
are an integral part of the EIR. Interest income
from these financial assets is included in
other income using the EIR in the Statement
of Profit and Loss. The losses arising from
impairment are recognized in the Statement
of Profit and Loss.

ii) Financial assets at fair value through
other comprehensive income (FVTOCI)

Financial assets are classified as FVTOCI, if
both of the following criteria are met:

• These assets are held within a business model
whose objective is achieved both by collecting
contractual cash flows and selling the
financial assets; 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.

Fair value movements are recognised in the
other comprehensive income (OCI), except
for the recognition of impairment gains or
losses, interest income and foreign exchange
gains or losses which are recognised in profit
and loss. When the financial asset is
derecognised, the cumulative gain or loss
previously recognised in OCI is reclassified
from equity to Profit or Loss and recognised in
other income/(loss).

iii) Financial assets at fair value through
profit or loss (FVTPL)

Financial assets that do not meet the criteria
for amortized cost or FVTOCI are measured at
fair value through profit or loss. A gain or loss
on a instrument that is subsequently
measured at fair value through profit or loss
and is recognized in profit or loss and
presented net in the Statement of Profit and
Loss within other income in the period in
which it arises.

iv) Equity instruments

All equity instruments other than investments
in associates are measured at fair value.
Equity instruments which are for trading are
classified as FVTPL. All other equity
instruments are measured at fair value
through other comprehensive income
(FVTOCI). The classification is made on initial
recognition and is irrevocable.

Where the Company''s management has
elected to present fair value gains and losses
on equity instruments in other comprehensive
income, there is no subsequent recl¬
assification of fair value gains and losses to
profit or loss. Dividends from such
investments are recognized in profit and loss
when the Company''s right to receive
payments is established.

Equity instruments included within the FVTPL
category are measured at fair value with all
changes recognized in the Statement of Profit
and Loss.

Impairment of financial assets

The Company applies ''simplified approach'' for
recognition of impairment loss on financial
assets for loans, deposits and trade rece¬
ivables.

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 Expected
Credit Loss at each reporting date, right from
its initial recognition.

De-recognition

A financial asset is derecognized when:

• the rights to receive cash flows from the
assets have expired or

• the Company has transferred substantially all
the risk and rewards of the asset, or

• the Company has neither transferred nor
retained substantially all the risk and rewards
of the asset, but has transferred control of the
asset.

Financial Liabilities

Initial recognition and measurement

All financial liabilities are recognized initially at
fair value and, in the case of loans and
borrowings and payables, net of directly
attributable transaction cost.

Subsequent measurement

Financial liabilities are subsequently measured
at amortised cost using the effective interest
rate method. For trade and other payables
maturing within operating cycle, the carrying
amounts approximate the fair value due to
short maturity of these instruments.

Loans and borrowings

After initial recognition, interest bearing loans
and borrowings are subsequently measured
at amortised cost using Effective Interest Rate
(EIR) method. Gain and losses are recognized
in the Statement of Profit and Loss when the
liabilities are derecognized.

Amortised cost is calculated by taking into
account any discount or premium on
acquisition and transaction costs. The EIR
amortization is included as finance costs in
the Statement of Profit and Loss.

De-recognition

The Company derecognizes financial liabilities
when, and only when, the Company''s
obligations are discharged, cancelled or have
expired. 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 derecognition of the original liability
and the recognition of a new liability. The
difference in the respective carrying amounts
is recognized in the Statement of Profit and
Loss.

Offsetting financial instruments

Financial assets and financial liabilities are
offset and the net amount is reflected in the
balance sheet when there is a legally
enforceable right to offset the recognized
amounts and there is an intention to settle on
a net basis, to realize the assets and settle the
liabilities simultaneously.

(xiv) Taxes:

The tax expense comprises current and
deferred tax. Tax is recognized in the
Statement of Profit and Loss except to the
extent that it relates to items recognized
directly in equity or in OCI.

i. Current Tax

Current tax comprises the expected tax
payable or receivable on the taxable income
or loss for the year and any adjustment to the
tax payable or receivable in respect of
previous years. Current tax is determined on
the basis of taxable income and tax credits
computed for Company, in accordance with
the Income tax Act, 1961

Current tax assets and current tax liabilities
are offset when there is a legally enforceable
right to set off the recognized amounts and
there is an intention to settle the asset and
the liability on a net basis.

ii. Deferred Tax

Deferred tax is recognized on temporary
differences between the carrying amounts of
assets and liabilities for financial reporting
purpose and the amount used in the
computation of taxable profit under the IT Act.

Deferred tax liabilities are generally recognized
for all taxable temporary differences. Deferred
tax assets are recognized for unused tax
losses, unused tax credits and deductible
temporary differences to the extent that it is
probable that future taxable profits will be
available against which those deductible
temporary differences can be utilised. The
carrying amount of deferred tax asset is
reviewed at each reporting date and reduced
to the extent that it is no longer probable that
sufficient taxable profit will be available to
allow all or part of the asset to be recovered.

Deferred tax liabilities and assets are
measured at the tax rates that are expected to
apply in the period in which the liability is
settled or the asset realized, based on tax
rates that have been enacted or substantively
enacted by the end of the reporting period.

Deferred tax assets (including unused tax
credits such as MAT credit) are generally
recognized for all deductible temporary
differences to the extent that it is probable
that taxable profits will be available against
which those deductible temporary differences
can be utilized. However, in case of temporary
differences that arise from initial recognition
of assets or liabilities in a transaction (other
than business combination) that affect
neither the taxable profit nor the accounting
profit, deferred tax assets are not recognized.
The carrying amount of deferred tax assets is
reviewed at the end of each reporting period
and reduced to the extent that it is no longer
probable that sufficient taxable profits will be
available to allow all or part of the asset to be
recovered.

Deferred tax assets and deferred tax liabilities
are offset when there is a legally enforceable
right to set off assets against liabilities

representing current tax and where the
deferred tax assets and the deferred tax
liabilities relate to taxes on income levied by
the same governing taxation laws.

(xv) Earnings per share

The Company reports basic & diluted earnings
per share (EPS) in accordance with Ind AS 33
on earnings per share. Basic EPS is computed
by dividing the net profit or loss for the year by
the weighted average number of equity
shares outstanding during the year. Diluted
EPS is computed by dividing the net profit or
loss for the year by the weighted average
number of equity shares outstanding during
the year as adjusted for the effects of all
dilutive potential equity shares, except where
the results are anti-dilutive.

The Company has restated the Earnings Per
Share (EPS) and Diluted Earnings Per Share
to reflect the stock split of Equity Shares from
a face value of '' 10 each to '' 5 each.

(xvi) Cash and Cash Equivalents:

Cash and cash equivalents in the balance
sheet comprise cash at banks and on hand,
demand deposit and short-term deposits with
an original maturity of three months or less,
which are subject to an insignificant risk of
changes in value. Cash and cash equivalents
consist of balances with banks which are
unrestricted for withdrawal and usage.

(xvii) Current and non-current classification:

Assets and Liabilities in the balance sheet
have been classified as either current or non-
current.An asset has been classified as
current if (a) it is expected to be realized in, or
is intended for sale or consumption in, the
Company''s normal operating cycle; or (b) it is
held primarily for the purpose of being traded;
or (c) it is expected to be realized within twelve
months after the reporting date; or (d) it is
cash or cash equivalent unless it is restricted
from being exchanged or used to settle a
liability for at least twelve months after the
reporting date. All other assets have been
classified as non-current. A liability has been
classified as current when (a) it is expected to
be settled in the Company''s normal operating
cycle; or (b) it is held primarily for the purpose
of being traded; or (c) it is due to be settled
within twelve months after the reporting date;

or (d) the Company does not have an
unconditional right to defer settlement of the
liability for at least twelve months after the
reporting date. All other liabilities have been
classified as non-current. Deferred tax assets
and liabilities are classified as non-current
assets and liabilities. An operating cycle is the
time between the acquisition of assets for
processing and their realization in cash or
cash equivalents.

(xviii) Impairment of Non-Financial Assets:

The Company assesses at each Balance
Sheet date whether there is any indication
that an asset may be impaired. If any such
indication exists, the Company estimates the
recoverable amount of the asset. The
recoverable amount is the higher of an asset''s
or cash generating units (CGU) fair value less
costs of disposal 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. If such
recoverable amount of the asset or cash
generating unit is less than its carrying
amount, the carrying amount is reduced to its
recoverable amount. The reduction is treated
as an impairment loss and is recognized in the
Statement of Profit and Loss. If at the
Balance Sheet date there is any indication
that any impairment loss recognized for an
asset in prior years may no longer exist or may
have decreased, the recoverable amount is
reassessed and such reversal of impairment
loss is recognized in the Statement of Profit
and Loss, to the extent the amount was
previously charged to the Statement of Profit
and Loss.

(xix) Dividend

Dividend to the equity shareholders is re¬
cognized as a liability in the Company''s

financial statements in the period in which the
dividend is approved by the shareholders.

Statement of cash flow

Cash flows are reported using the indirect method
prescribed in Ind AS 7 ''Statement of Cash Flows'',
whereby profit for the year is adjusted for the effects
of transactions of a non-cash nature, any deferrals
or accruals of past or future operating cash receipts
or payments and item of income or expenses
associated with investing or financing cash flows.
The cash flows from operating, investing and
financing activities of the Company are segregated.
The Company considers all highly liquid investments
that are readily convertible to known amounts of
cash to be cash equivalents.

Ind AS Optional Exemptions:

Deemed cost for property, plant and equipment

Ind AS 101 permits a first time adopter to elect to
continue with the carrying value for all 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.
Accordingly, the Company has elected to measure
all of its property, plant and equipment at their
previous GAAP carrying value and use that as its
deemed cost as at the date of transition (April 01,
2016).

Designation of previously recognized financial
instruments

Ind AS 101 allows an entity to designate
investments in equity instruments at FVTOCI on the
basis of the facts and circumstances at the date of
transition to Ind AS. The Company has designated
investments in equity shares (other than
investments in equity shares of associates) as held
at FVTOCI on the basis of the facts and
circumstances that existed at the date of transition.

Terms and Conditions of Borrowings

Working Capital facilities from Banks are secured against hypothecation of entire current assets and first pari-passu
charge over movable and immovable properties of the company.

The above working capital facilities are further secured by first pari-passu on Fixed Deposit Receipts of '' 188.11
Lacs (Previous year '' 171.93 Lacs) along with equitable mortgage of the property situated at Mumbai owned by
another Company and guaranteed by personal guarantee of Ex Chairman & Managing Director and Corporate
guarantee by another company.

Amount due on bills discounted will be payable within 6 months.

The quarterly returns / statements of current assets filed with banks are in agreement with the books of accounts.
The Company is not declared wilful defaulter by any bank or financial institution or other lender.

All charges or satisfaction of charges are registered with the ROC within the statutory period.

been calculated using the projected unit credit method at the end of the reporting period, which is the same method
as applied in calculating the projected benefit obligation as recognised in the balance sheet.

There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.
Characteristics of defined benefit plan

The Company has a defined benefit gratuity plan in India (funded). The company’s defined benefit gratuity plan is a
final salary plan for employees, which requires contributions to be made to a separately administered fund. The fund
is managed by a trust which is governed by the Board of Trustees. The Board of Trustees are responsible for the
administration of the plan assets and for the definition of the investment strategy
Risks associated with defined benefit plan

Gratuity is a defined benefit plan and company is exposed to the Following Risks:

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 the defined benefit plan liability is calculated using a discount rate which is
determined by reference to market yields at the end of the reporting period on government bonds. If the return on
plan asset 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.

Asset 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 life time 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 less as insurance companies have to
follow regulatory guidelines.

Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity
instruments that have quoted price. The fair value of equity instruments which are traded in the stock exchanges is
valued using the closing price as at the reporting period.

Level 3- Valuation techniques for which the lowest level input that is significant to the fair value measurement is
unobservable.

c) Risk management framework

The Company''s principal financial liabilities include borrowing, trade and other payables. The Company''s principal
financial assets include loans, trade receivable, cash and cash equivalents and others. The Company also holds
FVTOCI investments. The Company is exposed to credit risk, liquidity risk and market risk. The Company’s senior
management oversees the management of these risks. The Company''s senior management provides assurance
that the Company''s financial risk activities are governed by appropriate policies and procedures and that financial
risks are identified, measured and managed in accordance with the Company''s policies and risk objectives.

d) Financial Risk Management

The Company has exposure to the following risks arising from financial instruments:

i) Credit Risk

ii) Liquidity Risk

iii) Market Risk

i) Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the Company''s receivables from customers, investment
in inter corporate deposit and loans given.

The carrying amount of following financial assets represents the maximum credit exposure:

Trade receivables

Trade receivables are consisting of a large number of customers. The Company has credit evaluation policy,
procedures and control for each customer and based on the evaluation credit limit of each customer is defined.
Outstanding customer receivables are regularly monitored.

As per simplified approach, the Company makes provision of expected credit losses on trade receivables as per the
Company''s policy to mitigate the risk of default payments and makes appropriate provision at each reporting date
wherever outstanding is for longer period and involves higher risk.

Other financial assets

Credit risk from balances with banks, loans, investments is managed by Company''s finance department.
Investments of surplus funds are made only with approved counterparties. No impairment on such investment has
been recognised as on the reporting date.

ii) Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its
financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to
managing liquidity is to ensure as far as possible that it will have sufficient liquidity to meet its liabilities when they
are due, under both normal and stressed condition, without incurring unacceptable losses or risking damage to the
Company’s reputation.

The Management monitors rolling forecasts of the Company''s liquidity position on the basis of expected cash flows.
The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of
surplus funds, bank loans and inter-corporate loans.

Exposure to liquidity risk

The following are the remaining contractual maturities of financial liabilities at the reporting date.

iii) Market Risk

Market risk is the risk that changes in market prices such as foreign exchange rates, interest rates and
commodity prices which will affect the Company’s income or the value of its holdings of financial
instruments. The objective of market risk management is to manage and control market exposures within
acceptable parameters, while optimising the return.

Currency risk

Foreign currency risk is the risk of impact related to fair value or future cash flows of an exposure in foreign
currency, which fluctuate due to changes in foreign exchange rates. The Company’s exposure to the risk
of changes in foreign exchange rates relates primarily to import of raw materials. When a derivative is
entered for the purpose of being a hedge, the Company negotiates the terms of those derivatives to
match the terms of the hedged exposure.

The Company evaluates exchange rate exposure arising from foreign currency transactions. The
Company follows established risk management policies and standard operating procedures.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. The Company’s exposure to the risk of changes in market
interest rates relates primarily to the Company’s short-term borrowing. The Company constantly
monitors the credit markets and rebalances its financing strategies to achieve an optimal maturity profile
and financing cost. Since all the borrowings are on floating rate, no significant risk of change in interest
rate.

The Company does not account for any fixed rate financial assets and liabilities at fair value through profit
or loss. Therefore, a change in interest rate at the reporting date would not affect profit or loss.

Commodity price risk

Commodity price risk for the Company is mainly related to fluctuations of raw materials prices linked to
various external factors, which can affect the production cost of the Company. Company actively
manages inventory and in many cases sale prices are linked to major raw material prices. To manage this
risk, the Company enters into long-term supply agreement for Raw Material, identifying new sources of
supply etc. Additionally, processes and policies related to such risks are reviewed and managed by senior
management on continuous basis.

2 CAPITAL MANAGEMENT

The Company manages its capital to ensure that it will be able to continue as going concern while
maximising the return to stakeholders through the optimisation of the debt and equity balance. The
capital structure of the Company consists of net debt and the total equity of the Company. For this
purpose, net debt is defined as total borrowings less cash and cash equivalents.

The Company manages its capital structure and makes adjustments in light of changes in economic
conditions and the requirements of the financial covenants. The funding requirements are met through
short-term/long-term borrowings. The Company monitors the capital structure on the basis of total debt
to equity ratio and maturity profile of the overall debt portfolio of the Company.

Foreign currency sensitivity analysis

The Company is mainly exposed to fluctuations in US Dollar. The following table details the Company’s
sensitivity to a ? 1 increase and decrease against the US Dollar. ? 1 is the sensitivity used when reporting
foreign currency risk internally to key management personnel and represents management’s
assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis
includes only net outstanding foreign currency denominated monetary items and adjusts their
translation at the period end for a ? 1 change in foreign currency rates. A positive number below indicates
an increase in profit or equity where the Rupee strengthens by ? 1 against the US Dollar. For a ? 1
weakening against the US Dollar, there would be a comparable impact on the profit or equity.

Notes to the Financial Statements for the year ended 31.03.2025

45 No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other
sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities
(“Intermediaries”) with the understanding, whether recorded in writing or otherwise, that the Intermediary shall
lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries).

The Shareholders of the Company through Postal Ballot on 1st January, 2025, (being the last date of the remote e-
voting), has approved the Sub-divisiont of the existing 1 (One) Equity Share of the Company, having face value of
Rs.10/- (Rupees Ten only) each, into 2 (Two) Equity Share having face value of Rs.5/- (Rupees Five only) each, the
Company has completed the sub-division /split of its shares and the new split value / price per share. has become
effective on the both exchange (BSE & NSE) with effect from 7th February, 2025. Hence, as prescribed under IND
AS, the Company has presented basic and diluted earnings per share basis the new number of share for the current
as well as previous periods.

The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company
shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the
Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries.

46 The Board of Directors have proposed to recommend a dividend of ? 0.25 per equity share (face value of ? 5/- per
share) for the year, (previous year ? NIL per equity share (face value of ? 10/- per share). The proposed dividend
subject to approval at the Annual General Meeting will result in cash outflow of ? 88.47 lacs.

47 Previous year figures have been regrouped and re-arranged wherever necessary to confirm the current year
presentation.

Material accounting policies information 1

The accompanying notes form an integral part of the Financial Statements 2 to 47

As per our report of even date attached For and on behalf of the Board

For Khandelwal & Mehta LLP H.D. Ramsinghani

Chartered Accountants J. K. Parakh Chairman and Managing Director

Firm''s Registration No. W100084 President & Chief Financial Officer DIN : 00035416

S. L. Khandelwal

Partner Bhavna Dave Brij Lal Khanna

Membership No. 101388 Company Secretary Director

UDIN : 25101388BMNVNE1161 DIN : 00841927

Place : Mumbai
Date : May 14, 2025

---

Mar 31, 2024

(xi) Provisions, Contingent Liabilities & Contingent Assets:

The Company recognizes a provision when there is a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or nonoccurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made.

A contingent asset is generally neither recognized nor disclosed in financial statements.

(xii) Fair value measurement

The Company''s accounting policies and disclosures require the measurement of fair values for financial assets and liabilities.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

• Level 1- Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

• Level 2- Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.

• Level 3- Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

(xiii) 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 assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the instruments.

Financial Assets

Initial recognition and measurement

The Company recognizes financial assets when it becomes a party to the contractual provisions of the instrument. All financial assets are recognized initially at fair value plus transaction costs that are directly attributable to the acquisition of the financial asset.

Subsequent measurement

For the purpose of subsequent measurement, the financial assets are classified as under:

i) Financial assets 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.

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 and fees or costs that are an integral part of the EIR. Interest income from these financial assets is included in other income using the EIR in the Statement of Profit and Loss. The losses arising from impairment are recognized in the Statement of Profit and Loss.

ii) Financial assets at fair value through other comprehensive income (FVTOCI)

Financial assets are classified as FVTOCI, if both of the following criteria are met:

• These assets are held within a business model whose objective is achieved both by collecting contractual cash flows and selling the financial assets; 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.

Fair value movements are recognised in the other comprehensive income (OCI), except for the recognition of impairment gains or losses, interest income and foreign exchange gains or losses which are recognised in profit and loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to Profit or Loss and recognised in other income/(loss).

iii) Financial assets at fair value through profit or loss (FVTPL)

Financial assets that do not meet the criteria for amortized cost or FVTOCI are measured at fair value through profit or loss. A gain or loss on a instrument that is subsequently measured at fair value through profit or loss and is recognized in profit or loss and presented net in the Statement of Profit and Loss within other income in the period in which it arises.

iv) Equity instruments

All equity instruments other than investments in associates are measured at fair value. Equity instruments which are for trading are classified as FVTPL. All other equity instruments are measured at fair value through other comprehensive income (FVTOCI). The classification is made on initial recognition and is irrevocable.

Where the Company''s management has elected to present fair value gains and losses on equity instruments in other comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss. Dividends from such investments are recognized in profit and loss when the Company''s right to receive payments is established.

Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the Statement of Profit and Loss.

Impairment of financial assets

The Company applies ''simplified approach'' for recognition of impairment loss on financial assets for loans, deposits and trade 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 Expected Credit Loss at each reporting date, right from its initial recognition.

De-recognition

A financial asset is derecognized when:

• the rights to receive cash flows from the assets have expired or

• the Company has transferred substantially all the risk and rewards of the asset, or

• the Company has neither transferred nor retained substantially all the risk and rewards of the asset, but has transferred control of the asset.

Financial Liabilities

Initial recognition and measurement

All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction cost.

Subsequent measurement

Financial liabilities are subsequently measured at amortised cost using the effective interest rate method. For trade and other payables maturing within operating cycle, the carrying amounts approximate the fair value due to short maturity of these instruments.

Loans and borrowings

After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using Effective Interest Rate (EIR) method. Gain and losses are recognized in the Statement of Profit and Loss when the liabilities are derecognized.

Amortised cost is calculated by taking into account any discount or premium on acquisition and transaction costs. The EIR amortization is included as finance costs in the Statement of Profit and Loss.

De-recognition

The Company derecognizes financial liabilities when, and only when, the Company''s obligations are discharged, cancelled or have expired. 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 derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the Statement of Profit and Loss.

Offsetting financial instruments

Financial assets and financial liabilities are offset and the net amount is reflected in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.

(xiv) Taxes:

The tax expense comprises current and deferred tax. Tax is recognized in the Statement of Profit and Loss except to the extent that it relates to items recognized directly in equity or in OCI.

i. Current Tax

Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. It is measured using tax rates enacted or substantially enacted at the reporting date.

Current tax assets and current tax liabilities are offset when there is a legally enforceable right to set off the recognized amounts and there is an intention to settle the asset and the liability on a net basis.

ii. Deferred Tax

Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities for financial reporting purpose and the amount used for taxation purposes.

Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax asset is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to set off assets against liabilities representing current tax and where the deferred tax assets and the deferred tax liabilities relate to taxes on income levied by the same governing taxation laws.

(xv) Earnings per share

The Company reports basic & diluted earnings per share (EPS) in accordance with Ind AS 33 on earnings per share. Basic EPS is computed by dividing the net profit or loss for the year by the weighted average number of equity shares outstanding during the year. Diluted EPS is computed by dividing the net profit or loss for the year by the weighted average number of equity shares outstanding during the year as adjusted for the effects of all dilutive potential equity shares, except where the results are anti-dilutive.

(xvi) Cash and Cash Equivalents:

Cash and cash equivalents in the balance sheet comprise cash at banks and on hand, demand deposit and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value.

(xvii) Current and non-current classification:

Assets and Liabilities in the balance sheet have been classified as either current or non-current.An asset has been classified as current if (a) it is expected to be realized in, or is intended for sale or consumption in, the Company''s normal operating cycle; or (b) it is held primarily for the purpose of being traded; or (c) it is expected to be realized within twelve months after the reporting date; or (d) it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting date. All other assets have been classified as non-current. A liability has been classified as current when (a) it is expected to be settled in the Company''s normal operating cycle; or (b) it is held primarily for the purpose of being traded; or (c) it is due to be settled within twelve months after the reporting date; or (d) the Company does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. All other liabilities have been classified as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. An operating cycle is the time between the acquisition of assets for processing and their realization in cash or cash equivalents.

(xviii) Impairment of Non-Financial Assets:

The Company assesses at each Balance Sheet date whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. The recoverable amount is the higher of an asset''s or cash generating units (CGU) fair value less costs of disposal 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. If such recoverable amount of the asset or cash

generating unit is less than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognized in the Statement of Profit and Loss. If at the Balance Sheet date there is any indication that any impairment loss recognized for an asset in prior years may no longer exist or may have decreased, the recoverable amount is reassessed and such reversal of impairment loss is recognized in the Statement of Profit and Loss, to the extent the amount was previously charged to the Statement of Profit and Loss.

(xix) Dividend

Dividend to the equity shareholders is recognized as a liability in the Company''s financial statements in the period in which the dividend is approved by the shareholders.

Ind AS Optional Exemptions:

Deemed cost for property, plant and equipment

Ind AS 101 permits a first time adopter to elect to continue with the carrying value for all

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. Accordingly, the Company has elected to measure all of its property, plant and equipment at their previous GAAP carrying value and use that as its deemed cost as at the date of transition (April 01, 2016).

Designation of previously recognized financial instruments

Ind AS 101 allows an entity to designate investments in equity instruments at FVTOCI on the basis of the facts and circumstances at the date of transition to Ind AS. The Company has designated investments in equity shares (other than investments in equity shares of associates) as held at FVTOCI on the basis of the facts and circumstances that existed at the date of transition.

CAPITAL RESERVE

Pertains to adjustments towards reversal of liabilities on account of Term Loan and Preference share capital. SECURITIES PREMIUM RESERVE

Securities premium is used to record the premium on issue of shares. The reserve can be utilised in accordance with the provisions of the Act.

CAPITAL REDEMPTION RESERVE (CRR)

Preference Shares were redeemed in past by creating CRR by transferring from Retained Earnings in earlier years as per the requirements of the erstwhile Companies Act, 1956. The reserve can be utilised in accordance with the provisions of the Act for issue of Bonus Shares.

GENERALRESERVE

General Reserve represents amounts transferred from Retained Earnings in earlier years as per the requirements of the erstwhile Companies Act, 1956. The reserve can be utilised in accordance with the provisions of the Act. Declaration of dividend out of such reserve shall not be made except in accordance with the rules prescribed in this behalf under the Act.

REVALUATION RESERVE

The revaluation reserve is credited on account of revaluation of freehold land. It is not available for distribution as dividend.

FVTOCI-EQUITY INSTRUMENTS

The Company has elected to recognise changes in the fair value of certain investments in equity securities in other comprehensive income. These changes are accumulated within the FVTOCI equity investment reserve within equity. The Company transfers amounts from this reserve to retained earnings when the relevant equity securities are derecognised.

Terms and Conditions of Borrowings

Working Capital facilities from Banks are secured against hypothecation of entire current assets and first pari-passu charge over movable and immovable properties of the company.

The above working capital facilities are further secured by first pari-passu on Fixed Deposit Receipts of ? 171.93 Lacs (Previous year ? 171.93 Lacs) along with equitable mortgage of the property situated at Mumbai owned by another Company and guaranteed by personal guarantee of Ex Chairman & Managing Director and Corporate guarantee by another company.

Amount due on bills discounted will be payable within 6 months.

The quarterly returns / statements of current assets filed with banks are in agreement with the books of accounts. The Company is not declared wilful defaulter by any bank or financial institution or other lender.

All charges or satisfaction of charges are registered with the ROC within the statutory period.

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

There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

Characteristics of defined benefit plan

The Company has a defined benefit gratuity plan in India (funded). The company’s defined benefit gratuity plan is a final salary plan for employees, which requires contributions to be made to a separately administered fund. The fund is managed by a trust which is governed by the Board of Trustees. The Board of Trustees are responsible for the administration of the plan assets and for the definition of the investment strategy

Risks associated with defined benefit plan

Gratuity is a defined benefit plan and company is exposed to the Following Risks:

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 the defined benefit plan liability is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds. If the return on plan asset 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.

Asset 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 life time 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 less as insurance companies have to follow regulatory guidelines.

c) Risk management framework

The Company''s principal financial liabilities include borrowing, trade and other payables. The Company''s principal financial assets include loans, trade receivable, cash and cash equivalents and others. The Company also holds FVTOCI investments. The Company is exposed to credit risk, liquidity risk and market risk. The Company’s senior management oversees the management of these risks. The Company''s senior management provides assurance that the Company''s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company''s policies and risk objectives.

d) Financial Risk Management

The Company has exposure to the following risks arising from financial instruments:

i) Credit Risk

ii) Liquidity Risk

iii) Market Risk

i) Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers, investment in inter corporate deposit and loans given.

The carrying amount of following financial assets represents the maximum credit exposure:

Trade receivables

Trade receivables are consisting of a large number of customers. The Company has credit evaluation policy, procedures and control for each customer and based on the evaluation credit limit of each customer is defined. Outstanding customer receivables are regularly monitored.

As per simplified approach, the Company makes provision of expected credit losses on trade receivables as per the Company''s policy to mitigate the risk of default payments and makes appropriate provision at each reporting date wherever outstanding is for longer period and involves higher risk.

Other financial assets

Credit risk from balances with banks, loans, investments is managed by Company''s finance department. Investments of surplus funds are made only with approved counterparties. No impairment on such investment has been recognised as on the reporting date.

ii) Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure as far as possible that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed condition, without incurring unacceptable losses or risking damage to the Company’s reputation.

The Management monitors rolling forecasts of the Company''s liquidity position on the basis of expected cash flows. The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of surplus funds, bank loans and inter-corporate loans.

iii) Market Risk

Market risk is the risk that changes in market prices such as foreign exchange rates, interest rates and commodity prices which will affect the Company’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market exposures within acceptable parameters, while optimising the return.

Currency risk

Foreign currency risk is the risk of impact related to fair value or future cash flows of an exposure in foreign currency, which fluctuate due to changes in foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates relates primarily to import of raw materials. When a derivative is entered for the purpose of being a hedge, the Company negotiates the terms of those derivatives to match the terms of the hedged exposure.

The Company evaluates exchange rate exposure arising from foreign currency transactions. The Company follows established risk management policies and standard operating procedures.

Commodity price risk

Commodity price risk for the Company is mainly related to fluctuations of raw materials prices linked to various external factors, which can affect the production cost of the Company. Company actively manages inventory and in many cases sale prices are linked to major raw material prices. To manage this risk, the Company enters into long-term supply agreement for Raw Material, identifying new sources of supply etc. Additionally, processes and policies related to such risks are reviewed and managed by senior management on continuous basis.

43 CAPITAL MANAGEMENT

The Company manages its capital to ensure that it will be able to continue as going concern while maximising the return to stakeholders through the optimisation of the debt and equity balance. The capital structure of the Company consists of net debt and the total equity of the Company. For this purpose, net debt is defined as total borrowings less cash and cash equivalents.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. The funding requirements are met through short-term/long-term borrowings. The Company monitors the capital structure on the basis of total debt to equity ratio and maturity profile of the overall debt portfolio of the Company.

Foreign currency sensitivity analysis

The Company is mainly exposed to fluctuations in US Dollar. The following table details the Company’s sensitivity to a '' 1 increase and decrease against the US Dollar. '' 1 is the sensitivity used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only net outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a '' 1 change in foreign currency rates. A positive number below indicates an increase in profit or equity where the Rupee strengthens by '' 1 against the US Dollar. For a '' 1 weakening against the US Dollar, there would be a comparable impact on the profit or equity

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s short-term borrowing. The Company constantly monitors the credit markets and rebalances its financing strategies to achieve an optimal maturity profile and financing cost. Since all the borrowings are on floating rate, no significant risk of change in interest rate.

The Company does not account for any fixed rate financial assets and liabilities at fair value through profit or loss. Therefore, a change in interest rate at the reporting date would not affect profit or loss.

46 No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”) with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries).

The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether, directly or ndirectly lend or invest in other persons or entities identified by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

47 Previous year figures have been regrouped and re-arranged wherever necessary to confirm the current year presentation.

Material accounting policies information 1

The accompanying notes form an integral part of the Financial Statements 2 to 47

As per our report of even date attached For and on behalf of the Board

For Khandelwal & Mehta LLP H.D. Ramsinghani

Chartered Accountants J. K. Parakh Chairman and Managing Director

Firm''s Registration No. W100084 Chief Financial Officer DIN : 00035416

S. L. Khandelwal

Partner Bhavna Dave Brij Lal Khanna

Membership No. 101388 Company Secretary Director

Place : Mumbai DIN : 00841927

Date : May 30, 2024.

---

Mar 31, 2018

Notes to the Financial Statements for the year ended March 31, 2018

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

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

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

There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years. Characteristics of defined benefit plan

The Company has a defined benefit gratuity plan in India (funded). The company''s defined benefit gratuity plan is a final salary plan for employees, which requires contributions to be made to a separately administered fund.The fund is managed by a trust which is governed by the Board of Trustees. The Board of Trustees are responsible for the administration of the plan assets and for the definition of the investment strategy

Risks associated with defined benefit plan

Gratuity is a defined benefit plan and company is exposed to the Following Risks:

Interest rate risk: A fall in the discount rate which is linked to the G.Sec. 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 the defined benefit plan liability is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds. If the return on plan asset 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.

Asset 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 life time 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 less as insurance companies have to follow regulatory guidelines.

Characteristics of defined benefit plans

During the year, the company has changed the benefit scheme in line with Payment of Gratuity Act, 1972 by increasing monetary ceiling from 10 lakhs to 20 lakhs. Change in liability (if any) due to this scheme change is recognised as past service cost.

A separate trust fund is created to manage the Gratuity plan and the contributions towards the trust fund is done as guided by rule 103 of Income Tax Rules, 1962.

33 SEGMENT REPORTING :
Segment Information				(Rs In Lacs)
Particulars	Fertilizer &	Oil	Unallocable	Total
	Chemicals
Segment Revenue	29,564.66	7,940.47	195.76	37,700.89
	33,800.49	4,407.38	363.04	38,570.91
Segment Results	2,069.60	118.67	13.45	2,201.72
	2,889.07	(307.15)	10.83	2,592.75
Interest and financial cost for the year	(719.16)	(51.81)	(3.48)	(774.45)
	(745.07)	(68.37)	(18.45)	(831.89)
Net Corporate Office Expenses	-	-	(879.60)	(879.60)
	-	-	(954.74)	(954.74)
Profit / (Loss) as per Statement of Profit & Loss	1,350.44	66.86	(869.63)	547.67
	2,144.00	(375.52)	(962.36)	806.12
Segment Asset	25,374.97	1,917.40	624.16	27,916.53
	28,154.80	1,175.27	776.65	30,106.72

				(Rs In Lacs)
Particulars	Fertilizer &	Oil	Unallocable	Total
	Chemicals
Segment Liabilities	10,164.55	2,545.99	1,791.39	14,501.93
	13,297.62	1,988.78	1,796.81	17,083.21
Cost incurred during the year to acquire segment assets	312.49	0.15	3.68	316.32
	195.42	0.00	9.02	204.44
Segment Depreciation	284.42	17.88	20.79	323.09
	290. 64	22.10	25.54	338.28
Non-cash Expenses other then Depreciation	-	-	-	-

(Previous year figures are in italics)

34 CONTINGENT LIABILITY AND COMMITMENTS
a	Contingent Liabilities not provided for	For the year	For the year
		ended 31.03.2018	ended 31.03.2017
	i Royalty on rock phosphates.	116.09	116.09
	ii Contingent liability due to reduction in brought forward losses on account of	931.57	931.57
	completed assessments having a bearing on current taxable income.
	iii Custom duty, Excise duty, Demurrage, Sales tax, Entry Tax and others.	416.84	468.06
	iv Wages.	71.85	56.88
	v Right to Recompense under Corporate Debt Restructure to lenders.	648.34	764.00
b	Claims against the company not acknowledged as debt
	i Electricity duty.	43.38	43.38
	ii Railway Claim.	195.18	195.18
c	Guarantees
	Amount of Letters of Credit and Bank Guarantee issued by banks.	92.63	98.13
d	Commitments
	Estimated Amount of Capital Contracts Pending to be executed (Net of Advances).	47.83	-

35 Related party disclosure

(i)	List of Related Parties as required by Ind AS-24 "Related Party Disclosures" are given below:
	(a)	Parent	Silver Eagle Inc - From 10-11-2016
			NRI Investor Inc - Upto 09-1 1-2016
	(b)	Key management personnel and their relatives	Mr D. J.Ramsinghani (Chairman & Managing Director)
			MrH. D. Ramsinghani (Vice Chairman & Jt Managing Director) (From 01.06.2017)
			Mr J. K. Parakh (Chief Financial Officer)
			Mr Kiran Jain (Company Secretary)
	(c)	Non Executive/Independent Directors	Mr. Deonath Singh
			Mrs. Nilanjana H. Ramsinghani
			Mr. K. Raghuraman
			Mr. A. K. Thakur
			Mr. N. R. Joshi (from 19-05-2016)
			Mr. Sunil Kumar Vohra (from 08-09-2017) Nominee Director of Bank of India)
			Mr. R. K. Shrivastava (upto 07-09-20 17) Nominee Director of Bank of India)
	(d)	Where persons mentioned in (b) exercise significant influence	Rama Industries Limited
			Rainbow Agri Industries Limited
			Rama Petrochemicals Limited
			Rama Capital & Fiscal Services Pvt. Ltd.
			Rama Enterprises
			Nova Gelicon Private Limited

(Rs In Lacs)

(ii) Transactions with related parties

	Type of related party	Description of the nature of transactions	Volume of Transactions during 2017-18	Volume of Transactions during 2016-17	Balance as on 31.03.2018 Receivable/ (Payable)	Balance as on 31.03.2017 Receivable/ (Payable)	Balance as on 01.04.2016 Receivable/ (Payable)
(a)	Parent
	NRI Investors INC	Dividend paid	-	76.35	-	-	-
	Silver Eagle INC	Dividend paid	100.50	0.00	-	-	-
(b)	Key management personnel and their relatives
	Mr. D. J. Ramsinghani	Remuneration*	74.86	76.99	-	-	-
	Mr. H. D. Ramsinghani	Remuneration*	80.00	-	-	-	-
	Mr. J. K. Parakh	Remuneration*	38.49	30.41	-	-	-
	Mr. Kiran Jain	Remuneration*	10.11	6.84	-	-	-
	Mr. H. D. Ramsinghani	Sitting Fees Paid	0.15	0.50	-	-	-
(c)	Non Executive/Independent Directors
	Mr. Deonath Singh	Sitting fees	0.60	0.65	-	-	-
	Mrs. Nilanjana H. Ramsinghani	Sitting fees	0.20	0.15	-	-	-
	Mr. K. Raghuraman	Sitting fees	0.55	0.60	-	-	-
	Mr. A. K. Thakur	Sitting fees	0.45	0.45	-	-	-
	Mr. N. R. Joshi	Sitting fees	0.05	-	-	-	-
	Bank of India	Sitting fees	0.05	-	-	-	-
(d)	Where persons mentioned in (b) exercise significant influence
i)	Reimbursement of expenses received
	Rainbow Agri Industries Ltd.	Sale of Finished Goods	-	7.45	-	-	-
	Rama Petrochemicals Ltd.	Purchase of Goods	69.21	36.09	-	-	-
	Nova Gelicon Pvt. Ltd.	Interest on Term Loan secured	0.84	0.78	-	-	-
	Rama Capital & Fiscal Services Pvt. Ltd.	Interest on Loan and Advances	27.47	27.47	-	-	-
	Rama Capital & Fiscal Services Pvt. Ltd.	Amount written off	27.47	27.47	-	-	-
	Nova Gelicon Pvt. Ltd.	ICD taken during the period	-	15.00	-	-	-
	Rainbow Agri Industries Ltd.	ICD taken during the period	150.00	-	-	-	-
	Nova Gelicon Pvt. Ltd.	ICD repaid during the year	15.00	-	-	-	-
	Rainbow Agri Industries Ltd.	ICD repaid during the year	750.00	-	-	-	-
	Rainbow Denim Limited	ICD reed back	15.00	-	-	-	-
	Nova Gelicon Pvt. Ltd.	Interest on ICD''s	1.43	0.94	-	-	-
	Rainbow Denim Limited	Interest on ICD''s	10.01	-	-	-	-
	Rainbow Agri Industries Ltd.	Interest on ICD''s	5.47	-	-	-	-
	Rainbow Agri Industries Ltd.	Payment to Related Party	-	2,016.58	-	-	-

(? In Lacs)

	Type of related party	Description of the nature of transactions	Volume of Transactions during 2017-18	Volume of Transactions during 2016-17	Balance as on 31.03.2018 Receivable/ (Payable)	Balance as on 31.03.2017 Receivable/ (Payable)	Balance as on 01.04.2016 Receivable/ (Payable)
	Rama Industries Ltd.	Payment to Related Party	246.95	37.55	-	-	-
	Rama Petrochemicals Ltd.	Payment to Related Party	47.00	48.19	-	-	-
	Rama Enterprises	Payment to Related Party	140.91	-	-	-	-
	Rainbow Agri Industries Ltd.	Receipt from Related Parties	-	1,685.00	-	-	-
	Rama Enterprises	Receipt from Related Parties	20.00	-	-	-	-
	Rama Industries Ltd.	Receipt from Related Parties	-	15.00	-	-	-
	Rama Industries Ltd.	Trade Payable	-	-	-	246.95	22.55
	Rama Petrochemicals Ltd.	Trade Payable	-	-	10.76	-	-
	Rama Petrochemicals Ltd.	Advance to Supplier	-	-	-	11.45	-
	Rama Petrochemicals Ltd.	Investments	-	-	12.26	12.26	12.26
	Mr. J. K. Parakh	Loans and Advances receivable			18.00	24.00	24.00
	Rama Capital & Fiscal Services Pvt. Ltd .#	Loans and Advances receivable			305.27	305.27	305.27
	Rama Capital & Fiscal Services Pvt. Ltd.	Provision for doubtful debts	-	-	(305.27)	(305.27)	(305.27)
	Nova Gelicon Pvt. Ltd.	Term Loans payable	-	-	8.65	8.65	8.65
	Nova Gelicon Pvt. Ltd.	Interest Payable	-	-	3.61	1.73	-
	Nova Gelicon Pvt. Ltd.	ICD''s Payable	-	-	-	15.00	-
	Rainbow Agri Industries Ltd.	ICD''s Payable	-	-	175.00	-	-
	Rama Enterprises	Advance for asset acquisition	120.91	-	-	-	-
11)	Gaurantee given on our behalf
	Mr. D. J. Ramsinghani	Gaurantee	Transaction is of non monetary consideration
111)	Security
	Rama Capital & Fiscal Services Pvt. Ltd.	Security	Transaction is of non monetary consideration

* Excludes provision for compensated leave and gratuity for key managerial personnel as separate actuarial valuation is not available. Terms and conditions of transaction with related parties

The sale to related parties are made on terms equivalent to those that prevail in arm''s length transactions. Outstanding balances at the year end are unsecured and settlement occurs in cash. Transactions relating to dividend were on the same terms and conditions that applied to other shareholders.

# ? 305.27 Lacs (Previous year ? 305.27 Lacs) due from a company against which provision has already been made in earlier years. To comply with the provisional of the Companies Act, 2013, during the year company has provided interest on this loan and since the principle is doubtful of recovery, the interest receivable is written off.

b)

36 FINANCIAL INSTRUMENTS-FAIR VALUE AND RISK MANAGEMENT			(Rs In Lacs)
a) Accounting classification
The carrying value of financial instruments by categories are as follows:
Particulars	31.03.2018	31.03.2017	01.04.2016
	FVTOCI Amortised	FVTOCI Amortised	FVTOCI Amortised
	cost	cost	cost
Financial Assets
Investments in equity instruments	11.14 0.24	10.77 0.24	28.83 0.24
Investments in Government Securities	5.72	5.72	2.60
Loans	34.73	38.66	31.10
Trade receivable	5,642.67	7,423.34	7,791.37
Cash and cash equivalents	16.51	25.10	55.62
Other bank balances	510.77	423.15	475.93
Other financial assets	7,972.07	11,466.66	11,142.02
Total	11.14 14,182.71	10.77 19,382.87	28.83 19,498.88
Financial Liabilities
Borrowings	4,673.28	5,092.76	5,341.61
Trade payables	7,481.32	9,196.40	8,685.06
Other financial liabilities	833.84	1,022.09	882.82
Total	12,988.44	15,311.25	14,909.49

Fair value hierarchy and Method of valuation

The following table shows fair value measurement hierarchy. Except for these financial instruments, the Company considers that the carrying value amount recognised in the financial statements approximate their fair value largely due to the short term maturities of these instruments.

	31.03.2018	31.03.2017	01.04.2016
	Level 1	Level 1	Level 1
Investments in equity instruments	11 14	1077	2883

Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments that have quoted price. The fair value of equity instruments which are traded in the stock exchanges is valued using the closing price as at the reporting period.

c) Risk management framework

The Company''s principal financial liabilities include borrowing, trade and other payables. The Company''s principal financial assets include loans, trade receivable, cash and cash equivalents and others. The Company also holds FVTOCI investments. The Company is exposed to credit risk, liquidity risk and market risk. The Company''s senior managment oversees the management of these risks. The Company''s senior management provides assurance that the Company''s financial risk activities are governed by appropriate policies and procedures and that financial risks are identifed, measured and managed in accordance with the Company''s policies and risk objectives.

d) Financial Risk Management

The Company has exposure to the following risks arising from financial instruments: i) Credit Risk ii) Liquidity Risk iii) Market Risk

i) Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers, investment in inter corporate deposit and loans given.

The carrying amount of following financial assets represents the maximum credit exposure:

Trade receivables

Trade receivables are consisting of a large number of customers. The Company has credit evaluation policy, procedures and control for each customers and based on the evaluation credit limit of each customer is defined. Outstanding customer receivables are regularly monitored.

As per simplified approach, the Company makes provision of expected credit losses on trade receivables as per the Company''s policy to mitigate the risk of default payments and makes appropriate provision at each reporting date wherever outstanding is for longer period and involves higher risk.

Other financial assets

Credit risk from balances with banks, loans, investments is managed by Company''s finance department. Investments of surplus funds are made only with approved counterparties. No impairment on such investment has been recognised as on the reporting date.

ii) Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing liquidity is to ensure as far as possible that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed condition, without incurring unacceptable losses or risking damage to the Company''s reputation.

The Management monitors rolling forecasts of the Company''s liquidity position on the basis of expected cash flows.The Company''s objective is to maintain a balance between continuity of funding and flexibility through the use of surplus funds, bank loans and inter-corporate loans.

Exposure to liquidity risk

The following are the remaining contractual maturities of financial liabilities at the reporting date. (? In Lacs)

March 31, 2018 Financial liabilities	Carrying amount	Contractual cash flows Total Within 1 year More than 5 years
Borrowings Trade payables Other Financial Liabilities Total March 31, 2017 Financial liabilities	4,673.28 7,481.32 833.84	4,673.28 7,481.32 833.84	7,481.32 833.84	4,673.28
	12,988.44	12,988.44	8,315.16	4,673.28
	Carrying amount	Contractual cash flows Total Within 1 year More than 5 years
Borrowings Trade payables Other Financial Liabilities Total April 01, 2016 Financial liabilities	5,092.76 9,196.40 1,022.09	5,092.76 9,196.40 1,022.09	9,196.40 1,022.09	5,092.76
	15,311.25	15,311.25	10,218.49	5,092.76
	Carrying amount	Contractual cash flows Total Within 1 year More than 5 years
Borrowings Trade payables Other Financial Liabilities Total	5,341.61 8,685.06 882.82	5,341.61 8,685.06 882.82	8,685.06 882.82	5,341.61
	14,909.49	14,909.49	9,567.88	5,341.61

iii) Market Risk

Market risk is the risk that changes in market prices such as foreign exchange rates, interest rates and commodity prices which will affect the Company''s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market exposures within acceptable parameters, while optimising the return.

Currency risk

Foreign currency risk is the risk of impact related to fair value or future cash flows of an exposure in foreign currency, which fluctuate due to changes in foreign exchange rates. The Company''s exposure to the risk of changes in foreign exchanges rates relates primarily to import of raw materials. When a derivative is entered for the purpose of being a hedge, the Company negotiates the terms of those derivatives to match the terms of the hedged exposure.

The Company evaluates exchange rate exposure arising from foreign currency transactions. The Company follows established risk management policies and standard operating procedures.

			Amount in USD
Particulars	As at 31.03.2018	As at 31.03.2017	As at 01.04.2016
Trade and other payables	3,693,722	6,717,141	4,071,119

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the Company''s short-term borrowing. The Company constantly monitors the credit markets and rebalances its financing strategies to achieve an optimal maturity profile and financing cost. Since all the borrowings are on floating rate, no significant risk of change in interest rate.

The Company does not account for any fixed rate financial assets and liabilities at fair value through profit or loss. Therefore, a change in interest rate at the reporting date would not affect profit or loss.

Commodity price risk

Commodity price risk for the Company is mainly related to fluctuations of raw materials prices linked to various external factors, which can affect the production cost of the Company. Company actively manages inventory and in many cases sale prices are linked to major raw material prices. To manage this risk, the Company enters into long-term supply agreement for Raw Material, identifying new sources etc. Additionally, processes and policies related to such risks are reviewed and managed by senior management on continuous basis.

37 CAPITAL MANAGEMENT

The Company manages its capital to ensure that it will be able to continue as going conercn while maximising the return to stakeholders through the optimisation of the debt and equity balance. The capital structure of the Company consists of net debt and the total equity of the Company. For this purpose, net debt is defined as total borrowings less cash and cash equivalents.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. The funding requirments are met through short-term/long-term borrowings. The Company monitors the capital structure on the basis of total debt to equity ratio and maturity profile of the overall debt portfolio of the Company.

The Company''s net debt to equity ratio is as follows: (Rs. In Lacs)

	31.03.2018	31.03.2017	01.04.2016
Borrowing	4,685.34	5,149.01	5,412.64
Cash & cash equivalents	(16.51)	(25.10)	(55.62)
Net Debt	4,668.83	5,123.91	5,357.02
Total equity Debt/Equity ratio	13,414.60 0.35	13,023.51 0.39	12,387.75 0.43

38 Earnings per share - EPS is calculated by dividing the profit / (loss) attributable to the equity share holders by weighted average number of equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the net profit / (loss) for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year is adjusted for the effects of all dilutive potential equity shares, except when the results would be anti-dilutive.

	Particulars	2017-18	2016-17
1	Profit after tax -? in Lacs	539.16	850.13
2	Weighted average number of shares outstanding during the year	17,693,213	17,693,213
3	Face value of shares - in ?	10	10
4	Basic / Diluted EPS - in ?	3.05	4.80

39

(i) The Board of Directors have recommended dividend of? 1.00 per fully paid up equity share of ?10/- each, aggregating Rs 213.30 Lacs, including Rs 36.37 Lacs dividend distribution tax for the financial year 2017-18, which is based on relevant share capital as on 31 st March, 2018. The actual dividend amount will be dependent on the relevant share capital outstanding as on the record date / book closure.

(ii) Previous year''s figures have been reclassified, wherever necessary, to conform current year''s presentation.

As per our report of even date attached		For and on behalf of the Board
For Khandelwal & Mehta LLP	J. K. Parakh	H. D. Ramsinghani
Chartered Accountants	Chief Financial Officer	Chairman and Managing Director
Firm''s Registration No. W100084		DIN : 00035416
S. L Khandelwal	Pritesh Jhaveri	D.N. Singh
(Partner)	Company Secretary	Independent Director
Membership No. 101388		DIN : 00021741
Place : Mumbai
Date: 26th May, 20 18

---

Mar 31, 2016

Notes to the Financial Statements for the year ended March 31, 2016

(ii) Vehicle loans of Rs, NIL (Previous year Rs, 4.56 Lacs) including current maturity from Bank are secured by way of Hypothecation of vehicles. Interest on the loans are payable @ 10.50% p.a. (Previous year 10.50% p.a.) as at year end. Loans are repayable in 36 monthly installments starting from February-2013.

(iii) Vehicle loan of Rs, 28.97 Lacs (Previous year Rs, 36.18 Lacs) including current maturity from Bank are secured by way of Hypothecation of vehicles. Interest on the loans are payable @ 11.32% p.a. (Previous year 11.32% p.a.) as at year end. Loans are repayable in 60 monthly installments starting from June-2015.

(iv) Term Loans of Rs, 30.04 Lacs (Previous year Rs, 32.41 Lacs) from others are secured by way of first pari-passu charge along with working capital and term loan from banks over movable and immovable properties situated at Pune. Said term loans are further secured by way of first pari-passu charge over immovable property situated at Indore Oil Division. The Interest on the loan is payable @ 9% p.a. (Previous year 9% p.a.) as at year end. The Loan is repayable in 36 quarterly installments starting from April-2009.

d Terms and Conditions of Borrowings

Working Capital facilities from Banks are secured against hypothecation of raw material, stock in process, finished goods, stores and spares, Books debts, Subsidy and first pari-passu charge along with Bank term lender over movable and immovable properties of fertiliser division situated at Indore, Udaipur and first pari-passu charges with other term lenders over movable and immovable properties situated at Pune. This is further secured by second charge alongwith term loan from bank, on pari-passu basis over movable and immovable properties of Oil division situated at Indore.

The above working capital facilities are further secured along with bank term lender by first pari-passu on Fixed Deposit Receipts of Rs, 112.71 Lacs (Previous year Rs, 105.29 Lacs) along with equitable mortgage of the property situated at Mumbai owned by another Company and guaranteed by personal guarantee of Promoter and Corporate guarantee by another Company. The working capital facility carries interest @ 14.95% p.a. on Rs, 3,235.31 Lacs (Previous year Interest @ 13.35% p.a. on Rs, 3,279.51 Lacs) @ 14.30% p.a. on Rs, 891.12 Lacs (Previous year Interest @ 14.50% p.a. on Rs, 887.70 Lacs), and @12.95% p.a. on Rs, 735.02 Lacs (Previous year Interest @ 13.50% p.a. on Rs, 1,008.97 Lacs).

Inter Corporate Deposits are bearing interest @ 18% p.a. on Rs, 70 Lacs, @ 12% p.a. on Rs, 300 Lacs and @ 9% p.a. on Rs, 12 Lacs.

1. Disclosure as required by Accounting Standard AS-18 on Related Parties. a Names of Related Parties and Related Party Relationship

i Enterprise that directly or indirectly through one or more intermediaries, control, or are controlled by, or under common control with the reporting enterprise.

NRI Investors Inc.

ii Associates and Joint ventures of the reporting enterprise and the investing party or venturer in respect of which the reporting enterprise is an associate or joint venture.

Nil

iii Individuals owning, directly or indirectly, an interest in the voting power of the reporting enterprise that gives them control or significant influence over the enterprise, and relatives of any such individual.

Nil

iv Key Managerial Person (KMP) and their Relatives with whom transactions have taken place during the year.

Mr. D.J. Ramsinghani - Chairman and Managing Director

Mr. H. D. Ramsinghani - Director

Mr. J. K. Parakh - Chief Financial Officer

Mr. Kiran P. Jain - Company Secretary

Mrs. N. H. Ramsinghani - Director

v Enterprises over which any person described in iii & iv above is able to exercise significant influence, and with whom transactions have taken place during the year.

Rama Industries Limited

Rama Capital & Fiscal Service Private Limited

Rama Petrochemicals Limited

Rainbow Agri Industries Limited

Nova Gelicon Private Limited

* Includes loan of Rs, 305.27 Lacs (Previous year Rs, 305.27 Lacs) due from a Company against which provision has already been made in earlier years. To comply with the provisional of the Companies Act-2013, during the year Company has provided interest on this loan and since the principle is doubtful of recovery, the interest receivable is written off.

a Identification of Segments

The Company has disclosed Business Segments as its primary segments. Reporting segments have been identified as Fertilizers & Chemicals and Oil, taking into account the nature of product, the different risk and returns, the organizational structure and the internal reporting system. The Company caters mainly to the need of domestic market. The direct export turnover is Nil during the year. As such there are no reportable geographical segments.

Segment revenue, Segment results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis to the respective segments.

(Previous year figures are in italics)

2. The disclosure required under Accounting Standard 15 “Employee Benefits” issued by Institute of Chartered Accountants of India

Refer note no. 6 & 10 a Details of Defined Benefit Plan

The following table sets out the funded status of the defined benefit schemes and the amount recognised in the financial statements.

b Defined Contribution Plans

The Company makes Provident Fund contributions to defined contribution plans for qualifying employees. Under the Scheme, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognized Rs, 78.35 Lacs (Previous Year Rs, 74.98 Lacs) in the Statement of Profit and Loss for the year ended 31st March, 2016 under Defined Contribution Plans. The Contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

3 Expenditure related to Corporate Social Responsibility as per Section 135 of the Companies Act, 2013 read with Schedule VII thereof - Rs, 4.86 lacs (Previous year Rs, Nil)

4. PREVIOUS YEAR FIGURES :

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

---

Mar 31, 2015

1 Disclosure as required by Accounting Standard AS-18 on Related Parties.

a Names of Related Parties and Related Party Relationship

i Enterprise that directly or indirectly through one or more intermediaries, control, or are controlled by, or under common control with the reporting enterprise.

NRI Investors Inc.

ii Associates and Joint ventures of the reporting enterprise and the investing party or venture in respect of which the reporting enterprise is an associate or joint venture.

Nil

iii Individuals owning, directly or indirectly, an interest in the voting power of the reporting enterprise that gives them control or significant influence over the enterprise, and relatives of any such individual.

Nil

iv Key Managerial Person (KMP) and their Relatives with whom transactions have taken place during the year.

D. J. Ramsinghani - Chairman and Managing Director

H. D. Ramsinghani - Director

J. K. Parakh - CFO

Pooja D. Ramsinghani - Relative of Director

Kiran P. Jain - Company Secretary

Nilanjana H. Ramsinghani - Director

v Enterprises over which any person described in iii & iv above is able to exercise significant influence, and with whom transactions have taken place during the year.

Rama Industries Limited

Rama Capital & Fiscals Service Private Limited

Rama Petrochemicals Limited

Rainbow Denim Limited

Rainbow Agri Industries Limited

Nova Gelicon Private Limited

2 SEGMENT REPORTING :

a Identification of Segments

The company has disclosed Business Segments as its primary segments. Reporting segments have been identified as Fertilizers & Chemicals and Oil, taking into account the nature of product, the different risk and returns, the organizational structure and the internal reporting system.

The company caters mainly to the need of domestic market. The direct export turnover is Nil during the year. As such there are no reportable geographical segments.

Segment revenue, Segment results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis to the respective segments.

3 Pursuant to Section 135 of the Companies Act, 2013 and (Corporate Social Responsibility Policy) Rules, 2014, company has to spend CSR expenditure of Rs. 46.74 Lacs in the current financial year under review, but company could not spend money due to huge losses and also liquidity problem arised due to delay in release in subsidy receivable from Government. Gross amount required to be spent by the company during the year is Rs. 46.74 Lacs which remains unspent.

4 PREVIOUS YEAR FIGURES :

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

---

Mar 31, 2014

1 Details of the rights, preferences and restrictions attaching to each class of shares including restrictions on the distribution of dividends and the repayment of capital.

Equity Shares

The Company has only one class of Equity shares having a par value of Rs. 10/-. Each holder of equity shares is entitled to one vote per share. Dividend is payable in the proportion to the Capital Paid up. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

2 Terms and Conditions of Borrowings

(i) Term Loan of Rs. 236.12 lacs (Previous year Rs. 299.08 lacs) including current maturity from bank is secured by Exclusive and specific charge on the assets acquired for new GSSP plant at Udaipur. The loan is further collaterally secured with first pari-passu charge along with working capital lender over movable and immovable property situated at Fertiliser division Indore, Udaipur and first pari-passu charges along with working capital and other term lenders over movable and immovable property situated at Pune. The said loan is further secured by second charge alongwith working capital lenders on pari-passu basis over movable and immovable property situated at Oil division Indore. The above loan is further secured along with working capital lenders by first pari-passu charge on FDR of Rs. 98.04 Lacs along with equitable mortgage of the property situated at Mumbai owned by another company and guaranteed by personal guarantee of a Director, Promoters and corporate guarantee by another company. The Interest on the loan is payable @13.95% p.a (Previous year 14.50% p.a.) as at the year end. The Loan is repayable in 24 quarterly installments starting from May-2012 (Read note no. 7 d).

(ii) Vehicle loans of Rs. 10.82 Lacs (Previous year Rs. 16.47 Lacs) including current maturity from Bank are secured by way of Hypothecation of vehicles. Interest on the loans are payable @ 10.50% p.a. (Previous year 10.50%) as at year end. Loans are repayable in 36 monthly installments starting from February-2013.

(iii) Term Loans of Rs. 252.38 lacs (Previous year Rs. 283.62 lacs) from others are secured by way of first pari-passu charge along with working capital and term loan lenders from bank over movable and immovable properties situated at Pune. Said term loans are further secured by way of first pari-passu charge over immovable property situated at Indore Oil Division. The Interest on the loan is payable @ 9% p.a. (Previous year 9%) as at year end. The Loan is repayable in 36 quarterly installments starting from April-2009.

3 Terms and Conditions of Borrowings

Working Capital facilities from Banks are secured against hypothecation of raw material, stock in process, finished goods, stores and spares, Books debts, Subsidy and first pari-passu charge along with Bank Term lender over movable and immovable properties of fertiliser division situated at Indore, Udaipur and first pari-passu charges with other Term lenders over movable and immovable properties situated at Pune. This is further secured by second charge alongwith bank Term loan lender, on pari-passu basis over movable and immovable properties of Oil division situated at Indore.

The above working capital facilities are further secured along with bank Term lender by first pari-passu on FDR of Rs. 98.04 lacs along with equitable mortgage of the property situated at Mumbai owned by another Company and guaranteed by personal guarantee of a Director, Promoters and Corporate guarantee by another company. The working capital facility carries interest @ 13.45% on Rs. 3,171.12 lacs (Previous year Interest @ 14.25% on Rs. 3,329.30 lacs) @ 14.50% on Rs. 869.46 lacs (Previous year Interest @ 13.45% on Rs. 860.25 lacs), and @15.50% on Rs. 236.29 lacs (Previous year Interest @ 15.75% on Rs. 741.15 lacs).

4 Inventories are valued as under :

1 Raw materials, Work in Process and Packing materials :

at cost on First in First out (FIFO) basis or net realizable value whichever is lower.

Raw material & Work in Process are not written down below cost if the finished product in which they will be incorporated are expected to be sold at or above cost.

2 Finished goods :

at cost or net realisable value whichever is lower. The cost is computed on weighted average method and includes cost of materials, cost of conversion and other costs incurred in acquiring the inventory and bringing them to their present location and condition.

3 Stores & spares :

at Cost on FIFO basis.

5 RELATED PARTY DISCLOSURE : a Names of Related Parties and Related Party Relationship

i Enterprise that directly or indirectly through one or more intermediaries, control, or are controlled by, or under common control with the reporting enterprise.

NRI Investors Inc.

ii Associates and Joint ventures of the reporting enterprise and the investing party or venturer in respect of which the reporting enterprise is an associate or joint venture.

Nil

iii Individuals owning, directly or indirectly, an interest in the voting power of the reporting enterprise that gives them control or significant influence over the enterprise, and relatives of any such individual.

Nil

iv Key Managerial Person (KMP) and their Relatives with whom transactions have taken place during the year.

D. J. Ramsinghani - Chairman and Managing Director

H. D. Ramsinghani - Director

J. K. Parakh - CFO & Company Secretary

Pooja D. Ramsinghani - Relative of Director

Nilanjana H. Ramsinghani - Relative of Director

v Enterprises over which any person described in iii & iv above is able to exercise significant influence, and with whom transactions have taken place during the year.

Rama Industries Limited

Rama Capital & Fiscals Service Private Limited

Rama Petrochemicals Limited

Rainbow Denim Limited

Rainbow Agri Industries Limited

Nova Gelicon Private Limited

6 SEGMENT REPORTING :

a Identification of Segments

The company has disclosed Business Segments as its primary segments. Reporting segments have been identified as Fertilizers & Chemicals and Oil, taking into account the nature of product, the different risk and returns, the organizational structure and the internal reporting system.

The company caters mainly to the need of domestic market. The direct export turnover is Nil during the year. As such there are no reportable geographical segments.

Segment revenue, Segment results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis to the respective segments.

b The Company has recognised Rs. 70.18 Lacs (Previous Year Rs. 57.52 Lacs) in the Statement of Profit and Loss for the year ended 31st March, 2014 under Defined Contribution Plans.

As at As at 31st March, 31st March, 2014 2013 Rs.In Lacs Rs.In Lacs

7 CONTINGENT LIABILITY AND COMMITMENTS a Contingent Liabilities not provided for

i Royalty on rock phosphates 116.09 116.09 ii Contingent liability due to 806.39 602.78 reduction in brought forward losses on account of completed assessments having a bearing on current taxable income

iii Custom duty, Excise duty, Demurrage, 485.33 538.52 Sales tax and others iv Wages 12.85 100.55

v Right to Recompense under 764.00 - Corporate Debt Restructure to lenders b Claims against the company not acknowledged as debt

i Electricity duty 43.38 43.38 ii Railway Claim 127.18 101.85

c Guarantees

Amount of Letters of Credit and Bank 177.87 187.45 Guarantee issued by banks

d Commitments

Estimated Amount of Capital Contracts Pending to be executed (Net of Advances) 6.48 54.76

8 No amount is paid/payable by the Company under Section 441 A of the Companies Act, 1956 (cess on turnover) since the rules specifying the manner in which the cess shall be paid has not been notified yet by the Central Government.

9 PREVIOUS YEAR FIGURES :

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

---

Mar 31, 2013

1 SEGMENT REPORTING :

a Identifcation of Segments

The company has disclosed Business Segments as its primary segments. Reporting segments have been identifed as Fertilizers & Chemicals and Oil, taking into account the nature of product, the different risk and returns, the organizational structure and the internal reporting system.

The company caters mainly to the need of domestic market. The direct export turnover is Nil during the year. As such there are no reportable geographical segments.

Segment revenue, Segment results, Segment Assets and Segment Liabilities include the respective amounts identifable to each of the segments as also amounts allocated on a reasonable basis to the respective segments.

As at As at 31st March, 2013 31st March, 2012 In Lacs In Lacs

2 CONTINGENT LIABILITY AND COMMITMENTS a Contingent Liabilities not provided for

i Royalty & environment cess on rock phosphates. 116.09 522.60

ii Contingent liability due to reduction in brought forward losses on account of 602.78 602.78 completed assessments having a bearing on current taxable income.

iii Custom duty, Excise duty, Demurrage, Sales tax and others 538.52 1,140.88

iv Wages 100.55 93.97

b Claims against the company not acknowledged as debt

i Electricity duty 43.38 44.23

ii Railway Claim 101.85 73.08

c Guarantees

Amount of Letters of Credit and Bank Guarantee issued by banks. 187.45 418.73

d Commitments

Estimated Amount of Capital Contracts Pending to be executed 54.76 51.14

3 No amount is paid/payable by the Company under Section 441 A of the Companies Act, 1956 (cess on turnover) since the rules specifying the manner in which the cess shall be paid has not been notifed yet by the Central Government.

4 PREVIOUS YEAR FIGURES

Previous year fgures have been regrouped/rearranged, wherever necessary.

---

Mar 31, 2012

A Details of the rights, preferences and restrictions attaching to each class of shares including restrictions on the distribution of dividends and the repayment of capital.

Equity Shares

The Company has only one class of Equity shares having a par value of Rs. 10/-. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

b Terms and Conditions of Borrowings

Term Loan from bank is secured by Exclusive and specific charge on the assets acquired under the loan for new GSSP plant at Udaipur. The loan is further collaterally secured with first pari passu charge along with capital lender over immovable property situated at Fertiliser division Indore, Udaipur and pari passu charges along with working capital and other term lenders over immovable property situated at Pune. The said loan is further secured by second charge on pari passu basis over immovable property situated at Oil division Indore. The above loan is further secured along with working capital lenders by first pari passu charge on FDR of Rs. 84.25 Lacs and pledging of 90,23,539 no. equity shares of Rs. 10/- each of the company along with equitable mortgage of the property situated at Mumbai owned by another company and guaranteed by personal guarantee of a Director. The Interest on the loan is payable @15% p.a. The Loan is repayable in 24 quarterly installments starting from May-2012 (Read note no. 7 b).

Term Loan from others are secured by way of first pari passu charge along with working capital bankers and term loan from bank over immovable properties situated at Pune plant. Said term loan are further secured by way of first pari passu charge over immovable property situated at Indore Oil Division. The Interest on the loan is payable @ 9% p.a. The Loan is repayable in 36 quarterly installments.

c Terms and Conditions of Borrowings

Working Capital facilities from Banks are secured against hypothecation of raw material, stock in process, finished goods, stores and spares, Book debts, Subsidy and first pari passu charge along with Bank term lender over immovable properties of fertiliser division situated at Indore, Udaipur and first pari passu charges with other term lenders over immovable properties situated at Pune. This is further secured by second charge pari passu basis over immovable properties of Oil division situated at Indore.

The above working capital facilities are further secured along with bank term lender by first pari passu on FDR of Rs. 84.25 lacs and pledging of 90,23,539 no. equity share of Rs. 10/- each of the company along with equitable mortgage of the property situated at Mumbai owned by another Company and guaranteed by personal guarantee of a Director. The working capital facilities carry interest @ 14.75% to 17% p.a.

d Inventories are valued as under :

1 Raw materials, Work in Process and Packing materials :

at cost on First in First out (FIFO) basis or net realizable value whichever is lower.

Raw material & Work in Process are not written down below cost if the finished product in which they will be incorporated are expected at or above cost.

2 Finished goods :

at cost or net realisable value whichever is lower. The cost is computed on weighted average method and includes cost of materials, cost of conversion and other costs incurred in acquiring the inventory and bringing them to their present location and condition.

3 Stores & spares :

at Cost on FIFO basis.

1 SEGMENT REPORTING : a Identification of Segments

The company has disclosed Business Segments as its primary segments. Reporting segments have been identified as Fertilizers & Chemicals and Oil, taking into account the nature of product, the different risk and returns, the organizational structure and the internal reporting system.

The company caters mainly to the need of domestic market. The direct export turnover is Nil during the year. As such there are no reportable geographical segments.

Segment revenue, Segment results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis to the respective segments.

As at As at 31st March, 2012 31st March, 2011 Rs.In Lacs Rs.In Lacs

2 CONTINGENT LIABILITY AND COMMITMENTS

a Contingent Liabilities not provided for

i Amount of Letters of Credit and Bank Guarantee issued by banks. 418.73 505.48

ii Royalty & environment cess on rock phosphates. 522.60 522.60

iii Contingent liability due to reduction in brought forward losses on account of completed 602.78 112.90 assessments having a bearing on current taxable income.

iv Custom duty, Excise duty, Demurrage, Sales tax and others 1,140.88 1,248.98

v Wages 93.97 32.32

vi Electricity duty 44.23 94.23

vii Railway Claim 73.08 -

b Commitments

Estimated Amount of Capital Contracts Pending to be executed 51.14 525.55

3 PREVIOUS YEAR FIGURES

During the year ended 31-03-2012, the Revised Schedule VI notified under the Companies Act 1956, is applicable to the Company. The Company has reclassified and regrouped the Previous Year Figures to confirms to the current classification.

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Mar 31, 2010

1 CONTINGENT LIABILITIES NOT PROVIDED FOR:

a) Amount of Letters of Credit and Bank Guarantee issued by banks Rs. 475.43 Lacs (Previous Period Rs. 21.32 Lacs)

b) Service tax demand raised by excise authorities and disputed by the company Rs. 2.26 Lacs (Previous Period Rs. 2.26 Lacs)

c) Royalty & Environment Cess on rock phosphate claimed by RSMML Rs. 522.60 Lacs (Previous Period Rs. 522.60 Lacs)

d) Amount to be paid to CWIP GSSP Creditor Rs.0.45lacs ( Previous period Rs. Nil)

e) CLAIMS NOT ACKNOWLEDGED AS DEBT

i) Custom Duty, Excise duty, Demurrage, Sales Tax and Others Rs. 1147.72 lacs ( Previous Period Rs 1147.72 Lacs)

ii) Wages Rs. 29.59 lacs (Previous Period Rs. 26.69 Lacs)

iii) Railway Claim Rs. 4.22 lacs (Previous Period Rs. 4.22 Lacs)

iv) Electricity duty Rs.117.1 Lacs (Previous Period Rs.57.37Lacs)

2 Honourable BIFR has sanctioned debt rehabilitation scheme submitted by operating agency (IDBI) in consulation with Company on 6th August 2009 in line with the financial package approved by CDR on 29th May 2008. Based on these sanction order the company has given following effects:

(i) The companys liability to banks & institutions have been restructured under modified corporate debt restructure package (CDR) w.e.f 1.4.2008 subject to fulfilment of certain terms and conditions. During the current period based on its own calculation, Company has provided interest as per CDR package.

(ii) Pursuant to the provisions of Sec.100 of the Companies Act, 1956 and consent of members in the Annual General meeting of the Company held on 29th December 2004, the Hon’ble Bombay High Court vide its order dated 10.06.2005 has sanctioned the reduction of Paid up Equity Share capital of the Company from Rs. 13,89,25,660/- divided into 1,38,92,566 Equity Shares of Rs.10/- each to Rs. 5,55,70,260/- divided into 55,57,026 Equity Shares of Rs.10/- each by cancelling 60% of the existing Share Capital of the Company. Accordingly, Issued, Subscribed and Paid up Share capital of the Company stands reduced and consequent to this, accumulated losses have been reduced to the extent of Rs.8,33,55,400/-

(iii) 15% Non-Convertible Debentures aggregating to Rs.1500 lacs had been issued during the last quarter of 1999. In accordance with the consent letter dated 30th July 2008 received from the Debenture holders, the Company has redeemed the Debenture and surplus arising out of the redemption is transferred to Capital Reserve account.

(iv) 12% Optionally Convertible Cumulative Preference Shares amounting to Rs. 1000 Lacs had been issued during last quarter of 2000. In accordance with the consent letter dated 30th July 2008 received from the share holders, the right to redeem the share capital has been waived to the extent of Rs.940 Lacs. This amount has been transferred to Capital Reserve Account. The balance Share Capital has been redeemed during the past period and an equivalent amount has been transferred to Capital Redemption Reserve.

(v) Two of working capital lenders have approved one time settlement / compromise proposal for the outstanding loan. Accordingly, the payment is being made as per schedule specified in the approval letters. Surplus arising out of waiver of principal amount has been transferred to Capital Reserve Account in past .

(vi) During the period, the Company has also given effect to the settlement of debt due to some of the Term Lenders. Accordingly, the surplus arising from waiver of principle amount has been transferred to Capital Reserve Account and interest waived on such loan has been transferred to Profit & Loss Account.

3 In accordance with the provisions of Accounting Standard 22 (AS-22) issued by the Institute of Chartered Accountants of India pertaining to Accounting for Taxes on Income, the Company had recognised deferred tax income of Rs. 400 lacs, by crediting the Profit and Loss Account in the past years.Considering the past and current year’s performance and frequent changes in subsidy policies, no further adjustment is considered necessary.

4 The disclosure required under Accounting Standard 15 "Employee Benefits"

5 REPORTING OF SEGMENT WISE REVENUE, RESULT AND OTHER DETAILS

The company has disclosed Business Segments as its primary segments. Reporting segments have been identified as Fertilizer and Oil, taking into account the nature of product, the different risk and returns, the organizational structure and the internal reporting system

The company caters mainly to the need of domestic market. The direct export turnover is Nil during the period. As such there are no reportable geographical segments.

Segment revenue, Segment results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis to the respective segments.

The expenses, which are not directly relatable to the business segments, are shown as unallocated costs.

6 The computation of net profit under Section 349 of the Companies Act, 1956, has not been given in view of the fact that no commmission is proposed to be paid.

7 In the absence of information from suppliers of their status being micro, small and medium enterprise, amount overdue and interest payable thereon, if any, cannot be quantified.

8 Related party disclosure under Accounting Standard -18

a) The list of the related parties as identified by the management are as under:

I) Enterprises over which Key Management Personnel, with their relatives, is able to exercise significant influence.

Blue Lagoon Investments Private Limited

Rama Enterprises

II) Enterprises over which the same individual, is able to exercise significant influence.

Rainbow Denim Limited

Rainbow Agri Industries Limited

Rama Petrochemicals Limited

Rama Industries Limited

Rama Capital and Fiscals Services Pvt.Limited

III) Key Management Personnel (KMP)

D J Ramsinghani, Chairman & Managing Director

H D Ramsinghani (Director)

IV) Relative of key management personnel

Pooja D Ramsinghani

Vashu J Ramsinghani

V) Enterprises over which any person described in III & IV is able exercise significant influence

R C Fertilisers Pvt Ltd

Rama Cylinders Pvt Ltd

(The figures of the previous period has been shown in the bracket)

9 Loans and advances referred to in note 14 (b) above includes an interest free loan of Rs. 665.52 Lacs ( Previous period Rs 665.52 Lacs) due from a sick company and its subsidiary against which provision has already been made in earlier years.

10 (a) Subsidy receivable is netted off from provision for doubtful subsidy receivable aggregating Rs.102.10Lacs
(b) Sales includes fertiliser subsidy of Rs.3003.37 Lacs (Previous period Rs.17856.50 Lacs)

11 Previous periods figures have been regrouped / rearranged, wherever necessary.

19 Curent period figures consists of 9 months and hence are not comparable with the previous period figures of 15 months.

- Includes 76,841 MT consumed for granulation (Previous Period 111,023 MT)

Figures in the brackets are for the previous Period (15 Months).

The details of the licensed Capacity has not been given as the Industries have been de-licensed.

- Includes 14,830 MT Captive consumption (Previous Period. 46,806 MT)

- Includes 9,823MT For Trading (Previous Period. 7948 MT)