Notes to Accounts of Rubfila International Ltd.

Mar 31, 2025

8 Provisions, Contingent Liabilities and Contingent
Assets

Provisions are recognised when the company has
a present obligation (legal or constructive) as a re¬
sult of a past event, for which it is probable that a
cash outflow will be required, and a reliable esti¬
mate can be made of the amount of the obligation.
When a provision is measured using the cash flows
estimated to settle the present obligation, it’s carry¬
ing amount is the present value of those cash flows
(when the effect of time value of money is material).
These are reviewed at each balance sheet date and
adjusted to reflect the current best estimates.

Contingent Liabilities are disclosed when the com¬

pany has a possible obligation, or a present obliga¬
tion and it is probable that an outflow of resources
will not be required to settle the obligation or the
amount of obligation cannot be measured with
sufficient reliability. Contingent assets are not rec¬
ognized in the books of account. If it has become
virtually certain that an inflow of economic benefits
will arise, the asset and the related income are rec¬
ognised in the financial statements of the period in
which the change occurs. If an inflow of economic
benefits has become probable, an entity discloses
the contingent asset.

9 Foreign Currency Transactions and Translations

Foreign currency transactions are recorded in the
reporting currency by applying the exchange rate
between the reporting currency and the foreign cur¬
rency at the date of the transaction.

Foreign currency monetary items are reported using
the closing rate. Non-monetary items which are car¬
ried in terms of historical cost denominated in a for¬
eign currency are reported using the exchange rate
at the date of the transaction; non-monetary items
which are carried at fair value or other similar valua¬
tion denominated in a foreign currency are reported
using the exchange rates that existed when such val¬
ues were determined.

Exchange differences: Exchange differences arising
on the settlement of monetary items or on report¬
ing the Company’s monetary items at rates differ¬
ent from those at which they were initially recorded
during the year, or reported in previous financial
statements, are recognised as income or as expens¬
es in the year in which they occur. The exchange
differences arising on restatement / settlement of
long-term foreign currency monetary items are cap¬
italized as part of the depreciable fixed assets to
which the monetary item relates and depreciated
over the remaining useful life of such assets.

10 Share Capital and Share Premium:

Ordinary shares are classified as equity, par value of
the equity share is recorded as share capital and the
amount received in excess of the par value is classi¬
fied as share premium.

11 Dividend Distribution to equity shareholders

The Company recognises a liability to make cash dis¬
tributions to equity holders when the distribution is
authorized and the distribution is no longer at the
discretion of the Company. A distribution is autho¬
rized when it is approved by the shareholders. A cor¬
responding amount is recognised directly in other
equity along with any tax thereon.

12 Cash Flows and Cash and Cash Equivalents

Statement of cash flows is prepared in accordance
with the indirect method prescribed in the Ind AS 7.
For the purpose of presentation in the statement of
cash flows, cash and cash equivalents includes cash
on hand, cheques and drafts on hand, deposits held
with Banks, other short term highly liquid invest¬
ments with original maturities of 3 months or less
that are readily convertible to known amounts of
cash and which are subject to an insignificant risk of
changes in value.

13 Revenue Recognition

The company derives revenues primarily from sale
of manufactured goods, traded goods and related
services. Effective 01 April 2018, the Group has ad¬
opted Indian Accounting Standard 115 (Ind AS 115)
-’Revenue from contracts with customers’ using the
cumulative catch-up transition method, applied to
contracts that were not completed as on the transi¬
tion date i.e. 01 April 2018. The effect on adoption of
Ind-AS 115 was insignificant.

Revenue is recognized on satisfaction of perfor¬
mance obligation upon transfer of control of prom¬
ised products to customers in an amount that
reflects the consideration we expect to receive in
exchange for those products or services.

The company has a very low sales return ratio to
sales and hence no provision for sales return or re¬
fund liability is recognized in the accounts for the
products expected to be returned. The company
does not expect to have any contracts where the
period between the transfer of the promised goods
or services to the customer and payment by the cus¬
tomer exceeds one year. As a consequence, it does
not adjust any of the transaction prices for the time
value of money.

Revenue is measured based on the transaction price,
which is the consideration, adjusted for volume dis¬
counts, price concessions and incentives, if any, as
specified in the contract with the customer. Revenue
also excludes taxes collected from customers.

a. Sale of Goods:

Revenue from sale of goods is recognised at the
moment when control has been transferred to
the customer and is measured net of trade dis¬
counts, rebates and pricing allowances to cus-

tomers.

b. Export benefits/incentives:

Export incentives under various schemes noti¬
fied by the Government are recognized when
confirmation of the right to receive the income
is established. Receipts from government by way
of Duty Draw Back is recognized only on receipt
basis.

c. Other incomes:

Other incomes are recognised on accrual basis
except when there are significant uncertainties.
Interest income is recognised on accrual basis
using effective interest rate method.

14 Employee benefits

a. Short term employee benefits

All employee benefits payable wholly within
twelve months of rendering services are classi¬
fied as short term employee benefits. Benefits
such as salaries, wages, short-term compensated
absences, performance incentives etc., are rec¬
ognised during the period in which the employ¬
ee renders related services and are measured at
undiscounted amount expected to be paid when
the liabilities are settled.

b. Long term employee benefits:

The cost of providing long term employee benefit
such as earned leave is measured as the present
value of expected future payments to be made
in respect of services provided by employees up
to the end of the reporting period. The expected
costs of the benefit are accrued over the period
of employment using the same methodology
as used for defined benefits post-employment
plans. Actuarial gains and losses arising from the
experience adjustments and changes in actuar¬
ial assumptions are charged or credited to the
Statement of Profit or Loss in which they arise
except those included in cost of assets as permit¬
ted. The benefit is valued annually by indepen¬
dent actuary.

c. Defined contribution plans.

Payments to defined contribution retirement
benefit plans, viz., Provident Fund for certain eli¬
gible employees, Pension Fund and Superannua¬
tion benefits are recognised as an expense when
employees have rendered the service entitling
them to the contribution.

d. Defined benefit plans: gratuity.

The net present value of the obligation for gra¬
tuity benefits are determined by actuarial valu¬
ation, conducted annually using the projected
unit credit method. The retirement benefit ob¬
ligations recognised in the Balance Sheet rep¬
resents the present value of the defined benefit
obligations reduced by the fair value of plan as¬
sets.

All expenses represented by current service cost,
past service cost, if any, and net interest on the
defined benefits are recognised immediately in
Statement of Profit and Loss .

Remeasurements of the net defined benefit li¬
ability/ (asset) comprising actuarial gains and
losses and the return on the plan assets (ex¬
cluding amounts included in net interest), are
recognised in Other Comprehensive Income.
Such remeasurements are not reclassified to the
Statement of Profit and Loss in the subsequent
periods.

15 Taxation

Income tax expense represents the sum of tax cur¬
rently payable and deferred tax. Tax is recognised in
the Statement of Profit and Loss, except to the extent
that it relates to items recognised directly in equity
or in other comprehensive income.

Current tax

Current tax includes provision for Income Tax com¬
puted under Special provision (i.e., Minimum alter¬
nate tax) or normal provision of Income Tax Act. Tax
on Income for the current year is determined on the
basis on estimated taxable income and tax credits
computed in accordance with the provisions of the
relevant tax laws and based on the expected out¬
come of assessments / appeals.

Deferred tax

Deferred tax is recognised on temporary differenc¬
es between the carrying amounts of assets and
liabilities in the financial statements and the cor¬
responding tax bases used in the computation of
taxable profit. Deferred tax liabilities are generally
recognised for all taxable temporary differences.
Deferred tax assets are generally recognised for all
deductible temporary differences to the extent that
it is probable that taxable profits will be available
against which those deductible temporary differenc¬
es can be utilised.

The carrying amount of deferred tax assets is re¬
viewed at the end of each reporting period and re¬
duced 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. Any such reduc¬
tion is reversed to the extent that it becomes proba¬
ble that sufficient taxable profit will be available.

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 realised,
based on tax rates (and tax laws) that have been en¬
acted or substantively enacted by the end of the re¬
porting period.

Current and deferred tax are recognised in the State¬
ment of Profit and Loss, except when they relate to
items that are recognised in other comprehensive
income or items related to equity, in which case, the
current and deferred tax are also recognised in other
comprehensive income or directly in equity respec¬
tively.

16 Earnings per Share

The Company presents basic and diluted earnings
per share (“EPS”) data for its equity shares. Basic
EPS is calculated by dividing the profit and loss at¬
tributable to equity shareholders of the Company
by the weighted average number of equity shares
outstanding during the period. Diluted EPS is deter¬
mined by adjusting the profit and loss attributable to
equity shareholders and the weighted average num¬
ber of equity shares outstanding for the effects of all
dilutive potential equity shares.

17 Current versus non-current classification

The Company presents assets and liabilities in the
balance sheet based on current/ non-current classi¬
fication. An asset is classified as current when it is:

• Expected to be realized or intended to be sold or
consumed in normal operating cycle

• Held primarily for the purpose of trading

• Expected to be realized within twelve months af¬
ter the reporting period, or

Cash or cash equivalent unless restricted from be¬
ing exchanged or used to settle a liability for at least
twelve months after the reporting period

All other assets are classified as non-current.

• A liability is classified as current when:

• It is expected to be settled in normal operating
cycle

• It is held primarily for the purpose of trading

• It is due to be settled within twelve months after
the reporting period, or

There is no unconditional right to defer the settle¬
ment of the liability for at least twelve months after
the reporting period

All other liabilities are classified as non-current.
Deferred tax assets and liabilities are classified as
non-current assets and liabilities.

All assets and liabilities have been classified as cur¬
rent or non-current as per the Company’s normal
operating cycle and other criteria set out in the
Schedule III to the Companies Act, 2013. Based on
the nature of products and the time between the
acquisition of assets for processing and their realiza¬
tion in cash and cash equivalents, the company has
ascertained its operating cycle as 12 months for the
purpose of current - noncurrent classification of as¬
sets and liabilities.

Deferred tax assets and liabilities are classified as
noncurrent assets and liabilities.

18 Fair value measurement

Fair value is the price that would be received to sell
an asset or paid to transfer a liability in an orderly
transaction between market participants at the mea¬
surement date, regardless of whether that price is
directly observable or estimated using another valu¬
ation technique. In estimating the fair value of an as¬
set or a liability, the Company takes into account the
characteristics of asset and liability if market partici¬
pants would take those into consideration.

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

19 Financial assets

A financial asset inter-alia includes any asset that is
cash, equity instrument of another entity or contrac¬
tual obligation to receive cash or another financial
asset or to exchange financial asset or financial lia¬
bility under condition that are potentially favourable
to the Company.

Investments in subsidiaries

Investments in equity shares of subsidiaries are car¬
ried at cost less impairment. Impairment is provided
for on the basis explained in Paragraph (5) of Note C
above.

Financial assets other than above

Financial assets of the Company comprise trade re¬
ceivable, cash and cash equivalents, Bank balances,
loans/ advances to employee / others, security de¬
posit, claims recoverable etc.

Initial recognition and measurement

All financial assets are recognised initially at fair val¬
ue plus, in the case of financial assets not recorded
at fair value through profit or loss, transaction costs
that are attributable to the acquisition of the finan¬
cial asset. Transaction costs of financial assets car¬
ried at fair value through profit or loss are expensed
in Statement of Profit and Loss.

Subsequent measurement

For purposes of subsequent measurement, financial
assets are classified in three categories:

• Financial assets measured at amortized cost

• Financial assets at fair value through OCI

• Financial assets at fair value through profit or
loss

Financial assets measured at amortized cost

Financial assets are measured at amortized cost if
the financials asset is held within a business model
whose objective is to hold financial assets in order
to collect contractual cash flows and the contractu¬
al terms of the financial asset give rise on specified
dates to cash flows that are solely payments of prin¬
cipal and interest on the principal amount outstand¬
ing. These financial assets are amortized using the
effective interest rate (EIR) method, less impairment.
Amortized cost is calculated by taking into account
any discount or premium on acquisition and fees or
costs that are an integral part of the EIR.

Financial assets at fair value through OCI (FVTOCI)

Financial assets are measured at fair value through
other comprehensive income if the financial asset
is held within a business model whose objective is
achieved by both collecting contractual cash flows
and selling financial assets and the contractual
terms of the financial asset give rise on specified
dates to cash flows that are solely payments of prin¬
cipal and interest on the principal amount outstand¬
ing.

At initial recognition, an irrevocable election is made
to designate investments in equity instruments oth¬
er than held for trading purpose at FVTOCI. Fair value

changes are recognised in the other comprehensive
income (OCI).

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

Any financial asset that does not meet the criteria
for classification as at amortized cost or as financial
assets at fair value through other comprehensive
income, is classified as financial assets at fair value
through profit or loss.

Derecognition

The Company derecognises a financial asset only
when the contractual rights to the cash flows from
the asset expire, or when it transfers the financial
asset and substantially all the risks and rewards of
ownership of the asset to another entity.

20 Financial liabilities

The Company’s financial liabilities include trade
payable, accrued expenses and other payables.

Initial recognition and measurement

All financial liabilities at initial recognition are clas¬
sified as financial liabilities at amortized cost or fi¬
nancial liabilities at fair value through profit or loss,
as appropriate. All financial liabilities are recognised
initially at fair value. Any difference between the pro¬
ceeds (net of transaction costs) and the fair value at
initial recognition is recognised in the Statement of
Profit and Loss.

Subsequent measurement

The subsequent measurement of financial liabilities
depends upon the classification as described be¬
low:-

Financial Liabilities at Fair value through profit
and loss (FVTPL)

FVTPL includes financial liabilities held for trading
and financial liabilities designated upon initial rec¬
ognition as FVTPL. Financial liabilities are classified
as held for trading if they are incurred for the pur¬
pose of repurchasing in the near term. Financial lia¬
bilities have not been designated upon initial recog¬
nition at FVTPL.

Derecognition

A financial liability is derecognised when the obli¬
gation under the liability is discharged / cancelled /
expired..

Offsetting of financial instruments

Financial assets and financial liabilities are offset
and the net amount is reported in the balance sheet
if there is a currently enforceable legal right to offset
the recognised amounts and there is an intention to
settle on a net basis, to realise the assets and settle
the liabilities simultaneously.

21 Inter corporate deposits

Company had advanced Inter Corporate loans to
companies on short term basis at a specific rate of
interest against security. The inter corporate deposit
are advanced to the related companies after consid¬
ering factors such as track record, size of organiza¬
tion, market reputation and value of the security.

14.2 Terms / rights attached to equity shares:

The company has one class of equity shares having a par value of ?5 per share. Each shareholder is eligible for one vote per
share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuring
Annual General Meeting.

In the event of liquidation, the equity shareholders are eligible to receive the remanining assets of the company after
distribution of all preferential amounts, in proportion to their shareholding.

The Board of Directors have recommended a Final Dividend of ?2.00/- per share (on fully paid up share of ?5/- each ) for FY
2024-25 and is subject to approval of shareholders in the ensuing Annual General Meeting.)

Nature and purpose of reserves :

1. Securities premium represents amounts received in excess of par value on issue of shares.

2. General reserve represents accumulated profits and is created by transfer of profits from Retained Earnings and it
is not an item of Other Comprehensive Income and the same shall not be subsequently reclassified to Statement of
Profit and Loss.

3. Retained earning : Retained earnings are the profits that the Company has earned till date, less any transfers to
general reserve , dividends or other distributions paid to shareholders.

4. Remeasurements of defined benefit plans gains / losses arising on remeasurements of defined benefit plans are
recognised in the other comprehensive income as per IND AS-19 and shall not be reclassified to the statement of
profit or loss in the subsequent years.

35 Corporate social responsibility

As per Section 135 of the Companies Act,2013, a Company, meeting the applicability threshold, needs to spend at least
2% of its average net profit for the immediately preceding three financial years on corporate social responsibility( CSR)
Activities. A CSR Committee has been formed by the Company as per the Act. The funds were primarily allocated to the
activities which are specified in Schedule VII of the Companies Act, 2013.

The Company was required to spend an amount of ? 76.59 Lakhs (Previous Year ? 86.37 Lakhs) being 2% of the average net
profits of the three immediately preceding financial years on CSR as per the provisions of section 135 of the Companies Act,
2013. The Company has during the year spent ? 68.26 Lakhs as CSR, excess expenditure of the previous year amounting to
?0.52 totalling to 68.78. The company has short spent an amount of ?7.81 Lakhs at the end of the year and subsequently was
transferred to eligible funds as per the provisions of Section 135 of the Companies Act 2013 within 6 months from the end of
the financial year.

37 Segment information

The segment reporting of the Company has been prepared in accordance with Ind AS-108, “Operating Segment”.
Based on the “management approach” as defined in Ind AS 108- Operating Segments, the Chief Operating Decision
Maker evaluates the Company’s performance and allocates resources based on an analysis of various performance
indicators by business segments and segment information is presented accordingly. Accordingly the management has
identified, based on its products, 2 reportable segments namely, Heat Resistant Latex Rubber Thread and Corrugated
Carton Box.

The Management Committee of the Company monitors the operating results of its business segments separately for
the purpose of making decisions about resource allocation and performance asessment. Major portion of production

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

Level 2: The fair value of financial instruments that are not traded in an active market are determined using valuation
techniques which maximize the use of observable market data. If all significant inputs required to fair value an
instrument are observable, the instrument is included in Level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in
Level 3.

41 Capital management

The Company’s objective when managing capital is to safeguard continuity, maintain a strong credit rating and healthy
capital ratios in order to support its business and provide adequate return to share holders through continuing growth
and maximise the share holders’ value. The Company’s overall strategy remains unchanged from previous year. The
Company sets the amounts of capital required on the basis of annual business and long term operating plans.

42 Financial risk management

The Company’s activities expose it to a variety of financial risks, market risk, credit risk and liquidity risk. The Company’s
focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its
financial performance. The Company’s exposure to credit risk is influenced mainly by the individual characteristic
of each customer. The Company’s risk management activity focuses on actively securing the Company’s short to
medium-term cash flows by minimising the exposure to volatile financial markets. Long-term financial investments
are managed to generate lasting returns. The Company does not actively engage in the trading of financial assets for
speculative purpose nor does it write options. The most significant financial risk to which the company is exposed are
described below:-

The Company has assessed market risk, credit risk and liquidity risk to its financial instruments.

1 Market Risk

It is the risk of loss of future earnings, fair values or cash flows that may result from a change in the price of a financial
instrument, as a result of interest rates, foreign exchange rates and other price risks. Financial instruments affected
by market risks, primarily include loans & borrowings, investments and foreign currency receivables, payables and
borrowings.

1a Interest Rate Risk

The company has not availed any loans , hence the exposure to interest rate risk is Nil. (Previous year-Nil)

1b Currency Risk :

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of
changes in foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates
relates primarily to the purchase of materials from abroad and realization on export sales: The impact on the
Companies profit before tax due to change in interest rate is given below:-

1c Price Risk

The Company is affected by the price instability of certain commodities. Due to the significantly increased
volatility of certain commodities like latex, acetic acid and other chemicals, the Company closely monitors the
price fluctuations to reap the price advantages.

The Company’s investments in unquoted securities are susceptible to market price risk arising from
uncertainties about future values of investment securities. The company manages the securities price risk
through investments in debt funds /intercorporate deposits and by placing limits on individual and total
investments.

1d Equity Risk

There is no equity risk relating to the Company’s equity investments which are detailed in note 5 “Investments”.
The Company’s equity investments majorly comprises of strategic investments rather than trading purposes.

2 Credit Risk

Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss
to the company. The company is exposed to credit risk for receivables, cash and cash equivalents and short term
loans.

Cash and cash equivalents and short-term Loans (Loans current)

The Company considers factors such as track record, size of institution, market reputation and service standard to
select the banks with which deposits are maintained. Generally, the balances are maintained with the institutions
with which the Company has been transacting for years. The Company has made several Intercorporate loans
on security with unrelated/ related companies considering factors such as track record, size of organisation,
market reputation and value of the security. The risk is mitigated by the securities and guarantees provided by the
companies. Therefore, the company does not expect any material risk on account of non -performance by any of
the companies to which the loans are given.

Trade Receivables

The company is exposed to credit risk from its operating activities primarily from trade receivable amounting
to ?.5962.27 Lakhs and ?.4937.85 Lakhs as of 31 March 2025 and 31 March 2024 respectively. The company has
standard operating procedure for obtaining sufficient security where appropriate, as a means of mitigating the
risk of financial loss from defaults. No customers accounted for 10% or more of revenue during the reporting
periods covered. The credit quality of the company’s customers is monitored on an on going basis and assessed
for impairment where indicators of such impairment exist. The history of trade receivables shows a negligible
provision for bad and doubtful debts. The solvency of customers and their ability to repay the receivable is
considered in assessing receivables for impairment. Therefore , the Company does not expect expect any material
risk on account of non performance by any of the Company’s counterparties. Where receivables are impaired, the
Company actively seeks to recover the amounts in question and enforce the compliance with credit terms.

3 Liquidity Risk

Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has established an
appropriate liquidity risk management framework for the management of the Company’s short-term, medium-
term and long-term funding and liquidity management requirements. The Company manages liquidity risk by
maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring
forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

The Company requires funds both for short-term operational needs as well as for long-term growth projects. The
Company generates sufficient cash flows from the current operations which together with the available cash and
cash equivalents provide liquidity both in the short-term as well as in the long-term. The company has a current
ratio of 5.31 as on 31 March 2025 (Previous year 5.04).

4 Interest Rate Risk

The Company is a zero-debt company as on 31 March 2025 (Previous year Rs. Nil) and is not exposed to any interest
rate risk of short-term or long-term borrowings. There are no foreign currency borrowings made by the company
during the reporting periods. The impact on the Companies profit before tax due to change in interest rate is Nil at
the close of this financial year.

5 Other Risk

Financial assets of ?3356.08 lakhs (previous year ?2029.34 Lakhs) as at March 31, 2025 carried at amortised cost is
in the form of cash and cash equivalents, bank deposits and earmarked balances with banks where the Company
has assessed the counterparty credit risk. Trade receivables of ?5962.27 lakhs as at March 31, 2025 (previous
year ?4937.85 Lakhs) forms a significant part of the financial assets carried at amortised cost which is valued
considering provision for allowance using expected credit loss method.

This assessment is not based on any mathematical model but an assessment considering the financial strength
of the customers in respect of whom amounts are receivable. The Company is in the process of evaluating the
potential impact with respect to customers in Domestic Formulation segment which could have an immediate
impact. The Company closely monitors its customers who are going through financial stress and assesses actions
such as change in payment terms, recognition of revenue on collection basis etc., depending on severity of each
case. Based on the initial assessment, the company do not expect any abnormal credit loss though supplying to an
unorganised sector. The allowance for doubtful trade receivables is Rs.2.58 Lakhs as at March 31, 2025 (previous
year Rs.8.92).

43 Events after the Reporting Period

The proposed final dividend for Financial Year 2024-25 amounting to Rs.1085.35 Lakhs (Previous year Rs.651.21 Lakhs)
will be recognised as distribution to owners during the financial year 2025-26 on its approval by Shareholders. The
proposed final dividend per share amounts to Rs 2.00/- (Previous year Rs.1.20/-)

44 Audit Trail

The Company has used accounting software for maintaining its books of account which have a feature of recording
audit trail(edit log) facility that have operated throughout the financial year for all relevant transactions. Audit trail at
database level, where available, contains modified values. There was no instance of audit trail feature being tampered
with for the period the audit trail was enabled. The audit trail, where enabled, has been preserved as per the statutory
requirements.

45 Other Statutory Information

i The Company do not have any Benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property.

ii The Company do not have any transactions with companies struck off under section 248 of Companies Act, 2013 or
section 560 of Companies Act, 1956.

iii The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period,

iv The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

v The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall’

(a directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

vi The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding
Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

vii The Company do not have any such transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 such as,
search or survey or any other relevant provisions of the Income Tax Act, 1961

* Earnings for Debt Service = Earnings before finance costs, depreciation and amortisation, exceptional items and tax
(EBIDTA)/ (Finance cost for the year Principal repayment of long-term debt liabilities within one year)

** Cost of Good sold = Cost of materials consumed Purchases of stock-in-trade Changes in inventories of finished goods,
stock-intrade, work-in-progress and property under development Manufacturing and operating expenses Costs
towards development of property

# Earnings before Interest and Tax = Profit after exceptional item and before tax Finance costs (recognised)

@ Capital Employed = Average of equity and total borrowings

As per our reports attached. For and on behalf of the Board of Directors

RUBFILA INTERNATIONAL LTD

For Mohan & Mohan Associates Hardik Bharat Patel G Krishna Kumar

Chartered Accountants DIN 00590663 DIN 01450683

ICAI Firm Registration No.02092 S Chairman Managing Director

R Suresh Mohan (Partner) N.N. Parameswaran

Membership No.:013398 Chief Financial Officer & Company Secretary

Thiruvananthapuram Palakkad

28 May 2025 28 May 2025

---

Mar 31, 2024

(h) Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, for which it is probable that a cash outflow will be required, and a reliable estimate can be made of the amount of the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, it’s carrying amount is the present value of those cash flows (when the effect of time value of money is material). These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

Contingent Liabilities are disclosed when the

company has a possible obligation, or a present obligation and it is probable that an outflow of resources will not be required to settle the obligation or the amount of obligation cannot be measured with sufficient reliability. Contingent assets are not recognized in the books of account. If it has become virtually certain that an inflow of economic benefits will arise, the asset and the related income are recognised in the financial statements of the period in which the change occurs. If an inflow of economic benefits has become probable, an entity discloses the contingent asset.

(i) Foreign Currency Transactions and Translations

Foreign currency transactions are recorded in the reporting currency by applying the exchange rate between the reporting currency and the foreign currency at the date of the transaction.

Foreign currency monetary items are reported using the closing rate. Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction; non-monetary items which are carried at fair value or other similar valuation denominated in a foreign currency are reported using the exchange rates that existed when such values were determined.

Exchange differences: Exchange differences arising on the settlement of monetary items or on reporting the Company’s monetary items at rates different from those at which they were initially recorded during the year, or reported in previous financial statements, are recognised as income or as expenses in the year in which they occur. The exchange differences arising on restatement / settlement of long-term foreign currency monetary items are capitalized as part of the depreciable fixed assets to which the monetary item relates and depreciated over the remaining useful life of such assets.

(j) Share Capital and Share Premium:

Ordinary shares are classified as equity, par value of the equity share is recorded as share capital and the amount received in excess of the par value is classified as share premium.

(k) Dividend Distribution to equity shareholders:

The Company recognises a liability to make cash

distributions to equity holders when the distribution is authorized and the distribution is no longer at the discretion of the Company. A distribution is authorized when it is approved by the shareholders. A corresponding amount is recognised directly in other equity along with any tax thereon.

(l) Cash Flows and Cash and Cash Equivalents

Statement of cash flows is prepared in accordance with the indirect method prescribed in the Ind AS 7. For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, cheques and drafts on hand, deposits held with Banks, other short term highly liquid investments with original maturities of 3 months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

(m) Revenue Recognition

The company derives revenues primarily from sale of manufactured goods, traded goods and related services. Effective 01 April 2018, the Group has adopted Indian Accounting Standard 115 (Ind AS 115) -’Revenue from contracts with customers’ using the cumulative catch-up transition method, applied to contracts that were not completed as on the transition date i.e. 01 April 2018. The effect on adoption of Ind-AS 115 was insignificant.

Revenue is recognized on satisfaction of performance obligation upon transfer of control of promised products to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services.

The company has a very low sales return ratio to sales and hence no provision for sales return or refund liability is recognized in the accounts for the products expected to be returned. The company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, it does not adjust any of the transaction prices for the time value of money.

Revenue is measured based on the transaction price, which is the consideration, adjusted for volume discounts, price concessions and incentives, if any, as specified in the contract with the customer. Revenue also excludes taxes collected

from customers.

I Sale of Goods:

Revenue from sale of goods is recognised at the moment when control has been transferred to the customer and is measured net of trade discounts, rebates and pricing allowances to customers.

II Export benefits/incentives:

Export incentives under various schemes notified by the Government are recognized when confirmation of the right to receive the income is established. Receipts from government by way of Duty Draw Back is recognized only on receipt basis.

III Other incomes:

Other incomes are recognised on accrual basis except when there are significant uncertainties. Interest income is recognised on accrual basis using effective interest rate method.

(n) Employee benefits

a. Short term employee benefits

All employee benefits payable wholly within twelve months of rendering services are classified as short term employee benefits. Benefits such as salaries, wages, short-term compensated absences, performance incentives etc., are recognised during the period in which the employee renders related services and are measured at undiscounted amount expected to be paid when the liabilities are settled.

b. Long term employee benefits:

The cost of providing long term employee benefit such as earned leave is measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period. The expected costs of the benefit are accrued over the period of employment using the same methodology as used for defined benefits post-employment plans. Actuarial gains and losses arising from the experience adjustments and changes in actuarial assumptions are charged or credited to the Statement of Profit or Loss in which they arise except those included in cost of assets as permitted. The benefit is valued annually by independent actuary.

c. Defined contribution plans.

Payments to defined contribution retirement benefit plans, viz., Provident Fund for certain eligible employees, Pension Fund and Superannuation benefits are recognised as an expense when employees have rendered the service entitling them to the contribution.

d. Defined benefit plans: gratuity.

The net present value of the obligation for gratuity benefits are determined by actuarial valuation, conducted annually using the projected unit credit method. The retirement benefit obligations recognised in the Balance Sheet represents the present value of the defined benefit obligations reduced by the fair value of plan assets.

All expenses represented by current service cost, past service cost, if any, and net interest on the defined benefits are recognised immediately in Statement of Profit and Loss .

Remeasurements of the net defined benefit liability/ (asset) comprising actuarial gains and losses and the return on the plan assets (excluding amounts included in net interest), are recognised in Other Comprehensive Income. Such remeasurements are not reclassified to the Statement of Profit and Loss in the subsequent periods.

(o) Taxation

Income tax expense represents the sum of tax currently payable and deferred tax. Tax is recognised in the Statement of Profit and Loss, except to the extent that it relates to items recognised directly in equity or in other comprehensive income.

Current tax

Current tax includes provision for Income Tax computed under Special provision (i.e., Minimum alternate tax) or normal provision of Income Tax Act. Tax on Income for the current year is determined on the basis of estimated taxable income and tax credits computed in accordance with the provisions of the relevant tax laws and based on the expected outcome of assessments / appeals.

Deferred tax

Deferred tax is recognised on temporary differences between the carrying amounts of assets

and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised 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 utilised.

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. Any such reduction is reversed to the extent that it becomes probable that sufficient taxable profit will be available.

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 realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current and deferred tax are recognised in the Statement of Profit and Loss, except when they relate to items that are recognised in other comprehensive income or items related to equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively.

(p) Earnings per Share

The Company presents basic and diluted earnings per share (“EPS”) data for its equity shares. Basic EPS is calculated by dividing the profit and loss attributable to equity shareholders of the Company by the weighted average number of equity shares outstanding during the period. Diluted EPS is determined by adjusting the profit and loss attributable to equity shareholders and the weighted average number of equity shares outstanding for the effects of all dilutive potential equity shares.

(q) Current versus non-current classification

The Company presents assets and liabilities in the balance sheet based on current/ non-current classification. An asset is classified as current when it is:

• Expected to be realized or intended to be sold or consumed in normal operating cycle

• Held primarily for the purpose of trading

• Expected to be realized within twelve months after the reporting period, or

Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period

All other assets are classified as non-current.

• A liability is classified as current when:

• It is expected to be settled in normal operating cycle

• It is held primarily for the purpose of trading

• It is due to be settled within twelve months after the reporting period, or

There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period

All other liabilities are classified as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities.

All assets and liabilities have been classified as current or non-current as per the Company’s normal operating cycle and other criteria set out in the Schedule III to the Companies Act, 2013. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents, the company has ascertained its operating cycle as 12 months for the purpose of current -noncurrent classification of assets and liabilities.

Deferred tax assets and liabilities are classified as noncurrent assets and liabilities.

(r ) Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of asset and liability if market participants would take those into consideration.

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.

(s) Financial assets

A financial asset inter-alia includes any asset that is cash, equity instrument of another entity or contractual obligation to receive cash or another financial asset or to exchange financial asset or financial liability under condition that are potentially favourable to the Company.

Investments in subsidiaries

Investments in equity shares of subsidiaries are carried at cost less impairment. Impairment is provided for on the basis explained in Paragraph (5) of Note C above.

Financial assets other than above Financial assets of the Company comprise trade receivable, cash and cash equivalents, Bank balances, loans/ advances to employee / others, security deposit, claims recoverable etc.

Initial recognition and measurement

All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in Statement of Profit and Loss.

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in three categories:

• Financial assets measured at amortized cost

• Financial assets at fair value through OCI

• Financial assets at fair value through profit or loss

Financial assets measured at amortized cost Financial assets are measured at amortized cost if the financials asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. These financial assets are amortized using the effective interest rate (EIR) method, less impairment. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR.

Financial assets at fair value through OCI (FVTO-CI)

Financial assets are measured at fair value through other comprehensive income if the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

At initial recognition, an irrevocable election is made to designate investments in equity instruments other than held for trading purpose at FVTOCI. Fair value changes are recognised in the other comprehensive income (OCI).

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

Any financial asset that does not meet the criteria for classification as at amortized cost or as financial assets at fair value through other comprehensive income, is classified as financial assets at fair value through profit or loss.

Derecognition

The Company derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity.

(t) Financial liabilities

The Company’s financial liabilities include trade payable, accrued expenses and other payables.

Initial recognition and measurement

All financial liabilities at initial recognition are classified as financial liabilities at amortized cost or financial liabilities at fair value through profit or loss, as appropriate. All financial liabilities are recognised initially at fair value. Any difference between the proceeds (net of transaction costs) and the fair value at initial recognition is recognised in the Statement of Profit and Loss.

Subsequent measurement

The subsequent measurement of financial liabilities depends upon the classification as described below:-

Financial Liabilities at Fair value through profit and loss (FVTPL)

FVTPL includes financial liabilities held for trading and financial liabilities designated upon initial recognition as FVTPL. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. Financial liabilities have not been designated upon initial recognition at FVTPL.

Derecognition

A financial liability is derecognised when the obligation under the liability is discharged / cancelled / expired..

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.

(u) Inter corporate deposits.

Company had advanced Inter Corporate loans to companies on short term basis at a specific rate of interest against security. The inter corporate deposit are advanced to the related companies after considering factors such as track record, size of organization, market reputation and value of the security.

40 Corporate social responsibility

As per Section 135 of the Companies Act,2013, a Company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsi-bility( CSR) Activities. A CSR Committee has been formed by the Company as per the Act. The funds were primarily allocated to the activities which are specified in Schedule VII of the Companies Act, 2013.

The Company was required to spend an amount of R 86.37 Lakhs (Previous Year R71.94 Lakhs) being 2% of the average net profits of the three immediately preceding financial years on CSR as per the provisions of section 135 of the Companies Act, 2013. The Company has during the year spent R 86.89 Lakhs.

42 Segment information

The segment reporting of the Company has been prepared in accordance with Ind AS-108, “Operating Segment”. Based on the “management approach” as defined in Ind AS 108- Operating Segments, the Chief Operating Decision Maker evaluates the Company’s performance and allocates resources based on an analysis of various performance indicators by business segments and segment information is presented accordingly. Accordingly the management has identified, based on its products, 2 reportable segments namely, Heat Resistant Latex Rubber Thread and Corrugated Carton Box.

The Management Committee of the Company monitors the operating results of its business segments separately for the purpose of making decisions about resource allocation and performance asessment. The Company has started its Corrugated Carton Box manufacturing towards the end of the financial year 2022-23. Major portion of production of Corrugated Carton Box is bening used for Captive Purpose.

Segment asset inlude all operating assets used by a sgement and consist principally of debtors, inventories, advances and property, plany and equipments. Segment liabilities incluse all operating liabilities and consist principally of creditors and accrued liability.

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

Level 2: The fair value of financial instruments that are not traded in an active market are determined using valuation techniques which maximize the use of observable market data. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.

46 Capital management

The Company’s objective when managing capital is to safeguard continuity, maintain a strong credit rating and healthy capital ratios in order to support its business and provide adequate return to share holders through continuing growth and maximise the share holders’ value. The Company’s overall strategy remains unchanged from previous year. The Company sets the amounts of capital required on the basis of annual business and long term operating plans.

47 Financial risk management

The Company’s activities expose it to a variety of financial risks, market risk, credit risk and liquidity risk. The Company’s focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The Company’s exposure to credit risk is influenced mainly by the individual characteristic of each customer. The Company’s risk management activity focuses on actively securing the Company’s short to medium-term cash flows by minimising the exposure to volatile financial markets. Long-term financial investments are managed to generate lasting returns. The Company does not actively engage in the trading of financial assets for speculative purpose nor does it write options. The most significant financial risk to which the company is exposed are described below:-

The Company has assessed market risk, credit risk and liquidity risk to its financial instruments.

1 Market Risk

It is the risk of loss of future earnings, fair values or cash flows that may result from a change in the price of a financial instrument, as a result of interest rates, foreign exchange rates and other price risks. Financial instruments affected by market risks, primarily include loans & borrowings, investments and foreign currency receivables, payables and borrowings.

1a Interest Rate Risk

The company has not availed any loans , hence the exposure to interest rate risk is Nil. (Previous year-Nil)

1b Currency Risk :

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates relates primarily to the purchase of materials from abroad and realization on export sales: The impact on the Companies profit before tax due to change in interest rate is given below:-

The sensitivity to a 5% increase or decrease in the exchange rate against INR with all other variables held constant will be R41.58 Lakhs (previous year R35.76 Lakhs ) The Sensitivity analysis is prepared on the net unhedged exposure of the company at the reporting date. The Company has not entered into any forward contracts or foreign currency hedges to mitigate the risk.

1c Price Risk

The Company is affected by the price instability of certain commodities. Due to the significantly increased volatility of certain commodities like latex, acetic acid and other chemicals, the Company closely monitors the price fluctuations to reap the price advantages.

The Company’s investments in unquoted securities are susceptible to market price risk arising from uncertainties about future values of investment securities. The company manages the securities price risk through investments in debt funds /intercorporate deposits and by placing limits on individual and total investments.

1d Equity Risk

There is no equity risk relating to the Company’s equity investments which are detailed in note 4 “Other investments”. The Company’s equity investments majorly comprises of strategic investments rather than trading purposes.

2 Credit Risk

Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the company. The company is exposed to credit risk for receivables, cash and cash equivalents and short term loans.

Cash and cash equivalents and short-term Loans (Loans current)

The Company considers factors such as track record, size of institution, market reputation and service standard to select the banks with which deposits are maintained. Generally, the balances are maintained with the institutions with which the Company has been transacting for years. The Company has made several Intercorporate loans on security with unrelated/ related companies considering factors such as track record, size of organisation, market reputation and value of the security. The risk is mitigated by the securities and guarantees provided by the companies. Therefore, the company does not expect any material risk on account of non -performance by any of the companies to which the loans are given.

Trade Receivables

The company is exposed to credit risk from its operating activities primarily from trade receivable amounting to R.4937.85 Lakhs and R.4439.39 Lakhs as of 31 March 2024 and 31 March 2023 respectively. The company has standard operating procedure for obtaining sufficient security where appropriate, as a means of mitigating the risk of financial loss from defaults. No customers accounted for 10% or more of revenue during the reporting periods covered. The credit quality of the company’s customers is monitored on an on going basis and assessed for impairment where indicators of such impairment exist. The history of trade receivables shows a negligible provision for bad and doubtful debts. The solvency of customers and their ability to repay the receivable is considered in assessing receivables for impairment. Therefore , the Company does not expect any material risk on account of non performance by any of the Company’s counterparties. Where receivables are impaired, the Company actively seeks to recover the amounts in question and enforce the compliance with credit terms.

3 Liquidity Risk

Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has established an appropriate liquidity risk management framework for the management of the Company’s short-term, medium-term and long-term funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

The Company requires funds both for short-term operational needs as well as for long-term growth projects. The Company generates sufficient cash flows from the current operations which together with the available cash and cash equivalents provide liquidity both in the short-term as well as in the long-term. The company has a current ratio of 5.04 as on 31 March 2024 (Previous year 3.91).

4 Interest Rate Risk

The Company is a zero-debt company as on 31 March 2024 (Previous year Rs. Nil) and is not exposed to

any interest rate risk of short-term or long-term borrowings. There are no foreign currency borrowings made by the company during the reporting periods. The impact on the Companies profit before tax due to change in interest rate is Nil at the close of this financial year.

5 Other Risk

Financial assets of R2029.34 lakhs (previous year R393.39 Lakhs) as at March 31, 2024 carried at amortised cost is in the form of cash and cash equivalents, bank deposits and earmarked balances with banks where the Company has assessed the counterparty credit risk. Trade receivables of R4937.85 lakhs as at March 31, 2024 (previous year R4439.39 Lakhs) forms a significant part of the financial assets carried at amortised cost which is valued considering provision for allowance using expected credit loss method.

This assessment is not based on any mathematical model but an assessment considering the financial strength of the customers in respect of whom amounts are receivable. The Company is in the process of evaluating the potential impact with respect to customers in Domestic Formulation segment which could have an immediate impact. The Company closely monitors its customers who are going through financial stress and assesses actions such as change in payment terms, recognition of revenue on collection basis etc., depending on severity of each case. Based on the initial assessment, the company do not expect any abnormal credit loss though supplying to an unorganised sector. The allowance for doubtful trade receivables is Rs.8.91 Lakhs as at March 31, 2024 (previous year Rs.14.84).

48 Events after the Reporting Period

The proposed final dividend for Financial Year 2023-24 amounting to Rs.651.21 Lakhs (Previous year Rs.651.21 Lakhs) will be recognised as distribution to owners during the financial year 2024-25 on its approval by Shareholders. The proposed final dividend per share amounts to Rs 1.20/- (Previous year Rs.1.20/-)

49 Audit Trail

As per the Ministry of Corporate Affairs (MCA) notification, proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014, for the financial year commencing April 1, 2023, every company which uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in the books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.

The Company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility that has operated throughout the financial year for all relevant transactions except:

1. for changes to certain tables where audit trail is not activated as part of default settings of the ERP vendor. In this regard, the Company has prospectively enabled audit trail post year end March 31, 2024.

2. for transactions by certain users having specific access used for debugging and troubleshooting and

3. for direct database changes to the ERP database, where adequate technical documentation is not available to enable audit trail. The company has however put in place controls to ensure that changes to database are only through the ERP application where audit trail is enabled.

50 Other Statutory Information

(i) Details of Benami property held

No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

(ii) Wilful defaulter

The Company has not been declared wilful defaulter by any bank or financial institution or other lender

(iii) Relationship with struck off companies

The Company has no transactions with the companies struck off under Companies Act, 2013 or Companies Act, 1956.

(iv) Compliance with number of layers of companies

The Comapny has complied with the number of layers prescribed under the Companies Act, 2013, read with the Companies (Restriction on number of Layers) Rules, 2017.

(v) Undisclosed income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

(vi) Undisclosed income

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year as of and for the year ended March 31, 2024.

(vii) Valuation of property, plant and equipment, right of use assets, intangible assets and investment property

The Company has not revalued its property, plant and equipment (including right of use assets), intangible assets and investment property during the current or previous year.

(viii) Core Investment Company

The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India. It does not have any CICs, which are part of the Company.

(ix) Registration of charges or satisfaction with Registrar of Companies

There are no charges or satisfaction which are yet to be registered with the Registrar of Companies beyond the statutory period.

(x) Utilisation of borrowings availed from banks and financial institution

The Company has not borrowed any funds from banks or financial institutions.

* Earnings for Debt Service = Earnings before finance costs, depreciation and amortisation, exceptional items and tax (EBIDTA)/ (Finance cost for the year Principal repayment of long-term debt liabilities within one year)

** Cost of Good sold = Cost of materials consumed Purchases of stock-in-trade Changes in inventories of finished goods, stock-intrade, work-in-progress and property under development Manufacturing and operating expenses Costs towards development of property

# Earnings before Interest and Tax = Profit after exceptional item and before tax Finance costs (recognised)

@ Capital Employed = Average of equity and total borrowings

52. Certain amounts (currency value or percentages) shown in the various tables and paragraphs included in the standalone financial statements have been rounded off or truncated as deemed appropriate by the management of the Company.

As per our reports attached. For and on behalf of the Board of Directors

RUBFILA INTERNATIONAL LTD

For Mohan & Mohan Associates Hardik Bharat Patel G Krishna Kumar

Chartered Accountants DIN 00590663 DIN 01450683

ICAI Firm Registration No.02092 S Chairman Managing Director

R Suresh Mohan (Partner) N.N. Parameswaran

Membership No.:013398 Chief Financial Officer & Company Secretary

Thiruvananthapuram Palakkad

24 May 2024 24 May 2024

---

Mar 31, 2023

8 Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, for which it is probable that a cash outflow will be required, and a reliable estimate can be made of the amount of the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, it''s carrying amount is the present value of those cash flows (when the effect of time value of money is material). These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

Contingent Liabilities are disclosed when the company has a possible obligation, or a present obligation and it is probable that an outflow of resources will not be required to settle the obligation or the amount of obligation cannot be measured with sufficient reliability. Contingent assets are not recognized in the books of account. If it has become virtually certain that an inflow of economic benefits will arise, the asset and the related income are recognised in the financial statements of the period in which the change occurs. If an inflow of economic benefits has become probable, an entity discloses the contingent asset.

9 Foreign Currency Transactions and Translations

Foreign currency transactions are recorded in the reporting currency by applying the exchange rate between the reporting currency and the foreign currency at the date of the transaction.

Foreign currency monetary items are reported using the closing rate. Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction; non-monetary items which are carried at fair value or other similar valuation denominated in a foreign currency are reported using the exchange rates that existed when such values were determined.

Exchange differences: Exchange differences arising on the settlement of monetary items or on reporting the Company''s monetary items at rates different from those at which they were initially recorded during the year, or reported in previous financial statements, are recognised as income or as expenses in the year in which they occur. The exchange differences arising on restatement / settlement of long-term foreign currency monetary items are capitalized as part of the depreciable fixed assets to which the monetary item relates and depreciated over the remaining useful life of such assets.

10 Share Capital and Share Premium:

Ordinary shares are classified as equity, par value of the equity share is recorded as share capital and the amount received in excess of the par value is classified as share premium.

11 Dividend Distribution to equity shareholders:

The Company recognises a liability to make cash distributions to equity holders when the distribution is au-

thorized and the distribution is no longer at the discretion of the Company. A distribution is authorized when it is approved by the shareholders. A corresponding amount is recognised directly in other equity along with any tax thereon.

12 Cash Flows and Cash and Cash Equivalents

Statement of cash flows is prepared in accordance with the indirect method prescribed in the Ind AS 7. For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, cheques and drafts on hand, deposits held with Banks, other short term highly liquid investments with original maturities of 3 months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

13 Revenue Recognition

The company derives revenues primarily from sale of manufactured goods, traded goods and related services. Effective 01 April 2018, the Group has adopted Indian Accounting Standard 115 (Ind AS 115) -''Revenue from contracts with customers'' using the cumulative catch-up transition method, applied to contracts that were not completed as on the transition date i.e. 01 April 2018. The effect on adoption of Ind-AS 115 was insignificant.

Revenue is recognized on satisfaction of performance obligation upon transfer of control of promised products to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services.

The company has a very low sales return ratio to sales and hence no provision for sales return or refund liability is recognized in the accounts for the products expected to be returned. The company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, it does not adjust any of the transaction prices for the time value of money.

Revenue is measured based on the transaction price, which is the consideration, adjusted for volume discounts, price concessions and incentives, if any, as specified in the contract with the customer. Revenue also excludes taxes collected from customers.

a. Sale of Goods:

Revenue from sale of goods is recognised when is recognized at the moment when control has been transferred to the customer and is measured net of trade discounts, rebates and pricing allowances to customers.

b. Export benefits/incentives:

Export incentives under various schemes notified by the Government are recognized when confirmation of the right to receive the income is established. Receipts from government by way of Duty Draw Back is recognized only on receipt basis.

c. Other incomes:

Other incomes are recognised on accrual basis except when there are significant uncertainties. Interest income is recognised on accrual basis using effective interest rate method.

14 Employee benefits

a. Short term employee benefits

All employee benefits payable wholly within twelve months of rendering services are classified as short term employee benefits. Benefits such as salaries, wages, short-term compensated absences, performance

incentives etc., are recognised during the period in which the employee renders related services and are measured at undiscounted amount expected to be paid when the liabilities are settled.

b. Long term employee benefits:

The cost of providing long term employee benefit such as earned leave is measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period. The expected costs of the benefit are accrued over the period of employment using the same methodology as used for defined benefits post-employment plans. Actuarial gains and losses arising from the experience adjustments and changes in actuarial assumptions are charged or credited to the Statement of Profit or Loss in which they arise except those included in cost of assets as permitted. The benefit is valued annually by independent actuary.

c. Defined contribution plans.

Payments to defined contribution retirement benefit plans, viz., Provident Fund for certain eligible employees, Pension Fund and Superannuation benefits are recognised as an expense when employees have rendered the service entitling them to the contribution.

d. Defined benefit plans: gratuity.

The net present value of the obligation for gratuity benefits are determined by actuarial valuation, conducted annually using the projected unit credit method. The retirement benefit obligations recognised in the Balance Sheet represents the present value of the defined benefit obligations reduced by the fair value of plan assets.

All expenses represented by current service cost, past service cost, if any, and net interest on the defined benefits are recognised immediately in Statement of Profit and Loss as past service cost, if any, and net interest on the defined benefit liability/(asset) are recognised in the Statement of Profit and Loss.

Remeasurements of the net defined benefit liability/ (asset) comprising actuarial gains and losses and the return on the plan assets (excluding amounts included in net interest), are recognised in Other Comprehensive Income. Such remeasurements are not reclassified to the Statement of Profit and Loss in the subsequent periods.

15 Taxation

Income tax expense represents the sum of tax currently payable and deferred tax. Tax is recognised in the Statement of Profit and Loss, except to the extent that it relates to items recognised directly in equity or in other comprehensive income.

Current tax

Current tax includes provision for Income Tax computed under Special provision (i.e., Minimum alternate tax) or normal provision of Income Tax Act. Tax on Income for the current year is determined on the basis on estimated taxable income and tax credits computed in accordance with the provisions of the relevant tax laws and based on the expected outcome of assessments / appeals.

Deferred tax

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised 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 utilised.

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. Any such reduction is reversed to the extent that it becomes probable that sufficient taxable profit will be available.

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 realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current and deferred tax are recognised in the Statement of Profit and Loss, except when they relate to items that are recognised in other comprehensive income or items related to equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively.

16 Earnings per Share

The Company presents basic and diluted earnings per share (“EPS") data for its equity shares. Basic EPS is calculated by dividing the profit and loss attributable to equity shareholders of the Company by the weighted average number of equity shares outstanding during the period. Diluted EPS is determined by adjusting the profit and loss attributable to equity shareholders and the weighted average number of equity shares outstanding for the effects of all dilutive potential equity shares.

17 Current versus non-current classification

The Company presents assets and liabilities in the balance sheet based on current/ non-current classification. An asset is classified as current when it is:

• Expected to be realized or intended to be sold or consumed in normal operating cycle

• Held primarily for the purpose of trading

• Expected to be realized within twelve months after the reporting period, or

Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period

All other assets are classified as non-current.

• A liability is classified as current when:

• It is expected to be settled in normal operating cycle

• It is held primarily for the purpose of trading

• It is due to be settled within twelve months after the reporting period, or

There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period

All other liabilities are classified as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities.

All assets and liabilities have been classified as current or non-current as per the Company''s normal operating cycle and other criteria set out in the Schedule III to the Companies Act, 2013. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents, the company has ascertained its operating cycle as 12 months for the purpose of current - noncurrent classification of assets and liabilities.

Deferred tax assets and liabilities are classified as noncurrent assets and liabilities.

18 Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly

observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of asset and liability if market participants would take those into consideration.

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.

19 Financial assets

A financial asset inter-alia includes any asset that is cash, equity instrument of another entity or contractual obligation to receive cash or another financial asset or to exchange financial asset or financial liability under condition that are potentially favourable to the Company.

Investments in subsidiaries

Investments in equity shares of subsidiaries are carried at cost less impairment. Impairment is provided for on the basis explained in Paragraph (5) of Note C above.

Financial assets other than above

Financial assets of the Company comprise trade receivable, cash and cash equivalents, Bank balances, loans/ advances to employee / others, security deposit, claims recoverable etc.

Initial recognition and measurement

All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in Statement of Profit and Loss.

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in three categories:

• Financial assets measured at amortized cost

• Financial assets at fair value through OCI

• Financial assets at fair value through profit or loss

Financial assets measured at amortized cost

Financial assets are measured at amortized cost if the financials asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. These financial assets are amortized using the effective interest rate (EIR) method, less impairment. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR.

Financial assets at fair value through OCI (FVTOCI)

Financial assets are measured at fair value through other comprehensive income if the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

At initial recognition, an irrevocable election is made to designate investments in equity instruments other than held for trading purpose at FVTOCI. Fair value changes are recognised in the other comprehensive

income (OCI).

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

Any financial asset that does not meet the criteria for classification as at amortized cost or as financial assets at fair value through other comprehensive income, is classified as financial assets at fair value through profit or loss.

Derecognition

The Company derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity.

20 Financial liabilities

The Company''s financial liabilities include trade payable, accrued expenses and other payables.

Initial recognition and measurement

All financial liabilities at initial recognition are classified as financial liabilities at amortized cost or financial liabilities at fair value through profit or loss, as appropriate. All financial liabilities are recognised initially at fair value. Any difference between the proceeds (net of transaction costs) and the fair value at initial recognition is recognised in the Statement of Profit and Loss.

Subsequent measurement

The subsequent measurement of financial liabilities depends upon the classification as described below:-Financial Liabilities at Fair value through profit and loss (FVTPL)

FVTPL includes financial liabilities held for trading and financial liabilities designated upon initial recognition as FVTPL. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. Financial liabilities have not been designated upon initial recognition at FVTPL.

Derecognition

A financial liability is derecognised when the obligation under the liability is discharged / cancelled / expired.. Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.

21 Inter corporate deposits.

Company had advanced Inter Corporate loans to companies on short term basis at a specific rate of interest against security. The inter corporate deposit are advanced to the unrelated companies after considering factors such as track record, size of organization, market reputation and value of the security.

22 Employee stock option scheme

Rubfila International Limited - Employee Stock Option Scheme 2017 (RUBFILA ESOS 2017 was approved by the members in their meeting held on 15th September, 2017 for granting 1500000 options to the eligible employees of the Company in one or more tranches. The company has received in-principle approval from BSE for the allotment of 1500000 equity shares of Rs.5/- under the above scheme vide its letter dt.03-07-2018. The list of eligible employees has been approved by the company and the total options to be granted as per the list is 670000 Nos. The date of grant of options is August 1, 2018 which needs to be exercised within one year Option granted under this RUBFILA ESOS 2017 would vest after One Year but not later than Four Years from the date of grant of such Options

23 Recent Accounting Pronouncements

Ministry of Corporate Affairs (“MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. On March 23, 2022, MCA amended the Companies (Indian Accounting Standards) Amendment Rules, 2022, as below.

“IndAS16-Property Plant and equipment- The amendment clarifies that excess of net sale proceeds of items produced over the cost of testing, if any, shall not be recognised in the profit or loss but deducted from the directly attributable costs considered as part of cost of an item of property, plant and equipment. The effective date for adoption of this amendment is annual periods beginning on or after April 1,2022. The Company has evaluated the amendment and there is no impact on its consolidated financial statements.

IndAS 37-Provisions, Contingent Liabilities and Contingent Assets- The amendment specifies that the ''cost of fulfilling'' a contract comprises the ''costs that related directly to the contract''. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract (examples would be direct labour, materials) or an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract). The effective date for adoption of this amendment is annual periods beginning on or after April 1, 2022, although early adoption is permitted. The Company has evaluated the amendment and the impact is not expected to be material.

Amendments to Ind AS 109 - Financial Instruments The amendment clarifies which fees an entity includes when it applies the ''10 percent'' test of Ind AS 109 in assessing whether to derecognise a financial liability. The adoption of amendments to Ind AS 109 did not have any material impact on the standalone financial statements.

24 Standards notified but not yet effective

The Ministry of Corporate Affairs has vide notification dated 31 March 2023 notified Companies (Indian Accounting Standards) Amendment Rules, 2023 (the ''Rules'') which amends certain accounting standards, and are effective 1 April 2023. The Rules predominantly amend Ind AS 12, Income taxes, and Ind AS 1, Presentation of financial statements. The other amendments to Ind AS notified by these rules are primarily in the nature of clarifications.

These amendments are not expected to have a material impact on the Company in the current or future reporting periods and on foreseeable future transactions. Specifically, no changes would be necessary as a consequence of amendments made to Ind AS 12 as the Company''s accounting policy already complies with the now mandatory treatment.

Nature and purpose of reserves :

1. Securities premium represents amounts received in excess of par value on issue of shares.

2. General reserve represents accumulated profits and is created by transfer of profits from Retained Earnings and it is not an item of Other Comprehensive Income and the same shall not be subsequently reclassified to Statement of Profit and Loss.

3. Retained earning : Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve , dividends or other distributions paid to shareholders.

4. Remeasurements of defined benefit plans gains / losses arising on remeasurements of defined benefit plans are recognised in the other comprehensive income as per IND AS-19 and shall not be reclassified to the statement of profit or loss in the subsequent years.

21.2 Dues to micro enterprises and small enterprises:

Micro & Small enterprises as defined under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) have been identified by the Company on the basis of the information available with the Company and the auditors have relied on the same. Sundry creditors include total outstanding dues of micro enterprises and small enterprises amounting to C49.72 Lakhs (Previous Year: C0.02 Lakhs). The disclosure pursuant to MSMED Act based on the books of account is as under:

42 Corporate social responsibility

As per Section 135 of the Companies Act,2013, a Company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility! CSR) Activities. A CSR Committee has been formed by the Company as per the Act. The funds were primarily allocated to the activities which are specified in Schedule VII of the Companies Act, 2013.

43 Disclosures under IND AS 19 - "Employee Benefits"

The company has contributed for Provident fund and superannuation fund as defined contribution plans. The actuary has provided a valuation of Gratuity liability and leave encashment liability in terms of the definition mentioned in para 7 of IND AS -19 the accounting based on the assumptions listed below and determined that there is no shortfall As at 31 March 2023 and for the year ended 31st March 2022.

44 Segment information

The Company is engaged in the manufacture and sale of products which form part of one product group which represents one operating segment, as the Chief Operating Decision Maker (CODM), reviews business performance at an overall company level. Entity - wide disclosure as required by Ind As 108" Operating Segment" are as follows:-

The Company has only one primary segment namely Manufacture and sale of Heat Resistant Latex Rubber Thread in the current year. With the venture of the company into paper manufacturing the value of assets amounting to Rs.1030 lakhs recorded in land and capital work in progress amounts pertains to the paper manufacturing segment. On the basis of Geographical revenue, allocated based on the location of the customer. Geographic segment of the company is disclosed as follows: Revenue outside India, ie Sales in Export Market and Revenue with in India, ie, Sales in Domestic Market.

45 Related party transactions

In accordance with the requirement of Ind AS -24 on “ Related Party Disclosures" the names of the related parties where control exists/able to exercise significant influence along with the aggregate transactions/ year end balance with them as identified and certified by the management are given below:

a Names of related parties and nature of relationship where control exists are as under:

Subsidiary company M/s Premier Tissues India Limited

b Names of other related parties and nature of relationship

Promoter Group Mrs.Minal B Patel

Mrs.Bharati B Dattani Mr.Dhiren S Shah Mr.Ruchit B Patel Mr.Hardik B Patel

M/s.Kerala State Industrial Development Corporation Ltd

Key Management Personnels Mr. Gopinathan Pillai Krishnakumar Managing Director

Mr. Nurani Neelakantan Parameswaran CFO &CS

c Companies in which Directors

are interested: M/s PAT Financial Consultants Pvt Limited

Ms/ Finquest Securities PVT Ltd

Key Managerial Personnel who are under the employment of the company are entitled to post-employment benefits and other long term employee benefits recognized as per Ind AS 19-''Employee Benefits''

in the financial statements. As these employee benefits are lump sum amounts provided on the basis of actuarial valuation, the same is not included above.

46 Fair values

The Management has assessed that its financial assets and liabilities like cash and cash equivalents, trade receivables, trade payables, and other current liabilities approximate their carrying values largely due to the short-term maturities of these instruments.

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

Level 2: The fair value of financial instruments that are not traded in an active market are determined using valuation techniques which maximize the use of observable market data. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.

48 Capital management

The Company''s objective when managing capital is to safeguard continuity, maintain a strong credit rating and healthy capital ratios in order to support its business and provide adequate return to share holders through continuing growth and maximise the share holders'' value. The Company''s overall strategy remains unchanged from previous year. The Company sets the amounts of capital required on the basis of annual business and long term operating plans.

49 Financial risk management

The Company''s activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Company''s focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The Company''s exposure to credit risk is influenced mainly by the individual characteristic of each customer. The Company''s risk management activity focuses on actively securing the Company''s short to medium-term cash flows by minimising the exposure to volatile financial markets. Long-term financial investments are managed to generate lasting returns. The Company does not actively engage in the trading of financial assets for speculative purpose nor does it write options. The most significant financial risk to which the company is exposed are described below:-

The Company has assessed market risk, credit risk and liquidity risk to its financial instruments.

1 Market Risk

Is the risk of loss of future earnings, fair values or cash flows that may result from a change in the price of a financial instrument, as a result of interest rates, foreign exchange rates and other price risks. Financial instruments affected by market risks, Primarily include loans & borrowings, investments and foreign currency receivables, payables and borrowings.

1a Interest Rate Risk

The company has not availed any loans other than for a short term inter corporate loan, hence

1b Currency Risk :

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company''s exposure to the risk of changes in foreign exchange rates relates primarily to the purchase of materials from abroad and realization on export sales: The impact on the Companies profit before tax due to change in interest rate is given below:-

The sensitivity to a 5% increase or decrease in the exchange rate against INR with all other variables held constant will be ?45.78 Lakhs (previous year ?15.88 Lakhs ) The Sensitivity analysis is prepared on the net unhedged exposure of the company at the reporting date. The Company has not entered into any forward contracts or foreign currency hedges to mitigate the risk.

1c Price Risk

The Company is affected by the price instability of certain commodities. Due to the significantly increased volatility of certain commodities like latex, acetic acid and other chemicals, the Company closely monitors the price fluctuations to reap the price advantages.

The Company''s investments in unquoted securities are susceptible to market price risk arising from uncertainties about future values of investment securities. The company manages the securities price risk through investments in debt funds /intercorporate deposits and by placing limits on individual and total investments.

1d Equity Risk

There is no equity risk relating to the Company''s equity investments which are detailed in note 4 “Other investments". The Company''s equity investments majorly comprises of strategic investments rather than trading purposes.

2 Credit Risk

Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the company. The company is exposed to credit risk for receivables, cash and cash

Cash and cash equivalents and short-term Loans (Loans current)

The Company considers factors such as track record, size of institution, market reputation and service standard to select the banks with which deposits are maintained. Generally, the balances are maintained with the institutions with which the Company has been transacting for years. The Company has made several Intercorporate loans on security with unrelated/ related companies considering factors such as track record, size of organisation, market reputation and value of the security. The risk is mitigated by the securities and guarantees provided by the companies. Therefore, the company does not expect any material risk except for the ones mentioned in Note 38.1 on account of non -performance by any of the companies to which the loans are given.

Trade Receivables

The company is exposed to credit risk from its operating activities primarily from trade receivable amounting to T.4439.39 Lakhs and T.5305.01 Lakhs as of 31 March 2023 and 31 March 2022 respectively. The company has standard operating procedure for obtaining sufficient security where appropriate, as a means of mitigating the risk of financial loss from defaults. No customers accounted for 10% or more of revenue during the reporting periods covered. The credit quality of the company''s customers is monitored on an on going basis and assessed for impairment where indicators of such impairment exist. The history of trade receivables shows a negligible provision for bad and doubtful debts. The solvency of customers and their ability to repay the receivable is considered in assessing receivables for impairment. Therefore , the Company does not expect any material risk on account of non performance by any of the Company''s counterparties. Where receivables are impaired, the Company actively seeks to recover the amounts in question and enforce the compliance with credit terms.

3 Liquidity Risk

Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has established an appropriate liquidity risk management framework for the management of the Company''s short-term, medium-term and long-term funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

The Company requires funds both for short-term operational needs as well as for long-term growth projects. The Company generates sufficient cash flows from the current operations which together with the available cash and cash equivalents provide liquidity both in the short-term as well as in the long-term. The company has a current ratio of 3.91 as on 31 March 2023 (Previous year 3.65). The capital requirements for the expansion plans in Udumelpet for the year is Rs.401.87.Lakhs (Previous year Rs.2377 Lakhs ) and even with that the company expects a minimal liquidity risk.

4 Interest Rate Risk

The Company is a zero-debt company as on 31 March 2023(Previous year Rs. Nil) and is not exposed to any interest rate risk of short-term or long-term borrowings. There are no foreign currency borrowings made by the company during the reporting periods. The impact on the Companies profit before tax due to change in interest rate is Nil at the close of this financial year

5 Other Risk

Financial assets of T393.39 lakhs (previous year T1088.73 Lakhs) as at March 31, 2023 carried at amortised cost is in the form of cash and cash equivalents, bank deposits and earmarked balances with banks where the Company has assessed the counterparty credit risk. Trade receivables of T4439.39 lakhs as at March 31, 2023 (previous year T5305.01 Lakhs) forms a significant part of the financial assets carried at amortised cost which is valued considering provision for allowance using expected credit loss method. In addition to the historical pattern of credit loss, we have considered the likelihood of increased credit risk and consequential default considering situations due to post COVID-19 outbreak.

This assessment is not based on any mathematical model but an assessment considering the financial strength of the customers in respect of whom amounts are receivable. The Company is in the process of evaluating the potential impact with respect to customers in Domestic Formulation segment which could have an immediate impact. The Company closely monitors its customers who are going through financial stress and assesses actions such as change in payment terms, recognition of revenue on collection basis etc., depending on severity of each case. Based on the initial assessment, the company do not expect any abnormal credit loss though supplying to an unorganised sector. The allowance for doubtful trade receivables is Rs, 14.84l Lakhs as at March 31,2023 (previous year NIL).

50 Events after the Reporting Period

The proposed final dividend for Financial Year 2022-23 amounting to Rs. 651.21 Lakhs (Previous year Rs.949.68 Lakhs) will be recognised as distribution to owners during the financial year 2022-23 on its approval by Shareholders. The proposed final dividend per share amounts to Rs 1.20/- (Previous year Rs.1.75/-)

51 Other Statutory Information

i The Company do not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

ii The Company do not have any transactions with companies struck off under section 248 of Companies Act, 2013 or section 560 of Companies Act, 1956.

iii The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period,

iv The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.

v The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall''

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

vi The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

vii The Company do not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 such as, search or survey or any other relevant provisions of the Income Tax Act, 1961

* Earnings for Debt Service = Earnings before finance costs, depreciation and amortisation, exceptional items and tax (EBIDTA)/ (Finance cost for the year Principal repayment of long-term debt liabilities within one year)

** Cost of Good sold = Cost of materials consumed Purchases of stock-in-trade Changes in inventories of finished goods, stock-intrade, work-in-progress and property under development Manufacturing and operating expenses Costs towards development of property

# Earnings before Interest and Tax = Profit after exceptional item and before tax Finance costs (recognised)

@ Capital Employed = Average of equity and total borrowings

As per our reports attached. For and on behalf of the Board of Directors

RUBFILA INTERNATIONAL LTD

For Mohan & Mohan Associates Hardik Bharat Patel G Krishna Kumar

Chartered Accountants DIN01100361 DIN:1450683

ICAI Firm Registration No.02092 S Chairman Managing Director

R Suresh Mohan (Partner) N.N. Parameswaran

Membership No.:13398 Chief Finance Officer & Company Secretary

Thiruvananthapuram Palakkad

Monday, May 29, 2023 Monday, May 29, 2023

---

Mar 31, 2018

NOTE 39. SEGMENT INFORMATION

The Companies engaged in the manufacture and the sale of products which form part of one product group which represents one operating segment, as the Cheif Operating Decision Maker (CODM), reviews business performance at an overall company level. Entity -wide disclosure as required by Ind AS 108 "Operating Segment" are as follows:

The Company has only primary segment namely Manufacture and sale of Latex Rubber Thread. On the basis of Geographical revenues, allocated based on the location of the customer. Geographic segment of the Company is disclosed as follows: Revenue outside India, i.e. Sales in Export Market and Revenue with in India i.e. Sales in Domestic Market.

The Geographic segment individually contributing to the company''s revenue and segment assets are as follows:

	Year ended 31st March, 2018		Year ended 31st March, 2017
Particulars	in f Lakhs		in Rs Lakhs
	Assets	Revenues	Assets	Revenues
Outside India
Asia	166.12	2,374.94	149.37	1,806.10
Europe	4.47	221.20	2.77	190.09
Africa		72.67	12.08	70.41
America		25.00	-	48.92
Within India	2,913.41	18,943.73	1,900.56	16,211.71
Total	3,084.00	21,637.55	2,064.78	18,327.23

NOTE 40. RELATED PARTY DISCLOSURES

In accordance with the requirement of Accounting Standard (AS) - 24 on "Related Party Discloures" the names of the related parties where control exists/able to exercise significant influence a long with the aggregate transactions/yea rend balance with them as identified and certified by the management are given below:

Details of Related Party Transactions during the year ended 31st March 2018

	Year ended 31st March, 2018		Year ended 31st March, 2017
Particulars	Paid during the Year	Outstanding	Paid during the Year	Outstanding
Directors Sitting Fee
Mr. Bharat Jayantilal Patel	1.00		1.20
Mr. Bharat Jamnadas Dattani	1.00		1.00
Mr. Hardik Patel	0.80
Mr. DhirenSShah	1.20		1.15
Mr. Patrick Davenport	0.75		0.95
Mr. Tommy Thompson	0.40		0.60
Mr. S.N.Rajan	0.95		1.05
Mr. Samir K. Shan	0.70		0.50
Mrs. R. Chitra	0.60		0.80
Mr. S.H. Merchant	0.40
Total	7.80		7.25
Remuneration
Mr. G. Krishna Kumar (Managing Director)	74.99		56.59
Mr. N.N. Parameswaran (CFO&CS)	49.23		39.78
Total	124.22		96.37

NOTE 41. DETAILS OF PROVISIONS FOR CONTINGENT LIABILITY

Particulars	As at 1st April, 2017	Additions	Reversal	As at 31st March, 2017
	in Rs Lakhs	in Rs Lakhs	in Rs Lakhs	in Rs Lakhs
Sales Tax
	91.42	-	91.42
Financial Charges on Disputed Liabilities
	31.33		31.33
Provision for Expenses - Tripura VAT	173.42	-		173.42
	124.86	48.56		173.42
Provision for Unforseen Liabilities	164.00	120.00		284.00
	104.00	60.00		164.00
Total	337.42	120.00	-	457.42
	351.61	108.56	122.75	337.42

Note:- Figures in Italics relates to Previousyear

NOTE 42. CONTINGENT LIABILITY & COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)

Particulars	As at 31st March, 2018 in f Lakhs	As at 31st March, 2017 in Rs Lakhs	As at 1st April, 2016 in Rs Lakhs
(a) Claim against the Company not Acknowledgment as debt: Duty Draw back	391.73	391.73	391.73
Total	391.73	391.73	391.73

The details of Provisions, Contingent Liabilities and Contingent Assets are as required under Ind AS-37 Provisions, Contingent Liabilities and Contingent Assets for the year ended 31st March 2018.

The company has pending the following pending litigations with various courts and which in its opinion has no impact on its financial position in the financial statements as on 31 March 2018.

SL No.	Claimant& Respondent	Date of admission	Status
1	Rubfila International Ltd. Vs Abhisar Buildwell Pvt. Ltd. before the sole arbitrator Justice MohitSShah	2017-18	Posted for Claimant''s Evidence
2	Rubfila International Ltd. Vs Commissioner of Customs Coimbatore (Financial Impact is Rs. 391.73 Lakhs)	2008-09	Tribunal issued Orders remanding the case back to the original authority, and to await the Supreme Court decision in a similarcase.

NOTE 43. FINANCIAL RISK MANAGEMENT

The Company''s activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Company''s focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on it''s financial performance. The Company''s exposure to credit risk is influenced mainly by the individual characteristic of each customer. The Company''s risk management activity focuses on actively securing the Company''s short to medium-term cash flows by minimising the exposure to volatile financial markets. Long-term financial investments are managed to generate lasting returns. The Company does not actively engage in the trading of financial assets for speculative purposes nor does it write options. The most significant financial risks to which the Company is exposed are described below.

A. Credit Risk Analysis

Credit risk refers to the risk that counter party will default on its contractual obligations resulting in financial loss to the Company. The Company is exposed to credit risk for receivables, cash and cash equivalents, short term loans.

Cash and cash equivalents and short term investments (Loans current)

The Company considers factors such as track record, size of institution, market reputation and service standard to select the banks with which deposits are maintained. Generally the balances are maintained with the institutions with which the Company has been transactingforyears.

The Company has made several Intercorporate loans and security with unrelated Companies considering factors Such as track record, size of organisation, market reputation and value of the security. The risk is mitigated by the security provided by the Companies. There for the Company does not expect any material risk on account of non performance by any of the Companies to which the loans are given.

Trade receivables

The Company is exposed to credit risk from its operating activities primarily from trade receivables a mounting to Rs 3084.00 Lakhs and Rs 2,064.78 Lakhs as of 31 March 2018 and 31 March 2017 respectively. The Company has standard operating procedure for obtaining sufficient security where appropriate, as a means of mitigating the risk of financial loss from defaults. No customers accounted for 10% or more of revenue during the reporting periods covered.

The credit quality of the Company''s customers is monitored on an ongoing basis and assessed for impairment where indicators of such impairment exist. The history of trade receivables shows a negligible provision for bad and doubtful debts. The solvency of customers and their ability to repay the receivable is considered in assessing receivables for impairment. Therefore, the Company does not expect any material risk on account of non-performance by any of the Company''s counter parties. Where receivables are impaired, the Company actively seeks to recover the a mounts in question and enforce the compliance with credit terms.

B. Liquidity Risk

The Company requires funds both for short-term operational needs as well as for long-term growth projects. The Company generates sufficient cash flows from the current operations which together with the available cash and cash equivalents provide liquidity both in the short-term as well as in the long-term. The company has adequate reserves and in the form of intercorporate deposits to mitigate the liquidity risk. As on 31 March 2018 the company has no financial liabilities over and above the cash and cash equivalents. Hence the liquidity risk is minimal.

C. Interest Rate Risk

The Company is a zero debt company as on 31 March 2018 (Previous year auto loans to the extent of Rs. 29.18 Lakhs) and is not exposed to any interest rate risk of short-term or long-term borrowings. All the vehicle loans of the company are closed in the financial year 2017-2018. The borrowings of the Company are principally denominated in Indian Rupees. There a re no foreign currency borrowings made by the company during the reporting periods. The impact on the Companies profit before tax due to change in interest rate is Nil at the close of this financial year.

D. Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company''s exposure to the risk of changes in foreign exchange rates relates primarily to the purchase of materials from abroad and realisation on export sales:

The impact on the Companies profit before tax due to change in interest rate is given below:

Particulars	Impact in Statement of Profit and Loss for 2% change As at31 March 2018	Impact in Statement of Profit and Loss for 2% change As at31 March 2017
	in Rs Lakhs	in f Lakhs
INR-USD INR-GBP INR-EURO	3.40 (0.00) (0.09)	2.55 0.06 0.50

The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the year-end fora 2% change in foreign currency rates, with all other variables held constant.

The particulars of un hedged items as at Balance Sheet date is as under:

Particulars	As at 31 March 2018		As at 31 March 2017
	Foreign Currency	in Rs Lakhs	Foreign Currency	in Rs Lakhs
Assets
USD	3,17,790	206.31	2,74,281	178.27
GBP		-	3,898	3.14
EURO	140	0.11	37,507	26.71
Liabilities
USD	56,149	36.45	78,450	50.79
GBP	73	0.07	446	0.36
EURO	5,834	4.67	2,484	1.73

The company has not entered into any forward contracts or foreign currency hedges to mitigate the risk. As the a mount involved is not material the foreign currency risk involved is minimal.

NOTE 44. EVENTS AFTER THE REPORTING PERIOD

There are no material events to be disclosed subsequent to the end of the reporting period.

NOTE 45. CAPITAL AND OTHER COMMITMENTS

There are no material capital and other commitments to be disclosed subsequent to the end of the reporting period.

NOTE 46. CAPITAL MANAGEMENT

The Company''s objectives when managing capital is to safeguard continuity, maintain a strong credit rating and healthy capital ratios in order to support its business and provide ad equate return to shareholders through continuing growth and maximise the shareholders value. The Company''s overall strategy remains unchanged from previous year. The Company sets the amount of capital required on the basis of annual business and long term operating plans.

NOTE 47. FAIR VALUE MEASUREMENTS

(i) Financial Instruments by Category

The carrying value and fair value of financial instruments by categories are as follows:

The management assessed that the fair value of cash and cash equivalents, trade receivables, loans, other financial assets, trade payables and other financial liabilities approximate the carrying amount largely due to short-term maturity of this instruments.

(ii) Fair value of financial assets and liabilities measured at amortised cost

The management assessed that for amortised cost instruments, fair value approximate largely to the carrying amount.

The mangement assessed that the fair value of investment property and carry ing a mount of the property has not varied materially during the period.

NOTE 48. FIRST TIME ADOPTION OF IND AS

These a re the Company''s first financial statements for the year ended 31 March 2018 prepared in accordance with Ind AS. For the purposes of transition to Ind AS, the Company has followed the guidance prescribed in IndAS 101- First Time adopt! on of Indian Accounting Standard, with 1 April 2016 as the transition date to the Ind AS. An explanation of the transition from previous GAAP to Ind AS and the Company''s financial position, financial performance and cash flows is set out in the following tables and notes. The accounting policies set out in note 1 have been applied in preparing the financial statements for the year ended 31 March 2018, the comparative information presented in these financial statements for the year ended 31M arch 2017 and in the preparation of an opening I nd AS balance sheet at 1 April 2016 (the Company''s date of transition).

A. Ind AS Optional Exemptions

Deemed Cost for Property, Plant and Equipment and Intangible Assets

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements as at the date of transit! on to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments for de-commissioning liabilities. This exemption can also be used for intangible assets covered by Ind AS 38 Intangible Assets. Accordingly, the Company has elected to measure all of its property, plant and equipment and intangible assets at their previous GAAP carrying value.

B. Ind AS Mandatory Exemptions

Estimates

In accordance with Ind AS, as at the date of transition to Ind AS an entity''s estimates shall be consistent with the estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error. Ind AS estimates as at 1 April 2016 are consistent with the estimates as at the same date made in conformity with previous GAAP except impairment of financial assets based on expected credit loss model in accordance with Ind AS at the date of transition this was not required under the previous GAAP.

Classification and Measurement of Financial Assets and Liabilities

The classification and measurement of financial assets will be made considering whether the conditions as per Ind AS 109 Financial Instruments are met based on facts and circumstances existing at the date of transition. Financial assets can be measured using effective interest method by assessing its contractual cash flow characteristics only on the basis of facts and circumstances existing at the date of transit! on and if it is impracticable to assess elements of modified time value of money i.e. the use of effective interest method, fair value of financial asset at the date of transition shall be the new carrying amount of that asset. The measurement exemption applies for financial liabilities as well.

Applying a requirement is impracticable when the entity cannot apply it after making every reasonable effort to do so. It is impracticable to apply the changes retrospectively if:

a) The effects of the retrospective application or retrospective restatement a re not determinable;or

b) The retrospective application or restatement requires assumptions a bout what management''s intent would have been in that period; or

c) The retrospective application or retrospective restatement requires significant estimates of amounts and it is impossible to distinguish objectively information a bout those estimates that existed at that time.

Reconciliations between Previous GAAP and Ind AS

Ind AS 101 First-time Adopt! on of Indian Accounting Standards, requires an entity to reconcile equity, total comprehensive income and cash flows for prior periods. The following tables represent the reconciliations from previous GAAP to Ind AS as at the periods specif led below.

Reconciliation of Total Equity as at 31 March 2017 and 1 April 2016

Particulars	As at 31 March 2017 in f Lakhs	As at 1 April 2016 in f Lakhs
Total equity as per previous GAAP	8,105.94	7,243.80
Adjustments:
i) Measurement of financial assets and liabilities at amortised cost
ii) Reversal of proposed dividend	390.13	260.09
iii) Defined benefit obligation	1.02
Total Equity as per Ind AS	8,497.09	7,503.89

Reconciliation of Balance Sheet as at 1 April 2016 (date transition to Ind AS)

	Previous GAAP	Adjustment	Ins as
Particulars	in f Lakhs	in f Lakhs	in f Lakhs
ASSETS
Non- current Assets
Property, Plant and Equipment	2,777.41	128.15	2,649.26
Capital work- in-progress		-
Other Intangible Asset	1.51	-	1.51
Investment property		(128.15)	128.15
Financial Assets
Trade receivable	14.34	-	14.34
Loans	838.79	-	838.79
Other financial assets	79.29	-	79.29
Other non- Current Asset	269.43	-	269.43
Current assets
Inventories	719.69	-	719.69
Financial Assets
Trade and other receivables	2,658.07	(82.00)	2,740.07
Cash and Cash Equivalents	565.19	114.48	450.71
Bank Balance other than above	-	(50.00)	50.00
Loans	1,758.46	458.46	1,300.00
Other currentfinancial assets	(55.12)	(64.48)	9.36
Other current assets	107.95	82.00	25.95
TOTAL ASSETS	9,735.01		9,276.55
EQUITY AND LIABILITIES
Equity
Equity attributable to owners of Parent
Equity share capital	2,160.88		2,160.88
Other equity	5,082.92	(260.09)	5,343.01
Liabilities
Non current liabilities
Financial liabilities
Borrowings	-	(3.43)	3.43
Trade payables	0.46		0.46
Provisions (non Current)	352.55	(39.47)	392.02
Deferred tax liablities (Net)	234.11		234.11
Other non - Current Liabilities	-	(91.01)	91.01
Current liabilities
Financial liabilities
Trade payables	789.13	91.01	698.12
otherfinancial liabilities	57.55		57.55
otherfinancial liabilities	206.16	3.43	202.73
Provisions	851.25	822.76	28.49
Current Tax Liabilities	-	(64.74)	64.74
TOTAL	9,735.01		9,276.55

Reconciliation of Balance Sheet as at 31 March 2017

Particulars	Previous GAAP	Adjustment	Ins as
	in f Lakhs	in f Lakhs	in f Lakhs
ASSETS
Non- current Assets
Property, Plant and equipment	3,617.35	160.69	3,456.66
Capital work- in-progress	-	(32.55)	32.55
Other Intangible Asset	0.20		0.20
Investment property	-	(128.15)	128.15
Financial Assets
Trade receivable	8.75		8.75
Loans	860.78		860.78
Other financial assets	14.03	(63.20)	77.23
Other non- Current Asset	608.61	(0.00)	608.62
Current assets
Inventories	683.84		683.84
Financial Assets
Trade and other receivables	2,056.03	(5.47)	2,061.50
Cash and Cash Equivalents	330.55	73.20	257.35
Bank Balance other than above	-	(10.00)	10.00
Loans	2,768.05	625.05	2,143.00
Other currentfinancial assets	37.08		37.08
Other current assets	57.72	5.22	52.50
TOTAL ASSETS	11,043.01		10,418.20
EQUITY AND LIABILITIES
Equity
Equity attributable to owners of Parent
Equity share capital	2,160.88		2,160.88
Other equity	5,945.06	(391.15)	6,336.21
Liabilities
Non current liabilities
Financial liabilities
Borrowings	29.18		29.18
Trade payables	2.72		2.72
Provisions (non Current)	338.98	(50.68)	389.66
Deferred tax liablities (Net)	251.03		251.03
Other non - Current Liabilities	-	(110.51)	110.51
Current liabilities
Financial liabilities
Trade payables	938.02	110.26	827.76
other financial liabilities	71.88		71.88
other current liabilities	167.83		167.83
Provisions	1,137.43	1,110.27	27.16
Current Tax Liabilities	-	(43.39)	43.39
TOTAL	11,043.01	624.81	10,418.20

Reconciliation of Considated statement of cash flows for the year ended 31st March 2017

Particulars	Previous GAAP	Adjustment	Ins as
	in f Lakhs	in f Lakhs	in f Lakhs
Net Cash from/fused) in operating Activities	1,027.83	(105.84)	1,133.67
Net Cash from/fused) in Investing Activities	(865.88)	218.97	(1,084.85)
Net Cash from/fused) in Financing Activities	(396.60)	(165.93)	(230.67)
Net Increase/ (decrease) in cash and cash equivalents	(234.65)	(52.80)	(181.85)
Cash and cash equivalents at the beginning of the year	565.19	136.04	429.15
Cash and cash equivalents at the end of the year	330.55	83.25	247.30

NOTES

1. Financial Assets and Liabilities

Under Previous GAAP the financial assets and liabilities were carried at cost. However under I nd AS, a II financial assets and I labilities are required to be recognised atfair value. Accordingly, the Company has recognised all financial assets and liabilities initially at fair value and measured them subsequently at amortised cost using the effective interest method.

2. Defined benefit obligation

Both under the Previous GAAP and Ind AS, the Company recognized costs related to its post-employment defined benefit plan on an actuarial basis. Under previous GAAP, the entire cost, including actuarial gains and losses, are charged to profit or loss. Under Ind AS, re-measurements comprising of actuarial gains and losses are recognized immediately in the balance sheet with a corresponding debit or credit to retained earnings through OCI. Thus the employee benefit cost is reduced by such amount with a corresponding adjustment on defined benefit plans has been recognized in the OCI.

3. Adjustment for Proposed Dividend

Under the Previous GAAP, dividends proposed by the board of directors after the balance sheet date but before the approval of the financial statements were considered as adjusting events. Accordingly, provision for proposed dividend was recognised as a liability. Under Ind AS, such dividends are recognised when the same is approved by the shareholders in the general meeting. Accordingly, the liability for proposed dividend included under provisions has been reversed with corresponding adjustment to retained earnings.

4. Excise Duty

Under the Previous GAAP, revenue from sale of goods was presented net of excise duty whereas underlnd AS the revenue from sale of goods is presented inclusive of excise duty. Accordingly, the excise duty has been included in revenue and expenses respectively.

5. Deferred Tax

Under the Previous GAAP, deferred tax was accounted using the income statement approach, on the timing differences between the taxable profit and accounting prof its for the period. Under Ind AS 12, Income Tax, deferred taxes a re recognised following the balance sheet approach on the temporary differences between the carrying amount of asset or liability in the balance sheet and its tax base. In the year ended 31st march 2017 there has been no material variance in deferred tax from Ind AS and previous GAAP and hence the amount as per previous GAAP remains unchanged.

6. Other Comprehensive Income

Under Ind AS, all items of income and expense recognised in a period should be included in profit or loss for the period, unless a standard requires or perm its otherwise. Items of income and expense that a re not recognised in prof it or loss but a re shown in the Statement of Prof it and Loss as''other comprehensive income'' includes re-measurements of defined benefit plans. The concept of other comprehensive income did not exist under the Previous GAAP.

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Mar 31, 2016

NOTE 1. EMPLOYEE BENEFITS PLAN

The Company makes Provident Fund and Super Annotation Fund contributions to defined Contribution plans for qualifying employees. Under the Schemes, the company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognized Rs.56.73 lakhs (Year ended 31st March, 2015 Rs.45.39 lakhs) for Provident Fund contributions and Rs.3.11 lakhs (Year ended 31st March Rs.2.08 lakhs) for Super Annotation Fund Contributions in the Statement of Profit and Loss. The Contributions payable to these plans by the company are at rates specified in the rules of the schemes.

2. SEGMENT REPORTING

The Company has identified business segments as its primary segment and geographic segments as its secondary segment. The Company has only one primary segment namely Manufacture and sale of Heat Resistant Latex Rubber Thread. Hence segment reporting for primary segment is not applicable. Secondary Segment is on the basis of Geographical revenues, allocated based on the location of the customer. Geographic segments of the company are disclosed as follows : Revenue outside India, i.e., Sales in Export Market and Revenue within India, i.e., Sales in Domestic Market.

3. RELATED PARTY DISCLOSURE_

Details of Related Parties for the year 2015-16

Directors

Mr. Bharat Jayanthilal Patel Mr. Bharat Jamnadas Dattani Mr. Hardik Patel Mr. Dhiren S Shah Mr. Patrick Davenport Mr. Tommy Thompson Mr. S.N. Rajan Mr. Samir K. Shan Mrs. R. Chitra Key Management Personnel

Mr. G. Krishna Kumar (Managing Director)

Mr. N.N. Parameswaran (CFO & CS)

Other Related Party

M/s Money Bee Advisors Pvt. Ltd.

The Diluted EPS is computed by dividing the Net profit after Tax available for Equity shareholders by the weighted average number of Equity shares, after giving dilutive effect of the outstanding Warrants, Stock Options and Convertible Bonds for the respective period. Since the Company doesn''t have any Warrants, Stock Options and Convertible Bonds, Dilutive EPS will be the same as Basic EPS and hence Dilutive EPS is not computed.

Note :- Figures in Italics relates to Previous year

NOTE 4. COMPARATIVES

Previous year’s figures have been reworked, regrouped, rearranged and reclassified, wherever necessary, to correspond with the current year''s classification / disclosure.

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Mar 31, 2014

Corporate Information

Rubfila International Limited (RIL) is a Public Limited Company promoted by Rubpro Sdn. Bhd., Malaysia and Kerala State Industrial Development Corporation, with its plant located at New Industrial Development Area, Kanjikode, Palakkad, Kerala. Kerala is the heartland of natural rubber in India. The production facility of RIL is designed to produce both Talc Coated Rubber Thread (TCR) as well as Silicon Coated Rubber Thread (SCR). RIL is the market leader in India in the business of rubber threads and is also a leading exporter of the product from India. RIL produces rubber threads for various applications like apparel, food grade, furniture webbing, bungee jumping, toys, medical netting, diapers, catheter manufacturing etc.

Terms / rights attached to equity shares.

i) The company has only one class of equity shares having par value of Rs. 5 per share. Each holder of equity share is entitled to vote per share. The company declares and pays dividend in Indian Rupees for shareholders in India and in US Dollars for shareholders outside India

ii) The dividend proposed is as recommended by the Board of Directors and subject to the approval of the shareholders in the ensuing Annual General Meeting

iii) For the year ended 31st March, 2014, the amount of dividend per share recognised as distributions to equity shareholders is Re 0.60 (31st March, 2013 - Re. 0.60)

iv) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the realised value of the assets of the Company, remaining after payment of all preferential dues. The distribution will be in proportion to the number of equity shares held by the shareholders.

NOTE 1. CONTINGENT LIABILITIES & COMMITMENTS (to the extent not provided for)

As at 31st As at 31st March, 2014 March, 2013 Particulars in Rs. Lakhs in Rs. Lakhs

(a) Claim against the Company not acknowledged as debt:

* Duty Draw Back - -

* Sales Tax Liability (see note below) 959.70 968.51

(b) Guarantees

* Bank Guarantee with PNB 9.44 11.70

Total 969.14 980.21

NOTE 2. EMPLOYEE BENEFITS PLAN

The Company makes Provident Fund and Super Annuation Fund contributions to defined Contribution plans for qualifying employees. Under the Schemes, the company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognized Rs. 29.47 (Year ended 31 March, 2013 Rs. 29.32) for Provident Fund contributions and Rs. 2.28 (Year ended 31 March, 2013 Rs. 2.08) for Super Annuation Fund Contributions in the Statement of Profit and Loss. The Contribuitions payable to these plans by the company are at rates specified in the rules of the schemes.

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Mar 31, 2013

Corporate Information

Rubfila International Limited (RIL) a Public Limited Company promoted by RubproSdn. Bhd., Malaysia and Kerala State Industrial Development Corporation, with its plant located at Ne wind us trial Development Area, Kanjikode, Palakkad, Kerala. Kerala is the heartland of natural rubber in India. The production facility of RIL is designed to produce both Talc Coated Rubber Thread (TCR) as well as Silicon Coated Rubber Thread (SCR). RIL is the market leader in India in the business of rubber threads and is also a leading exporter of the product from India. RIL produces rubber threads for various applications like apparel, food grade, furniture webbing, bungee Jumping, toys, medical netting, diapers, catheter manufacturing etc.

NOTE 1. CONTINGENT LIABILITIES & COMMITMENTS

(to the extent not provided for)

As at 31st March, 2013 As at 31st March, 2012 Particulars in Lakhs in Lakhs

(a) Claim against the Company not acknowledged as debt!

"Duty Draw Back - 391.73

- Sales Tax Liability (see note below 968.50 986.13

(b) Guarantees

- Bank Guarantee with PNB 11.70 8.10

Total 980.20 994.23

NOTE 2. EMPLOYEE BENEFITS PLAN

The Company makes Provident Fund and Super Annotation Fund contri- butions to defined Contribution plans for qualifying employees. Under the Schemes, the company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognized Rs. 29.32 (Year ended 31 March, 2012Rs. 19.45) for Provident Fund contributions and 2.08 (Year ended 31 March, 2012Rs. 1.70) for Super Annotation Fund Contributions in the Statement of Profit and Loss. The Contributions payable to these plans by the company are at rates specified in the rules of the schemes.

NOTE 3. SEGMENT REPORTING

The Company has identified business segments as its primary segment and geographic segments as its secondary segment. The Company has only one primary segment namely Manufacture and sale of Heat Resistant Latex Rubber Thread. Hence segment reporting for primary segment is not applicable. Secondary Segment is on the basis of Geographical revenues, allocated based on the location of the customer. Geographic segments of the company are disclosed as follows. Revenue outside India, i.e., Sales in Export Market and Revenue within India, i.e., Sales'' in Domestic Market.

The Diluted EPS is computed by dividing the Met profit after Tax a available for Equity share holders by the weighted average number of Equity shares, after giving dilutive effect of the outstanding Warrants, Stock Options and convertible Bonds for the respective period Since the company doesn''t have any Warrants, Stock Options and Co invertible Bonds, Dilutive EPS will be the same as Basic EPS and hence Dilutive EPS is not computed .

NOTE 4. PRIOR PERIOD COMPARATIVES

Previous year''s figures have been reworked, regrouped, rearranged and reclassified, wherever necessary, to correspond with the current year s classification / disclosure

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Mar 31, 2012

Corporate information

Rubfila International Limited (RIL) is a Public Limited Company promoted by Rubpro Sdn. Bhd., Malaysia and Kerala State Industrial Development Corporation. The State of the Art infrastructure facility of is located at New Industrial Development Area, Kanji ode, Palatka, Kerala. Kerala is the heartland of natural rubber in India. The production facility of RIL is designed to produce both Talc Coated Rubber Thread (TCR) as well as Silicon Coated Rubber Thread (SCR). RIL produces rubber threads for various applications like apparel, food grade, furniture webbing, bungee jumping, toys, medical netting, diapers, catheter manufacturing etc.

The Revised Schedule VI has become effective from 1st April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Amounts in the Financial Statements are presented in Rs. Lakhs. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.

The Diluted EPS is computed by dividing the Net Profit after Tax available for Equity Shareholders by the weighted average number of equity shares, after giving dilutive effect of the outstanding Warrants, Stock Options and Convertible bonds for the respective period. Since the Company doesn't have any Warrants, Stock Options or Convertible Bonds, Dilutive EPS will be the same as Basic EPS and hence Dilute EPS is not computed.

NOTE 2. CONTINGENT LIABILITIES & COMMITMENTS (to the extent not provided for)

As at 31 March As at 31 March Particulars 2012 2011 in lakhs in lakhs

(a) Claims against the Company not acknowledged as debt:

- Duty Draw back 391.73 -

- Sales Tax Liability (see note below) 986.13 986.13

(b) Guarantees:

- Bank Guarantee with PNB 8.10 -

- Bank Guarantee with CSB - 8.29

The Company has provided 129.38 Lakhs against the demand of 1115.51 Lakhs in the year 2010-2011. In the opinion of the management, the provision made above is considered appropriate for the disputed amounts mentioned above on the ground that there are reasonable chances of successful outcome of appeals filed by the company.

NOTE 3. EMPLOYEE BENEFITS PLAN

The Company makes Provident Fund and Superannuation Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognized. Rs. 19.45 (Year ended 31 March, 2011 Rs. 18.66) for Provident Fund contributions and Rs. 1.70 (Year ended 31 March, 2011 Rs. 1.75) for Superannuation Fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

NOTE 4. SEGMENT REPORTING

The Company has identified business segments as its primary segment and geographic segments as its secondary segment. The Company has only one primary segment namely Manufacture and sale of Heat Resistant Latex Rubber Thread. Hence segment reporting for primary segment is not applicable. Secondary Segment is on the basis of Geographical revenues, allocated based on the location of the customer. Geographic segments of the Company are disclosed as follows: Revenue outside India, i.e., Sales in Export Market to Countries in Asia, Africa and Europe, and Revenue within India, i.e., Sales in Domestic Market.

NOTE 5. RELATED PARTY DISCLOSURE Details of related parties: Promoters / Associates :

M/s Entelechy Holdings Corporation

Ms. Annie Guat Chew

Mr. Barry Yates

Mr. Christopher Chong

Ms. Bharati Bharat Dattani

Mr. Bharat Jamnadas Dattani

Bharat Jamnadas HUF

Ms. Minal Bharat Patel

Mr. Dhiren S Shah

M/s Rubpro Sdn Bhd.

Key Management Personnel

Mr. G. Krishnakumar (Managing Director)

NOTE 6.PRIOR YEAR COMPARATIVES

The financial statements for the year ended 31 March 2011, had been prepared as per the applicable, pre-revised Schedule VI to the Companies Act 1956. Consequent to the notification of the Revised Schedule VI under the Companies Act 1956, the financial statements for the year ended 31 March 2012 are prepared as per the Revised Schedule VI. Accordingly, the previous year figures have been reclassified to conform to this year's classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements as at 31 March 2011.

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Mar 31, 2010

1. Contingent Liabilities not provided for in respect of disputed demands for taxes, duties and other claims not acknowledged as debts :

a) Bank Guarantee of Rs. 7.92 Lacs during the year (previousyear Rs.7.92 Lacs)

2. The Estimated value of Contracts in progress and not provided for is nil.

3. Amount outstanding for more than 30 days to Small scale Industrial undertaking is Nil.

4. KVAT refund due from Govt. Of Kerala is Rs. 148.73 and the details areas follows:

5. The company has initiated the process of obtaining confirmations from the "suppliers" who have registered under Micro Small Medium Enterprise Development Act, 2006 (MSMED ACT) which came into effect from October2006 and so far it has not received the information from suppliers regarding their status under MSMED Act as on 31 st March2009. Hence disclosure relating to the amounts outstanding to them have not been made

6. Income Tax Assessment has been completed upto the accounting year ended 31st March, 2006.

7. Disclosure in respect of Accounting Standard 15 "Employee Benefits" notified in the Companies (Accounting Standards) Rule 2007:

8. Segment Information.

1. Primary Business Segment: There is only one segment namely Manufacture and Sale of Rubber Threads.

Notes:

The segment revenue in the Geographical segments considered for disclosure are as follows:

a) Revenue within India includes sales to customers located within India.

b) Revenue outside India includes sales to customers located outside India.

8. Additional Information pursuant to Part II of Schedule VI of the Companies Act, 1956

10. Value of Raw Materials, Stores and Spares Consumed during the Year

11. a) Capacity and Production

12. Related Party Disclosure (As identified by the Management)

1) a) Name of the transacting related party Mr.G. Krishna Kumar

b) Description of relationship Managing Director

c) Nature of Transaction Remuneration

d) Volume of transaction Rs. 11.44 Lacs

e) Outstanding at the Balance sheet date Nil

2) Unsecured Loan .

2.1) From M/s. PAT Financial Consultants (P) Ltd., Mumbai.

a) Amount involved - Rs. 1810 lacs

b) Nature of Transaction - Interest free unsecured loan

c) Purpose - Take over and Settlement of Bank Dues

13. The Company is in the process of releasing the Charges filed with Registrar of Companies, Kerala on its properties in favour of Banks.