Notes to Accounts of Super Bakers (India) Ltd.

Mar 31, 2024

10. Provisions, contingent liabilities and contingent assets

A provision is recognized when there is a present obligation as a result of past event and it is
probable that there will be an outflow of resources in respect of which a reliable estimate can be
made. Contingent liabilities are disclosed when there is a possible obligation arising from past
events, the existence of which will be confirmed only by the occurrence or non-occurrence of one
or more uncertain future events not wholly within the control of the Company or a present obligation
that arises from past events where it is either not probable that an outflow of resources will be
required to settle or a reliable estimate of the amount cannot be made. Information on contingent
liability is disclosed in the Notes to the Financial Statements. Contingent assets are not recognized.

11. Earnings per share

Basic earnings per equity share is computed by dividing the net profit attributable to the equity
holders of the company by the weighted average number of equity shares outstanding during the
period. Diluted earnings per equity share is computed by dividing the net profit attributable to the
equity holders of the company by the weighted average number of equity shares considered for
deriving basic earnings per equity share and also the weighted average number of equity shares
that could have been issued upon conversion of all dilutive potential equity shares. The dilutive
potential equity shares are adjusted for the proceeds receivable had the equity shares been actually
issued at fair value.

12. Impairment of assets

(i) Financial assets:

The Company recognizes loss allowances using the expected credit loss (ECL) model for the
financial assets which are not fair valued through profit or loss. Loss allowance for trade
receivables with no significant financing component is measured at an amount equal to lifetime
ECL. For all other financial assets. expected credit losses are measured at an amount equal to
the 12-month ECL, unless there has been a significant increase in credit risk from initial
recognition in which case those are measured at lifetime ECL. The amount of expected credit
losses (or reversal) that is required to adjust the loss allowance at the reporting date to the
amount that is required to be recognised is recognized as an impairment gain or loss in
statement of profit or loss.

(ii) Non-financial assets:

The carrying amounts of assets are reviewed at each balance sheet date in accordance with
Ind AS 36 ‘Impairment of Assets'', to determine whether there is any indication of impairment.

If any such indication exists, the asset''s recoverable amount is estimated. An impairment loss
is recognised whenever the carrying amount of an asset exceeds its recoverable amount.
Impairment losses are recognised in the Statement of Profit and Loss. An impairment loss is
reversed if there has been a change in the estimates used to determine the recoverable
amount. An impairment

loss is reversed only to the extent that the asset''s carrying amount does not exceed the carrying
amount that would have been determined net of depreciation or amortisation, if no impairment
loss had been recognised.

13. Employee benefits

Short-term obligations:

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled
wholly within 12 months after the end of the period in which the employees render the related service
are recognized in respect of employees'' services up to the end of the reporting period and are measured at
the amounts expected to be paid when the liabilities are settled. The liabilities are presented as
current employee benefit obligations in the balance sheet.

Post-employment obligations

(a) Defined benefit plans:

Gratuity obligations & Leave encashment on termination of service

The liability in respect of Gratuity and Leave encashment are not ascertained actuarially and not
provided for, the effect of which on accounts is not material.

(b) Defined contribution plans :

Provident Fund :

Retirement benefit in the form of provident fund is a defined contribution scheme. The Company
has no obligation, other than the contribution payable to the provident fund. The Company
recognizes contribution payable to the provident fund scheme as an expense, when an employee
renders the related service.

25 Dividend

Foreseeing the requirement of financial resources for the future growth, and in order to create strong
economic base and long term value for the investors; your directors have decided not to recommend
any dividend for the financial year ended on 31 March 2024

26 Segment Reporting

Since the company has only one segment, there is no separate reportable segment as required under
Ind As 108.

27 Disclosures required under Micro, Small and Medium Enterprises Development Act, 2006

The information as required to be disclosed under the Micro, Small and Medium Enterprises
Development Act, 2006 has been determined to the extent such parties have been identified on the
basis of information available with the Company. The amount of principal and interest outstanding
during the year is given below: -

The Company''s objective when managing capital are to safeguard their ability to continue as a
going concern, so that they can continue to provide returns for shareholders and benefits of other
stakeholders, and maintain an optimal capital structure to reduce the cost of capital. The Company
manages the share capital issued and subscribed along with shareholder''s fund appearing in the
financial statement as capital of the Company.

The fair value of financial assets and liabilities are included at the amount at which the instrument
could be exchanged in a current transaction between willing parties in an orderly market
transaction, other than in a forced or liquidation sale.

Fair value hierarchy

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

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset
or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 - Inputs for the assets or liabilities that are not based on observable market data
(unobservable inputs)

These risks include market risk (including currency risk, interest rate risk and other price risk),
credit risk and liquidity risk. The Company seeks to minimise the effects of these risks by using
derivative financial instruments, credit limit to exposures, etc., to hedge risk exposures. The
Company''s risk management is carried out by senior management team. The risk management
includes identification, evaluation and identifying the best possible option to reduce such risk.

(i) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate
because of changes in market prices. Market prices comprise three types of risk: foreign currency
risk, interest rate risk, investment risk.

(ii) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate because of changes in market interest rates. The Company is exposed to interest rate
risk because funds are borrowed at both fixed and floating interest rates. The Company has
exposure to interest rate risk, arising principally on changes in base lending rate.

The following table provides a break-up of the Company''s fixed and floating rate borrowings: -

(iii) Liquidity risk management

Liquidity risk refers to the risk of financial distress or high financing costs arising due to shortage of
liquid funds in a situation where business conditions unexpectedly deteriorate and requiring
financing. The Company requires funds both for short term operational needs as well as for long
term capital expenditure growth projects. The Company relies on a mix of borrowings, capital
infusion and excess operating cash flows to meet its needs for funds. The current committed lines
of credit are sufficient to meet its short to medium term expansion needs. 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.

(iv) Credit risk management

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in
financial loss to the Company. Customer credit risk is managed centrally by the Company and
subject to established policy, procedures and control relating to customer credit risk management.
The company also assesses the creditworthiness of the customers internally to whom goods are
sold on credit terms in the normal course of business. The credit limit of each customer is defined
in accordance with this assessment. Outstanding customer receivables are regularly monitored
and any shipments to overseas customers are generally covered by letters of credit.

The impairment analysis is performed on client to client basis for the debtors that are past due at
the end of each reporting date. The company has not considered an allowance for doubtful debts
in case of trade receivables that are past due but there has not been a significant change in the
credit quality and the amounts are still considered recoverable.

30 Impairment of assets

In accordance with Ind AS-36 on “Impairment of Assets” the Company has assessed as on the balance
sheet date, whether there are any indications with regard to the impairment of any of the assets. Based
on such assessment it has been ascertained that no potential loss is present and therefore, formal
estimate of recoverable amount has not been made. Accordingly no impairment loss has been provided
in the books of account,

32 Previous year figures have been regrouped/rearranged, wherever considered necessary to conform to
current year''s classification.

See accompanying notes to the financial statements 1 to 32

As per our Report of even date For & On Behalf of Board of Directors

In terms of our report attached.

For, N. K. ASWANI & CO. SUNIL AHUJA ANIL AHUJA

Chartered Accountants (Director- DIN- 00064612) (Chairman and Managing Director -

Firm Regn. No. 100738W DIN- 00064596)

^{CA Narain K}. ^Aswani THAKUR JESWANI ANKITA AMERIYA

^Proprietor (Chief Financial Officer) (Company Secretary &

^M.NO-33278 Compliance Officer)

Place: Ahmedabad Place: Ahmedabad

Date : 30/05/2024 Date : 30/05/2024

UDIN : 24033278BKAABH2946

---

Mar 31, 2015

1. The Company has only one class of equity shares having a par value of Rs. 10 per share. Each Shareholder is eligible for one vote per share, without restrictions and are entitled to dividend, as and when declared. In the event of liquidation, all the equity shareholders rank equally and are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts.

2.The Company has not alloted any share pursuant to Contract(s) without payment being received in cash during the period of 5 years immediately preceding the Balance Sheet date.

3. The Company has not issued Bonus Shares during the period of 5 years immediately preceding the year

Terms of repayment for Long Term secured borrowings:

Term loan from bank amounting to Rs. 20,68,001 is secured by exclusive and specific charge on the BMW car

Repayble in 35 installments of Rs. 84,500 commencing from October 2014. Last installment is due in August 2017. Rate of interest is approx. 14%.

Term loan from bank amounting to Rs. 9,78,726 is secured by exclusive and specific charge on the Volvo car

Terms of repayment for Long Term unsecured borrowings:

Term loan from Shareholders & Directors

Repayble in 36 installments of Rs. 79,575 commencing from May 2013. Last installment due in April 2016. Rate of interest is approx. 9%.

Repayble after a period of 12 months. No interest is provided on the said loan.

4. During the year, the company has suspended its operations of Wheat Grinding w.e.f. 01.02.2015

5. The Balances of Sundry Debtors and Creditors are subject to confirmation and reconciliation. In the opinion of the Board of Directors, the Current Assets are approximately of the value stated, if realized in the ordinary course of business.

6. The company has Lease arrangements which are in respect of Operating leases mainly for the factory premises (including office & godown). Generally, these lease arrangements are for a period less than a year and are renewable by mutual consent, on mutually agreeable / predetermined terms. The aggregate Lease rentals are charged as "Lease Rent" in Note 25 to the Statement of Profit and Loss Account. The company has terminated the Lease Agreement during the year as it has suspended its operations of Wheat Grinding.

7. In respect of the Plastic unit, the company has Lease arrangements which are in respect of Operating leases mainly for the factory premises (including office & godown). Generally, these lease arrangements are for a period less than a year and are renewable by mutual consent, on mutually agreeable / predetermined terms. The aggregate Lease rentals are credited as "Lease Rent Income" in Note 19 to the Statement of Profit and Loss Account.

8. The Revenue Expenses incurred which are wholly and exclusively for the purpose of the business of the Company have been charged to Profit and Loss Account, though in certain cases like electricity etc., the bills are not in the name of the Company.

9. BUSINESS SEGMENT AND OPERATIONS:

In the context of Accounting Standard -17 on "Segment Reporting", management considers its operations to constitute primary segments namely "MANUFACTURING OF DIFFERENT TYPES OF FLOURS". The Plastic Unit of the Company was leased out and business of plastic unit had been discontinued.

10. There are no Micro and Small Enterprise to whom company owes dues, which are outstanding for more than 45 days as on 31st March, 2015. The above information has been determined to the extent such parties could be identified on the basis of the information available with the Company regarding the status of suppliers under the MSME.

11. The demand which was raised against the Block Assessment Order passed U/s. 158BC of the Income- tax Act was disputed by the company and in that said matter the Income Tax Appellate Tribunal has passed the order. The tax as per the order of the ITAT had been paid in earlier years. The Taxes paid against the income tax liability were shown under the head in Note 12 "Other Non Current Assets" as Income Tax for Block Assessment. During the year the company has transferred the same to the Reserve and Surplus by debiting the Opening Balance of Profit and Loss Account. Accordingly the carrying amount of Income Tax for Block Assessment in Other Non - Current Assets is NIL

12. Value of imports on CIF Basis Rs. Nil (Previous Year Rs. Nil). Foreign Exchange Expenditure Rs. Nil (Previous Year Rs. Nil).

13. During the year the company has suspended its operations of Wheat Grinding and also certain Fixed Assets have been disposed off. The timing differences between taxable income and accounting are not expected to be reversed in coming years. Accordingly the outstanding balance of Deferred Tax Asset as on 01.04.2014 has been reversed. Moreover, no provision for DTA / DTL has been made in the current year.

14. Figures of previous year have been regrouped /rearranged wherever necessary so as to make them comparable with those of current year

---

Mar 31, 2013

1. During the previous year, the company had entered into transactions with Govt. of Gujarat (Civil Supply Department) under the scheme of AAY and ICDS. The Govt. under the said scheme doesn''t pay for the milling charges; however the predefined quantity of Wheat Flour is made available to the company. The effect of quantity of Wheat Flour made available towards Milling Charges has been taken in the Purchases / Sales at the prevailing tender rate.

2. Balances of Sundry Debtors, Creditors, Banks and Loans and Advances are subject to confirmation and reconciliation.

3. In the opinion of the Board of Directors, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business.

4. Value of imports on CIF Basis Rs.Nil (Previous Year Rs. Nil).

5. Foreign Exchange Expenditure Rs. Nil (Previous Year Rs. Nil).

6. During the year the company has followed the Accounting Standards – 22 "Accounting for Taxes on Income", the company has recognized the Deferred Tax Asset of Rs. 233140/- for the year and credited the Profit and Loss Account.

The break-up of deferred tax assets and liabilities into major components at the year end is as below:

7. CONTINGENT LIABILITIES:

The demand raised against the Block Assessment Order passed U/s. 158BC of the Income-tax Act, was disputed by the company and the matter was referred to Income Tax Appellate Tribunal. The ITAT has passed the order setting aside certain additions. As informed the effect of the order of ITAT is yet to be given by the Assessing Officer.

8. The company has Lease arrangements which are in respect of Operating leases mainly for the factory premises (including office & godown). Generally, these lease arrangements are for a period less than a year and are renewable by mutual consent, on mutually agreeable/predetermined terms. The aggregate Lease rentals are charged as "Lease Rent" in Note 25 to the Statement of Profit and Loss Account.

9. In respect of the Plastic unit, the company has Lease arrangements which are in respect of Operating leases mainly for the factory premises (including office & godown). Generally, these lease arrangements are for a period less than a year and are renewable by mutual consent, on mutually agreeable/predetermined terms. The aggregate Lease rentals are credited to the Profit and Loss Account.

10. The Revenue Expenses incurred which are wholly and exclusively for the purpose of the business of the Company have been charged to Profit and Loss Account, though in certain cases like electricity etc., the bills are not in the name of the Company.

11. a. There are no Micro and Small Enterprise to whom company owes dues, which are outstanding for more than 45 days as on 31 st March, 2013.

b. No interest is paid / payable during the year to any enterprise registered under the MSME.

c. The above information has been determined to the extent such parties could be identified on the basis of the information available with the Company regarding the status of suppliers under the MSME.

---

Mar 31, 2012

1. During the year, the company has entered into transactions with Govt. of Gujarat (Civil Supply Department) under the scheme of AAY and ICDS. The Govt. under the said scheme doesn’t pay for the milling charges; however the predefined quantity of Wheat Flour is made available to the company. The effect of quantity of Wheat Flour made available towards Milling Charges has been taken in the Purchases/Sales at the prevailing tender rate.

2. Balances of Sundry Debtors, Creditors, Banks and Loans and Advances are subject to confirmation and reconciliation.

3. In the opinion of the Board of Directors, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business.

4. Value of imports on CIF Basis Rs. Nil (Previous Year Rs. Nil).

5. Foreign Exchange Expenditure Rs. Nil (Previous Year Rs. Nil).

6. In accordance with the Accounting Standard 22 - “Accounting for Taxes on Income” issued by the Institute of Chartered Accountants of India and followed by the company, a sum of Rs. 239885/- deferred tax credit was drawn from Deferred Tax Liability Account and credited to the Profit and Loss Account and at the year end net Deferred Tax Asset was created.

7. CONTINGENT LIABILITIES:

Search and Seizure operation were carried out by the Income-Tax authorities in the year 1997. The demand raised against the Block Assessment Order passed U/s. 158BC of the Income-tax Act, was disputed by the company and the matter was referred to Income Tax Appellate Tribunal. The ITAT has passed the order setting aside certain additions. As informed the effect of the order of ITAT is yet to be given by the Assessing Officer.

8. RELATED PARTY DISCLOSURES :

Disclosures with regard to related party (as identified by the company) transactions as per the Accounting Standard 18 - “Related Party Disclosures” are as under:

A) List of Related Parties with whom Transactions have taken place and relationship :

Sr.No. Name of the Related Parties Nature of relationship with the Company

01. AABAD FOODS PVT. LTD., A'BAD ASSOCIATES

02. M/s. SUPER BAKERS (INDIA), A'BAD ASSOCIATES

03. M/s. SUPER BAKERS (INDIA), BARODA ASSOCIATES

04. M/s. ROYAL FOOD, BARODA ASSOCIATES ASSOCIATES

05. M/s. SIDRAL FOODS PVT. LTD., BARODA ASSOCIATES

06. M/s. POPULAR BREAD FACTORY, A'BAD ASSOCIATES

07. M/s. SUPER BAKERS (INDIA), POLY UNIT BARODA ASSOCIATES

08. M/s. PARIKSIT FOOD PRODUCTS LTD. ASSOCIATES

09. MR. ANIL S. AHUJA KEY MANAGERIAL PERSON

9. The company has Lease arrangements which are in respect of Operating leases mainly for the factory premises (including office & godown). Generally, these lease arrangements are for a period less than a year and are renewable by mutual consent, on mutually agreeable/predetermined terms. The aggregate Lease rentals are charged as “Lease Rent” in Note 25 to the Statement of Profit and Loss Account.

10. In respect of the Plastic unit, the company has Lease arrangements which are in respect of Operating leases mainly for the factory premises (including office & godown). Generally, these lease arrangements are for a period less than a year and are renewable by mutual consent, on mutually agreeable/ predetermined terms. The aggregate Lease rentals are credited to the Profit and Loss Account.

11. The Revenue Expenses incurred which are wholly and exclusively for the purpose of the business of the Company have been charged to Profit and Loss Account, though in certain cases like electricity etc., the bills are not in the name of the Company.

12. a. There are no Micro and Small Enterprise to whom company owes dues, which are outstanding for more than 45 days as on 31st March, 2012.

b. No interest is paid/payable during the year to any enterprise registered under the MSME.

c. The above information has been determined to the extent such parties could be identified on the basis of the information available with the Company regarding the status of suppliers under the MSME.

13. The financial statements for the year ended 31st March, 2011 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification under the Companies Act,1956, the financial statements for the year ended 31st March, 2012 are prepared under revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year's classification.

14. The Statement of Significant Accounting Policies and Practices is as under:

---

Mar 31, 2011

1. Balances of Sundry Debtors, Creditors, Banks and Loans and Advances are subject to confirmation and reconciliation.

2. In the opinion of the Board of Directors, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business.

3. During the year, the company has entered into transactions with Govt. of Gujarat (Civil Supply Department) under the scheme of AAY and ICDS. The Govt. under the said scheme doesn't pay for the milling charges; however the predefined quantity of Wheat Flour is made available to the company. The effect of quantity of Wheat Flour made available towards Milling Charges has been taken in the Purchases / Sales at the prevailing tender rate.

4. Value of imports on CIF Basis Rs. Nil (Previous Year Rs. Nil).

5. Foreign Exchange Expenditure Rs. Nil (Previous Year Rs. Nil).

6. Provision for taxation Rs. 4,50,000/- (Previous year Rs. 2,40,000/-).

7. In accordance with the Accounting Standard 22 - "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India and followed by the company, a sum of Rs. 185387/- deferred tax credit was drawn from Deferred Tax Liability Account and credited to the Profit and Loss Account and at the year end net Deferred Tax Asset was created.

8. Contingent Liabilities :

Search and Seizure operation were carried out by the Income-Tax authorities in the year 1997. The demand raised against the Block Assessment Order passed U/s. 158BC of the Income-tax Act, was disputed by the company and the matter was referred to Income Tax Appellate Tribunal. The ITAT has passed the order setting aside certain additions. As informed the effect of the order of ITAT is yet to be given by the Assessing Officer.

9. Related Party Disclosures :

Disclosures with regard to related party (as identified by the company) transactions as per the Accounting Standard 18 - "Related Party Disclosures" are as under:

(A) List of Related Parties with whom Transactions have taken place and relationship :

Sr. No. Name of the Related Parties Nature of relationship with the Company

1 Aabad Foods Pvt. Ltd., Ahmedabad Associates

2 M/s. Super Bakers (India), Ahmedabad Associates

3 M/s. Super Bakers (India), Baroda Associates

4 M/s. Royal Foods, Baroda Associates 5 M/s. Sidral Foods Pvt. Ltd., Baroda Associates

6 M/s. Popular Bread Factory, Ahmedabad Associates

7 M/s. Super Bakers (India), Poly Unit Baroda Associates

8 M/s. Pariksit Food Products Ltd. Associates

9 Mr. Anil S. Ahuja Key Managerial Personnel

10. The company has Lease arrangements which are in respect of Operating leases mainly for the factory premises (including office & godown). Generally, these lease arrangements are for a period less than a year and are renewable by mutual consent, on mutually agreeable/ predetermined terms. The aggregate Lease rentals are charged as "Lease Rent" in Schedule 17 to the Profit and Loss Account.

11. The Revenue Expenses incurred which are wholly and exclusively for the purpose of the business of the Company have been charged to Profit and Loss Account, though in certain cases like electricity etc., the bills are not in the name of the Company.

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

---

Mar 31, 2010

1. Balances of Sundry Debtors, Creditors, Banks and Loans and Advances are subject to confirmation and reconciliation.

2. In the opinion of the Board of Directors, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business.

3. During the year, the company has entered into transactions with Govt, of Gujarat (Civil Supply Department) under the scheme of AAY and iCDS. The Govt, under the said scheme doesnt pay for the milling charges; however the predefined quantity of Wheat Flour is made available to the company. The effect of quantity of Wheat Flour made available towards Milling Charges has been taken in the Purchases / Sales at the prevailing tender rate.

4. Value of imports on CIF Basis Rs. Nil (Previous Year Rs. Nil).

5. Foreign Exchange Expenditure Rs. Nil (Previous Year Rs. Nil).

6. Provision for taxation Rs. 2,40,000/- (Previous year Rs. 2,75.000/-).

7. In accordance with the Accounting Standard 22 - "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India and followed by the company, a sum of Rs. 2,08,868/- deferred tax credit was drawn from Deferred Tax Liability Account and credited to the Profit and Loss Account.

8. Contingent Liabilities :

Search and Seizure operation were carried out by the Income-Tax authorities in the year 1997. The demand raised against the Block Assessment Order passed U/s. 158BC of the Income-tax Act, alter giving the effect of appellate order, is amounting to Rs.34,30,609/-. The company has disputed the Income-tax demand and the matter is before the Income Tax Appellate Tribunal. The company is contingently liable for the pending disputed labour matters and the amount of which is unquantitiable.

9. Related Party Disclosures :

Disclosures with regard to related party (as identified by the company) transactions as per the Accounting Standard 18 - "Related Party Disclosures are as under:

10. The company has Lease arrangements which are in respect o( Operating leases mainly for the factory premises (including office & godown). Generally, these lease arrangements are for a period less than a year and are renewable by mutual consent, on mutually agreeable/ predetermined terms. The aggregate Lease rentals are charged as "Lease Rent" in Schedule 17 to the Profit and Loss Account.

11. The Revenue Expenses incurred which are wholly and exclusively for the purpose of the business of the Company have been charged to Profit and Loss Account, though in certain cases like electricity etc., the bills are not in the name of the Company.

12. Previous years figures have been regrouped / reclassified / wherever necessary.