Notes to Accounts of Suryo Foods & Industries Ltd.

Mar 31, 2024

12 Provisions & Contingent Liabilities!

a) A provision is recognized if, as a result of a past event, the Company has a present legal obligation that can be estimated
reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are
determined by the best estimate of the outflow of economic benefits required to settle the obligation at the reporting date.
Where no reliable estimate can be made, a disclosure is made as contingent liability. Contingent assets are not recognized,

b) Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined
by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect
to any one item included in the same class of obligations may be small.

13 Contributed equity:

a) Equity:

Equity shares are classified as equity.

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax,
from the proceeds.

b) Dividends:

Provisions is made for any amount of dividend declared , being appropiately authorized and no longer at the discretion of the
entity, on or before the end of reporting period but not distributed at the end of the reporting period.

14 Earning Per Share :

a) Basic Earning Per Share

Basic Earning Per Share is calculated by dividing the profit attributable to oweners of the company by the weighted average
number of equity shares outstanding during the financial year.

b) Diluted Earning Per Share

Diluted Earning Per Share adjusts tire figures used in the determination of tire basic earning per share to take into account
the after income tax effect of of intersts or other finance costs associated with the dilutive potential equity shares and the
weighted average number of additional equity shares that would have beeii outstanding assuming the conversion of all
dillutive potential equity shares.

15 Segment Reporting:

Ind AS 108 "Operating Segments¹'' establishes standards for the way that public business enterprises report information
about operating segments and related disclosures about products and services, geographic areas, and major customers. The
Company''s operations predominantly relate to providing end-to-end business solutions to enable clients to enhance business
performance. Based on the "management approach" as defined in Ind AS 108, the Chief Operating Decision Maker (CODM)
evaluates the Company''s performance and allocates resources based on an analysis of various performance indicators by
business segments and geographic segments. Accordingly, information has been presented both along business segments
and geographic segments. The accounting principles used in the preparation of the financial statements are consistently
applied to record revenue and expenditure in individual segments, and are as set out in the significant accounting policies.

16 Others :

All amounts disclosed in the financial statements and notes have been rounded off to the nearest thousand as per the
requirement of Schedule III, unless otherwise stated. Previous Year figures have been Regrouped/Rearranged where
necessary.

a) Use of Estimates :

The preparation of the financial statements in confonnity with Ind AS requires management to make estimates,
judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting
policies and Ihe reported amounts of assets and liabilities, the disclosures ohContingent assets and liabilities at
the date of the financial statements and reported amounts of revenues and expenses during the period.
Application of accounting policies that require critical accounting estimates involving complex and subjective
judgments and the use of assumptions in these financial statements have been disclosed below. Accounting
estimates could change from period to period. Actual results could differ from those estimates, Appropriate
changes in estimates are made as management becomes aware of changes in circumstances surrounding the
estimates; Changes in estimates are reflected in the financial stalcmenls in the period in which changes are made
and, if material, their effects are disclosed in the notes to the financial statements.

b) Critical Accounting Estimates :

i) Property, plant and equipment

Property, plant and equipment represent a significant proportion of the asset base of the Company. The charge in
respect of periodic depreciation is derived after determining an estimate of an asset’s expected useful life and the
expected residual value at the end of ils life. The useful fives and residual values, Of company''s assets are
determined by management at the time the asset is acquired and reviewed periodically, including at each
financial year end. The lives,are based on historical experience with similar assets as well as anticipation of future
events, which may impact their life, such as changes in technology.

ii) Income Taxes :

The Company''s major tax jurisdictions is in India.Significant judgements are involved in determining the
provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.

iii) Impairment of trade receivables

The company estimates the uncollectability of accounts receivables by analysing historical payment patterns,
customer concentrations, customer credit worthiness and current economic trends. If the financial condition of
customer deteriorates, additional allowances may be''Tequired.

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

Level 2 :Fair value of financial instruments that are not traded in an active market (for example, traded bonds, over the counter derivatives) is
determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific
estimates. If all significant inputs required to fair value an instrument as observable, the insturment is included in level 2.

Level 3 : If one or more of the significant inputs is not based on observable data, the insturment is included in level 3. This is the case for
unlisted equity securities, contigent consideration and indemnification assets.

(A) (’rod if risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The maximum exposure to the credit risk
at the reporting date is prmarily trade receivables from customers other than goverment entities.These Trade receivables an* typically unsecured
and arc derived from revenue earned from domestic and foreign customers. Credit risk is managed through credit approvals, establishing crcdit
limits and continously monitoringthe creditworthiness of customers to which the company grants credit terms in the normal course of business.
On account of adoption of Ind AS too, the company uses expexeted creidt loss model to assess impairment loss or gain the company uses a
matrix to compute the expected credit loss allowance for trade receivable.

(B) Liquidity Risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an
adequate amount of committed credit facilities to meet obligations when due and to close out market positions. Due to the dynamic nature of the

underlying businesses, the company treasury maintains flexibility in funding by maintaining availability under committed credit lines.
Management monitor’s rolling forecasts of the company''s liquidity position (co mprising the undrawn borrowing facilities below) and cash and
cash equivalents on the basis of expected cash flows. This is generally carried out at local level in accordance with practice and limits set by the
company. These limits vary by locations to take into account the liquidity of the market in which the entity opeartes. In addition, the company’s
liquidity management policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet
these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans.

Note 38 : Capital mangement

(a) Risk management

The company’s objectives 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 for other stakeholders, and

-maintain an optiamal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, the company may adjust the amount of dividends paid to shareholders, return on capital to
shareholders or issue new shares.The company monitors capital using gearing ratio, which is net debt divided by total Equity. Net debt
comprises of long term and short term borrowings less cash and bank balances. Equity includes equity share capital and reserves that are
managed as capital. The gearing at the end of reporting period was as follows:

Segement Reporting As per Ind AS 108 "Operating Segments ^tT

Based on the policy set out under Significant Accounting Policy , the company follows "management Approach " for the purpose of deciding operating
segments.The operating results of company as whole is regularly reviewed by the entity’s chief operating decision maker to make decisions about resources to
be allocated and to assess its performance. Accordingly, the company has decided to consider company as a whole as one operating segments.

OTE - dd Micro, Small and Medium Enterprises (MSME) Dues Disclosure

There are no Micro and Small enterprises to whom the Company owes dues which are outstanding for a period of more than 45 days as at the balance sheet
date. The above information and that given under Current liabilities regarding Micro, Small and Medium enterprises has been determined to the extent such
parties have been identified on the basis of information available with the Company.

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

For Sanjit Mohanty & Co.

Chartered Accountants
[FRN No. 328858E ]

Sd/- Sd/-

Sd/ - Amarendra Dash Annapurna Dash

Ratan Kumar Dash Chairman & Managing Director Director

Partner DIN : 00583036 DIN : 00586755

M. No - 312697

UDIN:-243i2697BKCSDW436o

Sd/- Sd/-

Date: 29th May,2024 Bikash Kumar Sahoo Manisha Satapathy

Place: Bhubaneswar Chief Financial Officer Company Secretary & Complience Officer

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Mar 31, 2015

1) The deferred tax assets has not been recognized as the company has huge unabsorbed deprecation and carry forwards losses under the income tax Act and there is no virtual certainty supported by convincing evidence that sufficient future taxable income will be available against which such deferred tax asset can be realized.

2) The activities of the Hatchery, Aquaculture and Processing unit have been suspended in general.

3) Loans and Advances include an amount of Rs2,62,807/- being ESI paid under Protest.

4) Contingent Liabilities

a) Claim against the company towards listing fee for stock exchange not acknowledged as debts, as the trading of the shares of the Company is under suspension. Since claims against the company are not available, the liabilities have not been ascertained. The company is taking necessary steps for lifting of suspension and dues to stock exchanges shall be paid in due course time.

b) ESI has made claim against the Company amounting to Rs.9, 63,627/- against which Rs. 2, 62,807/- is paid under protest. The matter is under sub-judice.

5) No provision has been made for impairment of Assets as the realizable value of assets has been increased substantially.

6) The Company does not owe to any micro, small scale and medium enterprises for which disclosure is not required under Micro, Small and Medium enterprises Development Act, 2006.

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Mar 31, 2014

I) The deferred tax assets has not been recognised as the Company has huge unabsorbed depreciation and carry forward losses under the Income Tax Act and there is no virtual certainty supported by convincing evidence that sufficient future taxable income will be available against which such deferred tax asset can be realised.

ii) The activities of the Hatchery, Aquaculture and Processing unit have been suspended in general.

iii) Loans and Advances include an amount of Rs.2,62,807/- being ESI paid under protest.

iv) Contingent Liabilities

a) Claim against the Company towards listing fee for stock exchanges not acknowledged as debts, as the trading of the shares of the Company is under suspension. Since claims against the company are not available, the liabilities have not been ascertained. The company is taking necessary steps for lifting of suspension and dues to stock exchanges shall be paid in due course of time.

b) ESI has made claim against the Company amounting to Rs.9,63,627/- against which Rs.2,62,807/- is paid under protest. The matter is under sub-judice.

iv) No provision has been made for impairment of Assets as the realisable value of Assets has been increased substantially.

v) The Company does not owe to any micro, small scale and medium enterprises for which disclosure is not required under Micro, Small and Medium enterprises Development Act, 2006.

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Mar 31, 2013

I) The deferred tax assets has not been recognised as the Company has huge unabsorbed depreciation and carry forward losses under the Income Tax Act and there is no virtual certainty supported by convincing evidence that sufficient future taxable income will be available against which such deferred tax asset can be realised.

ii) The activities of the Hatchery, Aquaculture and Processing unit have been suspended in general.

iii) Loans and Advances include an amount of Rs.2,62,807/- being ESI paid under protest.

iv) Contingent Liabilities

a) Claim against the Company towards listing fee for stock exchanges not acknowledged as debts, as the trading of the shares of the Company is under suspension. Since claims against the company are not available, the liabilities have not been ascertained. The company is taking necessary steps for lifting of suspension and dues to stock exchanges shall be paid in due course of time.

b) ESI has made claim against the Company amounting to Rs.9,63,627/- against which Rs.2,62,807/- is paid under protest. The matter is under sub-judice.

v) No provision has been made for impairment of Assets as the realisable value of Assets has been increased substantially.

iv) The Company does not owe to any micro, small scale and medium enterprises for which disclosure is not required under Micro, Small and Medium enterprises Development Act, 2006.

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Mar 31, 2012

1. The deferred tax assets has not been recognised as the Company has huge unabsorbed depreciation and carry forward losses under the Income Tax Act and there is no virtual certainty supported by convincing evidence that sufficient future taxable income will be available against which such deferred tax asset can be realised.

2. The activities of the Hatchery, Aquaculture and Processing unit have been suspended in general.

3. Loans and Advances include an amount of Rs. 2,62,807/- being ESI paid under protest.

4. Contingent Liabilities:

a) Claim against the Company towards listing fee for stock exchanges not acknowledged as debts, as the trading of the shares of the Company is under suspension. Since claims against the company are not available, the liabilities have not been ascertained. The company is taking necessary steps for lifting of suspension and dues to stock exchanges shall be paid in due course of time.

b) ESI has made claim against the Company amounting to Rs.9,63,627/- against which Rs.2,62,807/- is paid under protest. The matter is under sub-judice.

5. No provision has been made for impairment of Assets as the realisable value of Assets has been increased substantially.

6. The Company does not owe to any micro, small scale and medium enterprises for which disclosure is not required under Micro, Small and Medium enterprises Development Act.2006.

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Mar 31, 2010

1. The deferred tax assets has not been recognised as the Company has huge unabsorbed depreciation and carry forward losses under the Income Tax Act and there is no virtual certainty supported by convincing evidence that sufficient future taxable income will be available against which such deferred tax asset can be realised.

2. The activities of the Hatchery, Aquaculture and Processing unit have been suspended in general.

3. Loans and Advances include an amount of Rs. 2,62.807/- being ESI paid under protest.

4. Contingent Liabilities:

a) Claim against the Company towards listing fee for stock exchanges not acknowledged as debts. as the trading of the shares of the Company is under suspension. Since claims against the company are not available, the liabilities have not been ascertained. The company is taking necessary steps for lifting of suspension and dues to stock exchanges shall be paid in due course of time.

b) ESI has made claim against the Company amounting to Rs.9,63,627/- against which Rs.2,62,807/- is paid under protest. The matter is under sub-judice.

5. No provision has been made for impairment of Assets as the realisable value of Assets has been increased substantially.

7. The Company does not owe to any micro, small scale and medium enterprises for which disclosure is not required under Micro. Small and Medium enterprises Development Act,2006.

V. Generic Names of Three Principal Products/Services of Company (as per monetary terms)

6. Figures are rounded of to the nearest rupee and previous years figures have been regrouped wherever necessary to conform to current years classification.