Notes to Accounts of Transglobe Foods Ltd.

Mar 31, 2024

g. Provisions

Provisions are recognized when the Company has a present obligation (legal or constructive) as a
result of a past event, it is probable that an outflow of economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the obligation.

h. Earnings per share

The basic earnings per share is computed by dividing the net profit for the period attributable to
equity shareholders by the weighted average number of equity shares outstanding during the period.
The number of shares used in computing diluted earnings per share comprises the weighted average
shares considered for deriving basic earnings per share and also the weighted average number of
equity shares which would have been issued on the conversion of all dilutive potential equity shares.
Dilutive potential equity shares are deemed converted as of the beginning of the period unless they
have been issued at a later date.

i. Rounding of amounts

The Financial Statements have been presented in Indian Rupees (INR), which is the Company''s
functional currency. All financial information presented in INR has been rounded off to nearest lakhs
as per the requirement of Schedule III, unless otherwise stated.

j. Cash flow statement

Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the
effects of transactions of non-cash nature, any deferrals or accruals of past or future operating cash
receipts or payments and item of income or expenses associated with investing or financing cash
flows. The cash flows from operating, investing and financing activities of the Company are
segregated

k. Fair value measurement

Management uses valuation techniques to determine the fair value of financial instruments (where
active market quotes are not available). This involves developing estimates and assumptions
consistent with how market participants would price the instrument. Management bases its
assumptions on observable data as far as possible but this is not always available. In that case
management uses the best information available. Estimated fair values may vary from the actual
prices that would be achieved in an arm''s length transaction at the reporting date.

l. Derecognition of Financial Instruments

Company derecognises a financial asset when the contractual rights to cash flows from financial asset
expire or it transfers to financial asset and transfer qualifies for derecognition under IND AS 109. A
financial liability (or part of it) is derecognised from balance sheet when obligiation specified in
contract is discharged or cancelled or expires.

m. Recent pronouncements

Ministry of Corporate Affairs ("MCA") notifies new standard or amendments to the existing
standards under Companies (Indian Accounting Standards) Rules as issued from time to time. On
March 23, 2023, MCA amended the Companies (Indian Accounting Standards) Amendment Rules,
2023, applicable from April 1, 2023, as below Ind AS 103 - Reference to Conceptual Framework
Ind AS 16 - Proceeds before intended use

Ind AS 37 - Onerous Contracts - Costs of Fulfilling a Contract Ind AS 109 - Annual Improvements to
Ind AS (2021)

Ind AS 116 - Annual Improvements to Ind AS (2021)

Above amendments are not applicable to the company and accordingly there will be no consequent
impact on company''s financials.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION
UNCERTAINTY

The preparation of the Company''s financial statements requires management to make judgment,
estimates and assumptions that affect the reported amount of revenue, expenses, assets and liabilities
and the accompanying disclosures.

Accounting estimates could change from period to period. Actual results could differ from those
estimates. Appropriate changes in estimates are made as and when management becomes aware of
changes and circumstances surrounding the estimates. Changes in the estimates are reflected in the
financial statements in the period in which changes are made and, if material, their effects are
disclosed in the notes to financial statements.

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:

> Recognition of deferred tax asset: availability of future taxable profit

> Recognition and measurements of provision and contingencies: key assumption of the
livelihood and magnitude of an outflow of resources.

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Mar 31, 2015

A) None of the Earning/Expenditures is in Foreign Currency.

b) Balance of Debtors, Loans and Advances are subject to confirmation and reconciliation.

c) In the opinion of the Board, the Current Assets, Loans & Advances are approximately of the value stated if realized in the ordinary course of business. The provision for depreciation and all known liabilities are adequate and not in excess of the amounts reasonably necessary.

d) Previous years figures have been regrouped, rearranged wherever necessary to make them comparable with those of current year.

e) In the opinion of the management and to the best of their knowledge and belief the value under the head of the current assets and non current assets are approximately of the value stated, if realized in ordinary course of the business, except unless stated otherwise. The provision for all the known liabilities is adequate and not in excess of amount considered reasonably necessary.

f) There are no dues to SSI Units outstanding for more than 30 days.

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Mar 31, 2014

Not Available.