Notes to Accounts of Tricom Fruit Products Ltd.

Mar 31, 2024

2.5 PROVISION AND CONTINGENT LIABILITIES:

The Company recognizes a provision when there is a present obligation as a result of a past event
that probably requires an outflow of resources and a reliable estimate can be made of the amount
of the obligation. Provisions are not discounted to present value and are determined based on
best estimate required to settle the obligation at the Balance Sheet date. A disclosure for a
contingent liability is made when there is a possible obligation or a present obligation that may,
but probably will not, require an outflow of resources. Where there is possible obligation or a
present obligation that the likelihood of outflow of resources is remote, no provision or disclosure
is made.

2.6 INVENTORIES

Finished goods stock is valued at lower of cost or net realizable value and stock of raw material is
valued at cost. The Company has no inventories at the end of the year.

2.7 TAXES

Tax expense comprises of Current Income Tax and Deferred Tax. Deferred income taxes are
recognized using the liability method on temporary differences between the financial statement
determination of income and their recognition for tax purposes. The effect of deferred tax assets
and liabilities of a change in tax rates is recognized in income using the tax rates and tax laws that
have enacted or substantively enacted by the Balance Sheet date. Deferred tax assets are
recognized and carried forward only to the extent that it is probable that future taxable income will
be available against which such deferred tax assets can be realized.

2.8 CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise cash on hand and cash at bank.

2.9 CASH FLOWS

Cash flows has been prepared by indirect method.

2.10 SEGMENT REPORTING

The Company''s operations relate to single segment i.e. Agro/Fruit processing and have been
discontinued.

2.11 CURRENT AND NON CURRENT CLASSIFICATION

All assets and liabilities have been classified as current and non-current as per the company''s
normal operating cycle and other criteria set out in the schedule III of the Act and IND AS 1,
Presentation of financial statements.

a. Assets :

Assets are classified as current assets when it satisfies any of the following criteria

1. It is expected to be realized in, or is intended for sale or consumption in, the company''s
normal operating cycle;

2. It is held primarily for the purpose of being traded;

3. It is expected to be realized with in twelve months after the reporting date;

4. It is a cash and cash equivalent.

b. Liabilities:

Liabilities are classified as current assets when it satisfies any of the following criteria

1. It is expected to be settled in the company''s normal operating cycle

2. It is held primarily for the purpose of being traded;

3. It is expected to be realized with in twelve months after the reporting date;

2.12 EARNINGS PER SHARES (EPS)

Basic earnings per shares (EPS) is calculated by dividing the net profit or loss for the period
attributable to equity shareholders by the weighted average number of equity shares outstanding
during the year. Company has making losses so has negative EPS as mentioned in Note 11.6.

2.13 REVENUE RECOGNITION (FOR OTHER INCOME)

The Company recognizes the sale of goods when the significant risks and rewards of ownership are
transferred to the buyer, which is usually when the goods are dispatched to the customers.

Interest Income and other items are accounted on Accrual Basis. Interest income includes Interest
on Income Tax Refund.

2.14 FAIR VALUE MEASUREMENTS

The company measures financial instruments at Fair value at each reporting date.

2.15 FINANCIAL INSTRUMENTS
(i) Financial Assets

A. Initial recognition and measurement

All financial assets are recognized 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. Purchase and sale of financial assets are recognized
using trade date accounting.

B. Subsequent measurement

a) Financial assets carried at amortized cost (AC)

A financial asset is measured at amortized cost if it is held within a business model
whose objective is to hold the asset 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.

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

A financial asset is measured at FVTOCI if it 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.

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

A financial asset which is not classified in any of the above categories are measured at
FVTPL.

C. Other Equity Investments

All other equity investments are measured at fair value, with value changes recognized for
those equity investments for which the Company has elected to present the value
changes in ''Other Comprehensive Income''.

D. Impairment of 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. 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
recognized is recognized as an impairment gain or loss in profit or loss.

(ii) Financial liabilities

A. Initial recognition and measurement

All financial liabilities are recognized at fair value and in case of loans, net of directly
attributable cost. Fees of recurring nature are directly recognized in the Statement of
Profit and Loss as finance cost.

B. Subsequent measurement

(i) Trade and other payables:

These amounts represent liabilities for goods and services provided to the company
prior to the end of financial year which are unpaid. The amounts are unsecured and
are usually paid within 30 days of recognition. Trade and other payables are presented
as current liabilities unless payment is not due within 12months after the reporting
period. They are recognised initially at their fair value and subsequently measured at
amortised cost using the effective interest method.

(ii) Loans and borrowings:

After initial recognition, interest-bearing loans and borrowings are subsequently
measured at amortised cost using the EIR method. Gains and losses are recognised in
profit or loss when the liabilities are derecognised as well as through the Effective
Interest Rate(EIR) amortisation process. The EIR amortisation is included as finance
costs in the statement of profit and loss. This category generally applies to borrowings.

2.16 OFFSETTING FINANCIAL INSTRUMENTS

Financial assets and liabilities are offset and the net amount is reported in the balance sheet where
there is a legally enforceable right to offset the recognised amounts and there is an intention to
settle on a net basis or realise the asset on a net basis or realise the asset and settle the liability
simultaneously. The legally enforceable right must not be contingent on future events and must
enforceable in the normal course of business and in the event of default, insolvency or bankruptcy
of the Company or the counterparty.

During the year ended March 31, 2024 an amount of Rs.33,080 was paid to micro and small
enterprises beyond the appointed day as defined in the Micro, Small and Medium Enterprises
Development Act 2006. Further, there is no amount of interest accrued and remaining unpaid as at
March 31, 2024.

This information has been determined to the extent such parties have been identified on the basis of
information available with the Company.

Note 11.3 Going concern

The Company has negative net worth of Rs.8639.60 lakhs as on 31st March 2024.The Company has
obligations borrowings aggregating to Rs. 6552.66 lakhs that have been demanded/recalled by the
financial creditors and further obligations pertaining to operations including unpaid creditors and
statutory dues as at March 31, 2024.These indicate the existence of a material uncertainty that may
cast significant doubt on the Company''s ability to continue as going concern. The Company has
initiated the Corporate Insolvency Resolution Process as stated in Note 1. Since Corporate Insolvency
Resolution Process (CIRP) is currently in progress, as per the Code, it is required that the Company be
managed as a going concern during CIRP. As such the financial statements continued to be prepared
on a going concern basis.

Note 11.4 Previous year''s figures

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

AS PER OUR REPORT OF EVEN DATE FOR AND ON BEHALF OF THE BOARD

FOR A. K. KOCCHAR & ASSOCIATES

CHARTERED ACCOUNTANTS
FRN : 120410W

Hitesh Kumar C.V. JOSHI GAJANAN POSTI

Partner MANAGING DIRECTOR DIRECTOR

Membership No. 134763 DIN:08398213 DIN:01166242

UDIN: 24134763BKFVUU4678

CHETAN KOTHARI KAJAL SOLANKI

Place: Mumbai CFO & DIRECTOR COMPANY SECRETARY

Date : 30/05/2024 DIN:00050869 ACS 56846

---

Mar 31, 2015

A) - Rights, preferences and restrictions attaching to each class of shares

1) - The Company has only one class of equity shareholders. Each holder of equity shares is nettled to one vote per share.

2) - In the event of liquidation of the Company, the holders of equity shares will be nettled to receive any of the remaining assets of the company, afar distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

b) - Monies received against Share Warrants:

The Board of Directors of the Company at their Meeting held on 6th November, 2012 and as approved at its Postal Ballot Meeting held on 10th December, 2012 have resolved to create, offer, issue and allot up to 40,56,000/- warrants, convertible into 40,56,000/- Equity Shares of Rs,10/- each on a preferential allotments basis, pursuant to Section 81(1A) of the Companies Act, 1956, at a conversion price of Rs,36/- per Equity Share of the Company, arrived at in accordance with the SEBI Guidelines in this regard and subsequently 39,01,000/- warrants were allotted on 3rd January, 2013.

c) - Security for Long Term - Secured Loans

(i) Term Loan from Financial Institution is secured by 1st charge by way of Equitable Mortgage of land & building/fixed assets and 1st charge by way of hypothecation of all movable assets (except vehicles) of the Company, pledge of fixed deposits with Banks and further secured by 2nd charge on current assets, stock, WIP, book debts of the company and by personal guarantee of a Director.

Note 1.1

Disclosures under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 The Company has not received any informaton from its vendors regarding their status under Micro, Small and Medium Enterprises Development Act, 2006. Nonetheless, there are no amounts outstanding for a period beyond the stipulated period as specified under Micro, Small and Medium Enterprises Development Act, 2006.

Note 1.2 In the opinion of Board, Current assets, Loans & Advance have been stated at a value realizable in the ordinary course of business. The provision for all known liabilities are adequate, neither short nor excess from the amount reasonably stated.

Note 1.3 No provision for payment of Gratuity in books of accounts as required under Accountings Standard 15 (Revised) issued by the Institute of Chartered Accountants of India in respect of accounting for retirement benefits has been made as none of the employees have completed 5 years of service. As per the Company's Policy the unused accumulated leave balance lapses at the year end and no employee is nettled to cash compensation for unused accumulated leave balance at the end of the year. In view of this, no provision for the same has been made.

Note 1.4

The company has incurred expenditure prior to commencing of plant for processing of fresh fruits. All expenses, including Direct expenses, Capital expenditure & Indirect revenue expenses which are carried forward under the head Fixed Assets - CWIP (Pending Allocation), will be capitalized on commencement of respective Plant.

Note 1.5

All the Fixed Assets are assessed at the balance sheet date to check the indicaton of Impairment of assets as required by AS 28 "Impairment of Assets". None of the indicators are listed in paragraph 8 to 10 of Accountings Standard-28 Issued by the ICAI was found on Assessment.

Note 1.6

Segment Reporting The Company's business actives fall within single segment viz. Processing of Fruit Products, it has no other primary reportable segment

Note 1.7

Deferred tax is recognized, subject to the consideration of prudence, on taming difference being differences between taxable and accounting income that originates in one period and are capable of reversal in one or more subsequent periods. The company has taming differences on account of depreciation giving rise to Deferred Tax Liability (DTL) and also on account of unabsorbed losses, depreciation and other adjustments, which gives rise to Deferred Tax Asset (DTA). As a mater of prudence, the company has recognized the DTA only to the extent of DTL since in the year in which the tax liability would arise, bereft of unabsorbed losses and depreciation would also be available to the company. Accordingly, no adjustments are necessary for the same.

Note 1.8

Related party transactions

Description of relationship Names of related parts

Enters having significant influence over the Company Rids Textile Limited

Dinesh Patadia Finance & Investment Pvt Ltd

Tricom India Limited

Adilnath Finance Pvt Ltd

Trio Mercantle & Trading Limited

Tricom InfoTech Solutions Limited

data Processing Pvt Ltd (Previously Known as Tricom IT Services Pvt Ltd)

Tricom Data Processing Pvt Ltd (Previously Known as Mastf Tech Pvt Ltd)

Tricom LPO Pvt Ltd

Tricom Document Management Inc.

Tricom Software Services, Inc.

Tricom Litigation Coding Services, Inc.

Tricom Search Services, Inc.

Tricom Data Services, Inc.

Pacifc Data Centers, Inc.

Tricom InfoTech Solutions (Cyprus) Limited

Tricom InfoTech Solutions, Inc.

Grand Imaging & Technology Inc.

Kothari Financial Services

Chetan Kothari H.U.F.

Manshant Enterprises

Key Management Personnel (KMP) Mr. Chetan S. Kothari - Execute Director

Note 1.9

Previous year's figures

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

---

Mar 31, 2014

Additional information to the Financial Statements

Note 1.1 Contingent liabilities and commitments (to the extent not provided for) Amount (Rs) As at As at PARTICULARS 31 March, 2014 31 March, 2013

i) Bank Guarantees issued to Custom authorities /DGFT 54,43,000 54,43,000

ii) Appeals filed at different forums / authorities in respect ofdisputed demands:

Income Tax 4,80,32,960 -

Note 1.2 Disclosures under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

The Company has not received any information from its vendors regarding their status under Micro, Small and Medium Enterprises Development Act, 2006. Nonetheless, there are no amounts outstanding fora period beyond the stipulated period as specified under Micro, Small and Medium Enterprises Development Act, 2006.

Note 1.3 In the opinion of Board, Current assets, Loans & Advance have been stated at a value realisable in the ordinary course of business. The provision for all known liabilities are adequate, neither short nor excess from the amount reasonably stated.

Note 1.4 Due to severe financial crises, the Company has requested some of the lenders to waive off some part of their interest on loan and negotiation on aforesaid matter is going on between the Company and the lenders. On the basis of discussion with lenders, management feels that no interest provision is required on loan from some of the lenders however, if any interest provision is required as per final negotiation it will be made as and when required.

Note 1.5 No provision for payment of Gratuity in books of accounts as required under Accounting Standard 15 (Revised) issued by the Institute of Chartered Accountants of India in respect of accounting for retirement benefits has been made as none of the employees have completed 5 years of service.

As per the Company''s Policy the unused accumulated leave balance lapses at the year end and no employee is entitled to cash compensation for unused accumulated leave balance at the end of the year. In view of this, no provision for the same has been made.

Note 1.6 The Company has incurred expenditure prior to commencing of plant for processing of fresh fruits. All expenses, including Direct expenses, Capital expenditure & Indirect revenue expenses which are carried forward under the head Fixed Assets - CWIP (Pending Allocation), will be capitalized on commencement of respective Plant.

Note 1.7 Related party transactions

Description of relationship :

Entities having significant influence over the Company :

Names of related parties :

Rids Textile Limited

Dinesh Patadia Finance & Investment Pvt Ltd

Tricom India Limited

Adilnath Finance Pvt Ltd

Trio Mercantile & Trading Limited

Tricom Infotech Solutions Limited

Tricom IT Services Pvt Ltd

Tricom Data Processing Pvt Ltd (Previously Known as Mastiff Tech Pvt Ltd)

Tricom LPO Pvt Ltd

Tricom Document Management Inc.

Tricom Software Services, Inc.

Tricom Litigation Coding Services, Inc.

Tricom Search Services, Inc.

Tricom Data Services, Inc.

Pacific Data Centers, Inc.

Tricom Infotech Solutions (Cyprus) Limited Tricom Infotech Solutions, Inc.

Grand Imaging & Technology Inc.

Kothari Financial Services Chetan Kothari H.U.F.

Manshanti Enterprises

Key Management Personnel (KMP) :

Mr. Chetan S. Kothari - Executive Director

Note 1.8 All the Fixed Assets are assessed at the balance sheet date to check the indication of Impairment of assets as required by AS 28 "Impairment of Assets". None of the indicators are listed in paragraph 8 to 10 of Accounting Standard-28 Issued by the ICAI was found on Assessment.

Note 1.9 Segment Reporting

The Company''s business activities fall within single segment viz. Processing of Fruit Products, it has no other primary reportable segment.

Note 1.10 Deferred tax is recognised, subject to the consideration of prudence, on timing difference being differences between taxable and accounting income that originates in one period and are capable of reversal in one or more subsequent periods. The Company has timing differences on account of depreciation giving rise to Deferred Tax Liability (DTL) and also on account of unabsorbed losses, depreciation and other adjustments, which gives rise to Deferred Tax Asset (DTA). As a matter of prudence, the Company has recognised the DTA only to the extent of DTLsince in the year in which thetax liability would arise, benefit of unabsorbed losses and depreciation would also be available to the Company. Accordingly, no adjustments are necessary for the same.

Note 1.11 Previous year''s figures

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

---

Mar 31, 2013

Note 1.1 Disclosures under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

The Company has not received any information from its vendors regarding their status under Micro, Small and Medium Enterprises Development Act, 2006. Nonetheless, there are no amounts outstanding for a period beyond the stipulated period as specified under Micro, Small and Medium Enterprises Development Act, 2006.

Note 1.2 In the opinion of Board, Current assets, Loans & Advance have been stated at a value realisable in the ordinary course of business. The provision for all known liabilities are adequate, neither short nor excess from the amount reasonably stated.

Note 1.3 No provision for payment of Gratuity in books of accounts as required under Accounting Standard 15 (Revised) issued by the Institute of Chartered Accountants of India in respect of accounting for retirement benefits has been made as none of the employees have completed 5 years of service.

As per the Company''s Policy the unused accumulated leave balance lapses at the year end and no employee is entitled to cash compensation for unused accumulated leave balance at the end of the year. In view of this, no provision for the same has been made.

Note 1.4 The company has incurred expenditure prior to commencing of plant for processing of fresh fruits. All expenses, including Direct expenses, Capital expenditure & Indirect revenue expenses which are carried forward under the head Fixed Assets - CWIP (Pending Allocation) , will be capitalized on commencement of respective Plant.

Note 1.5 All the Fixed Assets are assessed at the balance sheet date to check the indication of Impairment of assets as required by AS 28 "Impairment of Assets". None of the indicators are listed in paragraph 8 to 10 of Accounting Standard-28 Issued by the ICAI was found on Assessment.

Note 1.6 Segment Reporting

The Company''s business activities fall within single segment viz. Processing of Fruit Pr oducts, it has no other primary reportable segment.

Note 1.7 Deferred tax is recognised, subject to the consideration of prudence, on timing difference being differences between taxable and accounting income that originates in one period and are capable of reversal in one or more subsequent periods. The company has timing differences on account of depreciation giving rise to Deferred Tax Liability (DTL) and also on account of unabsorbed losses, depreciation and other adjustments, which gives rise to Deferred Tax Asset (DTA). As a matter of prudence, the company has recognised the DTA only to the extent of DTL since in the year in which the tax liability would arise, benefit of unabsorbed losses and depreciation would also be available to the company. Accordingly, no adjustments are necessary for the same.

Note 1.8 Previous year''s figures

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

---

Mar 31, 2010

1. Contingent Liability

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. 1252.90 Lacs

Bank Guarantees issued to Customs Authorities/DGFT Rs. 54.43 Lacs

2. Where external evidence in form of cash memos, bill, stamped receipts etc. were not available, the internal vouchers have been prepared by the company and authorized by authorized signatory.

3. The Company is in process of compiling the data of suppliers which are covered under the Micro, Small & Medium Enterprises Development Act, 2000. Hence, the details pertaining to that are not disclosed separately. However, out of the total Sundry Creditors Rs. NIL is due to Small Scale and / or ancillary Industrial Suppliers (Previous Year Rs. NIL). No amount is outstanding for more than 30 days with SSI Units. Information regarding Small scale industrial undertakings has been determined to the extent such parties have been identified on the basis of information available with the company. This has been relied upon by the auditors.

4. In the opinion of the Board of Directors, Current Assets and Loans and Advances have a value on realization in the ordinary course of business equal to the amount at which they are stated in the Balance Sheet.

5. No provision for payment of Gratuity in books of accounts as required under Accounting Standard 15(Revised) issued by the Institute of Chartered Accountants of India in respect of accounting for retirement benefits has been made as none of employee has completed 5 years of service.

As per the Companys Policy the unused accumulated leave balance lapses at the year end and no employee is entitled to cash compensation for unused accumulated leave balance at the end of the year and hence no provision is made.

6. The company has incurred expenditure prior to commencing of plant for processing of fresh fruits. All expenses including Direct expenses, Capital expenditure & Indirect revenue expenses are carried forward under the head Fixed Assets - CWIP ( Pending Allocation ) which will be capitalized on commencement of Plant.

7. The company has made provision for Deferred Tax Liability as per "AS 22 Accounting for Taxes on income" of Rs.45,537/- during the current year and is Related to Fixed Assets.

8. All the Fixed Assets are assessed at the balance sheet date to check the indication of Impairment of assets as required by AS 28 "Impairment of Assets". None of the indicators are listed in paragraph 8 to 10 of Accounting Standard-28 Issued by the ICAI was found on Assessment.

9. Security for Secured Loans

(a) Loan from Banks are secured by way of Equitable Mortgage of land & building, fixed assets and all movable assets (except Vehicles) of the Company, pledge of fixed deposits with Banks and further secured by personal guarantee of a Director.

(b) Vehicle Loans from Banks are secured against the specific vehicle financed by respective banks.

10. Amalgamation of the Company Tricom Agrochem Limited with RIDS Securities Limited.

a) Pursuant to the shareholders approval at the Court convened meeting of the Company held on 10th September,2009 and the sanction of the Bombay High Court and Gujarat High Court to the Scheme of Amalgamation vide orders dated 29th January,2010 and 6th May, 2010 respectively, the assets and liabilities of the erstwhile Company Tricom Agrochem Limited were transferred to and vested with the Rids Securities Limited with effect from the Appointed Date, viz, 1st April, 2008 in accordance with the Scheme so sanctioned. Accordingly, the Scheme has been given effect to in these accounts.

b) As per the scheme sanctioned the Amalgamation has been accounted for on the " Pooling of Interests method" as prescribed by Accounting Standard ( AS-14 ) issued by the Institute of Chartered Accountants of India.

c) Accordingly,

i) The Assets and Liabilities of the erstwhile Tricom Agrochem Limited as at 01.04.2008 have been taken over at their book value subject to adjustments made for differences in accounting policies among the companies , and/or as specified in the Scheme of Amalgamation.

ii) The above has resulted in the transfer of assets and liabilities and the issue of share as consideration thereof at the following summarised value:

d) Pending receipt of approvals, the erstwhile Tricom Agrochem Limited and Rids Securities Limited carried on business separately till 31st March 2010. Consequently, the losses of the erstwhile Tricom Agrochem Limited for the period 01.04.08 to 31.03.2009 amounting to Rs. 1,64,77,333/- have been adjusted against General Reserves arising on amalgamation. Subsequent income and expenses have been incorporated in the Profit & Loss Account for the year.

e) Pursuant to the Scheme, referred in (a) above, 4855050 fully paid equity shares of Rs.10/- each are to be issued by the Company to the shareholders of the erstwhile Tricom Agrochem Limited in the ratio of 1 (one) Equity share of Rids Securities Limited for 2(two) Equity shares of Tricom Agrochem Limited. Pending allotment of the said Equity Shares, the amount of Rs. 48550500/- being the aggregate value of 4855050 Equity Shares of Rs.10/- each as at 31.03.2010 has been shown under Equity Share Capital Suspense Account in Schedule A.

11. The Current year results includes the working of the Transferor Company i.e. Tricom Agrochem Ltd.,and hence the figures relating to the Current year are not comparable to those of the previous year.

12. Figures of previous year have been regrouped/reclassified wherever necessary.