Notes to Accounts of Universal Starch-chem Allied Ltd.

Mar 31, 2024

o) Provisions .Contingent Liability and Contingent Assets

Disputed liabilities and claims against/by the company including claims raised by fiscal authorities (e.g. Sales Tax, Income Tax Excise etc.) pending in appeal / court for which no reliable estimate can be made, contingent asset/Liability are recognized as required.

p) Earning Per share

Basic Earnings per share is calculated by dividing the net profit for the period attributable to equity shareholders by the number of equity shares outstanding during the period. For the purpose of calculating diluted earnings per share, the net profit for the period attributed to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares. There is no any dilutive potential equity share holders, Basic earning per share would be same as of diluted earnings per share.

q) Foreign Currency Transactions

Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency closing rates of exchange at the reporting date. Exchange differences arising on settlement or translation of monetary items are recognised in Statement of Profit and Loss. The functional currency of the company is in Indian Rupees.

r) Equity Instruments

Equity instruments are recognised at the value of the proceeds, net of direct costs of the capital issue.

s) Financial Assets and Liabilities (i) Financial Assets :

Initial Recognition and measurement :

All financial assets are recognized initially at fair value, transaction cost that are directly attribute to the acquisition or issue of financial asset , which are not at fair value through profit or loss, are adjusted to the fair value on initial recognition . Purchase and sale of financial assets are recognised using trade date accounting.

Subsequent Measurement:

a) Financial assets carried at amortised cost: A financial asset is measured at amortised cost if it is held within the 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.

!. ADDITIONAL REGULATORY INFORMATION:

Additional Regulatory information pursuant to Clause 6L of General Instructions for preparation of Balance Sheet as given in Part I of Division II of Schedule III to the companies Act, 2013, are given hereunder to the extent relevant and other than those given elsewhere in any other notes to the Financial Statements:

a) The title in respect of self-constructed buildings and title deeds of all other immovable properties (other than properties where the Company is the lessee

and thlease agreements are duly executed in favour of the lessee), disclosed in the financial statements included under Property, Plant and Equipment are held in the name of the Company as at the balance sheet date.

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

c) The Company has not been declared as a will full defaulter by any lender who has powers to declare a company as a will full defaulter at any time during the financial year or after the end of reporting period but before the date when the financial statements are approved.

d) The Company does not have any transactions with struck-off companies.

e) The Company does not have any charges or satisfaction which is yet to be registered with the Registrar of Companies (ROC) beyond the statutory period.

f) The Company has compiled with the number of layers prescribed under clause (87) of section 2 of the Companies Act 2013 read with Companies (Restrictions on number of Layers) Rules, 2017.

g) The company has not advanced or loaned or invested funds to any other person(s) or entity(is), including foreign entities (intermediaries), with the understanding that the intermediary shall; i. 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 ii. Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

h) The Company has not received any funds 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; i. 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 ii. Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries. i) The Company does not have any transactions which is not recorded in the books of accounts but 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). j) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

NOTE 31

Employee Benefits

(a) Defined Contribution Plan

Employee Benefits in the form of employee state insurance and provident fund are considered as defined contribution plan and contribution are charged to the Profit and Loss A/c for the year when the contribution to the respective funds are due.

(b) Defined Benefits Plan:

(I) Gratuity

The Company has a defined benefit gratuity plan. Every employee who has completed five years of continous services is entailed to benefit equivalent to 15 day salary last drawn for each completed year of service. The Scheme is funded with Life Insurance Corporation in the form of qualifying insurance policy with premium determined through actural valuation.

(ii) Leave Wages

The leave wages are payable to all eligible employees at the rate of daily salary for each day of accumulated leave on death or on resignation or upon retirement on attaining superannuation age.

The computation is made on the basis of actual leave outstanding of the employee on the valuation date.

NOTE 40

Figures for the previouse year have been regrouped/rearranged wherever necessary.

See accompanying notes to the financial statements As per our Report of even date

For M.B. AGRAWAL & CO. for and on behalf of the Board of Directors

CHARTERED ACCOUNTANTS

FRN 100137 W CHAIRMAN & MANAGING DIRECTOR : JITENDRASINH J. RAWAL

DIN 00235016

DIRECTORS : H.R.VAGHELA

DIN:01468168

M.B.AGRAWAL S.H.RAJPUT

PARTNER DIN: 08602709

Membership No.009045

CHIEF FINANCIAL OFFICER : ARUNKUMAR GUPTA

COMPANY SECRETARY : NIKHIL BORANA

PLACE : MUMBAI PLACE : MUMBAI

DATE : 28^th May, 2024 DATE : 28^th May, 2024

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Mar 31, 2023

o) Provisions .Contingent Liability and Contingent Assets

Disputed liabilities and claims against/by the company including claims raised by fiscal authorities (e.g. Sales Tax, Income Tax Excise etc.) pending in appeal / court for which no reliable estimate can be made, contingent asset/Liability are recognized as required .

p) Earning Per share

Basic Earnings per share is calculated by dividing the net profit for the period attributable to equity shareholders by the number of equity shares outstanding during the period. For the purpose of calculating diluted earnings per share, the net profit for the period attributed to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares. There is no any dilutive potential equity share holders, Basic earning per share would be same as of diluted earnings per share.

q) Foreign Currency Transactions

Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency closing rates of exchange at the reporting date. Exchange differences arising on settlement or translation of monetary items are recognised in Statement of Profit and Loss. The functional currency of the company is in Indian Rupees.

r) Equity Instruments

Equity instruments are recognised at the value of the proceeds, net of direct costs of the capital issue.

s) Financial Assets and Liabilities (i) Financial Assets :

Initial Recognition and measurement :

All financial assets are recognized initially at fair value, transaction cost that are directly attribute to the acquisition or issue of financial asset , which are not at fair value through profit or loss, are adjusted to the fair value on initial recognition . Purchase and sale of financial assets are recognised using trade date accounting.

Subsequent Measurement:

a) Financial assets carried at amortised cost :A financial asset is measured at amortised cost if it is held within the 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

NOTE 31

Employee Benefits

(a) Defined Contribution Plan

Employee Benefits in the form of employee state insurance and provident fund are considered as defined contribution plan and contribution are charged to the Profit and Loss A/c for the year when the contribution to the respective funds are due.

(b) Defined Benefits Plan:

(I) Gratuity

The Company has a defined benefit gratuity plan. Every employee who has completed five years of continous services is entailed to benefit equivalent to 15 day salary last drawn for each completed year of service. The Scheme is funded with Life Insurance Corporation in the form of qualifying insurance policy with premium determined through actural valuation.

(ii) Leave Wages

The leave wages are payable to all eligible employees at the rate of daily salary for each day of accumulated leave on death or on resignation or upon retirement on attaining superannuation age.

The computation is made on the basis of actual leave outstanding of the employee on the valuation date.

NOTE 40

Figures for the previouse year have been regrouped/rearranged wherever necessary.

See accompanying notes to the financial statements As per our Report of even date

For M.B. AGRAWAL & CO. for and on behalf of the Board of Directors

CHARTERED ACCOUNTANTS

FRN 100137 W CHAIRMAN & MANAGING DIRECTOR : JITENDRASINH J. RAWAL

DIN 00235016

DIRECTORS : H.R.VAGHELA

DIN:01468168

M.B. AGRAWAL S.H.RAJPUT

PARTNER DIN: 08602709

Membership No.009045

CHIEF FINANCIAL OFFICER : ARUNKUMAR GUPTA

COMPANY SECRETARY : NIKHIL BORANA

PLACE : MUMBAI PLACE : MUMBAI

DATE : 27^th May, 2023 DATE : 27^th May, 2023

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Mar 31, 2015

1. The Shamrao Vithal Co-op Bank Ltd:- Term Loan *

Secured by First pari-pasu charge on the company's fixed assets, other movable and all other similar assets acquired and installed and irrevocable joint and several personal guarantees of some of the Directors.

2. Union Bank of India, Dondaicha :- Term Loan **

Secured against Horticulture Machinery only .

Amount of Rs.35.85 Lacs Secured by way of Hypothication of Vehicals are repayable over a period of 2 to 5 Years.

3. The Shamrao Vithal Co-op Bank Ltd:- Cash Credit **

Secured by hypothecation of raw materials, work-in-progress, finished goods, book debts. Stores and spare parts and irrevocable joint and several personal guarantees of some of the Directors, and second charge on fixed assets of the company.

4. Contingent liabilities not provided for in respect of :

i) Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. 46.77 Lakhs (Previous year Rs.7.27 Lakhs).

ii) Bills Discounted with Bankers are Rs. 49.48 Lakhs (Previous year Rs. 47.35 ). Since realised Rs. 49.48 Lakhs.

a) The Sales Tax Assessment has been completed upto financial year 2005-06 and 2008-09. The Company does not expect any substantial demand in respect of subsequent years.

b) The Income Tax Assessment has been completed upto the Assessment year 2012-13. The Company does not expect any substantial liability for the subsequent years.

5. Traveling Expenses include Rs. 16.39 Lakhs (Previous year Rs.8.90 Lakhs).incurred on traveling by the Directors. Above amount includes expenses for foreign travel amounting to Rs. Nil (Previous year Rs.Nil).

6. In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value at least equal to the amount at which they are stated if realized, in the ordinary course of business.

7. The identification of suppliers as Micro and Small Enterprises covered under the "Micro, Small and Medium Enterprises Development Act,2006" was not done as no suppliers has provided the required information.

8. The Company is primarily engaged in the business of Manufacturing of Maize Products. Since the inherent nature of these activities are governed by the same set of risks and returns, these have been groped as a single segment in the above disclosures. The said treatment is in accordance with the guiding principle enunciated in the Accounting Standard on "Segment Reporting (As-17)". The other activities (mainly for captive consumption of the Company where risks and returns are not similar to that of the main activity are Diesel Pump and Power Generation. These activities although can be termed as business segments, are not reported separately above as they are not reportable segments as defined under the Accounting Standard (AS-17) for segment reporting.

9. Operating Lease : The Company has taken land for Wind under operating lease for a period of 30 years. The lease agreement are normally renewed on expiry.

10. Employee Benefits

(a) Defined Contribution Plan

Employee Benefits in the form of employee state insurance and provident fund are considered as defined contribution plan and contribution are charged to the Profit and Loss A/c for the year when the contribution to the respective funds are due.

(b) Defined Benefits Plan:

(I) Gratuity

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on death or resignation or retirement at 15 days salary (last drawn) for each completed year of service. The Scheme is funded with Insurance Corporation in the form of qualifying insurance policy with premium determined through actural valuation.

(ii) Leave Wages

The leave wages are payable to all eligible employees at the rate of daily salary for each day of accumulated leave on death or on resignation or upon retirement on attaining superannuation age. The computation is made on the basis of actual leave outstanding of the employee on the valuation date.

11. During the audit period under review the Company has held Rs. 144.07 Lacs as public deposits as on 31st March, 2015. According to the provision of Section 74 of the Companies Act, 2013 provides that all deposits accepted and outstanding under the erstwhile Companies Act, 1956 were required to be repaid latest by 31st March, 2015 however the Company has submitted an application to Company Law Board to allow it to retain the deposits accepted under the Companies Act, 1956, till their maturity .The company is awaiting order from the CLB.

12. Disclosure of related parties / related party transactions

I) List of Associates

Unique Sugars Ltd., Jaychandra Agro Industries Pvt.Ltd., Rawal Agro Chem Industries Pvt.Ltd., Kreative (Export & Import) Pvt.Ltd., Toranmal Hill Resorts Pvt.Ltd., Rawal Trading Enterprises Pvt.Ltd., Jaysinha Financing Pvt.Ltd., J.J.Agro Farms & Foods and J.J.Agro Farms & Aquaculture.

ii) Key Management Personnel & their relatives :

1. Mr. Jitendrasinh Jaysinh Rawal Chairman & Managing Director

Mrs. Nayankuwar Jitendrasinh Rawal (Wife)

Mr. Jaykumar Jitendrasinh Rawal (Son) Director

2. Mr. Jaydeosinh Jaysinh Rawal Director

Mrs. Binankuwar Jaydeosinh Rawal (Wife)

Mr. Rishikesh Jaydeosinh Rawal (Son)

Mr. Vikrant Jaydeosinh Rawal (Son) Director

3. Mr. Gulabsing Pauladsing Chaudhary Director

13. Figures for the previous year have been regrouped/rearranged wherever necessary.

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Mar 31, 2014

NOTE 1

Contingent liabilities not provided for in respect of :

i) Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. 7.27 Lakhs (Previous year Rs.12.68 Lakhs).

ii) Bills Discounted with Bankers are Rs. 47.35 Lakhs (Previous year Rs. Nil ). Since realised Rs. 47.35 Lakhs.

NOTE 2

a) The Sales Tax Assessment has been completed upto financial year 2005-06 and 2008-09. The Company does not expect any substantial demand in respect of subsequent years.

b) The Income Tax Assessment has been completed upto the Assessment year 2011-12. The Company does not expect any substantial liability for the subsequent years.

Note 3

Travelling Expenses include Rs. 8.90 Lakhs (Previous year Rs.6.89 Lakhs).incurred on travelling by the Directors. Above amount includes expenses for foreign travel amounting to Rs. 4.69 Lakhs (Previous year Rs.Nil ).

Note 4

In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value at least equal to the amount at which they are stated if realized, in the ordinary course of business.

Note 5

The identification of suppliers as Micro and Small Enterprises covered under the "Micro, Small and Medium Enterprises Development Act,2006" was not done as no suppliers has provided the required information.

Note 6

The Company is primarily engaged in the business of Manufacturing of Maize Products. Since the inherent nature of these activities are governed by the same set of risks and returns, these have been groped as a single segment in the above disclosures. The said treatment is in accordance with the guiding principle enunciated in the Accounting Standard on "Segment Reporting (As-17)". The other activities (mainly for captive consumption of the Company where risks and returns are not similar to that of the main activity are Diesel Pump and Power Generation. These activities although can be termed as business segments, are not reported separately above as they are not reportable segments as defined under the Accounting Standard (AS-17) for segment reporting.

Note 7

Operating Lease : The Company has taken land for Wind under operating lease for a period of 30 years.

The lease agreement are normally renewed on expiry.

Note 8

Employee Benefits

(a) Defined Contribution Plan

Employee Benefits in the form of employee state insurance and provident fund are considered as defined contribution plan and contribution are charged to the Profit and Loss A/c for the year when the contribution to the respective funds are due.

(b) Defined Benefits Plan:

(I) Gratuity

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on death or resignation or retirement at 15 days salary (last drawn) for each completed year of service. The Scheme is funded with Insurance Corporation in the form of qualifying insurance policy with premium determined through actural valuation.

(ii) Leave Wages

The leave wages are payable to all eligible employees at the rate of daily salary for each day of accumulated leave on death or on resignation or upon retirement on attaining superannuation age. The computation is made on the basis of actual leave outstanding of the employee on the valuation date.

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Mar 31, 2013

NOTE 1

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF :

i) Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. 12.68 Lacs (Previous year Rs.34.46 Lacs).

ii) Bills Discounted with Bankers are Rs. Nil (Previous year Rs.2.08 Lacs).

iii) Company has given guarantee to H.D.F.C. Ltd. for Rs.50.00 Lacs (Previous year Rs.50.00 Lacs) on behalf of employees of the Company, for Construction of their residential flats.

NOTE 2

a) The Sales Tax Assessment has been completed upto financial year 2005-2006 The Company does not expect any substantial demand in respect of subsequent years.

b) The Income Tax Assessment has been completed upto the Assessment year 2010-2011. The Company does not expect any substantial liability for the subsequent years.

NOTE 3

Traveling Expenses include Rs. 6.89 Lacs (Previous year Rs.8.23 Lacs).incurred on traveling by the Directors. Above amount includes expenses for foreign travel amounting to Rs. Nil (Previous year Rs.2.27 Lacs ).

NOTE 4

In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value at least equal to the amount at which they are stated if realized, in the ordinary course of business.

NOTE 5

The identification of suppliers as Micro and Small Enterprises covered under the ''''Micro, Small and Medium Enterprises Development Act,2006'''' was not done as no suppliers have provided the required information.

NOTE 6

The Company is primarily engaged in the business of Manufacturing of Maize Products. Since the inherent nature of these activities are governed by the same set of risks and returns, these have been grouped as a single segment in the above disclosures. The said treatment is in accordance with the guiding principle enunciated in the Accounting Standard on "Segment Reporting (As-17)". The other activities (mainly for captive consumption of the Company where risks and returns are not similar to that of the main activity are Diesel Pump and Power Generation. These activities although can be termed as business segments, are not reported separately above as they are not reportable segments as defined under the Accounting Standard (AS-17) for segment reporting.

NOTE 7

Operating Lease : The Company has taken land for Wind Mill under operating lease for a period of : 30 years. The lease agreement are normally renewed on expiry.

NOTE 8 EMPLOYEE BENEFITS

(a) Defined Contribution Plan Employee Benefits in the form of employee state insurance and provident fund are considered as defined contribution plan and contribution are charged to the Profit and Loss A/c for the year when the contribution to the respective funds are due.

(b) Defined Benefits Plan: (I) Gratuity

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on death or resignation or retirement at 15 days salary (last drawn) for each completed year of service. The Scheme is funded with Insurance Corporation in the form of qualifying insurance policy with premium determined through actural valuation. (ii)Leave Wages

The leave wages are payable to all eligible employees at the rate of daily salary for each day of accumulated leave on death or on resignation or upon retirement on attaining superannuation age. The computation is made on the basis of actual leave outstanding of the employee on the valuation date.

NOTE 9

DISCLOSURE OF RELATED PARTIES / RELATED PARTY TRANSACTIONS

I) List of Associates

Unique Sugars Ltd., Jaychandra Agro Industries Pvt.Ltd., Rawal Agro Chem Industries Pvt.Ltd., Kreative (Export & Import) Pvt. Ltd., Toranmal Hill Resorts Pvt.Ltd., Rawal Trading Enterprises Pvt.Ltd., Jaysinha Financing Pvt.Ltd., J.J.Agro Farms & Foods and J.J.Agro Farms & Aquaculture.

ii) Key Management Personnel & their relatives :

1. Mr. Jitendrasinh Jaysinh Rawal Chairman & Managing Director Mrs. Nayankuwar Jitendrasinh Rawal (Wife) Mr. Jaykumar Jitendrasinh Rawal (Son) Director

2. Mr. Jaydeosinh Jaysinh Rawal Director Mrs. Binankuwar Jaydeosinh Rawal (Wife) Mr. Rishikesh Jaydeosinh Rawal (Son) Mr. Vikrant Jaydeosinh Rawal (Son) Director

3. Mr. Gulabsing Pauladsing Chaudhary Director

NOTE 10

Figures for the previous year have been regrouped/rearranged wherever necessary.

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Mar 31, 2012

NOTE 1

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF :

i) Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. 34.46 Lakhs (Previous year Rs.169.04 Lakhs).

ii) Bills Discounted with Bankers are Rs. 2.08 Lakhs (Previous year Rs.5.24 Lakhs). Since realised Rs. 2.08 Lakhs.

iii) Company has given guarantee to H.D.F.C. Ltd. for Rs.50.00 Lakhs (Previous year Rs.50.00 Lakhs) on behalf of employees of the Company, for Construction of there residential flats.

NOTE 2

a) The Sales Tax Assessment has been completed upto financial year 2004-2005. The Company does not expect any substantial demand in respect of subsequent years.

b) The Income Tax Assessment has been completed upto the Assessment year 2009-2010. The Company does not expect any substantial liability for the subsequent years.

NOTE 3

Traveling Expenses include Rs.8.23 Lakhs (Previous year Rs.4.85 Lakhs).incurred on traveling by the Directors. Above amount includes expenses for foreign travel amounting to Rs. 2.27 Lakhs (Previous year Rs.Nil ).

NOTE 4

In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value at least equal to the amount at which they are stated if realized, in the ordinary course of business.

NOTE 5

The identification of suppliers as Micro and Small Enterprises covered under the ''Micro, Small and Medium Enterprises Development Act,2006'' was not done as no suppliers has provided the required information.

NOTE 6

The Company is primarily engaged in the business of Manufacturing of Maize Products. Since the inherent nature of these activities are governed by the same set of risks and returns, these have been grouped as a single segment in the above disclosures. The said treatment is in accordance with the guiding principle enunciated in the Accounting Standard on "Segment Reporting (As-17)". The other activities (mainly for captive consumption of the Company where risks and returns are not similar to that of the main activity are Diesel Pump and Power Generation. These activities although can be termed as business segments, are not reported separately above as they are not reportable segments as defined under the Accounting Standard (AS-17) for segment reporting.

NOTE 7

Operating Lease : The Company has taken land for Wind under operating lease for a period of 30 years. The lease agreement are normally renewed on expiry.

NOTE 8

EMPLOYEE BENEFITS

(a) Defined Contribution Plan Employee Benefits in the form of employee state insurance and provident fund are considered as defined contribution plan and contribution are charged to the Profit and Loss A/c for the year when the contribution to the respective funds are due.

(b) Defined Benefits Plan:

(I) Gratuity

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on death or resignation or retirement at 15 days salary (last drawn) for each completed year of service. The Scheme is funded with Insurance Corporation in the form of qualifying insurance policy with premium determined through actuarial valuation.

NOTE 9

Figures for the previous year have been regrouped/rearranged wherever necessary.

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Mar 31, 2010

1) Contingent liabilities not provided for in respect of:

i) Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. 51.75 Lakhs (Previous year Rs.315.33 Lakhs).

ii) Bills Discounted with Bankers are Rs. 5.24 Lakhs (Previous year Rs.15.21 Lakhs). Since realised Rs. 5.24 Lakhs.

iii) Company has given guarantee to H.D.F.C. Ltd. for Rs.50.00 Lakhs (Previous year Rs.50.00 Lakhs) on behalf of employees of the Company, for Construction of there residential flats.

iv) The Income Tax Department has made certain additions for the assessment year 2004-05 and 2006-07. The Company has contested the same in appeal before CIT (A).

2) a) The Sales Tax Assessment has been completed upto

financial year 2003-2004. The Company does not expect any substantial demand in respect of subsequent years.

b) The Income Tax Assessment has been completed upto the Assessment year 2007-08. The Company does not expect any substantial liability for the subsequent years.

3) Travelling Expenses include Rs. 4.85 Lakhs (Previous year Rs.9.80 Lakhs).incurred on travelling by the Directors. Above amount includes expenses for foreign travel amounting to Rs. Nil (Previous year Rs. 2.75 Lakhs ).

4) In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value at least equal to the amount at which they are stated if realised, in the ordinary course of business.

(Shri Jaydeosinh J. Rawal Director is Chairman of The DR. Co-op Bank and Shri Jaykumar J. Rawal Director is one of the Director of the above bank. Shri Jitendrasinh J. Rawal is relative of above Directors).

8) List of small scale industries the outstanding of whom are for more than 30 days as at 31 st March2010 is as follows:

K.T.PIastics Industries, Sujata Pharmaceuticals, Time Techno Plast limited, Surana Industries, TPL Plastech limited, Kris Flexipacks Pvt.Ltd., Krishna Solvochem Ltd. Mangal Polysack Pvt.Ltd. and Ketan Plastick Industries Pvt.Ltd.

The above information has been complied to the extent they could be identified as small scale and ancillary undertakings on the basis of information available with the Company. The outstanding are on the basis of terms of the contracts. Information required under Micro, Small & Medium Enterprises Development Acts, 2006 Based on the basis of information available with the Company the amount due to such parties at the year end has been furnished above. The outstanding are on the basis of terms of the contracts and no interest is due / claimed on the same.

5) The Company is primarily engaged in the business of Manufacturing of Maize Products. Since the inherent nature of these activities are governed by the same set of risks and returns, these have been grouped as a single segment in the above disclosures. The said treatment is in accordance with the guiding principle enunciated in the Accounting Standard on "Segment Reporting (As-17)". The • other activities (mainly for captive consumption of the Company where risks and returns are not similar to that of the main activity are Diesel Pump and Wind Power Generation. These activities although can be termed as business segments, are not reported separately above as they are not reportable segments as defined under the Accounting Standard (AS-17) for segment reporting.

6) Operating Lease : The Company has taken land for Wind under operating lease for a period of 30 years. The lease agreement are normally renewed on expiry.

7) Employee Benefits

(a) Defined Contribution Plan

Employee Benefits in the form of employee state insurance and providend fund are considered as defined contribution plan and contribution are charged to the Profit and Loss A/c for the year when the contribution to the respective funds are due. The Compnay has contributed Rs. 24.86 lakhs to P.F. Commissioner, Govt, of India, Nasik, which has been recognized in the Profit and Loss A/c

(b) Defined Benefits Plan:

(I) Gratuity

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on death or resignation or retirement at 15 days salary (last drawn) for each completed year of service. The Scheme is funded with Insurance Corporation in the form of qualifying insurance policy with premium determined through actural valuation.

(ii) Leave Wages

The leave wages are payable to all eligible employees at the rate of daily salary for each day of accumulated leave on death or on resignation or upon retirement on attaining superannuation age. The computation is made on the basis of actual leave outstanding of the employee on the valuation date.

8) Disclosure of related parties / related party transactions

I) List of Associates

Unique Sugars Ltd., JaychandraAgro Industries Pvt.Ltd., RawalAgro Chem Industries Pvt.Ltd., Kreative (Exports Import) Pvt. Ltd., Toranmal Hill Resorts Pvt.Ltd., Practical Engg. Pvt.Ltd., Rawal Trading Enterprises Pvt.Ltd., Jaysinha Financing Pvt.Ltd., Toranmal Development Pvt.Ltd., J.J. Agro Farms & Foods and J.J.Agro Farms & Aquaculture.

II) Key Management Personnel & their relatives :

1. Mr. Jitendrasinh Jaysinh Rawal Chairman & Managing Director

Mrs. Nayankuwar Jitendrasinh Rawal (Wife)

Mr. Jaykumar Jitendrasinh Rawal (Son) Director

2. Mr. Jaydeosinh Jaysinh Rawal Director

Mrs. Binankuwar Jaydeosinh Rawal (Wife)

Mr. Rishikesh Jaydeosinh Rawal (Son)

Mr. Vikrant Jaydeosinh Rawal (Son) Director

3. Mr. Dasharath Amrit Director