17. Provisions & Contingent Liabilities:

Provisions are recognised when the Company has a present obligation (legal or constructive) as a
result of a past event, it is probable that an outflow of resources embodying economic benefits will
be required to settle the obligation and a reliable estimate can be made of the amount of the
obligation. When the Company expects some or all of a provision to be reimbursed, for example,
under an insurance contract, the reimbursement is recognised as a separate asset, but only when
the reimbursement is virtually certain. The expense relating to a provision is presented in the
statement of profit and loss net of any reimbursement.

If the effect of the time value of money is material, provisions are discounted using a current pre¬
tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used,
the increase in the provision due to the passage of time is recognised as a finance cost.

Contingent liability arises when the Company has:

a) A possible obligation that arises from past events and whose existence will be confirmed only by
the occurrence or non-occurrence of one or more uncertain future events not wholly within the
control of the entity; or

b) A present obligation that arises from past events but is not recognised because:

(i) It is not probable that an outflow of resources embodying economic benefits will be required to
settle the obligation; or

(ii) The amount of the obligation cannot be measured with sufficient reliability.

Contingent liabilities are not recorded in the financial statement but, rather, are disclosed in the
note to the financial statements.

(B) Kev Accounting Estimates:

1. Fair Value Measurement Of Financial Instruments:

When the fair values of financial assets and financial liabilities recorded in the balance sheet
cannot be measured based on quoted prices in active markets, their fair value are measured using
valuation techniques. The inputs to these models are taken from observable markets where
possible, but where this is not feasible, a degree of judgment is required in establishing fair values.
Judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes
in assumptions relating to these factors could affect the reported fair value of financial
instruments.

2. Property, Plant And Equipment:

Refer to Note 3 (A) - 4 for the estimation of useful life of Property, Plant and Equipment. The
carrying values of Property, plant and equipment have been disclosed in Note 6.

3. Allowance for doubtful trade receivables:

Trade receivables do not carry any interest and are stated at their nominal value as reduced by
appropriate allowances for estimated irrecoverable amounts.

Estimated irrecoverable amounts are derived based on a provision matrix which takes into account
various factors such as customer specific risks, geographical region, product type, currency
fluctuation risk, repatriation policy of the country, country specific economic risks, customer rating,
and type of customer, etc. Individual trade receivables are written off when the management
deems them not to be collectable.

NOTE 4 RECENT ACCOUNTING PRONOUNCEMENTS:

Standards Issued But Not Yet Effective:

The amendments to standards that are issued, but not yet effective, up to the date of issuance of
the Company's financial statements are disclosed below. The Company intends to adopt these
standards, if applicable, when they become effective. The Ministry of Corporate Affairs ("MCA") has
issued certain amendments to Ind AS through (Indian Accounting Standards) Amendment Rules,
2018. These amendments maintain convergence with IFRS by incorporating amendments issued
by International Accounting Standards Board (IASB) into Ind AS and has amended the following
standards:

1. Ind AS 115-Revenue from Contract with Customers

2. Ind AS 21-The effect of changes in foreign exchanges rates

3. Ind AS 40-Investment Property

4. Ind AS 12-Income Taxes

5. Ind AS 28-Investment in Associates and Joint Ventures

6. Ind AS 112-Disclosure of Interest in Other Entities

The amendment will come into force from April 1, 2018. The Company has evaluated the effect of
this on the financial statements and the impact is not material. Ind AS 115, Revenue from
Contract with Customers: On March 28, 2018, the MCA notified the Ind AS 115. The core principle
of the new standard is that an entity should recognize revenue to depict the transfer of promised
goods or services to customers in an amount that reflects the consideration to which the entity
expects to be entitled in exchange for those goods or services.

Further, the new standard requires enhanced disclosures about the nature, amount, timing and
uncertainty of revenue and cash flows arising from the entity's contracts with customers.

NOTE 5 TRANSITION TO IND AS:

These financial statements are the Company's first standalone financial statements prepared in
accordance with Ind AS based on the permissible options and exemptions available to the
Company in terms of Ind AS 101 'First time adoption of Indian Accounting standards'. For periods
up to and including the year ended on March 31, 2017, the Company prepared its financial
statements in accordance with accounting standards notified under section 133 of the Companies
Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (previous
GAAP). Accordingly, the Company has prepared financial statements which comply with Ind AS
applicable for periods ending on March 31, 2019, together with the comparative period data as at
and for the year ended March 31, 2018, as described in the summary of significant accounting
policies. In preparing these financial statements, the Company's opening balance sheet was
prepared as at April 1, 2016, the Company's date of transition to Ind AS. This note explains the
principal adjustments made by the Company in restating its previous GAAP financial statements,
including the balance sheet as at April 1, 2016 and the financial statements as at and for the year
ended March 31, 2017.

C. Terms/rights attached to equity shares:

The company has only one class of shares referred to as equity shares having a par value of
Rs.10/-. Each holder of equity shares is entitled to one vote per share. The company declares and
pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to
approval of shareholders in the ensuing Annual General Meeting. During the year ended 31^st
March, 2024, the amount of per share dividend recognized as distributions to equity share holders
was Rs. Nil. In the event of liquidation of the company, the holders of the Equity shares will be
entitled to receive remaining assets of the company, after distribution of preferential amounts. The
distribution will be in proportion to the number of equity shares held by the share holders.

As per records of the company, including its register of shareholders/members and other
declarations received from share holders regarding beneficial interest, the above shareholding
represents both legal and beneficial ownership of shares.

NOTE 19 OTHER EQUITY:

Refer to the statement of changes in equity for movement in Other equity.

Nature and purpose of reserves
Amalgamation Reserve:

Amalgamation reserve was created a way back and carried forward in the financials.

Investment Allowance Reserve:

Investment allowance reserve was created a long back and carried forward in the financials.
General Reserve:

General reserve is created from time to time by way of transfer profits from retained earnings for
appropriation purposes. General reserve is created by a transfer from one component of equity to
another and is not an item of other comprehensive income.

Retained Earnings:

Retained earnings are the profits that the Company has earned till date, less any transfers to
general reserve, dividends or other distributions paid to the shareholders.

B. Defined benefit plans: |

Company does not have any Defined Benefit plans for the aforsaid period. Disclosure regarding the |

same shall also provided in the Accounting policy of employee benefit in the same Annual Report. |

C. Other Long term employee benefit plans: |

Company does not have any other Long term employee benefit plans for the aforsaid period. |

NOTE 36 RELATED PARTY TRANSACTIONS: §

Related party disclosures, as required by Ind AS 24," Related Party Disclosures", are given below. /

Particulars Of Related Parties And Nature Of Relationships: >;

Name Of The Related Parties: |

1. Key Managerial Personnel |

i. Narendra Chavda >;Ý

ii. Vi nit Parikh |

2. Relative of Key Management Personnel |

i. Pushpaben Parikh >;Ý

ii. Shalin Parikh |

3. Transaction with related parties Loan And Advance: |

i. Vinit Parikh Rs. 40,596.00/- /

ii. Shalin Parikh Rs. 83,878.00/- |

Loan Given: |

Madhur Capital And Finance Ltd. Rs. 50,75,206/- /

NOTE 37 SEGMENT INFORMATION: §

In line with Ind As - 108 operating segments and basis of the review of operations being done by |

the senior Management, the operations of the group fall under manufacture and export of food /

product business which is considered to be the only reportable segment by the management. |

NOTE 40 OTHER NOTES:

A. The balances shown in the Balance sheet under the head of unsecured loans, Creditors,
Debtors and Loans and Advances are each subject to confirmation from respective parties
and are subject to adjustment if any, on receipt of confirmation.

B. The company has not received any intimation from suppliers regarding their status under
Micro and Medium Enterprise Development Act, 2006 and hence disclosure, if any, relating
to the amounts unpaid as at year end together with interest paid/payable as required
under the said Act have not been given.

C. During the year company has discontinued Mumbai Branch Operation.

D. During the year No Export Sales Recorded against considerable amount received in Indian
Currency.

In terms of our report of even date attached

For, J U Shah And Co. For And On Behalf Of The Board Of Directors

Chartered Accountants Madhur Industries Limited

(FRN: 129209W)

Sd/- Sd/- Sd/-

Jigar U Shah Shalin Parikh Narendra Chavda

Partner Director & CFO Director

Membership No. 127524 (DIN: 00494506) (DIN: 02377055)

Date : May 30, 2024 Sd/-

Place : Ahmedabad Punam Kumari Jain

UDIN NO.: 24127524BKCRWV6841 (Company Secretary)