m. Provisions and contigencies
The Company creates 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.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 a possible obligation or a present obligation in respect of which the
likelihood of outflow of resources is remote, no provision or disclosure is made.
Provisions for onerous contracts i.e. contracts where the expected unavoidable costs of meeting the obligations under
the contract exceed the economic benefits expected to be received under it, are recognised when it is probable that an
outflow of resources embodying economic benefits will be required to settle a present obligation as a result of an
obligating event, based on a reliable estimate of such obligation.
One Time Settlement with Banks
The interest waiver obtained on one time settlement with banks during the year 2011 - 12 and 2012 - 13 have been
credited to profit & loss account. The interest waiver obtained in earlier years has been reduced from the brought
forward losses and the principal amount waived were credited to the Capital Reserves.
The One Time Settlement amount for the Term Loan includes the value of Cumulative Redeemable Preference Shares
allotted to the Bank, against overdue interest upto 31/03/2012 and converting the outstanding Principal amount and
converting the present value of savings on account of reduction in rate on a restructuring . The One Time Settlement
amount net of the value of the Cumulative Preference shares is considered to be principal amount waiver and the entire
interest outstanding as per books is considered to be waived and has been reduced from the brought forward losses.
1 The Company has only one class of shares referred to as Equity Shares having a par value of Rs.10/- per share. Each holder of Equity Shares is entitled to one vote per
share.
2 The company declares and pays dividend in Indian Rupees. The dividend when proposed by the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting. For the current year,no dividend is proposed by Board of Directors
3 In the event of liquidation of the company the holders of equity shares shall be entitled to receive any of the remaining assets of the company after distribution of all
preferential amounts.The distribution will be in proportion to the number of equity shares held by the shareholders.
4 During the year there was no change in the number of shares outstanding at the beginning and at the end of the year.
Equity shares movement during the 5 years preceding 31 March 2025
A. Equity shares allotted as fully paid-up pursuant to contract without payment being received in cash
No equity shares were issued in terms of scheme of amalagamation
B. Equity shares issued as bonus
No equity shares were alloted as fully paid up bonus shares by capitalisation of profits transferred from retained earnings pursuant to an ordinary resolution passed after taking the
consent of shareholders through postal ballot.
C. Equity shares extinguished on buy-back
No equity shares were bought back during the 5 preceding years as at 31st March 2025.
Preference share
(i) The Company has only one class of Preference Shares (non-convertible cumulative redeemable ) having a face value of Rs. 10/- per share.
Expected credit losses are the weighted average of credit losses with the respective risks of default occurring as the weights.
Credit loss is the difference between all contractual cash flows that are due to the Company in accordance with the contract and all the cash flows that the Company expects to
receive (i.e. All cash shortfalls) discounted at the original effective interest rate.
While estimating cash flows, Company considers all contractual terms of financial Instrument over the expected life of the financial instrument including cash flows from the sale
of collateral held that are integral to contractual terms.
The company follows ‘simplified approach’ for recognition of impairment loss allowance on:
- Trade receivables or contract revenue receivables; and
- impairment allowance based on lifetime ECL at each reporting date, right from its initial recognition.
No allowance has been made for ECL during the year (Previous year Nil) as the Management is of the opinion that all debtors other than those specifically provided for are
realisable in its entirety. This is evidenced by the fact that debtors position of the Company has substantially improved as compared to the previous financial year.
NOTE 32 :Operating segments
1 Primary Segment Information(By Business Segment)
The company's primary segments have been identified as
(a) Cattle Feed Division
(b) Oil Cake Processing Division.
There are no reportable secondary segments.
NOTE 33 : General
1 Set off has been made to the extent debit balances could be linked with corresponding credit balances
2 The amounts in the financial statements are presented in rupees in hundereds
3 Personal balances are subject to confirmation
4 Previous year figures have been regrouped and reclassified wherever necessary to correspond to the current year’s classification/disclosure.
Other Statutory Information
1 The Company does not have any Immovable Property whose title deeds are not held in the name of the Company.
2 The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.
3 The Company has utilised funds raised from issue of securities or borrowings from banks and financial institutions for the specific purposes for which they were issued/taken.
4 The Company has not obtained any borrowings from banks or financial institutions on the basis of security of current assets.
The Company has not been declared as a wilful defaulter by any lender who has powers to declare a company as a wilful defaulter at any time during the financial year or after the
end of reporting period but before the date when financial statements are approved.
The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the
Intermediary shall:
7 (a) 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
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
The Company has not received any fund 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:
(a) 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
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
9 The provisions of Corporate Social Responsibility under Section 135 of the Companies Act, 2013 are not applicable to the Company.
10 The Company does not have any transactions with struck-off companies.
T ^ The Company does not have any transaction 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).
12 The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013 read with Companies (Restriction on number of Layers)
13 Rules, 2017.
14 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.
15 The company has failed to redeem preference shares issued on 24th July 2002 amounting to Rs 5,19,74,030 held by Ayyappa Roller Flour Mills Limited which were due for
redemption since July 2022, which is not in compliance with Section 55 of Companies Act, 2013. We are also informed that the Company have placed a petition with the Hon’ble
NCLT on 25th February 2025 for the redemption of the unredeemed preference shares and to issue further 51,97,403 cumulative redeemable preference shares of Rs 10 each to the
existing shareholder , for a term of 20 years from the date of issue on the same terms and conditions.
As per our report of even date attached For and on behalf of the Board of Directors
For G Joseph & Associates Prima Industries Limited
Chartered Accountants
(Reg. No.006310S)
P.RAJAGOPAL Swati Gupta Sajjan Kumar Gupta
Partner Director Managing Director
M.No.202134 DIN- 00249036 DIN- 00248760
Kushagra Gupta Malavika S Kumar
Place : Cochin (CFO) Company Secretary
Date : 27-05-2025
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