(h) Provisions and (Conti ngent Liabilities:

an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the

(i) Revenue Recognition:
accrual basis.

Interest income is recognized using the effective interest rate (EIR) method.

Divi dend income on investments is recognised when the right to receive dividend is established.

(j) Government Grant:

The Company was entitled to ‘MEIS Scheme' under export incentive till Jnauary 2021. Now, Company is entlied to 'RoDTEP Scheme
under new export incentive scheme. Such incentive are measured at amount receivable from the government and are recognised as other
ope rating revenue. The Company will comply with all necessary conditions attached to incentives.

(k) Expenditure:

Exp enses are accounted on accrual basis.

(l) Employee Benefits:

Defi ned contribution plans

Ret irement and other employee benefits

(i) and Loss Account of the year when the contributions to the respective funds are due. There are no other obligations other than

Gratuity liability is a defined benefit obligations and are provided for on the basis of valuation made at the end of each financial

(ii) year. No provision is made for Gratuity.

(iii) No provision is made for unencashable short term compensated absences.

(m) Impairment of Non-Financial Assets:

(n) I ncome Taxes:

Current tax is the expected tax payable/receivable on the taxable income/loss for the year using applicable tax rates at the Balance Sheet
date, and any adjustment to taxes in respect of previous years. Interest expenses and penalties, if any, related to income tax are included
in finance cost and other expenses respectively. Interest Income, if any, related to In come tax is includ ed in current tax expense,
purposes and the corresponding amounts used for taxation purposes.

A deferred tax liability is recognised based on the expected manner of realisation or settlement of the carrying amount of assets and
liabilities, using tax rates enacted, or substantively enacted, by the end of the reporting period. Deferred tax assets are recognised only to
the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are
reviewed at each reporting date and reduced to the extent that it is no longer probable that the related tax benefit will be realised.

Current tax assets and current tax liabilities are offset when there is a legally enforceable right to set off the recognised amounts and there
is an intention to settle the asset and the liability on a net basis. Deferred tax assets and deferred tax liabilities are offset when there is a
lega lly enforceable right to set off current tax assets against current tax liabilities; and the deferred tax assets and the deferred tax liabilities
relate to income taxes levied by the same taxation authority.

(o) Leases:

Pay ments and receipts under such leases are recognised to the Statement of Profit and Loss on a straight-line basis over the term of the

Lea ses are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards incidental to
ownership to the lessee.

(p) Foreign Currencies:

(q) Earnings Per Share:

For the purpose of calculating diluted earnings per share, the net profit for the period attributable 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.

(a) Capital Reserve: Capital Subsidies received by the company is treated as capital reserve.

(b) Securities Premium Reserve: The amount received in excess of face value of the equity shares is
recognised in Securities Premium Reserve.

(c) General Reserve: The Company has transferred a portion of the net profit of the Company before declaring
dividend to general reserve pursuant to the earlier provisions of Companies Act, 1956. Mandatory transfer to
general reserve is not required under the Companies Act, 2013.

(d) 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 shareholders.

C. Capital Management

Equity share capital and other equity are considered for the purpose of Company’s capital management.

The Company manages its capital so as to safeguard its ability to continue as a going concern and to optimise
returns to shareholders. The capital structure of the Company is based on management’s judgement of its
strategic and day-to-day needs with a focus on total equity so as to maintain investor, creditors and market
confidence.

The management and the board of directors monitors the return on capital as well as the level of dividends to
shareholders. The Company may take appropriate steps in order to maintain, or if necessary adjust, its capital
structure.

^a- Term Loans are secured by First pari passu charge over the entire fixed assets of the company at Paonta sahib
(H.P.) and Mehsana (Gujarat), with Joint Lending Forum comprising SBI,Corporation Bank, Bank of Baroda and
Exim Bank, alongwith personal guarantees of the Directors and Promotors.

i_

^b. All working capital limits are secured by first pari passu charge over the entire current assets of the company,
along with personal guarantees of promoters.

2 The company Bank accounts are NPA since March 2018.

3 Loan Account from Banks have been shown at the full value as on the date of NPA. The OTS settled by banks is
Rs. 8,290 Lakhs out of which Rs. 5,544 Lakhs have been paid till 31.03.2025. The amount is shown as other
financial liability under the head current liabilities.

The Company has access to the audited accounts of the joint venture for the financial year ended 31 March
2014. Audited financial statements for subsequent years have not been made available to the Company.
Based on information available with the Company that the operations of the joint venture have ceased, the
Man agement, as a measure of abundant prudence, made a provision for dimunition in the value of the
investment made in the entity in the financial year ended 31 March 2014.

Consequently accounts of Jointly held entity are not consolidated with the company's accounts.

The Company as well Simplot India LLC have preferred counter claims against each other.

Simplot India LLC has invoked arbitration at Singapore which the Company has challenged on grounds

^a. of jurisdiction. The Company has been legally advised that the claim of Simplot India LLC is untenable
and liable to be rejected or substantially diluted, and accordingly, no provision is considered
necessary.

b. The Company has filed case against Simplot India LLC before the Hon'ble Delhi High Court, which has
been directed to Delhi High Court arbitration centre.

g There are no material prior year items included in the Statement of Profit and Loss, except to the extent
disc l osed at the appropriate place in the Notes.

h Duri ng the year there is no liablity to pay MAT as there is carried forward business loss.

i Transfer pricing

The Company is of the opinion that its domestic transactions with related parties is at arm's length and in
compliance with the transfer pricing legislation. The management believes that the aforesaid legislation will
not have any impact on the financial statements, particularly on its tax expense and liability.
j Explanatory Note :In the dispute that arose with Erstwhile JV partner Simplot USA in 2013, the Singapore
International Arbitration Center ( SIAC) awarded US $ 3.96 mm with further interest @ 5.33% till the date
of payment from the date of award to be payable by the Company and in turn the sale of French Fry line
and Specialty Potato Lines stands cancelled and has been reverted back to the Company. The Tribunal
has directed Simplot to return the Pieces and Penals removed from French Fry & Potato Specialty Lines.
Company Proposes to file an appeal in Singapore Highcourt to Challange the amount awarded. However
company has shown the amount in contingent liability and on conclusion of appeal will pass the necessary
entries to add the value of the French Fry & Potato Specialty Lines into assets.

k Previous Year Comparatives

Previous year’s figures have been regrouped / rearranged where necessary to conform to current year's
presentation.

Signatures to Notes 1 to 20

As per our report of even date For and on behalf of the Board

For Sharma Kumar & Associates
Chartered Accountants

Firm Registration No. 030842N Man Mohan Malik Sangita Malik

Chairman & Managing Director Director

DI N:00696077 DIN: 02428506

(Kailash Sharma)

Partner

Membership no. 543197

Shamsher Ali Komaljeet Kaur

Dated: 30.05.2025 CFO Company Secretary

Place : Delhi