xvi) Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognized for liabilities that can be measured only by using a
substantial degree of estimation, if

a) The Company has a present obligation as a result of a past event,

b) A probable outflow of resources is expected to settle the obligation; and

c) The amount of the obligation can be reliably estimated.

Reimbursement expected in respect of expenditure required to settle a provision is
recognized only when it is virtually certain that the reimbursement will be received.

Contingent liability is disclosed in case of

a) A present obligation arising from events, when it is not probable that an
outflow of resources will be required to settle the obligation,

b) A present obligation when no reliable estimate is possible; and

c) A present obligation arising from past events where the probability of
outflow of resources is not remote.

Contingent Assets are neither recognized, nor disclosed.

Provisions, Contingent Liabilities and Contingent Assets are reviewed at each
Balance Sheet date.

b) Corporate Guarantee given to Bank to secure credit facilities extended to BCPL Railway Infrastructure Limited, amounting to Rs. 8500 lacs.
Previous year Rs. 5500 lacs, BCL Bio Energy Private Limited Rs. 3419 Lacs, Previous Year Nil.

c) Foreign Bills negotiated on behalf of the Company by the Bank, pending realization by the Bank Rs. 5938.07 Lacs P.Y. Rs. 8606.17 Lacs

d) West Bengal Industrial Infrastructure Development Corporation has demanded a sum of Rs. 13.80 Lacs plus interest @ 14% p.a. from
02.05.2015 as charges for changing the owner's name for the land allotted to the erstwhile Phoenix Cold Storage Pvt. Ltd., since amalgamated
with the Company. Against the demand of the Corporation, the Company had applied for quashing the demand before the Hon. Calcutta High
Court. Single bench Company Court vide its order dated 17/06/2015 in CA No. 249 of 2015/CP No. 91 of 2010 has ruled against the Company
and has ordered for payment of the demand along with costs assessed at 300 GM. The Company has preferred appeal in Divisional Bench. The
final disposal of the appeal is pending.

e) Advances recoverable in cash or in kind or for value to be received, includes Rs. Nil (Pv. Yr. Rs.8.46 Lacs made to a supplier who has failed to
deliver the materials.

30. In the opinion of the management, since no reasonable estimates of probable outflow, on account of present obligations, of the Company
can be made no provision has been made under the stipulations of AS-29 issued by the ICAI.

c) All Loans or Advances in the nature of loans are granted to promoters. Directors, KMPs and the related parties (as
defined under Companies Act, 2013,) either severally or jointly with any other person, are repayable on demand

d) No proceedings have been initiated or are pending against the company for holding any benami property under
the Benami Transactions (Prohibition), Act, 1988 (45 of 1988) and the rules made thereunder

e) To the best of the information available, the company has not entered into any transactions with companies
struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956

f) There are no charges or satisfaction yet to be registered with Registrar of Companies beyond the statutory period
allowed for such registration.

g) No Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of
the Companies Act, 2013, in relation to the Company.

h) The Company has not traded or invested in Crypto currency or Virtual Currency.

i) Company has used the share premium and borrowings from banks and financial institutions for the specific
purpose for which it was taken at the balance sheet date.

j) The figures in these accounts have been rounded off to nearest lakhs of rupees

k) Quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in
agreement with the books of accounts.

l) The company is not a declared wilful defaulter by any bank or financial institution or other lender.

m) Relevant provisions of the Foreign Exchange Management Act, 1999 (42 of 1999) and Companies Act has been
complied with for such transactions and the transactions are not violative of the Prevention of Money-Laundering
act, 2002 (15 of 2003).

n) There are no istances of non compliance with the provisions ot number of layers as prescribed under clause (87)
of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017

o) Previous year figures nave been regrouped/reclassified wherever necessary to correspond with the current year's
dassification/disdosure.

p) Additional Regulatory Information/Disdosures as required by General Instructions to Division I of Schedule III to
the Companies Act, 2013 are furnished to the extent applicable to the Company and which are in line with the
nature of Business of the Company.