Note: Ageing of Trade Receivable for more than 1 year, 1-2 years, 2-3 year, more than 3 '/(ears for current year cannot be disclosed seperately and has been dislosed as mom tit an 2 yeac only. F urth er ageing of prnvion s year cannot be disdoea d as per Schedule II ¹ of the Companiea Ac t its s he praviotl years data has lost dte to Ransomware atTack antⁱ nod h^nd^d over to the Resolution Professional.

(ii) Terms/Rights attached to equity shares

The Company has one class of equity shares having a par value of Re. 1 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of Interim dividend.

In the event of liquidation of the Company, the equity shareholders are eligible to receive 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.

a) Retained Earnings: This Reserve represents the cumulative profits of the Company and effects of remeasurement of defined benefit obligations. This Reserve can be utilized in accordance with the provisions of the Companies Act, 2013.

b) Capital Reserve: this Reserve represents grants of capital nature.

c)

Securities Premium Account: this Reserve represents the premium on issue of shares and can be utilized in accordance with the provision of the Companies Act, 2013.

d) General Reserve: this Reserve is created by an appropriation from one component of equity (generally retained earnings) to another, not being an item of Other Comprehensive Income. The same can be utilized by the Company in accordance with the provisions of the Companies Act, 2013.

Note: Ageing of Trade P aya ble for more than 1 year, 1-2 years, 2-3 year, mo re t han 3 years for c urrent year cannot Ire disclosed seperately and has been dislosed a s more than 1 yea r only. Further agein g of previous year cannot be disrl osed as pe r Schedule III of ehrr Compa nies Act as th e pi revious years data has lost due to Ransomware attack ancJ not hancded over to the Res olution Pro^es^ion^l.

* The Company is under Corporate Insolvency Resolution Process as per Insolvency & Bankruptcy Code,(IBC) 2016. As per Section 14 of IBC, 2016 Moratorium is declared by Hon'ble NCLT and Banks/ Financial Instiutions cannot charge interest on loan. Futher no interest is payable on share application money pending allotment as per Section 14 IBC, 2016. Hence no provision for interest is required to be made.

31 Detail of dues to micro and small enterprises defined under the MSMED Act 2006

Disclosure of payable to vendors as defined under the "Micro, Small and Medium Enterprise Development Act, 2006" is based on the information available with the Company regarding the status of registration of such vendors under the said Act, as per the intimation received from them on requests made by the Company.

In view of the previous years data loss due to Ransomware attack and not handed over to the Resolution Professional, no further information is available with the Resolution Professional for the bifurcation of the creditors. Henceforth, overdue Principal amounts/ interest payable amounts for delayed payments to such vendors can not be disclosed separately

The above amounts includes demand from tax authorities for various matters. The Company has preferred appeals on these matters and the same are pending with appellate authorities. The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required. Considering the facts of the all above matters, no further provision is considered necessary by management.

33 Capital and other commitments Capital commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) is Rs. NIL (previous year NIL).

j. Description of Risk Exposures:

i) Valuations are based on certain assumptions, which are dynamic in nature and vary over time. As such company is exposed to various risks as follow -

^a) Salary Increases- Actual salary increases will increase the Plan's liability. Increase in salary increase rate assumption in future valuations will also increase the liability.

^b) Investment Risk - If Plan is funded then assets liabilities mismatch & actual investment return on assets lower than the discount rate asumed at the last valuation date can impact the liability.

c) Discount Rate : Reduction in discount rate in subsequent valuations can increase the plan's liability.

d) Mortality & disability - Actual deaths & disability cases proving lower or higher than assumed in the valuation can impact the liabilities.

e) Withdrawals - Actual withdrawals proving higher or lower than assumed withdrawals and change of withdrawal rates at subsequent valuations can impact Plan's liability.

ⁱⁱ⁾ During the year the Company has recorded an expense of Rs 0.00 lacs (previous year Rs. 67.08 lacs) towards provident fund, a defined contribution plan.

iii)

Leaves are encashed at the end of the year and not carried forwarded.

iv)

Post employment benefits are determined by an Independent Actuary on overall basis and hence have not been separately provided for key management personnel.

35 Settlement Claim

The Company had filed a legal suit in US Court of law against M/s Economy Polymers and Chemicals, USA ("Economy Polymers') in the month of November 2013 for non performance of purchase orders issued by Economy Polymers. During the year 2014-15, the Company had entered into a settlement for USD 80 Million, Equivalent Rs.494,82.62 lacs with Economy Polymers against their claim for compensation. The Company had recognized Rs.474,46.08 lacs in the Statement profit and loss and balance of Rs. 2036.54 lacs has been adjusted against outstanding receivable for seed distribution from Economy Polymers as per the settlement agreement. In turn, to discharge to the Company's liability towards nonperformance of agreements for purchase of material for Economy Polymers, the Company had settled with suppliers for Rs.385,00.00 lacs. The same had been recognized in the statement of profit and loss during the financial year 2014-15 on accrual basis.

However, subsequent to payment of USD 40 million (Equivalent INR 24965.80 lacs, in July 2015 Economy Polymers stopped paying the balance instalments due as per the aforesaid settlement agreement . Consequently, due to non recovery of the said dues to the extent of USD 40 million approximately INR 26,028.00 lacs, the Company has filed a court case against Economy Polymers in United States District court for the Southern District of Texas Houston Division, for recovery of balance USD 40 million (Equivalent INR 26028.00 lacs) which was dismissed by court resultantly, the company went into appeal in higher court . Considering the ongoing litigation the receivable has been classified under other non-current assets.

The Company was availing various export credit facilities for Export from Punjab National Bank, Union Bank of India and Bank of India under consortium arrangements. The aforementioned credit facilities of the Company were classified as Non-Performing Assets (NPA) for Punjab National Bank on 30/11/2019, Union Bank of India on 31/03/2016 and Bank of India on 31/12/2016. However during the current year the Company has not repaid any loans to the aforesaid banks.

36 (a) (ii) The rate of interest on the working capital loans from banks have been considered as 15.50% p.a. as per the terms of sanction. The unsecured loans of the Company are interest free and repayable within 12 months, upon demand by the lender.

* The aforesaid director of the Company have pledged his 169,39,600 shares of the Company with Punjab National Bank, leader bank for loan taken by the Company.

#Post employment benefits are determined by an Independent Actuary on overall basis and hence have not been separately provided for key management personnel.

$ The recoverable amount is doubful as the company is under liquidation.

The company has provided corporate guarantee to the tune of Rs. 4050.00 lacs to the related parties as defined under Section 185 and Section 186 of the act.

Terms and conditions of transactions with Related Parties

All Related Party Transactions entered during the year were in ordinary course of the business and on arm's length basis. Outstanding balances at the year-end are unsecured and settlement occurs in cash.

There have been no guarantees provided or received for any related party receivables or payables other than those reported above. For the year ended 31st March, 2023, the Company has not recorded any impairment of receivables relating to amounts owed by related parties (2022-23: '0 crore). This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.

38 Operating leases

a. The Company has not taken any assets on an operating lease basis.

b. Lease payments recognised inthe Statement of Profit & Loss for the year is Rs. Nil (Previous year Rs. Nil)

39 Segment information

As per Ind As 108, Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. Accordingly, segmental reporting is performed on the basis of geographical location of customer which is also used by the chief operating decision maker of the company for allocation of available resources and future prospects.

Geographical segments at the Company primarily comprise customers located in US, Europe, India (Domestic) and others. Income in relation to segments is categorized based on items that are individually identified to those segments. It is not practical to identify the expenses, fixed assets used in the Company's business or liabilities contracted, to any of the reportable segments, as the expenses, assets and liabilities are used interchangeably between segments. Accordingly, no disclosure relating to total segment results, total segment assets and liabilities have been made. There are no assets/liabilities outside India specific to any segment.

40(a) The Company has 2 customers that individually account for more than 10% of segment sales in domestic market. ^40(b)The Company sells only Guar based products and that is the only product line of the Company.

For instruments measured at amortised costs, carrying value represents best estimate of the fair value.

*The record of the company has not been handed over to RP completely and hence application u/s 19(2) of the IBC has been submitted to NCLT. At the time of initiation of the CIRP proceedings vide email dated 15.02.2022, it was informed that due to ransomware attack the tally data, fixed assets register and other relevant records prior to 01.04.2021 were not available. The COC in its meeting dated 25th August 2022 have approved the Resolution plan submitted by M/s Arcbolt Space and Foods Private Limited.

Comprehensive review of the financial instruments including the balances stated above is pending due to non-confirmation of the balances. Pending the implementation of the approved resolution plan by NCLT, no adjustments regarding impairment in the carrying value of the financial assets or write back of liabilities, if any has been done during the year. Hence, the financial instruments are not stated at fair value.

Financial risk management objectives and policies

The Company's principal financial liabilities other than derivatives, comprises trade and other payables, security deposits, employee liabilities. The Company's principal financial assets include trade and other receivables, inventories and cash and short-term deposits/ loan that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company's management oversees the management of these risks. The Company's senior management is supported by a Risk Management Compliance Board that advises on financial risks and the appropriate financial risk governance framework for the Company. The financial risk committee provides assurance to the Company's management that the Company's financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company's policies and risk objectives. The management reviews and agrees policies for managing each of these risks, which are summarised below.

I. Market risk

Foreign currency sensitivity

Foreign currency risk is the risk that the fair value of future cash flows of an exposure will fluctuate because of changes in exchange rates. Foreign currency risk sensitivity is the impact on the Company's profit before tax is due to changes in the fair value of monetary assets and liabilities. The following tables demonstrate the sensitivity to a reasonably possible change in USD with all other variables held constant.

II. Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities primarily trade receivables.

The maximum credit risk exposure relating to financial assets is represented by the carrying value as at the Balance Sheet date.

A. Trade receivables

An impairment analysis is performed at each reporting date on an individual basis for major clients. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in the financial statements. The Company does not hold collateral as security. The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and operate in largely independent markets. Owing to the payment records of customers the Company does not foresee any credit risk.

III. Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due. All current the financial liabilities of the Company are current in nature as disclosed in the financial statements.

42 Investor Education and Protection Fund

There is delay in transfering the amount to Investor Education and Awareness Fund to the tune of Rs. 36.84 lacs which is kept separately under Unclaimed Dividend account.

43 Long term and Derivative Contracts

The Company is not dealing in derivatives and has no foreseeable losses on account of derivatives or other long term contracts, which requires provision under applicable laws or accounting standards on long-term contracts and derivative contracts.

44

During the previous financial year 2021-22, Interest of Rs. 12428.45 Lacs has been provided on the basis of claims received from Banks as on date of commencement of Corporate Insolvency Resolution Process i.e. 02.02.2022. This include prior period interest amounting to Rs. 8706.53 Lacs

During the previous financial year 2021-22, Capital WIP amounting to Rs.1156.33 Lacs has been written off as non existent as on date of commencenment of Corporate Insolvency Resolution

45 Process i.e. 02.02.2022.

46 During the Previous Financial Year 2021-22, Insurance Claim Receivable amounting to Rs.222.77 Lacs has been written off based on the email confirmation received from the insurance company as the amount has already been rejected and non existent as on the date of Corporate Insolvency Resolution Process on 02.02.2022.

47 The Resolution Professional appointed by Hon'ble NCLT had appointed Stock Auditor to verify the quantity and realiseable value of stock as on the date of Commencement of Corporate Insolvency Resolution Process i.e. 02.02.2022. On the basis of such Stock Audit Report, closing stock has been considred as Rs.207.38 Lacs as on the date of commencement of Corporate Insolvency Resolution Process as well as on the end of current financial year as on 31.3.2023 since there are no transactions during the current financial year. Post the commencement of CIRP proceedings, no further physical verification of the stocks has been done.

48 The Resolution Professional has not been handed over Fixed Asset Register and previous details of depreciation, hence Depreciation is measured as per SLM basis and information available on record and may vary. Since no details of fixed assets are available with the Resolution Professional, no physical verification of the same has been conducted.

49 The Resolution Professional had received the detail of Security Deposit from Jodhpur Vidyut Vitran Nigam Ltd. (JVVNL) as Rs. 2.82 Lacs. Hence Electricity Security Deposit was taken as Rs. 2.82 Lacs. Hence during the previous financial year 2021-22, An amount of Rs. 109.74 Lacs has been adjusted with Electrity Expenses payable for previous periods and Rs. 47.64 Lacs has been written off as non existent as on date of commencement of Corporate Insolvency Resolution Process i.e. 02.02.2022.

50 The Resolution Professional has not received the title deeds of all the immovable properties. Hence detail of immovable properties (other than immovable properties where the Company is the lessee and the lease agreements are duly executed in favour of the Company) disclosed in the financial statements included in property, plant and equipment and Right of Use Assets are held in the name of the Company as at the balance sheet date can not be provided / dislosed.

51 Resolution Professional has not been supplied with much material information and documents by the erstwhile management of the Corporate Debtor and consequently, the Resolution Professional has not been able to submit some of the important information to the Statutory Auditors. The Resolution Professional to enforce his right to information and papers from the erstwhile management of the Corporate Debtor has filed an application with the Hon'ble National Company Law Tribunal Chandigarh Bench an Application under section 19(2) of the Indian Bankruptcy Code-2016 with application bearing IA No. 764/2022 on 31-05-2022 and is pending before Hon'ble NCLT.

52 The Company does not have any Investment Property.

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

54 The Company has no transactions with struck-off companies.

55 The Company has no charge which is yet to be made register with Registrar of Companies

57 The Company is NOT Covered under section 135 of Companies Act, 2013.

58 The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

The Company has not been declared as a wilfull defaulter by any lender who has powers to declare a company as a wilful defaulter at any time during the financial

59 year or after the end of reporting period but before the date when financial statements are approved.

The Company has utilized funds raised from borrowing from banks & financial institution for the specific purpose for which they were issued and there were no funds

60 which are pending for Utilization for specific purposes.

61 The Company has obtained working capital limit from banks or financial institution on the basis of security of current assets and:

(i) Quarterly returns or statements of current assets are NOT filed by the Company with banks

or financial institutions.

⁶² 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:

(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 on behalf of the Ultimate Beneficiaries

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

6₃ tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

⁶⁴ The Company has NOT made Loans or Advances in the nature of loans that are granted to promoters, directors, KMPs and the related parties (as defined under Companies Act, 2013), either severally or jointly with any other person, that are:

(a) repayable on demand; or

(b) without specifying any terms or period of repayment

6₅ Corresponding figures of previous year have been regrouped / reclassified wherever deemed necessary and the figures have been rounded off to the nearest rupee.

The accompanying notes are an integral part of the financial statements