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Notes to Accounts of ADF Foods Ltd.

Mar 31, 2015

1. Corporate information

ADF Foods Limited ("the Company") is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange and National Stock Exchange in India. The Company is engaged in the manufacture and selling of food products like pickles, chutneys, ready to eat items, paste and sauces, frozen foods, spices etc. The Company caters mainly to International markets and domestic market.

2. The Company has reviewed the valuation of its intangible assets and investments, based on management estimates. Such valuation does not reflect any impairment of value requiring provision of additional amortization amount.

3. Micro, Small and Medium enterprises

Micro and small enterprises, as defined under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) have been identified by the Company on the basis of the information available with the Company and the auditors have relied on the same. Sundry creditors include total outstanding dues to Micro Small Enterprises amounting to Rs. 26.37 lacs (Previous Year: Rs. 36.83 lacs) and Other Current Liabilities include total outstanding dues to Micro Small Enterprises amounting to Rs. 6.89 lacs (Previous Year: Rs. Nil). The disclosures pursuant to MSMED Act based on the books of account are as under:

4. Loans and advances include

a. Advances to subsidiaries

i) ADF Holdings (USA) Limited, Rs. 0.99 lacs, (Previous Year Rs. 0.95 lacs), maximum balance during the year Rs. 0.99 lacs, (Previous Year Rs. 0.95 lacs)

ii) ADF Foods (USA) Limited, Rs. 38.18 lacs, (Previous Year Rs. 26.28 lacs), maximum balance during the year Rs. 38.18 lacs, (Previous Year Rs. 26.28 lacs)

iii) ADF Foods (UK) Limited, Rs. 2,355.29 lacs, (Previous Year Rs. 880.37 lacs), maximum balance during the year Rs. 2,355.29 lacs, (Previous Year Rs. 898.97 lacs)

b. Deposits paid to related parties

Interest free security deposit of Rs. 12.00 lacs (Previous Year Rs.12.50 lacs), maximum balance during the year Rs. 12.50 lacs (Previous Year Rs.13.00 lacs) paid for guest house taken on lease from a Related party.

10. Financial and derivative instruments

i) Outstanding derivative instruments

Contracts entered into by the Company for hedging in US $ and outstanding as on 31st March 2015 amount to US $ 85.00 lacs (Previous Year US $ 82.50 lacs), equivalent to Rs. 5,568.63 lacs (Previous Year: Rs. 5,307.04 lacs).

Contracts entered into by the Company for hedging in UK £ and outstanding as on 31st March 2015 amount to UK £ 20.00 lacs (Previous Year UK £ 19.00 lacs), equivalent to Rs. 2,110.82 lacs (Previous Year: Rs. 1,973.81 lacs).

All contracts entered by the Company are for hedging of exposures against receivables.

The Company has not entered into any derivative instruments for trading or speculative purpose.

All outstanding forward contracts are recognized in the financial statements at fair value as on the balance sheet date in accordance with the requirements of AS 30.

Accordingly, the resultant gain or loss on fair valuation / settlement of the outstanding forward contracts are recognized in the Statement of Profit and Loss or Balance Sheet as the case may be after applying the test of hedge effectiveness. Where the hedge is effective, the gains or losses are recognized in the "Hedging Reserve" which forms part of "Reserves and Surplus" in the Balance Sheet" and where the hedge is ineffective, the same is recognized in the Statement of Profit and Loss. The amount recognized in the "Hedging Reserve" is transferred to Statement of Profit and Loss in the period in which the underlying Hedge item affects the Statement of Profit and Loss.

ii) Unhedged foreign currency exposures

Foreign currency exposures on account of trade receivables / trade payables and packing credit foreign currency (PCFC) loan not hedged by derivative instruments are as follows:

5. Disclosures required under Accounting Standard 15 (Revised) "Employee Benefits" notified in the Companies (Accounting Standards) Rules 2006, are given below

a) Defined contribution plans

Amount of Rs. 73.68 lacs (Previous Year Rs. 62.97 lacs) representing contribution to provident fund is recognized as an expense and is included in "Employee benefits expenses" in the Statement of Profit and Loss.

Amount of Rs. 7.05 lacs (Previous Year Rs. 7.60 lacs) representing contribution to Employee State Insurance scheme is recognized as an expense and is included in "Employee benefits expenses" in the Statement of Profit and Loss.

b) Defined benefit plan

Compensated absence

Provision for compensated absences is made for outstanding leave balance at the year end at basic salary cost which can be utilized in future and are en-cashable. Amount of Rs. 38.84 lacs (Previous Year: Rs. 35.48 lacs) has been recognized in balance sheet of which Rs. 29.13 lacs (Previous Year: Rs. 26.61 lacs) shown under long term provision and balance Rs. 9.71 lacs (Previous Year: Rs. 8.87 Lacs) is shown under short term provision as given in the Actuarial report as on 31st March 2015.

Expenses of Rs. 34.19 lacs (Previous Year: Rs. 28.65 lacs) are recognized in the Statement of Profit and Loss.

Compensated sick leave

Provision for compensated absences is made for outstanding sick leave balance at the year end at gross salary which can be utilized in future and are en-cashable. Amount of Rs. 4.87 lacs (Previous Year: Rs. 3.48 lacs) has been recognized in balance sheet of which Rs. Nil (Previous Year: Rs. Nil) shown under long term provision and balance Rs. 4.87 lacs (Previous Year: Rs. 3.48 lacs) is shown under short term provision as given in the Actuarial report as on 31st March 2015.

Gratuity

Funded

The Company has offered its employees defined benefit plan in the form of Group Gratuity Scheme. Gratuity Scheme covers all qualifying employees as statutorily required under the Payment of Gratuity Act, 1972. The Company has made irrevocable contribution of funds to LIC of India.

The present value of the defined benefit obligation and the related current service cost is measured using the Projected Unit Credit method, with actuarial valuations being carried out at each Balance Sheet date.

The Present value of the obligation on 31st March 2015 of Rs. Nil (Previous Year: Rs. 9.52 lacs) pertaining to funded gratuity [(net of fund value of Rs. 130.21 lacs (Previous Year: Rs. 100.21 lacs)] payable to employees is shown under short-term provision.

Unfunded

There being no short term liability in respect of unfunded gratuity provision, the entire amount of Rs. 92.26 lacs (Previous Year Rs. 78.15 lacs) is shown under long-term provision.

The present value of the defined benefit obligation and the related current service cost is measured using the Projected Unit Credit method, with actuarial valuations being carried out at each Balance Sheet date.

6. The Company is engaged mainly in the business of manufacturing and exporting food products like pickles, chutneys, ready to eat items, paste and sauces, frozen foods, spices, etc. local and overseas, which is the only business segment of the Company. The local turnover being less than 10% of the total turnover of the Company, separate geographical segment information has not been given in the financial statements. Hence there are no separate reportable segments, as required by the Accounting Standard 17 on "Segment Reporting" notified under the Companies (Accounting Standards) Rules, 2006 which continue to apply under Section 133 of The Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 issued by the Ministry of Corporate Affairs.

7. The Company held majority share holding in Power Brands (Foods) Private Limited ('PBFPL'). It presently holds 2,08,85,992 fully paid Equity Shares of Rs. 10/- each (including 20,75,992 Equity Shares acquired at Rs. 330.08 lacs in Financial Year 2012-13). PBFPL is presently under voluntary liquidation process.

Pursuant to a special resolution passed on November 5, 2012 by its members, PBFPL went into the members' voluntary liquidation. In the course of liquidation process, the voluntary liquidator, with the prior approval of the members vide their special resolution dated March 8, 2013, distributed PBFPL's intangible asset - Ashoka brand and part of cash and bank balance to its Shareholders in proportion to their respective shareholding in PBFPL while retaining certain other fixed and current assets to meet its contingent and other liabilities.

By virtue of the above distribution, the Company received Ashoka brand in the financial year 2012-13 (valued at Rs. 2,935.99 lacs by an independent valuer) in lieu of its investment in PBFPL's equity shares of Rs. 2,211.08 lacs. Accordingly, the Company capitalised the said brand in its books at Rs. 2,935.99 lacs in the said financial year after adjusting the same against the investment value of Rs. 2,211.08 lacs and carried the balance of Rs. 724.91 lacs to the credit of the Statement of Profit and Loss as an exceptional item in that year.

During the current Financial Year, the voluntary liquidator, with the prior approval of the members vide their special resolution dated 10th November 2014, distributed PBFPL's immovable property situated at Sewree, Mumbai and part of cash and bank balance to its Shareholders in proportion to their respective share holding in PBFPL while retaining certain other current assets to meet with its contingent and other liabilities. The excess value of assets so received over the investment value in Equity Shares of PBFPL has been accounted for in the Company's Statement of Profit & Loss under the head exceptional item.

Consequently, the investment in Equity Shares of PBFPL stand fully realised. However, pending completion of liquidation process, the Company has not surrendered the said shares to the Voluntary liquidator and they have been shown under the head "Investment" at nil value.

8. The Corresponding figures and details pertaining to the Previous Year have been traced from the Financial statements for the year ended March 31, 2014 audited solely by one of the current joint auditors vide their report dated May 28, 2014.

9. Previous Year's figures have been regrouped / restated wherever necessary to conform to current year's classification.

10. Figures have been rounded off to the nearest lacs.


Mar 31, 2014

1. Terms/rights attached to equity shares

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 dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting.

The Board of Directors, in their board meeting held on 28 th May 2014, proposed a dividend of Rs. 1.50 per equity share. The total dividend appropriation for the year ended 31st March 2014 amounted to Rs. 386.08 lacs including corporate dividend tax of Rs. 56.08 lacs. The proposal is subject to approval of the shareholders at the Annual General Meeting.

During the year ended 31st March 2013, amount of dividend per share distributed to equity share holders was Rs. 1.50. The total dividend appropriation for the year ended 31st March 2013 amounted to Rs. 386.10 lacs including corporate dividend tax of Rs. 56.10 lacs.

In the event of liquidation of the company, the holders of equity shares will 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 their shareholding.

In the financial year 2012-13, the warrants holders exercised their rights in respect of the balance 18,00,000 share warrants and on receipt of the balance amount of Rs. 48.75 per share warrant, aggregating to Rs. 877.50 lacs, the Company converted 18,00,000 share warrants into equivalent number of equity shares on 23rd January 2013. Of the total consideration of Rs. 1,170 lacs received against 18,00,000 share warrants @ Rs. 65 per equity share warrant, Rs. I80 lacs have been transferred to Share capital account and Rs. 990 lacs have been transferred to Securities premium reserve.

A) Secured by equitable mortgage of the Company''s Factory, Land & Building situated at Nadiad and Nashik, Plant & Machinery and other Fixed Assets, present and future situated at Nadiad and Nashik and Current Assets, present and future situated at Nadiad, Nashik and Mumbai ranking pari pasu in favour of the Company''s bankers. The said Working Capital limits are repayable on demand and the interest payable on Rupee borrowings range from 8.25 % to 9 % p.a. and on foreign currency borrowings is LIBOR plus margin (300 to 410 basis points).

B) Secured by lien on all stocks, shares, securities, property and book debts present and future held / to be held by the Company. The said Working Capital limit is repayable on demand and the interest payable thereon is LIBOR plus margin (250 to 300 basis points).

C) Previous year''s balance was secured by pledge of fixed deposits of Rs. 700 lacs held with Tamilnadu Mercantile Bank Limited which is now fully repaid.

The bank fixed deposits aggregating to Rs. Nil (Previous year Rs. 450 lacs) were pledged with Tamilnadu Mercantile Bank Limited, Mumbai against Working Capital limit of Rs. Nil (Previous Year Rs. 350 lacs).

The bank deposits of Rs. 6.24 lacs (Previous year Rs. Nil) have been kept with State Bank of Hyderabad as margin money deposits against bank guarantees.

2. Note:

1) The bank fixed deposits aggregating to Rs. Nil (Previous year Rs. 250 lacs) have been pledged in Tamilnadu Mercantile Bank Limited, Mumbai against Working Capital limit of Rs. Nil (Previous year Rs. 200 lacs).

2) Margin money deposits are kept with banks against issue of letters of credit, bank guarantees and for forward contracts.

3. Corporate information

ADF Foods Limited ("the Company") is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange and National Stock Exchange in India. The Company is engaged in the manufacture and selling of food products like pickles, chutneys, ready to eat items, paste and sauces, frozen foods, spices etc. The Company caters mainly to International markets and domestic market.

4. Contingent Liabilities

Rs. in lacs 2013-14 2012-13

Guarantees issued by the banks (net of margin 34.18 32.28 money)

Claims against the Company not acknowledged as 15.25 15.25 debts (net of deposits)

Disputed Service tax demands of earlier years 440.00 440.00

5. The Company has reviewed the valuation of its intangible assets and investments, based on management estimates. Such valuation does not reflect any impairment of value requiring provision of additional amortization amount.

6. There are no Micro Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March 2014. This information as required to be disclosed under the Micro Small and Medium Enterprises Development Act, 2006 (MSMED) has been determined as below to the extent such parties have been identified on the basis of information available with the Company.

7. Loans and advances include

a. Advances to subsidiaries

i) ADF Foods India Limited, Rs. Nil, (Previous year Rs. 95.52 lacs), Maximum balance during the year Rs. 108.11 lacs (Previous year Rs. 95.52 lacs)

ii) ADF Holdings (USA) Limited, Rs. 0.95 lacs, (Previous year Rs. Nil), maximum balance during the year Rs. 0.95 lacs (previous year Rs. Nil)

iii) ADF Foods (USA) Limited, Rs. 26.28 lacs, (Previous year Rs. 12.56 lacs), maximum balance during the year Rs. 26.28 lacs (previous year Rs. 12.56 lacs)

iv) ADF Foods (UK) Limited, Rs. 880.37 lacs (Previous year Rs. 424.80 lacs), maximum balance during the year Rs. 898.97 lacs (previous year Rs. 451.55 lacs)

b. Deposits paid to related parties

Interest free security deposit of Rs.12.50 lacs (Previous year Rs. 13.00 lacs), maximum balance during the year Rs. 13.00 lacs (Previous year Rs. 13.50 lacs) paid for guest house taken on lease from a Related party (Previous year to a Director).

8. Financial and derivative instruments

i) Outstanding derivative instruments

Contracts entered into by the Company for hedging in US $ and outstanding as on 31st March 20I4 amount to US $ 82.50 lacs (Previous year US $ 90.00 lacs), equivalent to Rs 5,307.04 lacs (Previous year in Rs. 5,164.23 lacs).

Contracts entered into by the Company for hedging in UK £ and outstanding as on 31st March 2014 amount to UK £ 19.00 lacs (Previous year UK £ 13.25 lacs), equivalent to Rs 1,973.81 lacs (Previous year in Rs. 1,206.24 lacs).

All contracts entered by the Company are for hedging of exposures against receivables.

The Company has not entered into any derivative instruments for trading or speculative purpose.

All outstanding forward contracts are recognized in the financial statements at fair value as on the balance sheet date in accordance with the requirements of AS 30.

Accordingly, the resultant gain or loss on fair valuation / settlement of the outstanding forward contracts are recognized in the statement of Profit and Loss or Balance Sheet as the case may be after applying the test of hedge effectiveness. Where the hedge is effective, the gains or losses are recognized in the "Hedging Reserve" which forms part of "Reserves and Surplus" in the Balance Sheet" and where the hedge is ineffective, the same is recognized in the statement of Profit and Loss. The amount recognized in the "Hedging Reserve" is transferred to statement of profit and loss in the period in which the underlying Hedge item affects the statement of Profit and Loss.

9. The Company had given unsecured interest bearing Inter Corporate Deposits to five Companies. Of these, two Companies have repaid the deposits but interest of Rs. 7.42 lacs is yet to be received from them.

10. Disclosures required under Accounting Standard 15 (Revised) "Employee Benefits" notified in the Companies (Accounting Standards) Rules 2006, are given below

a) Defined contribution plans

Amount of Rs 62.97 lacs (Previous year Rs 50.19 lacs) representing contribution to provident fund is recognized as an expense and is included in "Employee benefits expenses" in the statement of profit and loss.

Amount of Rs 7.60 lacs (Previous year Rs 6.66 lacs) representing contribution to Employee State Insurance scheme is recognized as an expense and is included in "Employee benefits expenses" in the statement of profit and loss.

b) Defined benefit plan Compensated absence

Provision for compensated absences is made for outstanding leave balance at the year end at basic salary cost which can be utilized in future and are en-cashable. Amount of Rs 35.48 lacs (Previous year: Rs 23.91 lacs) has been recognized in balance sheet of which Rs 26.61 lacs (Previous year: Rs 17.93) shown under long term provision and balance Rs 8.87 lacs (Previous year 5.98 Lacs) is shown under short term provision as given in the Actuarial report as on 31 March 2014.

Expenses of Rs 28.65 lacs (Previous year: Rs 17.65 lacs) are recognized in the statement of profit and loss.

Compensated sick leave

Provision for compensated absences is made for outstanding sick leave balance at the year end at gross salary which can be utilized in future and are en-cashable. Amount of Rs 3.48 lacs (Previous year: Rs Nil) has been recognized in balance sheet of which Rs Nil (Previous years: Nil) shown under long term provision and balance Rs 3.48 lacs (Previous year: Rs. Nil) is shown under short term provision as given in the Actuarial report as on 31 March 2014.

Gratuity

Funded

The Company has offered its employees defined benefit plan in the form of Group Gratuity Scheme. Gratuity Scheme covers all qualifying employees as statutorily required under the Payment of Gratuity Act, 1972. The Company has made irrevocable contribution of funds to LIC of India.

The present value of the defined benefit obligation and the related current service cost is measured using the Projected Unit Credit method, with actuarial valuations being carried out at each Balance Sheet date.

The Present value of the obligation on 31st March 2014 of Rs. 9.52 lacs (Previous year Rs. 5.94 lacs) pertaining to funded gratuity [(net of fund value of Rs 100.21 lacs (Previous year: Rs 100.79 lacs)] payable employees is shown under short-term provision.

11. The Company is engaged mainly in the business of manufacturing and exporting food products like pickles, chutneys, ready to eat items, paste and sauces, frozen foods, spices, etc. local and overseas, which is the only business segment of the Company. The local turnover being less than I0% of the total turnover of the Company, separate geographical segment information has not been given in the financial statements. Hence there are no separate reportable segments, as required by the Accounting Standard I7 on "Segment Reporting" as prescribed by the Companies (Accounting Standards) Rules, 2006 issued by the Central Government, in consultation with the National Advisory Committee on Accounting Standards.

12. The Company held majority shareholding in Power Brands (Foods) Private Limited (''PBFPL''). It presently holds 2,08,85,992 fully paid Equity Shares of Rs. 10/- each (including 20,75,992 Equity Shares acquired at Rs. 330.08 lacs in Financial Year 2012-13). PBFPL is presently under voluntary liquidation process.

Pursuant to a special resolution passed on November 5, 2012 by its members, PBFPL went into the members'' voluntary liquidation. In the course of liquidation process, the voluntary liquidator, with the prior approval of the members vide their special resolution dated March 8, 2013, distributed PBFPL''s intangible asset - Ashoka brand and part of cash and bank balance to its Shareholders in proportion to their respective shareholding in PBFPL while retaining certain other fixed and current assets to meet its contingent and other liabilities.

By virtue of the above distribution, the Company received Ashoka brand in the financial year 2012-13 (valued at Rs. 2,935.99 lacs by an independent valuer) in lieu of its investment in PBFPL''s equity shares of Rs. 2,211.08 lacs. Accordingly, the Company capitalised the said brand in its books at Rs. 2,935.99 lacs in the said financial year after adjusting the same against the investment value of Rs. 2,211.08 lacs and carried the balance of Rs. 724.91 lacs to the credit of the statement of profit and loss as an exceptional item in that year.

Consequently, the investment in Equity Shares of PBFPL stand fully realised. However, pending completion of liquidation process, the Company has not surrendered the said shares to the Voluntary liquidator and they have been shown under the head "Investment" at nil value.

13. Previous year''s figures have been regrouped / recast wherever necessary.

14. Figures have been rounded off to the nearest lacs.


Mar 31, 2013

1. corporate information

ADF Foods Limited is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange and National Stock Exchange in India. The company is engaged in the manufacturing and selling of food products like pickles, chutneys, ready to eat items, paste and sauces, frozen foods, spices etc. The company caters mainly to International markets and domestic market.

2. share warrants / share capital

a. During the financial year 2007-08, the company had issued convertible warrants to the Promoters, their friends and relatives and independent Directors of the Company. As the options for conversion of warrants into equity shares was not exercised by the specified date, the company forfeited the initial subscription amount aggregating to Rs. 105 lacs and the same was transferred to Capital Reserve Account. At the same time, the Company had also issued preferential equity shares on a Private Placement basis aggregating to Rs. 1,855 lacs.

b. During the financial year 2009-10, the company made a second series of preferential issue of convertible warrants to the Promoters, their friends and relatives and independent Directors of the Company. Upon their conversion, the company received Rs. 232.61 lacs towards share capital and Rs. 511.74 lacs towards security premium Reserve, in all aggregating to Rs. 744.35 lacs.

c. Pursuant to the members'' approval in the Annual General Meeting held on 15th July, 2011, the Company issued to the promoters 20,00,000 convertible warrants of Rs. 65/- each at a part payment of Rs. 16.25 per warrant on allotment, aggregating to Rs. 325 lacs. These Warrants were convertible, in one or more trenches at any time within a period of eighteen months from the date of issue, into equivalent number of fully paid equity shares of Rs. 10/- each at a premium of Rs. 55/- per share upon the Warrant holders paying the balance consideration.

On the warrants holders exercising their right partially, the Company has, on 28th March 2012, converted 2,00,000 share warrants into equivalent number of equity shares on receiving the balance amount of Rs. 48.75 per share warrant, aggregating to Rs. 97.50 lacs. Of the total consideration of Rs. 130 lacs received against 2,00,000 share warrants, Rs. 20 lacs have been transferred to Share Capital and Rs. 110 lacs have been transferred to Securities Premium Reserve.

Subsequently, in the financial year 2012-13, the warrants holders exercised their rights in respect of the balance 18,00,000 share warrants and on receipt of the balance amount of Rs. 48.75 per share warrant, aggregating to Rs. 877.50 lacs, the Company converted 18,00,000 share warrants into equivalent number of equity shares on 23rd January 2013. Of the total consideration of Rs. 1,170 lacs received against 18,00,000 share warrants @ Rs. 65 per equity share warrant, Rs. 180 lacs have been transferred to Share capital account and Rs. 990 lacs have been transferred to Securities premium reserve.

3a. contingent liabilities

Rs. in lacs

2012-13 2011-12

Letter of credit issued by the banks ( net of margin money) 6.37

Guarantees issued by the banks (net of margin money) 32.28 28.43

Claims against the Company not acknowledged as debts (net of deposits) 15.25 15.25

Disputed Service tax demands of earlier years 440.00 440.00

Disputed Income tax demands of earlier years 68.56

4. The Company has reviewed the valuation of its intangible assets and investments, based on management estimates. Such valuation does not reflect any impairment of value requiring provision of additional asset amortization amounts.

5. There are no Micro Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March 2013. This information as required to be disclosed under the Micro Small and Medium Enterprises Development Act, 2006 (MSMED) has been determined as below to the extent such parties have been identified on the basis of information available with the Company.

6. loans and advances include

a. advances to subsidiaries

i) ADF Foods India Limited, Rs. 95.52 lacs, (Previous year Rs. Nil), Maximum balance during the year Rs. 95.52 lacs (Previous year Rs. 10.02 lacs) ii) ADF Foods Mauritius Limited, Rs. Nil, (Previous year Rs. 7.22 lacs), Maximum balance during the year Rs. 9.12 lacs (Previous year Rs. 7.22 lacs)] iii) ADF Foods (USA) Limited, Rs. 12.56 (Previous year Rs. Nil), maximum balance during the year Rs. 12.56 lacs (previous year Rs. Nil) iv) ADF Foods (UK) Limited, Rs. 424.80 (Previous year Rs. Nil), maximum balance during the year Rs. 451.55 lacs (previous year Rs. 184.43 lacs)

b. Deposits paid to related parties

i) Interest free lease deposit of Rs. Nil (Previous year Rs.125.00 lacs), maximum balance during the year Rs. 125.00 lacs (Previous year Rs. 125 lacs) paid for office premises taken on lease from a Subsidiary Company in which some of the Directors are interested as Directors.

ii) Interest free deposit of Rs. Nil (previous year Rs. 175.00 lacs) , maximum balance during the year Rs. 175 lacs (Previous year Rs. 175 lacs) paid for Brand utilization to a subsidiary company in which some of the directors are interested as Directors.

iii) Interest free security deposit of Rs.13.00 lacs (Previous year Rs. 13.50 lacs), maximum balance during the year Rs. 13.50 lacs (Previous year Rs. 14.00 lacs) paid for guest house taken on lease from the Chairman of the Company.

7. Financial and derivative instruments

i) Outstanding derivative instruments

Contracts entered into by the Company for hedging in US $ and outstanding as on 31st March 2013 amounts to US $ 90 lacs (Previous year US $ 112.50 lacs), equivalent to Rs 5,164.23 lacs (Previous year in Rs. 5,658.91 lacs).

Contracts entered into by the Company for hedging in UK £ and outstanding as on 31st March 2013 amounts to UK £ 13.25 lacs (Previous year UK £ 12.00 lacs), equivalent to Rs 1,206.24 lacs (Previous year in Rs. 948.35 lacs).

All contracts entered by the Company are for hedging of exposures against receivables.

The company has not entered into any derivative instruments for trading or speculative purpose.

All outstanding forward contracts are recognized in the financial statements at fair value as on the balance sheet date in accordance with the requirements of AS 30.

Accordingly, the resultant gain or loss or fair valuation / settlement of the outstanding forward contracts are recognized in the statement of Profit and Loss or Balance Sheet as the case may be after applying the test of hedge effectiveness. Where the hedge is effective, the gains or losses are recognized in the Rs.Hedging Reserve” which forms part of Rs.Reserves and Surplus” in the Balance Sheet” and where the hedge is ineffective, the same is recognized in the statement of Profit and Loss. The amount recognized in the Rs.Hedging Reserve” is transferred to statement of profit and loss in the period in which the underlying Hedge item affects the statement of Profit and Loss.

8. Disclosures required under accounting standard 15 (revised) Rs.employee Benefits” notified in the companies (accounting standards) rules 2006, are given below

a) Defined contribution plans

Amount of Rs 50.19 lacs (Previous year Rs 40.67 lacs) representing contribution to provident fund is recognized as an expense and is included in Rs.Employee benefits expenses” in the statement of profit and loss.

Amount of Rs 6.66 lacs (Previous year Rs 4.02 lacs) representing contribution to Employee State Insurance scheme is recognized as an expense and is included in Rs.Employee benefits expenses” in the statement of profit and loss.

b) Defined benefit plan compensated absence

Provision for compensated absence is made for outstanding leave balance at the year end at basic salary cost which can be utilized in future and are en-cashable. Amount of Rs 23.91 lacs (Previous year: Rs 16.11 lacs) has been recognized in balance sheet of which Rs 17.93 lacs (Previous year: Rs 12.08) shown under long term provision and balance Rs 5.98 lacs (Previous year 4.03 Lacs) is shown under short term provision as given in the Actuarial report as on 31 March 2013. Expenses of Rs 17.65 lacs (Previous year: Rs 12.85 lacs) are recognized in the statement of profit and loss.

Gratuity Funded

The Company has offered its employees defined benefit plan in the form of Group Gratuity Scheme. Gratuity Scheme covers all qualifying employees as statutorily required under the Payment of Gratuity Act, 1972. The Company has made irrevocable contribution of funds to LIC of India.

The present value of the defined benefit obligation and the related current service cost is measured using the Projected Unit Credit method, with actuarial valuations being carried out at each Balance Sheet date.

The Present value of the obligation on 31st March 13 of Rs. 5.94 lacs (Previous year Rs. Nil) pertaining to funded gratuity [(net of fund value of Rs 100.79 lacs (Previous year: Rs 87.05 lacs)] payable employees is shown under short-term provision.

Unfunded

There being no short term liability in respect of unfunded gratuity provision, the entire amount of Rs. 81.25 lacs (Previous year Rs. 89.59 lacs) is shown under long-term provision.

9. remittance in foreign currency on account of dividend

During the year, the Company has not made any remittance in foreign Currency on account of dividend payable to its Non Resident Shareholders. However the details of dividend paid to the Non Resident Shareholders during the financial year is given below.

10. The Company is engaged mainly in the business of manufacturing and exporting food products like pickles, chutneys, ready to eat items, paste and sauces, frozen foods, spices, etc. local and overseas, which is the only business segment of the Company. The local turnover being less than 10% of the total turnover of the Company, separate geographical segment information has not been given in the financial statements. Hence there are no separate reportable segments, as required by the Accounting Standard 17 on Rs.Segment Reporting” as prescribed by the Companies (Accounting Standards) Rules, 2006 issued by the Central Government, in consultation with the National Advisory Committee on Accounting Standards.

11. The Company held majority shareholding in Power Brands (Foods) Private Limited (''PBFPL''). It presently holds 2,08,85,992 fully paid Equity Shares of Rs. 10/- each (including 20,75,992 Equity Shares for Rs. 330.08 lacs acquired in Financial Year 2012-13).

Pursuant to a special resolution passed on November 5, 2012 by its members, PBFPL has gone into the members'' voluntary liquidation and has appointed a voluntary liquidator to initiate the process. In the course of liquidation process, the liquidator, with the prior approval of the members vide their special resolution dated March 8, 2013, distributed PBFPL''s intangible asset - Ashoka brand and part of cash and bank balance to its Shareholders in proportion to their respective shareholding in PBFPL while retaining certain other fixed and current assets to meet its contingent and other liabilities.

By virtue of the above distribution, the Company received Ashoka brand, which was valued at Rs. 2,935.99 lacs by an independent valuer in lieu of its investment in PBFPL''s equity shares of Rs. 2,211.08 lacs. Accordingly, the Company has capitalised the said brand in its books at Rs. 2,935.99 lacs, after adjusting the same against the investment value of Rs. 2,211.08 lacs and carrying the balance of Rs. 724.91 lacs to the credit of the statement of profit and loss as an exceptional item.

12. ADF Foods (Mauritius) Ltd., the wholly owned subsidiary of the Company went into members'' voluntary liquidation vide special resolution dated 29th May, 2012. The regulatory authority of Mauritius has vide their letter dated 2nd August, 2012 issued no objection to remove the name of the said subsidiary from the Registrar Of Companies, Mauritius.

By virtue of the above, Company has written off its investment of Rs. 5.16 lacs and debited to the statement of profit and loss as an exceptional item.

13. Previous year''s figures have been regrouped / recast wherever necessary.

14. Figures have been rounded off to the nearest lacs.


Mar 31, 2012

A. Of the above

50,00,490 (Previous year 50,00,490) equity shares were allotted to the shareholders of the erstwhile Lustre Investments Private Limited, for consideration other than cash pursuant to a Scheme of Amalgamation.

26,50,000 (Previous year 26,50,000) equity shares were issued on preferential basis to investors.

25,26,II0 (Previous year 23,26,II0) equity shares were issued on conversion of preferential warrants. Out of these, 2,00,000 equity shares carry restriction on transfer for a period of three years from the date of their issue i.e. up to 27th March 20I5.

b. Terms/rights attached to equity shares

Company has only one class of shares referred to as Equity Shares having a par value of Rs. I0/-. Each holder of equity shares is entitled to one vote per share.

The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting.

The Board of Directors, in their board meeting held on 29th May 20I2, proposed a dividend of Rs. I.50 per equity share. The total dividend appropriation for the year ended 3Ist March 20I2 amounted to Rs. 352.I6 lacs including corporate dividend tax of Rs. 49.I6 lacs. The proposal is subject to approval of the shareholders at the Annual General Meeting to be held on 8th August 20I2.

During the year ended 3Ist March 20II, amount of dividend per share distributed to equity share holders was Rs. I.50. The total dividend appropriation for the year ended 3Ist March 20II amounted to Rs. 349.83 lacs including corporate dividend tax of Rs. 49.83 lacs.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amount exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

Note:

i) The Board of Directors of the Company at their meeting held on 16th June 2011 and as approved at its Annual General Meeting held on 15th July, 2011, had resolved to create, offer, issue and allot up to 20,00,000 warrants of Rs. 65/- each, convertible into 20,00,000 equity shares of Rs. 10/- each on a preferential allotment basis, pursuant to Section 8I(IA) of the Companies Act, 1956, at a conversion price of Rs. 65/- per equity share of the Company, arrived at in accordance with the SEBI Guidelines in this regard. Subsequently, these warrants were allotted on 29th July 20II to the promoters and 25% application money amounting to Rs. 325 lacs was received from them. The said warrants are convertible into equivalent number of shares upon payment of the balance 75% amount at any time on or before 28th January 20I3. If the warrants are not fully subscribed within the said period, the Company shall forfeit the amounts received towards warrants.

ii) Warrants holders have partly exercised their rights during the year. Accordingly,on 28th March 20I2, the Company has converted 2,00,000 share warrants into equivalent number of equity shares on receipt of the balance amount of Rs. 48.75 per share warrant, aggregating to Rs. 97.50 lacs. Of the total consideration of Rs. I30 lacs received against 2,00,000 share warrants, Rs. 20 lacs have been transferred to Share capital account and Rs. II0 lacs have been transferred to Securities premium reserve.

Note:

1) The bank fixed deposits aggregating to Rs. I,I98 lacs have been pledged in favour of HDFC Bank Limited, Mumbai against term loan of US $ 5 million granted by HDFC Bank Limited, Bahrain Branch to the Company's indirect subsidiary - ADF Holdings (USA) Limited. On the maturity of the said deposits, the Company has agreed to provide fresh security to HDFC Bank Limited, Mumbai as and when required.

2) Margin money deposits are kept with banks for issue of letters of credit, bank guarantees and for forward contracts.

Note 1

1. Corporate information:

ADF Foods Limited is a public company domiciled in India and incorporated under the provisions of the Companies Act, l956. Its shares are listed on Bombay Stock Exchange and National Stock Exchange in India. The company is engaged in the manufacturing and selling of food products like pickles, chutneys, ready to eat items, paste and sauces, frozen foods, spices etc. The company caters mainly to International markets and in domestic market.

2. Share warrants / share capital:

a. During the financial year 2007-08, the company had issued convertible warrants to the Promoters, their friends and relatives and independent Directors of the Company. As the options for conversion of warrants into equity shares was not exercised by the specified date, the company forfeited the initial subscription amount aggregating to Rs. l05 lacs and the same was transferred to Capital Reserve Account. At the same time, the Company had also issued preferential equity shares on a Private Placement basis aggregating to Rs. l,855 lacs.

b. During the financial year 2009-l0, the company made a second series of preferential issue of convertible warrants to the Promoters, their friends and relatives and independent Directors of the Company. Upon their conversion, the company received Rs. 232.6l lacs towards share capital and Rs. 5ll.74 lacs towards Securities Premium Reserve, in all aggregating to Rs. 744.35 lacs.

c. Pursuant to the members' approval in the Annual General Meeting held on l5th July, 20ll, the Company issued to the promoters 20,00,000 convertible warrants of Rs. 65/- each at a part payment of Rs. l6.25 per warrant on allotment, aggregating to Rs. 325 lacs. These Warrants were convertible, in one or more tranches at any time within a period of eighteen months from the date of issue, into equivalent number of fully paid equity shares of Rs. l0/- each at a premium of Rs. 55/- per share, upon the Warrant holders paying the balance consideration.

On the warrants holders exercising their right partially, the Company has, on 28th March 20l2, converted 2,00,000 share warrants into equivalent number of equity shares on receiving the balance amount of Rs. 48.75 per share warrant, aggregating to Rs. 97.50 lacs. Of the total consideration of Rs. l30 lacs received against 2,00,000 share warrants, Rs. 20 lacs have been transferred to Share Capital and Rs. ll0 lacs have been transferred to Securities Premium Reserve.

Out of the total amount of Rs. 3,l26.85 lacs thus received from the preferential allotment of the Shares and Warrants issued from time to time, the company has utilized these funds in the manner summarized below:

3 a. Contingent Liabilities: Rs. in lacs

2011-12 2010-11

Letter of credit issued by the banks ( net of margin money) 6.37 l5.04

Guarantees issued by the banks (net of margin money) 28.43 31.58

Claims against the Company not acknowledged as debts (net of deposits) 15.25 30.16

Disputed Service tax demands of earlier years 440.00 -

Disputed Income tax demands of earlier years 68.56 83.87

3 b. Capital commitments (net of advances): Rs. in lacs

Capital commitments (net of advances) 2.93 8.54

4. The Company has reviewed the valuation of its intangible assets and investments, based on management estimates. Such valuation does not reflect any impairment of value requiring provision of additional asset amortization amounts.

Brands owned by one of the subsidiary companies in which the parent company has made direct investment, are depreciated by that subsidiary in accordance with the policy adopted by it, resulting in negative net worth in the Balance Sheet of that subsidiary company. However, management estimates of valuation of brands of that subsidiary company do not reflect any permanent diminution in the value of Company's investments in that subsidiary. As a result, no further provision is considered necessary in relation to the diminished net worth of that subsidiary. The brand depreciation provided by the subsidiary company is recognized to the statement of Profit and Loss in the consolidated accounts.

5. Loans and advances includes:

a. Short term loans and advances recoverable include advances to subsidiaries:

a) ADF Foods India Limited, Rs. Nil, (Previous year Rs. 0.0I lacs), Maximum balance during the year Rs. I0.02 lacs (Previous year Rs. 22.57 lacs)

b) ADF Foods Mauritius Limited, Rs. 7.22 lacs, (Previous year Rs. 3.56 lacs), Maximum balance during the year Rs. 7.22 lacs (Previous year Rs. 354.54 lacs)]

c) ADF Foods (UK) Limited, Rs. Nil (Previous year Rs. 35.5I lacs), maximum balance during the year Rs. I84.43 lacs (previous year Rs. 669.36 lacs)

d) ADF Holdings (USA) Limited, Rs. Nil (Previous year Rs. 30.85 lacs), maximum balance during the year Rs. 3I.55 lacs (previous year Rs. 3I.55 lacs)

b. Deposits paid to related parties:

a) Interest free lease deposit of Rs. I25.00 lacs, (Previous year Rs.I25.00 lacs), maximum balance during the year Rs. I25.00 lacs (Previous year Rs. I25 lacs) paid for office premises taken on lease from a Subsidiary Company in which some of the Directors are interested as Directors.

b) Interest free deposit of Rs.I75.00 lacs (previous year Rs. I75.00 lacs) , maximum balance during the year Rs. I75 lacs (Previous year Rs. I75 lacs) paid for Brand utilization to a Subsidiary Company in which some of the Directors are interested as Directors.

c) Interest free security deposit of Rs.I3.50 lacs (Previous year Rs. 14 lacs) , maximum balance during the year Rs. I4.00 lacs (Previous year Rs. 15.00 lacs) paid for guest house taken on lease from the Chairman of the Company.

6. Financial and derivative instruments:

i) Contracts entered into by the Company for hedging in US $ and outstanding as on 3Ist March 20I2 amounts to US $ II2.50 lacs (Previous year US $ 95 lacs), equivalent to Rs 5,658.9I lacs (Previous year in Rs. 4,3I7.88 lacs).

Contracts entered into by the Company for hedging in UK £ and outstanding as on 3Ist March 20I2 amounts to UK £ I2.00 lacs (Previous year UK £ 9.00 lacs), equivalent to Rs 948.35 lacs (Previous year in Rs. 648.75 lacs).

ii) All contracts entered by the Company are for hedging of exposures against receivables.

The company has not entered into any derivative instruments for trading or speculative purpose.

All outstanding forward contracts are recognized in the financial statements at fair value as on the balance sheet date, in pursuance of the adoption of AS 30.

Accordingly, the resultant gain or losses or fair valuation / settlement of the outstanding forward contracts are recognized in the statement of Profit and Loss or Balance Sheet as the case may be after applying the test of hedge effectiveness. Where the hedge is effective, the gains or losses are recognized in the "Hedging Reserve" which forms part of "Reserves and Surplus" in the Balance Sheet" while the same is recognized in the statement of Profit and Loss where the hedge is ineffective. The amount recognized in the "Hedging Reserve" is transferred to statement of profit and loss account in the period in which the underlined Hedge item affects the statement of Profit and Loss.

7. Disclosures required under Accounting Standard 15 (Revised) "Employee Benefits" notified in the Companies (Accounting Standards) Rules 2006, are given below:

Effective from the financial year 2009-I0, the Company has offered its employees defined benefit plans in the form of Group Gratuity Scheme. Gratuity Scheme covers all qualifying employees as statutorily required under the Payment of Gratuity Act, I972. The Company has made irrevocable contribution of funds to LIC of India.

There being no short term liability in respect of unfunded gratuity provision, the entire amount of Rs. 89.59 lacs (Previous year Rs. 65.05 lacs) pertaining to unfunded gratuity payable to restricted employees is shown under long-term provision.

The present value of the defined benefit obligation and the related current service cost were measured using the Projected Unit Credit method, with actuarial valuations being carried out at each Balance sheet date.

8. The Company is engaged mainly in the business of manufacturing and exporting food products like pickles, chutneys, ready to eat items, paste and sauces, frozen foods, spices, etc. local and overseas, which is the only business segment of the Company. The local turnover being less than I0% of the total turnover of the Company, separate geographical segment information has not been given in the financial statements. Hence there are no separate reportable segments, as required by the Accounting Standard I7 on "Segment Reporting" as prescribed by the Companies (Accounting Standards) Rules, 2006 issued by the Central Government, in consultation with the National Advisory Committee on Accounting Standards.

9. The financial statements for the year ended 3I March 20II had been prepared as per the then applicable, pre-revised Schedule VI to the Act. Consequent to the notification of Revised Schedule VI under the Act, the financial statements for the year ended 3I March 20I2 are prepared as per Revised Schedule VI. Accordingly, the previous year's figures have also been reclassified to conform to this year's classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed in preparation of financial statements.

10. Figures have been rounded off to the nearest lacs.


Mar 31, 2010

I. Share Warrants / Share Capital:

a." Pursuant to the members approval in the Extra Ordinary General Meeting of the Company held ort 14th November 2007, the Company had issued 15,00,000 Convertible Warrants of Rs.70/- each to the Promoters, their friends & relatives and independent Directors of the Company. The Company had received a part payment of Rs.7/- per warrantfrom the warrant holders. The Warrant holders had an option to convert the warrants into fully paid equity shares of Rs 10 each at a premium of Rs.60,per Share, not later than 23rd June 2009. As the option for conversion of warrants into equity shares was not exercised by the specified date, the Company has forfeited the initial subscription of Rs.7/- per warrant, aggregating to Rs. 105 lakhs, received from the warrant holders and transferred the same to Capital Reserve Account.

b. Pursuant to the members approval in the Extra Ordinary General Meeting of the Company held on 14th November 2007, the Company had issued 26,50,000 fully paid up equity shares at Rs. 70 per share on private placement basis. The aggregate consideration of Rs. 1855 lacs was received.

c. Further, pursuant to the members approval in the Annual General Meeting held on 17th June, 2009, the Company issued on 29th July 2009 a second series of preferential issue of 23,26,110 Convertible Warrants of Rs.32/- each, at a part payment of Rs.8/- per Warrant, to the Promoters, their friends & relatives and independent Directors of the Company. These Warrants were convertible, in one or more trenches at any time within a period of eighteen months from the date of issue, into equivalent number of fully paid equity shares of Rs. 10/- each at a premium of Rs. 22/- per share upon the Warrant holders paying the balance consideration.

Accordingly, 8,20,222 equity shares were issued on I Ith September 2009 and 15,05,888 equity shares were issued on 27th October 2009 upon receipt of balance consideration in respect of these convertible warrants. Consequent upon the conversion of 23,26,110 Convertible Warrants, the Share Capital and Security Premium Reserve have increased by Rs.232.61 lakhs and Rs.511.74 lakhs respectively.

Out of the total amount of Rs. 2,704.35 lacs received from the preferential allotment of the Shares and Warrants as mentioned above have been utilized in the manner summarized below:

Rs. in lacs

For expansion / acquisition of fixed assets Unutilized balance held as Fixed deposits with banks

1,442.54 1,22,61.81

Total 2,704.35 2 a. Contingent Liabilities:

2009-10 2008-09

Letter of credit issued by the banks (net of margin money) 4.79 12.81

Guarantees issued by the banks (net of margin money) 30.29 11.48

Claims against the Company not acknowledged as debts (net of deposits)30.90 126.04 Disputed Income tax demands of earlier year 10.27 12.42

Foreign bills purchase 1282.05 1378.75 b. Unexpired capital commitments (net of advances) 19.98 22.79

3. In the opinion of the Board, all Current Assets, Loans and Advances are approximately of the values stated, if realized in the ordinary course of business. The provisions for all known liabilities are adequate and are not in excess of the amounts considered reasonably necessary. Sundry Debtors, Creditors and Loans and Advances are subject to confirmation.

4. The Company has reviewed the valuation of its intangible assets and investments, based on management estimates. Such valuation does not reflect any impairment of value requiring provision of additional asset amortization amounts. Brands owned by a subsidiary company are depreciated by that Company, in accordance with the policy adopted by the Company, resulting in negative net worth in the Balance Sheet of the subsidiary company. However, management estimates of valuation of brands of that subsidiary company do not reflect any permanent diminution in the value of Companys investments in that company as a result of which no further provision is considered necessary in relation to the diminished net worth of that company. The brand depreciation provided by the subsidiary company is recognized as a cost in the consolidated accounts.

5. The Company has not received any intimation from suppliers regarding their status under the Micro Small & Medium Enterprises Development Act, 2006. Hence disclosure, if any, relating to amount unpaid as at the year end and together with the interest paid/ payable as required under the said Act, have not been given.

6. Loans and advances:

A. Advances recoverable include advances to subsidiaries:

a) Power Brands (Foods) Pvt. Ltd, Rs. 0.65 lacs, (Previous year Rs. 0.65 lacs), Maximum balance during the year Rs. 0.65 Lacs (Previous year Rs. 0.65 lacs)].

b) ADF Foods India Ltd, Rs. 11.48 lacs, (Previous year Rs. Nil), Maximum balance during the year Rs. 11.62 Lacs (Previous year Rs. Nil)]

c) ADF Foods Mauritius Ltd, Rs. 0.78 lacs, (Previous year Rs. Nil), Maximum balance during the year Rs. 0.78 lacs (Previous year Rs. Nil)]

B. Deposits include:

a) Interest free lease deposit of Rs. 125.00 lacs, (Previous year Rs. 125.00 lacs), Maximum balance outstanding during the year Rs. 125.00 Lacs, (Previous year Rs. 125.00 Lacs) paid for office premises taken on lease from a Subsidiary Company in which some of the Directors are interested as Directors.

b) Interest free deposit of Rs. 175.00 lacs (Previous year Rs. 175 lacs), Maximum balance outstanding during the year Rs. 175.00 Lacs, (Previous year Rs. 175 lacs) paid for Brand utilization to a Subsidiary Company in which some of the Directors are interested as Directors.

c) Interest free security deposit of Rs. 15.00 lacs (Previous year Rs. 15 lacs), Maximum balance outstanding during the year Rs. 15.00 Lacs, (Previous year Rs. 15 lacs) paid for guest house taken on lease from the Chairman of the Company.

7. Remittance in foreign Currency on account of dividend:

During the year, the Company has not made any remittance in foreign Currency on account of dividend payable to its Non Resident Shareholders. However the details of dividend paid to the Non Resident Shareholders during the financial year is given below.

8. Segment wise information for the year ended 31st March 2010:

Segments have been identified in line with the "Accounting standard on Segment reporting "(AS-17), taking into account, the nature of products and services, the organization and internal reporting structure as well as differential risk of these segments.

(A) Information about Primary Business Segments is given in Annexure I:

Notes:

(i) The Company is organized into two main segments. Namely: Processed & Preserved Foods.

Trading Goods.

(ii) Segment revenue includes sales and Export incentives (Duty Draw back, Sales of Licence).

(B) Information about Secondary Business Segments is given in Annexure 2: Notes:

(i) The Company is organized into two main segments. Namely: India.

Out of India.

(ii) Segment revenue in geographical segments considered for disclosure is as follows:

Revenue with in India includes sales to customers located with in India and earning in India.

Revenue outside India includes located outside India and earning outside India.

(C) Segment Revenue, Results, Assets and Liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis.

9. Previous years figures have been regrouped and recast wherever considered necessary.

10. Figures have been rounded off to the nearest lacs.

 
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