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Notes to Accounts of Ravalgaon Sugar Farm Ltd.

Mar 31, 2015

1.Terms Rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs.50 per share. Each holder of equity share 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 the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the no. of equity shares held by the shareholder.

i. Term loan from Bank The Term loan from Dena Bank is secured by the hypothecation of the finished goods, raw material stocks and other assets; and residual charge on other fixed assets of the company. Carries interets @ 12.55% p.a. The term loan from HDFC Bank is secured by the equitable mortgage of Office Property and carries interest @ 12.75% p.a. The loan is repayable in monthly installments from January, 2011 to November 2019.

ii. Term loan from State Government is secured against Bank Guarantee and further secured by residual charge on fixed assets.

iii. The total amount outstanding from SICOM is Rs. 185.36 Lacs out of which Rs. 36.01 Lacs is repayable from April 2015 to March 2016 and the balance amount is to be repaid within 5 years from the date of completion of the assessment of the relevant years

vi. Working Capital borrowings from the banks are secured by way of joint hypothecation of inventory including stock of sugar, confectionary and other items and second charge by way of equitable mortgage of company's immovable property situated at factory

v. Inter Corporate Deposit bears interest between 11 % and 14% p.a.

vi. There is no amount due and outstanding to be credited to the Investor Education and Protection Fund.

vii. Includes Security deposit of Rs. 15.00 Lacs (Previous Year Rs. 15.00 Lacs) given to companies in which directors are interested against lease of premises.

2. Contingent Liabilities Rs. In lacs

Current Previous Year Year

a Guarantees given by Banks 45.97 45.97

b Sales Tax/Other Liability for the years 1995-99 not acknowledged as debt. 60.90 60.90

(Cane Purchase Tax)

c Electricity Duty on own Generation 76.33 76.33

d Income Tax Demands in appeal - 25.73

e Construction House Employees Union's workmen wage demands against the order of industiral Un Un tribunal - Mumbai ascertained ascertained

f Provident Fund on Contract Labour 140.00 140.00

3. Cane, Transport and Harvesters advances and liabilities, Debtors and Creditors balances are subject to confirmation and reconciliation.

4. As per the accounting practice followed by the Company, excise duty is accounted for at the point of Sales / transfer of goods.

5. In the opinion of the board, current assets, loans and advances have a value on realisation in the ordinary course of the business at least equal to the amount at which they are stated.

6. AS 15 - Employee benefits:

a The present value of accrued Gratuity liability as determined by an Actuary as at 31 March 2015 was Rs. 320.35 lacs (Previous year Rs. 541.46 lacs).

The balance lying in the contributory fund with the Life Insurance Corporation of India (LIC) as at 31 March 2015 is Rs. 1.02 lacs (Previous Year Rs. 0.94 lacs).

The net liability of Rs. 319.33 lacs as at year end (Previous Year Rs. 540.52 lacs) has not been recognised in the Accounts as required under the Accounting Standard - 15 i.e. Employee Benefits, notified by Companies (Accounts) Rules, 2014.

Consuquently as against the charge to the profit and loss account of Rs. Nil (Previous Year Rs. Nil Lacs), the expense determined by the Actuarial Valuatiuon is Rs. 17.89 Lacs (Previous Year Rs. 73.20 lacs).

However the Company expcets to meet this liability in due course with enhanced funding of the Contribution to L.I.C. or upon actual payment to employees as has been done in earlier years

b Subject to above, however the disclosure required under AS 15 "Employee Benefits" notified in the Companies (Accounts) Rules 2014, are given below:

I General description:

a Gratuity : The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of services gets a gratuity on death or resignation or retirement at 15 days salary (last drawn) for each completed year of service. The scheme is funded with Insurance Company in the form of qualifying insurance policy, b Leave Wages : The leave wages are payable to all eligible employees at the rate of daily salary for each day of accumulated leave on death or on resignation or upon retirement on attaining superannuation age.

II Defined Benefit Plan :

The employees' Gratuity Fund scheme managed by a Trust is a defined beneift plan.

The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit to build up

The obligation for leave encashment is recognized in the same manner as gratuity.

7. Segment Reporting:

a The Company has disclosed Business segment as the primary segment. Segments have been identified taking into account the nature of the products, the differing risks and returns, the organisation structure and internal reporting system.

b The Company's operation predominantly relate to manufacture of Sugar and Confectionery.

C The Company mainly caters to the needs of the domestic market. As such there are no reportable geographical segments.

d Inter Segment Transfer Pricing Policy : The Sugar supplied to Candy & Confectionery division and Bura supplied to Confectionery division is based on market price. All other Inter Segment transfers are at cost.

8. Lease Rentals:

a) Future lease rentals payable within one year in respect of premises taken on lease Rs. Nil Lacs. (Previous Year Rs. Nil Lacs)

b) Rent includes payment of lease rent in respect of premises of Rs. Nil Lacs.(Previous Year Rs. 13.48 Lacs)

c) General Description of Lease Terms:

Lease rentals are recognised on the basis of agreed terms. Assets are taken on lease for a period of 12/ 33/ 60 months

9. The Company is in the advanced stages of selling its non core assets like land banks, buildings etc., which will absorb all losses and make it's net worth positive. Accordingly the accounts have been prepared on the basis of going concern assumption.

10. As per Sec.74 of the Companies Act 2013 which has come into force with effect from 01.04.2014, deposits accepted form public before commencement of this Act, remain unpaid or become due at any time thereafter the same has to be repaid within one year or date on which it is due whichever is earlier. The Company has approached the Company Law Board seeking extension of time for repayment of deposit and the Company Law Board vide it's order no. CA. No. 09/2015 dtaed 07.04.2015 has approved the company's request for the time extension and directed the Company to pay the deposits with agreed interest to all Fixed Deposit holders as per the date of maturity.

11. Current period figures are of twelve months as compared to eighteen months for the previous period, hence are not comparable.


Mar 31, 2014

1 Contingent Liabilities

Current Period Previous Period (Rs. in lacs) (Rs. in lacs)

a Guarantees given by Banks 45.97 45.97

b Sales Tax / Other Liability for the years 1995-1999 not 60.90 60.90 acknowledged as debt (Cane Purchase Tax)

c Show Cause notices cum demand for Excise Duty - 136.36

d Electricity Duty on own Generation 76.33 76.33

e Income Tax Demands in appeal 25.73 25.73

f Construction House Employees Union''s workmen wage demands against the order of industiral tribunal - Mumbai Unascertained Unascertained

g Provident Fund on contract labour 140.00 -

2 Cane, Transport and Harvesters advances and liabilities , Debtors and Creditors balances are subject to confirmation and reconciliation.

3 As per the accounting practice followed by the Company, excise duty is accounted for at the point of Sales / transfer of goods.

4 In the opinion of the board, current assets, loans and advances have a value on realisation in the ordinary course of the business at least equal to the amount at which they are stated.

5 AS 15 - Employee benefits:

a. The present value of accrued Gratuity liability as determined by an Actuary as at 31March 2014 was Rs.541.46 lacs (Previous year Rs. 565.11 lacs).

The balance lying in the contributory fund with the Life Insurance Cooporation of India (LIC) as at 31 March 2014 is Rs. 0.94 lacs (Previous Year Rs. 2.56 lacs).

The net liability of Rs.540.52 lacs as at year end (Previous Year Rs. 562.55 lacs) has not been recognised in the Accounts as required under the Accounting Standard - 15 i.e. Employee Benefits, notified by Companies Accounting Standards Rules, 2006.

Consuquently as against the charge to the profit and loss account of Rs. Nil (Previous Year Rs. Nil Lacs), the expense determined by the Actuarial Valuation is Rs. 73.20 Lacs (Previous Year Rs. 139.62 lacs).

However the Company expects to meet this liability in due course with enhanced funding of the Contribution to L.I.C. or upon actual payment to employees as has been done in earlier years.

b Subject to above, however the disclosure required under AS 15 ''Employee Benefits'' notified in the Companies (Accounting Standard) Rules 2006, are given below:

I. General description :

(i) Gratuity : The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of services gets a gratuity on death or resignation or retirement at 15 days salary (last drawn) for each completed year of service. The scheme is funded with Insurance Company in the form of qualifying insurance policy. (ii) Leave Wages : The leave wages are payable to all eligible employees at the rate of daily salary for each day of accumulated leave on death or on resignation or upon retirement on attaining superannuation age.

II. Defined Benefit Plan :

The employees'' Gratuity Fund scheme managed by a Trust is a defined beneift plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognized in the same manner as gratuity.

6 Segment Reporting:

a The Company has disclosed Business segment as the primary segment. Segments have been identified taking into account the nature of the products, the differing risks and returns, the organisation structure and internal reporting system.

b The Company''s operation predominantly relate to manufacture of Sugar and Confectionery.

c The Company mainly caters to the needs of the domestic market. As such there are no reportable geographical segments.

d Inter Segment Transfer Pricing Policy : The Sugar supplied to Candy & Confectionery division and Bura supplied to Confectionery division is based on market price. All other Inter Segment transfers are at cost.

7 Lease Rentals:

a) Future lease rentals payable within one year in respect of premises taken on lease Rs.Nil Lacs. (Previous Year Rs. 13.48 Lacs)

b) Rent includes payment of lease rent in respect of premises of Rs.13.48 Lacs.(Previous Year Rs. 30.32 Lacs)

c) General Description of Lease Terms:

Lease rentals are recognised on the basis of agreed terms Assets are taken on lease for a period of 12/ 33/ 60 months


Sep 30, 2012

1.1 Term loan from Bank

The term loan from Dena Bank is secured by the hypothecation of the Harvesting Machines / Tractors Trolleys / Metallic Bullock Carts and other assets and residual charge on other fixed assets of the company. Repayable in equal quaterly installment from July, 2012 to September, 2014. Average rate of borrowing for the period is 13 % pa.

The term loan from HDFC Bank is secured by the equitable mortgage of Office Property and carries interest @ 12.55 % p.a. the loan is repayable in monthly installments from January, 2011 to November, 2019.

1.2 Term loan from Financial Institutions.

The term loan from Urban Sugar Development Fund for modernisation of Sugar Mill is secured by way of hypotecation of all movable properties of the company, including plant and machinery, spares, tools and accessories.

Term loan from State Government is secured against Bank Guarantee and further secured by residual charge on fixed assets.

1.3 The total amount outstanding from SICOM is Rs. 217.66 Lacs out of which Rs.36.42 lacs is repayable from April 2011 to April 2014 and the balance amount to be repaid within 5 years from the date of completion of the assessment of the relevant years.

2.1 Working Capital borrowings from the banks are secured by way of joint hypothecation of inventory including stock of sugar, confectionary and other items and second charge by way of equitable mortgage of company's immovable property situated at factory.

2.2 Inter Corporate Deposit bears interest at 11% p.a.

3 Contingent Liabilities

Current Period Previous Year Rs. Lacs Rs. Lacs

a Guarantees given by Banks 45.97 45.97

b Sales Tax / Other Liability for the years 1995-1999 not 60.90 60.90 acknowledged as debt. (Cane Purchase Tax)

c Show Cause notices cum demand for Excise Duty 136.36 136.36

d Electricity Duty on own Generation 76.33 76.33

e Income Tax Demands in appeal 25.73 25.73

f Construction House Employees Union's workmen wage demands

4 Cane, Transport and Harvesters advances and liabilities , Debtors and Creditors balances are subject to confirmation and reconciliation.

5 As per the accounting practice followed by the Company, excise duty is accounted for at the point of Sales / transfer of goods.

6 In the opinion of the board, current assets, loans and advances have a value on realisation in the ordinary course of the business at least equal to the amount at which they are stated.

7 AS 15 - Employee benefits:

a. The present value of accrued Gratuity liability as determined by an Actuary as at 30th September 2012 was Rs.565.11 lacs (Previous year Rs. 485.24 lacs). The balance lying in thecontributory fund with the Life Insurance Cooporation of India (LIC) as at 30th September 2012 is Rs. 2.56 lacs (Previous Year Rs. 62.31 lacs). The net liability of Rs.528.55 lacs as at year end (Previous Year Rs. 388.93 lacs) has not been recognised in the Accounts as equired under the Accounting Standard - 15 i.e. Employee Benefits, notified by Companies Accounting Standards Rules. 2006. Consuquently as against the charge to the profit and loss account of Rs. Nil (Previous Year Rs. 34 Lacs), the expense determined by the Actuarial Valuatiuon is Rs. 139.62 Lacs(Previous Year Rs. 84.72 lacs). However the Company expeets to meet this liability in due course with enhanced funding of the Contribution to L.I.C. or upon actual payment to employees as has been done in earlier years.

b Subject to above, however the disclosure required under AS 15 "Employee Benefits" notified in the Companies (Accounting Standard) Rules 2006, are given below:

I. Genera] description :

(i) Gratuity : The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of services gets a gratuity on death or resignation or retirement at 15 days salary (last drawn) for each completed year of service. The scheme is funded with Insurance Company in the form of qualifying insurance policy. (ii) Leave Wages : The leave wages are payable to all eligible employees at the rate of daily salary for each day of accumulated leave on death or on resignation or upon retirement on attaining superannuation age.

II. Defined Benefit Plan :

The employees' Gratuity Fund scheme managed by a Trust is a defined beneift plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognized in the same manner as gratuity.

8 Segment Reporting:

a The Company has disclosed Business segment as the primary segment. Segments have been identified taking into account the nature of the products, the differing risks and returns, the organisation structure and internal reporting system.

b The Company's operation predominantly relate to manufacture of Sugar and Confectionery.

c The Company mainly caters to the needs of the domestic market. As such there are no reportable geographical segments.

d Inter Segment Transfer Pricing Policy : The Sugar supplied to Candy & Confectionery division and Bura supplied to Confectionery division is based on market price. All other Inter Segment transfers are at cost.

9 Lease Rentals:

a) Future lease rentals payable within one year in respect of premises taken on lease Rs. 12.00 Lacs. (Previous Year Rs. 24.93 Lacs)

b) Rent includes payment of lease rent in respect of premises of Rs.30.32 Lacs.(Previous Year Rs. 24.93 Lacs)

c) General Description of Lease Terms:

Lease rentals are recognised on the basis of agreed terms Assets are taken on lease for a period of 12/ 33/ 60 months.


Mar 31, 2011

Current Previous Year Year Rs. Lacs Rs. Lacs

1 CONTINGENT LIABILITIES:

a. Guarantees given by Banks 45.97 45.97

b. Sales Tax/ Other liability for the years 1995-1999 not 60.92 60.92 acknowledged as debt

c. Cane purchase Tax Nil Nil

d. Show cause notices cum demand for Excise Duty 136.36 138.07

e. Electricity Duty on own Generation 76.33 76.33

f. Income Tax demands in appeal 25.73 25.08

g. Construction House Employees Union's workmen wage Unascertained Unascertained demands against the order of industrial tribunal-Mumbai.

2 There are no dues to micro and small enterprises as at 31st March 2011. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company.

3 The total loan amount outstanding from Sicom (Sales Tax Deferment Loan) is Rs. 254.57 Lacs out of which Rs. 93.80 lacs is repayable from April 2011 to April 2014 and the balance amount to be repaid within 5 years from the date of completion of the assessment of the relevant years.

4 Cane, Transport and Harvesters advances and liabilities, Debtors and Creditors balances are subject to confirmation and reconciliation.

5 As per the accounting practice followed by the Company, excise duty is accounted for at the point of Sales/Transfer of goods and no Excise Duty is provided for in respect of the Finished Goods not sold or transferred. The estimated excise duty on closing stock of finished goods, as at 31st March 2011 as per prevailing rates is Rs 164.64 Lacs (Previous Year Rs.17.70 lacs). However, this will have no impact on the profit for the year.

6 in the opinion of the board, current assets, loans and advances have a value on realisation in the ordinary course of the business at least equal to the amount at which they are stated.

7 AS 15- Employee benefits :

a) The present value of accrued Gratuity liability as determined by an Actuary as at 31st March 2011 was Rs.485.24 lacs (Previous Year Rs.444.16 lacs ).The balance lying in the contributory fund with the Life Insurance Corporation of India (LIC) as at 31st March 2011 is Rs.62.31 lacs (Previous year Rs.32.16 lacs).The net liability of Rs.388.93 lacs as at year end (previous year Rs,337.00 lacs ) has not been recognised in the Accounts as required under the Accounting Standard -15 i.e. Employee Benefits,, notified by Companies Accounting Standards Rules, 2006. Consequently as against the charge to the profit and loss account of Rs.34.00 lacs (Previous year Rs.75.00 lacs), the expense determined by the Actuarial Valuation is Rs.84.72 lacs (previous year credit Rs.79.73 lacs) However the Company expects to meet this liability in due course with enhanced funding of the Contribution to L.I.C. or upon actual payment to employees as has been done in earlier years.

b) Subject to above, however the disclosure required under AS 15 "Employee Benefits" notified in the Companies (Accounting Standard) Rules 2006, are given below:

I. General description :

(i) Gratuity : The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on death or resignation or retirement at 15 days salary (last drawn) for each completed year of service. The Scheme is funded with Insurance Company in the form of qualifying insurance policy.

(ii) Leave Wages : The leave wages are payable to all eligible employees at the rate of daily salary for each day of accumulated leave on death or on resignation or upon retirement on attaining superannuation age.

II. Defined Benefit plan :

The employees' Gratuity Fund scheme managed by a Trust is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build, up the final obligation. The obligation for leave encashment is recognized in the same manner as gratuity.

8 Related Party Disclosures:

Name of the Related Party Nature of Relationship

A Associate Companies Lanica Financial Services Pvt. Ltd. Associate Company

Carina Finvest Ltd. Associate Company

Acrow India Ltd. Associate Company

B Key Management Mr. Harshavatdhan B. Doshi Chairman & Managing Personnel Director

Mr Nihal H Doshi Executive Director w.e.f 1 st Jan 2011

C Relative of key Mrs. Lamya H Doshi Spouse of Chairman & Managing Director managerial personnel Miss Carina H Doshi Daughter of Chairman & Managing Director

9 Lease Rentals:

a) Future lease rentals payable within one year in respect of premises taken on lease Rs 24.93 Lacs. (Previous Year Rs.27.29 Lacs)

b) Rent includes payment of lease rent in respect of premises of Rs 24.93 Lacs. (Previous Year Rs.27.29 Lacs)

c) General Description of Lease Terms:

Lease rentals are recognised on the basis of agreed terms. Assets are taken on lease for a period of 12 / 33 / 60 months.

10 Additional information pursuant to the provisions of paragraphs 3, 4C & 4D of Part II of Schedule VI of the Companies Act, 1956 as certified by the Managing Director.

a) Net of Internal Transfer of 2010 M.T. (Previous Year 1344 M.T.)

b) Confectionery turnover including samples % damages Nil M.T. (Previous year Nil M.T.)

c) Excise Duty on closing stock Rs. 164.64 lacs (Previous Year Rs. 17.70 lacs) not considered.

d) Turnover shown are net of Excise duty.

e) Previous year figures are shown in brackets.

11 Previous Year figures have been regrouped / rearranged wherever necessary so as to conform to Current Year's grouping.


Mar 31, 2010

1. Current Year Previous Year

Rs. Lacs Rs. Lacs

1 CONTINGENT LIABILITIES:

a. Guarantees given by Banks 45.97 44.97

b. Sales Tax / Other liability for the years 1995-1999 not

acknowledged as debt 60.92 60.92

c. Show cause notices cum demand for Excise Duty 138.07 143.05

d. Electricity Duty on own Generation 76.33 109.29

e. Construction House Employees Unions workmen

wage demands against the order of industrial Unascertained Unascertained

tribunal-Mumbai.

2 The purchases of Sugarcane during the year has been accounted as per sugarcane price policy announced by the Company from time to time and the estimate of the same as at the Balance sheet date is considered adequate.

3 There are no dues to micro and small enterprises as at 31 st March 2010. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company.

4 The total loan amount outstanding from Sicom (Sales Tax Deferment Loan) is Rs. 294.95 Lacs out of which 134.17 lacs is repayable from April 2010 to April 2014 and the balance amount to be repaid within 5 years from the date of completion of the assessment of the relevant years.

5 Cane, Transport and Harvesters advances and liabilities, Debtors and Creditors balances are subject to confirmation and reconciliation.

6 As per the accounting practice followed by the Company, excise duty is accounted for at the point of Sales/Transfer of goods and no Excise Duty is provided for in respect of the Finished Goods not sold or transferred. The estimated excise duty on closing stock of finished goods, as at 31 st March 2010 as per prevailing rates is Rs 17.70 Lacs (Previous Year Rs. 184.60 lacs). However, this will have no impact on the profit for the year.

7 In the opinion of the board, current assets, loans and advances have a value on realisation in the ordinary course of the business at least equal to the amount at which they are stated.

8 AS 15-Employee benefits :

a) The present value of accrued Gratuity liability as determined by an Actuary as at 31st March 2010 was Rs.444.16 lacs (Previous Year Rs.406.70 lacs ).As against this amount of Rs.75 lacs has been provided as at that date.The balance lying in the contributory fund with the Life Insurance Corporation of India (LIC) as at 31st March 2010 is Rs. 32.16 lacs (Previous year 10.90 lacs ).The net liability of Rs. 337.00 lacs as at year end (previous year Rs.330.80 lacs) has not been recognised in the Accounts as required underthe Accounting Standard -15 i.e. Employee Benefits, issued by the Institute of Chartered Accountants of India. Consequently as against the charge to the profit and loss account of Rs.75 lacs (representing contributions to / provisions for the fund), the expense determined by the Actuarial Valuation is Rs. 79.73 lacs (previous year credit Rs 107.69 lacs) However the Company expects to meet this liability in due course with enhanced funding of the Contribution to L.I.C. or upon actual payment to employees as has been done in earlier years.

b) Subject to above, however the disclosure required under AS 15 "Employee Benefits" notified in the Companies (Accounting Standard) Rules 2006, are given below:

I. General description:

(i) Gratuity :

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on death or resignation or retirement at 15 days salary (last drawn) for each completed year of service. The Scheme is funded with Insurance Company in the form of qualifying insurance policy.

(ii) Leave Wages:

The leave wages are payable to all eligible employees at the rate of daily salary for each day of accumulated leave on death or on resignation or upon retirement on attaining superannuation age.

II. Defined Benefit plan :

The employees Gratuity Fund scheme managed by aTrust is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognized in the same manner as gratuity.

9. Segment Reporting:

a) The Company has disclosed Business segment as the primary segment. Segments have been identified taking into account the nature of the products, the differing risks and returns, the organisation structure and internal reporting system.

b) The Companys operations predominantly relate to manufacture of Sugar and Confectionery.

c) The Company mainly caters to the needs of the domestic market. As such there are no reportable geographical Segments.

d) Inter Segment Transfer Pricing Policy: The Sugar supplied to Candy & Confectionery division and Bura supplied to Confectionery division is based on market price. All other Inter segment transfers are at cost.

10 Related Party Disclosures:

Related Party Discussion Name of the Related Party Nature of Relationship A) Associate Companies Lanica Financial Services Pvt. Ltd. Associate Company

Carina Finvest Ltd. Associate Company

Acrow India Ltd. Associate Company

B) Key Management Personnel Mr. Harshawardhan B. Doshi Chairman & Managing

Director

C) Relative of key managerial Mrs. Lamya H Doshi Spouse personnel Mr. Nihal H Doshi Son



11. a) Future lease rentals payable within one year in respect of premises taken on lease Rs 27.29 Lacs. (Previous Year Rs.41.40 Lacs)

b) Rent includes payment of lease rent in respect of premises of Rs 27.29 Lacs. (Previous Year Rs.34.20 Lacs)

c) General Description of Lease Terms:

Lease rentals are recognised on the basis of agreed terms. Assets are taken on lease for a period of 12 / 33 / 60 months.

12 Previous Year figures have been regrouped/rearranged wherever necessary so as to conform to Current Years grouping.

 
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