3.14 Provisions, Contingent liabilities, Contingent assets
and Commitments:
Provisions are recognised only when the Company has a
present obligation (legal or constructive) as a result of a past
event, it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation
and a reliable estimate can be made of the amount of the
obligation. When the Company expects some or all of a
provision to be reimbursed, for example, under an insurance
contract, the reimbursement is recognised as a separate
asset, but only when the reimbursement is virtually certain.
The expense relating to a provision is presented in the
statement of profit and loss net of any reimbursement.
If the effect of the time value of money is material, provisions
are discounted using a current pre-tax rate that reflects,
when appropriate, the risks specific to the liability. When
discounting is used, the increase in the provision due to the
passage of time is recognised as a finance cost.
Contingent liability is disclosed in the case of:
A present obligation arising from the past events, when it is
not probable that an outflow of resources will be required to
settle the obligation;
A present obligation arising from the past events, when no
reliable estimate is possible;
A possible obligation arising from the past events, unless
the probability of outflow of resources is remote.
Commitments include the amount of purchase order (net of
advances) issued to parties for completion of assets.
A contingent asset is a possible asset that arises from past
events the existence of which will be confirmed only by the
occurrence or non-occurrence of one or more uncertain
future events not wholly within the control of the company.
Contingent assets are neither recognised nor disclosed in
the company’s financial statements.
Provisions, contingent liabilities, contingent assets and
commitments are reviewed at each balance sheet date.
3.15 Earnings per share
Basic earnings per share are calculated by dividing the net
profit for the period attributable to equity shareholders by
the weighted average number of equity shares outstanding
during the period. Earnings considered in ascertaining the
Company’s earnings per share is the net profit for the period
after deducting preference dividends and any attributable
tax thereto for the period. The weighted average number
of equity shares outstanding during the period and for all
periods presented is adjusted for events, such as bonus
shares, other than the conversion of potential equity shares
that have changed the number of equity shares outstanding,
without a corresponding change in resources.
For the purpose of calculating diluted earnings per share, the
profit or loss for the period attributable to equity shareholders
and the weighted average number of shares outstanding
during the period is adjusted for the effects of all dilutive
potential equity shares.
3.16 Cash flow statement
Cash flow are reported using the indirect method, whereby
net profit before tax is adjusted for the effects of transactions
of a non-cash nature, any deferrals of accruals of past or
future operating cash receipts or payments and item of
income or expenses associated with investing or financing
cash flows. The cash flows from operating, investing and
finance activities of the Company are segregated.
3.17 Fair Value Measurement
Fair value is the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The
fair value measurement is based on the presumption that
the transaction to sell the asset or transfer the liability takes
place either:
• In the principal market for the asset or liability, or
• In the absence of a principal market, in the most
advantageous market for the asset or liability.
The principal or the most advantageous market must be
accessible by the Company.
The fair value of an asset or a liability is measured using
the assumptions that market participants would use
when pricing the asset or liability, assuming that market
participants act in their best economic interest.
The Company uses valuation techniques that are
appropriate in the circumstances and for which sufficient
data are available to measure fair value, maximizing the
use of relevant observable inputs and minimizing the use
of unobservable inputs.
All assets and liabilities for which fair value is measured or
disclosed in the financial statements are categorized within
the fair value hierarchy, described as follows, which gives
highest priority to quoted prices in active markets and the
lowest priority to unobservable inputs.
• Level 1 - Quoted (unadjusted) market prices in active
markets for identical assets or liabilities.
• Level 2 - valuation techniques for inputs other
than quoted prices included within level 1 that are
observable for the asset or Liability either directly or
indirectly.
• Level 3 - Valuation techniques for inputs that are
unobservable for the asset or liability.
For the purpose of fair value disclosures, the Company has
determined classes of assets and liabilities on the basis of
the nature, characteristics and risks of the asset or liability
and the level of the fair value hierarchy as explained above.
4. Critical and significant accounting judgements,
estimates and assumptions
4.1 Critical estimates and judgements
The following are the critical judgements, apart from those
involving estimations that the management have made in
the process of applying the Company’s accounting policies
and that have the most significant effect on the amounts
recognized in the financial statements. Actual results may
differ from these estimates. These estimates and underlying
assumptions are reviewed on an ongoing basis. Revisions to
the accounting estimates in the period in which the estimate
is revised if the revision affects only that period, or in the
period of the revision and future periods if the revision affects
both current and future periods.
Useful lives of property, plant and equipment and
intangible assets:
Management reviews the useful lives of depreciable assets
at each reporting. As at March 31, 2025 management
assessed that the useful lives represent the expected utility
of the assets to the Company. Further, there is no significant
change in the useful lives as compared to previous year.
Allowance for expected credit losses:
Note 41 describes the use of practical expedient by
computing the expected credit loss allowance for trade
receivables other than subsidy receivables based on
provision matrix. The expected credit allowance is based
on the aging of the days receivables are due and the rates
derived based on past history of defaults in the provision
matrix. As regards subsidy receivables, the Company
does not believe that there is any credit risk as dues are
receivable from the Government and hence no allowance
for expected credit loss is made.
Dismantling cost of property, plant and equipment:
The financials include assets retirement obligation on
estimate basis for property, plant and equipment. The
management estimates dismantling cost considering size
of the asset and its useful life in line with industry practices.
Stores and spares inventories:
The Company’s manufacturing process is continuous and
highly mechanical with wide range of different types of plant
and machineries. The Company keeps stores and spares as
standby to continue the operations without any disruption.
Considering wide range of stores and spares and long lead
time for procurement of it and based on criticality of spares,
the Company believes that net realizable value would be
more than cost.
Fair value of investments:
The Company has invested in the equity instruments
of various companies. However, the percentage of
shareholding of the Company in some of such investee
companies is low and hence, it has not been provided
with future projections including projected profit and loss
account by those investee companies. Hence, the valuation
exercise carried out by the Company with the help of an
independent valuer has estimated the fair value at each
reporting period based on available historical annual reports
and other information in the public domain. In case of other
companies, where there are no comparable companies’
valuations available (also includes start-up companies)
and no further information available for future projections,
capacity utilisation, commencement of operations, etc.,
the method of valuation followed is cost approach. The
Company evaluates the aforesaid position at each period
end.
Income taxes:
Significant judgements are involved in determining the
provision for income taxes, including amount expected to
be paid/recovered for uncertain tax positions.
4.2. Significant accounting judgements, estimates and
assumptions
The preparation of the company’s financial statements
requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues,
expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities.
uncertainty about these assumptions and estimates could
result in outcomes that require a material adjustment to the
carrying amount of assets or liabilities affected in future
periods.
Judgements
In the process of applying the company’s accounting
policies, management has made the following judgements,
which have the most significant effect on the amounts
recognised in the standalone financial statements:
Determination of lease term & discount rate:
Ind AS 116 leases requires lessee to determine the lease
term as the non-cancellable period of a lease adjusted
with any option to extend or terminate the lease, if the
use of such option is reasonably certain. The company
makes assessment on the expected lease term on
lease by lease basis and thereby assesses whether it is
reasonably certain that any options to extend or terminate
the contract will be exercised. In evaluating the lease term,
the company considers factor such as any significant
leasehold improvements undertaken over the lease term,
costs relating to the termination of lease and the importance
of the underlying to the company’s operations taking into
account the location of the underlying asset and availability
of the suitable alternatives. The lease term in future period is
reassessed to ensure that the lease term reflects the current
economic circumstances.
The discount rate is generally based on the incremental
borrowing rate specific to the lease being evaluated or for
a portfolio of leases with similar characteristics.
Estimates and assumptions
The key assumptions concerning the future and other key
sources of estimation uncertainty at the reporting date, that
have a significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities within the
next financial year, are described below. The company
based on its assumptions and estimates on parameters
available when the financial statements were prepared.
Existing circumstances and assumptions about future
developments, however, may change due to market
changes or circumstances arising that are beyond the
control of the company. Such changes are reflected in the
assumptions when they occur.
Impairment of non-financial assets
Impairment exists when the carrying value of an asset
or cash generating unit exceeds its recoverable amount,
which is the higher of its fair value less costs of disposal
and its value in use. The fair value less costs of disposal
calculation is based on available data from binding sales
transactions, conducted at arm’s length, for similar assets
or observable market prices less incremental costs for
disposing of the asset. The value in use calculation is
based on a Discounted Cash Flow model. The cash flows
are derived from the budget for the next five years and do
not include activities that the company is not yet committed
to or significant future investments that will enhance the
asset’s performance of the Cash generating unit being
tested. The recoverable amount is sensitive to the discount
rate used for the Discounted Cash Flow model as well as
the expected future cash-inflows and the growth rate used
for extrapolation purposes.
Taxes
Deferred tax assets are recognised for unused tax losses
to the extent that it is probable that taxable profit will be
available against which the losses can be utilised. Significant
management judgement is required to determine the amount
of deferred tax assets that can be recognised, based upon
the likely timing and the level of future taxable profits
together with future tax planning strategies.
Defined benefit plans
The cost of the defined benefit plans viz. gratuity,
superannuation for the eligible employees of the Company
are determined using actuarial valuations. An actuarial
valuation involves making various assumptions that may
differ from actual developments in the future. These
include the determination of the discount rate, future salary
increases and mortality rates. Due to the complexities
involved in the valuation and its long-term nature, a
defined benefit obligation is highly sensitive to changes in
these assumptions. All assumptions are reviewed at each
reporting date.
The parameter most subject to change is the discount
rate. In determining the appropriate discount rate for plans
operated in India, the management considers the interest
rates of government bonds in currencies consistent with the
currencies of the post-employment benefit obligation.
The mortality rate is based on publicly available mortality
tables. Those mortality tables tend to change only at
interval in response to demographic changes. Future salary
increases and gratuity increases are based on expected
future inflation rate.
Further details about gratuity obligations are given in Note
37.
Provision and contingent liability
On an ongoing basis, Company reviews pending cases,
claims by third parties and other contingencies. For
contingent losses that are considered probable, an
estimated loss is recorded as an accrual in financial
statements. Loss Contingencies that are considered
possible are not provided for but disclosed as Contingent
liabilities in the financial statements. Contingencies the
likelihood of which is remote are not disclosed in the financial
statements. Gain contingencies are not recognized until the
contingency has been resolved and amounts are received
or receivable.
Recent Accounting Pronouncements -
A. The Ministry of Corporate Affairs had not made any
amendments to Companies (Indian Accounting
Standards) Rules 2015, for the reporting period which
were effective from April 1, 2024.
B. On 7 may 2025, MCA notified Companies (Indian
Accounting Standards) Amendment Rules, 2025,
effective from 1 April 2025, to further amend the
Companies (Indian Accounting Standards) Rules,
2015. Amendments were made to Ind AS 21 (The
Effects of Changes in Foreign Exchange Rates) The
Company is not expecting any significant impact in
the financial statements from these amendments.
The quantitative impacts would be finalized based
on a detailed assessment which has been initiated
to identify the key impacts along with evaluation of
appropriate transition options.
1 The Company has capitalised 20 MTPD HX Crystal Project ' 6632 lakhs during FY 2024-25.
2 Asset acquisition includes R&D assets of ' 26.19 lakhs (previous year ' 59.07 lakhs).
3 The Company has leased a portion of land to Bank of Baroda for bank premises at Fertilizernagar & Sikka.Further, the Company has let out its premises in
Dashrath to Vadodara Gas Limited for which renewal lease agreement is finalised but government approval is under consideration.
4 The Company has acquired land through Government and also through direct negotiations. The entire land is in possession of the Company. In respect of
other portion of land acquired through direct negotiations, compensation has been paid at the negotiated price. The Company also holds possession of a
portion of land for which no amount has been paid in absence of receipt of awards.
5 The Company established Sikka Jetty at its own cost, which is in operation since 1987. After due discussion with Gujarat Maritime Board (GMB), a
consensus was arrived at establishing ownership of jetty with the Company. Thereafter, in terms of resolution passed by GMB, the ownership of the jetty at
Sikka was transferred to the Company. However, during 1994, GMB has reversed its earlier decision not supported by resolution and contended that the
ownership of the jetty rests with GMB. The Company has made representation to the appropriate authority with regards to the ownership of the jetty with the
Company.
The matter of deciding the status of Jetty was under examination at GMB & Government of Gujarat levels since long back. Various meetings were also held
and after due diligence on the matter, it is decided by the Board of GMB supported by a resolution to assign the status of Captive Jetty to sikka jetty and the
Company has to sign Captive Jetty Agreement with GMB. The matter is under discussion with GMB authorities. At present the Company is in possession of
the Jetty and continues to be the owner of the Jetty pending signing of the Agreement.
* Less than a Thousand
a) There is no change in the no of shares compare to previous year, except where specifically mentioned above under each case.
b) The equity shares held by the Company in Tunisian Indian Fertilizers S.A., Tunisia (TIFERT) have been pledged to secure the obligations of TIFERT
to their lenders.
c) Investments at fair value through OCI (fully paid) reflect investment in quoted and unquoted equity securities. Refer note 41 for determination of their
fair values.
d) During the year, the company has subscribed 1,44,00,000 equity shares of Face value of ' 10 each at par on the right basis (60% of total right issue)
from Vadodara Jal Sanchay Private Limited. (? NIL during FY 2023-24).
e) During the year, the company has made equity contribution in Gujarat Industries Power Company Ltd. of 19,82,378 equity shares of Face value of
' 10 each. (' NIL during FY 2023-24).
f) Represents the various defaulted securities having net face value of ' 1912.81 Lakhs received in demat, against the losses make good by the
company to GSFC’s EPFTs as per EPFO guideline. (' NIL during FY 2023-24).
g) The company has provided a loan of USD 2.50 Mn to TIFERT for procurement of critical spares and equipment’s. Provided loan carries an interest
of daily average LIBOR plus a margin of 225 basis points. It was provided with a condition of compulsory conversion in equity shares of TIFERT
after 3 years from the date of agreement however the term of loan has been extended for further 5 years in total (Maturing in July, 2025) under three
different amendment agreements by Sponsors on request of TIFERT. Principal amount of the loan along with unpaid interest will be converted into
equity shares of TIFERT at face value after completion of loan term and accordingly the same has been classified as Investment, as in substance
the nature is of the investment. The Fair Value of said loan is Nil as on 31st March 2025 & 31st March 2024.
h) Impairment Loss of ' 2200.70 Lakhs has been recognised in the carrying value of investment in Karnalyte Resources Inc. during FY 2024-25
(' NIL during FY 2023-24) under the head “Other Expenses (Note No 35)” in Profit and Loss Account, taking into consideration consistent operating
losses booked by the company and its low market capitalisation. As share valuation has been carried out considering the Net Asset Value method,
Investment is categorised at Level 3 of the fair value hierarchy.
(i) The average credit period on sale of goods is 30 to 90 days. No interest is charged on trade receivables up to the
expiry of the credit period. Thereafter, interest is charged at 12% per annum on the outstanding balance.
(ii) The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables
based on a provision matrix. The provision matrix takes into account historical credit loss experience and adjusted
for forward looking information. The expected credit loss allowance is based on the ageing of the days the
receivables are due and the rates as given in the provision matrix. Refer note 41 for the provision matrix at the end
of the reporting period, ageing of receivable and movement in the expected credit loss allowance.
(iii) The concentration of credit risk is limited due to the fact that the customer base is large and unrelated. There is no
customer constituting more than 10% balance of the total trade receivables as of the Balance Sheet date. Refer
note 41 for the credit risk management by the Company.
(iv) The above balances include trade receivables from related parties ' 3882.6 Lakhs (' 4767.65 Lakhs as on
31 March 2024) Refer note 39.
1. Capital Reserve: This reserve has been created from amounts forfeited on shares not fully paid up, scheme of capital subsidy for
industries in backwards areas, etc. It is not available for distribution of dividend.
2. Securities Premium: The amount received in excess of face value of the Rights Equity shares issued have been recognised in Share
Premium Reserve, etc. It is not available for distribution of dividend.
3. Capital Redemption Reserve: Capital Redemption Reserve has been created against the redemption of preference shares in earlier
years. It is not available for distribution of dividend.
4. General Reserve: General Reserve represents a reserve other than capital reserve which is not earmarked for a specific purpose.
5. Retained Earnings: Retained Earnings represents surplus/accumulated earnings of the Company and are available for distribution to
shareholders.
6. Other comprehensive income (OCI): OCI comprises items of income and expenses (including reclassification adjustments) that are not
recognised in profit or loss as required or permitted by Indian Accounting Standards. The components of OCI include: re-measurements of
defined benefit plans, gains and losses arising from investment in equity instruments.
Aforesaid post-employment benefit plans typically expose the Company to actuarial risks such as: investment risk,
interest rate risk, longevity risk and salary risk.
Investment Risk: The present value of the defined benefit liability is calculated using a discount rate which is
determined by reference to market yields at the end of the reporting period on government bonds.
Interest Risk: A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset
by an increase in the return on the plan’s investments.
Longevity Risk: The present value of the defined benefit liability is calculated by reference to the best estimate of
the mortality of plan participants both during and after their employment. An increase in the life expectancy of the
plan participants will increase the plan’s liability.
Salary Risk: The present value of the defined benefit liability is calculated by reference to the future salaries of plan
participants. As such, an increase in salary of the plan participants will increase the plan’s liability.
b) Defined contribution plans:
Expenses towards Defined Contribution Plans have been recognised under Note 33 under line item ‘’Contributions to
Provident, Gratuity and Superannuation Fund (pension) Funds (including provisions)”. They amounted to ' 5653.27
lakhs for FY 2024-25 (' 4722.44 lakhs for FY 2023-24).
Provident Fund contributions are made to the Employees’ Provident Fund Organization (EPFO) for the Baroda Unit
and Polymer unit from 01/09/2024 as the Provident Fund trusts associated with these two units were surrendered
with effect from 01/09/2024. Provident Fund contributions are made to remaining two trusts for Sikka unit & Fibre
unit which are administered by the Company. The interest rate payable to the members of the Trusts shall not be
lower than the statutory rate of interest declared by the Central government under the Employees provident Funds
and Miscellaneous Provisions Act, 1952 and shortfall, if any, shall be made good by the Company.
Note 1 : The Company has invested in the equity instruments of various companies. However, the percentage of
shareholding of the Company in such investee companies is very low and hence, it has not been provided with future
projections including projected profit and loss account by those investee companies. Hence, the independent valuer
appointed by the Company has estimated fair value based on available historical Annual Reports of such companies
and other information as available in the public domain. Since the future projections are not available, discounted
cashflow approach for fair value determination has not been followed.
Note 2 : In case of some companies, there are no comparable companies valuations available. In light of no information
available for future projections, capacity utilisation, commencement of operations, etc., the valuation is based on cost
approach.
Transfer out of Level 3
There were no transfers to/from level 3 during the current and previous FY.
C. Financial risk management
The Company has exposure to the following risks arising from financial instruments:
• Credit risk;
• Liquidity risk ; and
• Market risk
i. Risk management framework
The Company’s board of directors has overall responsibility for the establishment and oversight of the
Company’s risk management framework. The Company manages market risk through a Financial risk
management committee, which evaluates and exercises independent control over the entire process of
market risk management. The treasury department recommends risk management objectives and policies,
which are approved by Audit cum finance committee and Board of Directors. The activities of this department
include management of cash resources, implementing hedging strategies for foreign currency exposures,
borrowing strategies, and ensuring compliance with market risk limits and policies.
The Company’s risk management policies are established to identify and analyse the risks faced by the
Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk
management policies and systems are reviewed regularly to reflect changes in market conditions and the
Company’s activities. The Company, through its training and management standards and procedures, aims
to maintain a disciplined and constructive control environment in which all employees understand their roles
and obligations.
The audit cum finance committee oversees how management monitors compliance with the company’s
risk management policies and procedures, and reviews the adequacy of the risk management framework
in relation to the risks faced by the Company. The audit committee is assisted in its oversight role by
internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and
procedures, the results of which are reported to the audit committee.
ii. Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument
fails to meet its contractual obligations, and arises principally from the Company’s receivables from
customers.
The carrying amount of following financial assets represents the maximum credit exposure:
Trade and other receivables
The Company’s exposure to credit is influenced mainly by the individual characteristics of each customer.
However, management also considers the factors that may influence the credit risk of its customer base, including
the default risk of the industry and country in which customers operate.
The Revenue department has established a credit policy under which each new customer is analysed individually
for creditworthiness before the Company’s standard payment and delivery terms and conditions are offered. The
Company’s review includes external ratings, if they are available, and in some cases bank references. Sale limits
are established for each customer and reviewed quarterly. Any sales exceeding those limits require approval from
the Board of Directors.
Goods are sold subject to retention of title clauses, so that in the event of non-payment the Company may have a
secured claim. The Company does not otherwise require collateral in respect of trade and other receivables.
The company establishes an allowance for impairment that represents its estimate of expected losses in respect
of trade and other receivables. The provision matrix of ECL at the end of reporting period is as follows.
During the FY 2024-25, impairment provision has reduced by I NR 405.53 Lakhs whereas in FY 2023-24,
impairment provision has increased by INR 47.65 lakhs.
Cash and cash equivalents
The Company held cash and cash equivalents of ' 23846.41 lakhs at March 31,2025 (' 51233.33 lakhs at March
31,2024). The cash and cash equivalents are held with approved scheduled banks.
Derivatives
The derivatives deals are done with AD category banks in OTC market and registered brokers in ETCD market.
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, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to
the Company’s reputation.
iv. Market risk
Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity
prices - will affect the Company’s income or the value of its holdings of financial instruments.Market risk is
attributable to all market risk sensitive financial instruments including foreign currency receivables and payables
and long term debt. The company is exposed to market risk primarily related to foreign exchange rate risk, interest
rate risk and the market value of company’s investments. Thus, company’s exposure to market risk is a function
of investing and borrowing activities and revenue generating and operating activities in foreign currency. The
objective of market risk management is to control the financial risks associated with the Foreign Exchange/
Currency rate movements through a sophisticated Foreign exchange Risk management System.
Currency risk
The Company is exposed to currency risk on account of its import payables and borrowings in foreign currency.
The functional currency of the Company is Indian Rupee. The Company uses forward exchange contracts, Options
and futures to hedge its currency risk, most with a maturity of less than one year from the reporting date.
The company is using derivative instruments which are not intended for trading or speculative purposes but for
hedge purposes to establish the amount of reporting currency required or available at the settlement date of
certain payables and receivables.
The nature of services and its disclosure of timing of satisfaction of performance obligation is mentioned in para
3.1 of Note No 3.There are no contract assets in the Balance Sheet. Contract Liabilities in the Balance Sheet
constitutes advances from customers. The Company expects to recognise such revenue in the next financial year.
There were no significant changes in contract liabilities during the reporting period except amount as mentioned in
the table and explanation given above. Under the payment terms generally applicable to the Company’s revenue
generating activities, prepayments are received only to a limited extent. Typically, payment is due upon or after
completion of delivery of the goods.
46. Other Statutory Disclosures:
i. The Company does not have any Immovable Property whose title deeds are not held in the name of the
Company.
ii. The Company does not have any benami property, where any proceeding has been initiated or pending
against the Company for holding any benami property.
iii. The Company has not been declared as a wilful defaulter by any lender who has powers to declare a
company as a wilful defaulter at any time during the financial year or after the end of reporting period but
before the date when financial statements are approved.
iv. The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including
foreign entities (Intermediaries) with the understanding that the Intermediaries shall:
(a) directly or indirectly lend or invest in other persons or entities identifed in any manner whatsoever by
or on behalf of the company (ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
v. 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:
(a) 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
(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries.
vi. The Company has not traded or invested in Crypto currency or virtual Currency during the financial year.
vii. The Company has complied with the number of layers prescribed under clause (87) of section 2 of the
Companies Act, 2013 read with Companies (Restriction on number of Layers) Rules, 2017.
viii. The Company does not have any charges or satisfaction which is yet to be registered with the Registrar of
Companies (ROC) beyond the statutory period.
ix. 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 tax assessments under the Income Tax Act, 1961
(such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
x. Disclosure as per regulation 34(3) and 53(f) of Securities and Exchange board of India (listing obligations
and disclosures requirements) regulations, 2015:
a) loans & Advances in the nature of loans to subsidiaries is ' Nil (PY: ' Nil)
xi. Details of outstanding towards MSMED, consisting of Micro and Small enterprises falling under either Trade
Payables (Note 25) or Creditors for Capital Goods (Note 26) :
48. Other Matters
(i) With respect to Fibre Unit and Polymer Unit, the Net Realizable Value of the units is higher compared to its
carrying value as on March 31,2025.
(ii) Previous year figures are regrouped / reclassified wherever required in order to make it comparable.
(iii) The Company evaluates events and transactions that occur subsequent to the balance sheet date but prior to
the financial statements to determine the necessity for recognition and / or reporting of any of these events and
transactions in the financial statements. As of 20th may, 2025 there were no subsequent events to be recognized
or reported that are not already disclosed.
# Total Debt includes Current and Non current Borrowings as well as Current maturities of long term Borrowings
## Earning for Debt Service = Net Profit after taxes Non-cash operating expenses like depreciation and other
amortizations Interest other adjustments like loss on sale of Fixed assets etc.
** Capital employed = Tangible Net Worth Total debt Deferred Tax Liability
$ Calculated for treasury investments only.
Signatures to Notes 1 to 49 forming the part of the Financial Statements.
In terms of our report attached.
For Parikh Mehta & Associates _
Chartered Accountants Kamal Dayani Tapan Ray
Firm Registration No.: 112832W Managing Director Director
(DIN-05351774) (DIN-00728682)
Tejal Parikh
Partner S. K. Bajpai Nidhi Pillai
Membership N°.: 109600 svp (Finance & Legal) & CFO Company Secretary
Gandhinagar
20th May, 2025
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