Aspinwall and Company Ltd. के अकाउंट के लिये नोट

Mar 31, 2025

C investment property comprises of the following:

The Company’s commercial complex named Aspinwall House at Kawdiar, Thiruvananthapuram, is partly used for own purpose and partly used for earning rentals.

During the previous year, one building floor has been transferred from property, plant and equipment (refer note 3A) to investment property, since the building floor was no longer used by the Company and as such it was decided that the building floor would be leased to a third party.

D Measurement of fair value

(i) Fair valuation hierarchy

The fair value of investment property has been determined by external, independent property valuers, having appropriate recognised professional qualifications and recent experience in the location and category of the property being valued. These valuers are registered valuers as defined under rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017. The fair value measurement of the investment property has been categorised as Level 3 fair value based on inputs to the fair value technique used.

b. Rights, preferences and restrictions attached to equity shares

The Company has only one class of equity shares having a par value of '' 10/- per share. Each holder of the equity shares is entitled to one vote per share.

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 number of equity shares held by shareholders.

12 Equity share capital (Continued)

27 Contingent liabilities and commitments
Particulars	As at 31 March 2025	As at 31 March 2024
A. Contingent liabilities
(i) Claims against the Company not acknowledged as debt:
Disputed tax demands:
- Service tax demands for the period from April, 2007 to March, 2012 under appeal before Customs, Excise and Service Tax Appellate Tribunal [CESTAT]	419	419
- Income-tax demand for the Financial year 2016-17 under appeal before Commissioner of Income-tax Appeals [CIT(A)]	2	2
(ii) Bills discounted	-	68
(iii) Corporate guarantees [refer note 30D]	-	100
(iv) Likely demand of interest on loan from Indian Jute Mills Association	172	165
B. Commitments
Estimated amount of contracts remaining to be executed on capital account [net of advances] and not provided for	275	118

Notes:

1. Show cause notices received from Service tax department pending formal demand notices, have not been considered as contingent liabilities.

2. The Land Tribunal, Manjeri had passed orders conferring absolute title of the rubber estate at Pullangode to the Company. Appeals against this order filed by some of the Jenmis before the Land Reforms Appellate Authority have also been disposed off in favour of the Company and accordingly no adjustment is required in the standalone financial statements in this regard. Further, appeal filed by some of the Jenmis is pending before the Hon’ble High Court of Kerala.

3. The Company had taken 129 cents of landed property from Government of Kerala, on lease, which was initially for a period of 99 years, and thereafter, for a period of 50 years effective from 01 May 1953, till 30 April 2003. On the expiry of the lease period, the Company applied, to the Government of Kerala, for extension of the lease on longterm basis but it was rejected in 2013 and, thereafter, the property was taken over by the Government of Kerala in 2016. Meantime, the Company received a demand for arrears of lease rent for an amount of '' 205 lakhs for the period from 1995 till 2007 which demand was challenged before the Hon’ble High Court of Kerala. The High Court stayed the demand on payment of '' 40 lakhs. During the financial year 2024-25, the Company received another demand notice for an amount of '' 4,144 lakhs (including interest), for the period 1995 till 2016, without providing any details of break up or year wise demand. The said notice was challenged by the Company before the Hon’ble High Court of Kerala, which is pending, and is presently under stay in favour of the Company. The Company’s management intends to vigorously pursue this matter legally. Based on the legal opinion received by the Company, there is a range of potential outcomes possible in this case and the management has created a provision of '' 594 lakhs in the books of account for the most likely outcome it expects. The management believes that such provision is expected to be sufficient to meet any probable liability in this regard and excess, if any, on account of the actual outcome being worse than the expected outcome is considered as a contingent liability at this stage.

4. Future cash outflows in respect of the above matters are determinable only on receipt of judgements/ decisions pending at various forums/ authorities. Management believes that the position taken by it on the matter is tenable and hence, no adjustment has been made to the standalone financial statements.

5. On 28th February 2019, the Hon’ble Supreme Court of India has delivered a judgment clarifying the principles that need to be applied in determining the components of salaries and wages on which Provident Fund [PF] contributions need to be made by establishments. However, the Company has been legally advised that there are numerous interpretative challenges on the application of the judgment retrospectively. Based on such legal advice, the management believes that it is impracticable at this stage to reliably measure the provision required, if any, and accordingly, no provision has been made towards the same. Necessary adjustments, if any, will be made to the books as more clarity emerges on this subject.

6. The guarantee is given by the Company for the term loan availed by the subsidiary.

7. The Company is defending certain other commercial/ contractual matters, wherein the management believes that the likelihood of an unfavourable outcome is low.

A Basis for segmentation

The Company has the following three strategic divisions, which are its reportable segments. These divisions offer different products and services and are managed separately because they require different technology and marketing strategies.

The following summary describes the operations in each of the Company’s reportable segments:

Other operations include the manufacture and selling of natural fibre products, trading of mattresses, rental income from lease of commercial space etc. None of these segments met the quantitative thresholds for reportable segments in the year ended 31 March 2025 or year ended 31 March 2024.

Revenues and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not directly identifiable to each reportable segment have been allocated on the basis of associated revenues of the segment and manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as unallocable expenses. Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as unallocable.

B information about reportable segments

Information related to each reportable segment is set out below. Segment profit (loss) before tax, as included is used to measure performance because management believes that such information is the most relevant in evaluating the results of the certain segments relative to other entities that operate within these industries. Inter-segment pricing is determined on an arm’s length basis.

34 Leases

The Company as a lessee

The Company has entered into agreements with M/s Cochin Port Trust, which qualify as a lease as defined under Ind AS 116. The duration of lease is for a period of 30 years from the start date. Lease payments are renegotiated year on year to reflect market rentals. Under Ind AS 116, the Company has recognised right-of-use assets and lease liabilities - i.e. the lease is recorded on the standalone balance sheet.

Further, during the current year, the Company has entered into an agreement with M/s V.O Chidambaranar Port Authority, which qualifies as a lease as defined under Ind AS 116. The duration of lease is for a period of 30 years from the start date. Lease payments consist of an upfront premium amount and a nominal amount year on year. Under Ind AS 116, the Company has recognised right-of-use assets and lease liabilities - i.e. the lease is recorded on the standalone balance sheet.

The Company as a lessor

The Company has entered into lease arrangements for part of the office space in Registered Office in Trivandrum which qualifies as an operating lease under Ind AS 116. The total rental income recognised under this lease arrangement amounted to '' 233 lakhs for the year (previous year '' 181 lakhs).

The employee benefit schemes are as under:

I. Defined contribution plan

The Company makes contributions towards provident fund for qualifying employees. The contribution is made both by the employee and the Company equal to 12% of the employees’ salary (with Company’s contribution to the plan being 12% less contribution towards employee pension scheme). An amount of '' 245 lakhs (31 March 2024 - '' 233 lakhs) has been recognised and included in ‘Contribution to provident and other funds’ in the standalone statement of profit and loss on account of provident fund.

The Company recognised '' 92 lakhs (31 March 2024: '' 97 lakhs) for superannuation contribution and other retirement benefit contributions in the standalone statement of profit and loss.

The Company also makes contribution towards social security and insurance in the case of a foreign national employee who is employed at Hertogenbosch (Netherlands). The Company had recognised '' 17 lakhs (31 March 2024: '' 16 lakhs) for social security and insurance contributions in the standalone statement of profit and loss.

II. Defined benefit plan

A. Gratuity plan of the Company

The Company has a defined benefit gratuity plan, governed by the Payment of Gratuity Act, 1972. Fund balance of the gratuity plan is administered by Life Insurance Corporation of India. The gratuity plan entitles every employee, who has rendered at least five years of continuous service, to gratuity payable on termination of his/ her employment at the rate of 15 days salary for every completed year of service or part thereof in excess of six months, based on the rate of salary last drawn by the employee concerned. However, in the case of executive staffs, the plan entitles gratuity at the rate of 15 days salary for the first 15 years of service and at 30 days salary for service above 15 years, based on the rate of salary last drawn by the employee concerned.

The Company is expected to contribute '' 112 lakhs (31 March 2024: '' 116 lakhs) in the next financial year to the funds maintained for defined benefit plan.

B Compensated absence plan of the Company

The Company has a defined benefit compensated absence plan. Every employee (other than those coming under ‘workers’ cadre) is eligible for 30 days of privilege/ earned leave in a financial year. Earned leave accrues from the date of joining of an employee but can be availed only on confirmation of service. The privilege leave can be encashed for a maximum of 20 days per year, if available to the credit of employee and the balance leave can be carried forward. Annual leave can be accumulated to a maximum of 360 days and any accumulation over and above this limit will automatically lapse. Total accumulated leave can be encashed by the employee at the time of leaving of service based on their last drawn salary. Fund balance of the compensated absence plan is administered by the Life Insurance Corporation of India.

Discount rate: The discount rate indicated above reflects the estimated timing and currency of benefit payments. It is based on the yields/ rates available on applicable bonds as on the current valuation date.

Salary escalation rate: The salary growth rate indicated above is the Company’s best estimate of an increase in salary of the employees in future years, determined considering the general trend in inflation, seniority, promotions, past experience and other relevant factors such as demand and supply in employment market, etc.

Attrition rate: Attrition rate indicated above represents the Company’s best estimate of employee turnover in future (other than on account of retirement, death or disablement) determined considering various factors such as nature of business, retention policy, industry factors, past experience, etc.

* The fair value of investments, trade receivables, loans, other financial assets, cash and cash equivalents, other bank balances, borrowings, trade payables and other financial liabilities approximate their carrying amount largely due to short-term nature of these instruments.

B Measurement of fair values

i. Valuation technique and significant unobservable inputs

Investment in equity instruments : The fair value is determined based on the net assets of these entities as these are unlisted entities and carrying value is not material.

Fair value change in outstanding forward exchange contracts: The fair value is determined using forward exchange rates at the reporting date.

ii. Transfer between Level 1 and 2

There have been no transfers from Level 2 to Level 1 or vice-versa in 2024-25 and no transfers in either direction in 2023-24.

C Capital management

The key objective of the Company’s capital management is to ensure that it maintains a stable capital structure with the focus on total equity to uphold investor, creditor and customer confidence and to ensure future developments of the business. The Company is focused on maintaining a strong equity base to ensure independence, security as well as financial flexibility for potential future borrowings, if required, without impacting the risk profile of the Company.

There are no changes in the Company’s approach to capital management during the year. The Company is not subject to externally imposed capital requirements.

D Financial risk management

The Company has exposure to the following risks arising from financial instruments:

(i) Credit risk;

(ii) Liquidity risk; and

(iii) Market risk

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 board of directors is responsible for developing and monitoring the Company’s risk management 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 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.

(i) 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 amounts of financial assets and contract assets represent the maximum credit exposure.

Trade receivables and contractually reimbursable expenses

The Company’s exposure to credit risk 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.

Credit risk has always been managed by the Company through credit approvals, establishing credit limits and continuously monitoring the credit worthiness of customers based on which the Company agrees on the credit terms with customers in the normal course of business. On account of adoption of Ind AS 109, the Company uses expected credit loss model to assess the impairment loss or gain. The Company uses a provision matrix to compute the expected credit loss allowance for trade receivables and unbilled revenue. The provision matrix takes into account available external and internal credit risk factors and the Company’s historical experience for customers.

Cash and cash equivalents and other bank balances

The Company held cash and cash equivalents and other bank balances of '' 2,803 lakhs at 31 March 2025 (31 March 2024: '' 2,890 lakhs). The cash and cash equivalents and other bank balances are held with banks. Impairment on cash and cash equivalents and other bank balances has been measured on a 12-month expected loss basis and reflects the short maturities of the exposures. The Company considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties.

Other financial assets (including loans, deposits and investments)

All of the other financial assets at amortised cost (except loan to a subsidiary) are considered to have low credit risk, and the loss allowance, if any, is limited to 12 months’ expected losses. Management considers instruments to be low credit risk when they have a low risk of default and the borrower has a strong capacity to meet its contractual cash flow obligations in the near term.

(ii) Liquidity risk

Liquidity risk is the risk that the Company will encounter in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach for managing liquidity is by ensuring, 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.

The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank facilities and by ensuring adequate internally generated funds.

Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates which will affect the Company’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

(a) Foreign currency risk

The Company is exposed to currency risk to the extent that there is a mismatch between the currencies in which transactions are denominated and the functional currency of the Company. The functional currency of the Company is INR. The currencies in which these transactions are primarily denominated is USD and EURO. The summary of quantitative data about the Company’s exposure to currency risk at the end of reporting period expressed in INR are as follows:

The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s long-term debt obligations with a fixed/ floating interest rate and bank deposits.

Exposure to interest rate risk

The Company’s interest rate risk arises from borrowings and fixed deposits. Borrowings issued at fixed/ floating rates exposes the Company to fair value interest rate risk. The interest rate profile of the Company’s interest-bearing financial instruments as reported to the management of the Company is as follows:

At 31 March 2025, biological assets other than bearer plants (standing timber) comprised approximately 42,221 cubic ft. of teakwood (31 March 2024: 42,041 cubic ft.), 645 cubic ft. of Rosewood (31 March 2024: 622 cubic ft.) and 2,852 cubic ft.of Mahagony (31 March 2024: 2,764 cubic ft.).

B Measurement of fair values

i. Fair value hierarchy

The fair value measurements of standing timber have been categorised as Level 2 fair values based on observable market sales data.

ii. Valuation techniques

The fair value measurement of timber being a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

C Risk management strategy related to agricultural activities

Regulatory and environmental risks

The Company is subject to environmental and other laws and regulations in India. The Company has established environmental policies and procedures aimed at compliance with these laws.

40 Dividends

The Board of Directors in their meeting held on 28 May 2025 have recommended a dividend of '' 6.50/- per equity share of '' 10/- each for the year ended 31 March 2025, subject to approval of the shareholders at the ensuing Annual General Meeting of the Company. During the previous year, the Board of Directors in their meeting held on 29 May 2024 had recommended a dividend of '' 6/- per equity share of '' 10/- each for the year ended 31 March 2024 which were approved at the Annual General Meeting held on 25 July 2024.

41 Managerial remuneration

The managerial remuneration paid / payable by the Company to the Managing Director and Executive Director & Chief Financial Officer of the Company (amounting to '' 278 lakhs) and consequently the total managerial remuneration for the financial year (amounting to '' 321 lakhs) exceed the prescribed limits under Section 197 read with Schedule V to the Companies Act, 2013 (‘the Act’) by '' 43 lakhs. As per the provisions of the Act, the excess remuneration is subject to approval of the shareholders which the Company proposes to obtain in the forthcoming Annual General Meeting. As per management’s assessment, the approval from shareholders for excess remuneration is probable.

Represents the following:

(a) Land at Sasthamangalam amounting to '' 1,017 lakhs (31 March 2024 - '' 1,017 lakhs). As at 31 March 2025, the same has been stated at recoverable value.

(b) Land at Chennai amounting to '' 282 lakhs (31 March 2024 - Nil). As at 31 March 2025, the same has been stated at book value (being lower of the book value and fair value less cost to sell).

(c) Land at Alappuzha amounting to '' 1 lakh (31 March 2024 - Nil). As at 31 March 2025, the same has been stated at book value (being lower of the book value and fair value less cost to sell).

The Company’s management is fully committed to dispose off the said lands in the near future.

* Represents provision made on account of defect in title of land at Sasthamangalam.

Represents advance received with regard to land at Sasthamangalam amounting to '' 600 lakhs (31 March 2024 -'' 600 lakhs) and advance received with regard to land at Chennai amounting to '' 150 lakhs (31 March 2024 - Nil).

43 Additional regulatory information pursuant to the requirement in Division II of Schedule III to the Companies Act 2013

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

(ii) The Company does not have any transactions with companies struck off.

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

(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 Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified 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 does not have any such transaction which is not recorded in the books of accounts that 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.

(vii) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

(viii) The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.

(ix) The Company has complied with the number of layers prescribed under the Companies Act, 2013.

44 As at 31 March 2025 and 31 March 2024, the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

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Mar 31, 2024

2B.13 Provisions, contingent liabilities and contingent assets

i) Provisions

A provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows (representing the best estimate of the expenditure required to settle the present obligation at the balance sheet date) at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. Expected future operating losses are not provided for.

ii) Contingent liabilities and contingent assets

Contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability. The Company does not recognize a contingent liability but discloses its existence in the standalone financial statements.

Contingent asset is not recognised in standalone financial statements since this may result in the recognition of income that may never be realised. However, when the realisation of income is virtually certain, then the related asset is not a contingent asset and is recognized.

Provisions, contingent liabilities and contingent assets are reviewed at each Balance Sheet date.

iii) Onerous contracts

A contract is considered to be onerous when the expected economic benefits to be derived by the Company from the contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision for an onerous contract is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before such a provision is made, the Company recognises any impairment loss on the assets associated with that contract.

2B.14 Earnings per share

Basic earnings per share (‘EPS’) is computed by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of shares outstanding during the year.

Diluted EPS is computed using the weighted average number of equity and dilutive equity equivalent shares outstanding during the period except where the result would be anti-dilutive.

2B.15 Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value. For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Company’s cash management. Cash and cash equivalents consist of balances with banks which are unrestricted for withdrawal and usage.

Cash dividend to equity holders

The Company recognises a liability to make cash distributions to equity holders when the distribution is authorised and the distribution is no longer at the discretion of the Company. As per the corporate laws in India, a distribution is authorised when it is approved by the shareholders. A corresponding amount is recognised directly in equity. Interim dividends are recorded as a liability on the date of declaration by the Company’s Board of Directors.

2B.16 Cash flow statement

Cash flows 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 or accruals of past or future operating cash receipts or payments and items of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.

2B.17 Borrowing cost

Borrowing costs are interest and other costs incurred in connection with the borrowing of funds. Borrowing costs directly attributable to acquisition or construction of an asset which necessarily take a substantial period of time to get ready for their intended use are capitalised as part of the cost of that asset. Other borrowing costs are recognised as an expense in the period in which they are incurred.

2B.18 Operating segment

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Company’s other components, whose operating results are regularly reviewed by the entity’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available.

2B.18 Operating segment (Continued)

All operating segments’ operating results are reviewed regularly by the Company’s Board of Directors to make decisions about resources to be allocated to the segments and assess their performance.

The accounting policies adopted for segment reporting are in line with the accounting policies of the Company. Segment revenue, segment expenses, segment assets and segment liabilities have been identified to segments on the basis of their relationship to the operating activities of the segment. Revenue, expenses, assets and liabilities which relate to the Company as a whole and are not allocable to segments on reasonable basis have been included under “unallocated revenue/ expenses/ assets/ liabilities”.

2B.19 Changes in material accounting policies

Material accounting policy information

The Company adopted Disclosure of Accounting Policies (Amendments to Ind AS 1) from 1 April 2023. Although the amendments did not result in any changes in the accounting policies themselves, they impacted the accounting policy information disclosed in the financial statements.

The amendments require the disclosure of ‘material’ rather than ‘significant’ accounting policies. The amendments also provide guidance on the application of materiality to disclosure of accounting policies, assisting entities to provide useful, entity-specific accounting policy information that users need to understand other information in the financial statements.

4 Investment property (Continued)

C Investment property comprises of the following:

The Company’s commercial complex named Aspinwall House at Kawdiar, Thiruvananthapuram, is partly used for own purpose and partly used for earning rentals.

During the current year, one property has been transferred from property, plant and equipment (refer note 3A) to investment property, since the building floor was no longer used by the Company and as such it was decided that the building floor would be leased to a third party.

D Measurement of fair value

(i) Fair valuation hierarchy

The fair value of investment property has been determined by external, independent property valuers, having appropriate recognised professional qualifications and recent experience in the location and category of the property being valued. These valuers are registered valuers as defined under rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017. The fair value measurement of the investment property has been categorised as Level 3 fair value based on inputs to the fair value technique used.

1. Show cause notices received from Service tax department pending formal demand notices, have not been considered as contingent liabilities.

2. The Land Tribunal, Manjeri had passed orders conferring absolute title of the rubber estate at Pullangode to the Company. Appeals against this order filed by some of the Jenmis before the Land Reforms Appellate Authority have also been disposed off in favour of the Company and accordingly no adjustment is required in the financial statements in this regard. Further, appeal filed by some of the Jenmis is pending before the Honb’le High Court of Kerala.

3. The Company’s writ petition against the order of the Government of Kerala revising the lease rent in respect of the leasehold land at Fort Kochi effective from 13 November 1995 upto 31 March 2007, is pending before the Hon’ble High Court of Kerala. Pursuant to interim application filed in the above writ petition by the company, the High Court has directed the Government to consider the representation regarding lease rent filed by the company, and take appropriate decision in this regard. Pursuant to this, Government of Kerala has issued an order reaffirming the demand for the period upto 31 March 2007. Adequate provision is available in the books for meeting this liability.

4. Future cash outflows in respect of the above matters are determinable only on receipt of judgements/ decisions pending at various forums/ authorities. Management believes that the position taken by it on the matter is tenable and hence, no adjustment has been made to the standalone financial statements.

5. On 28^th February 2019, the Hon’ble Supreme Court of India has delivered a judgment clarifying the principles that need to be applied in determining the components of salaries and wages on which Provident Fund [PF] contributions need to be made by establishments. However, the Company has been legally advised that there are numerous interpretative challenges on the application of the judgment retrospectively. Based on such legal advice, the management believes that it is impracticable at this stage to reliably measure the provision required, if any, and accordingly, no provision has been made towards the same. Necessary adjustments, if any, will be made to the books as more clarity emerges on this subject.

6. The guarantee is given by the Company for the term loan loan availed by the subsidiary.

36 Employee benefits

I. The employee benefit schemes are as under:

(a) Defined contribution plan

The Company recognised '' 98 lakhs (31 March 2023: '' 84 lakhs) for superannuation contribution and other retirement benefit contributions in the standalone statement of profit and loss.

The Company also makes contribution towards social security and insurance in the case of a foreign national employee who is employed at Hertogenbosch (Netherlands). The Company had recognised '' 16 lakhs (31 March 2023: '' 14 lakhs) for social security and insurance contributions in the statement of profit and loss.

Provident Fund plan of the Company

During the previous year, the Company has converted its provident fund scheme from defined benefit plan to defined contribution plan. The fund balances/ accounts of the employees have been transferred from the trust administered by the Company, namely “Aspinwall & Co. Ltd. Provident Fund” to Government administered provident fund. The contribution is made both by the employee and the Company equal to 12% of the employees’ salary (with Company’s contribution to the plan being 12% less contribution towards employee pension scheme).

The Company has exposure to the following risks arising from financial instruments:

(i) Credit risk;

(ii) Liquidity risk; and

(iii) Market risk

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 board of directors is responsible for developing and monitoring the Company’s risk management 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 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.

(i) 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 amounts of financial assets and contract assets represent the maximum credit exposure.

Trade receivables and other financial assets

The Company’s exposure to credit risk 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.

Credit risk has always been managed by the Company through credit approvals, establishing credit limits and continuously monitoring the credit worthiness of customers based on which the Company agrees on the credit terms with customers in the normal course of business. On account of adoption of Ind AS 109, the Company uses expected credit loss model to assess the impairment loss or gain. The Company uses a provision matrix to compute the expected credit loss allowance for trade receivables and unbilled revenue. The provision matrix takes into account available external and internal credit risk factors and the Company’s historical experience for customers.

Cash and cash equivalents and other bank balances

The Company held cash and cash equivalents and other bank balances of '' 2,890 lakhs at 31 March 2024 (31 March 2023: '' 3,525 lakhs). The cash and cash equivalents and other bank balances are held with banks. Impairment on cash and cash equivalents and other bank balances has been measured on a 12-month expected loss basis and reflects the short maturities of the exposures. The Company considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties.

Other financial assets (including loans, deposits and investments)

All of the other financial assets at amortised cost are considered to have low credit risk, and the loss allowance, if any, is limited to 12 months’ expected losses. Management considers instruments to be low credit risk when they have a low risk of default and the borrower has a strong capacity to meet its contractual cash flow obligations in the near term.

(ii) Liquidity risk

Liquidity risk is the risk that the Company will encounter in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach for managing liquidity is by ensuring, 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.

The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank facilities and by ensuring adequate internally generated funds.

B Measurement of fair values

i. Fair value hierarchy

The fair value measurements of standing timber have been categorised as Level 2 fair values based on observable market sales data.

ii. Valuation techniques

The fair value measurement of timber being a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

C Risk management strategy related to agricultural activities

Regulatory and environmental risks

The Company is subject to environmental and other laws and regulations in India. The Company has established environmental policies and procedures aimed at compliance with these laws.

40 Dividends

The Board of Directors in their meeting held on 29 May 2024 have recommended a dividend of '' 6/- per equity share of '' 10/- each for the year ended 31 March 2024, subject to approval of the shareholders at the ensuing Annual General Meeting of the Company. During the previous year, the Board of Directors in their meeting held on 23 May 2023 had recommended a dividend of '' 6/- per equity share of '' 10/- each for the year ended 31 March 2023 which were approved at the Annual General Meeting held on 27 July 2023.

42 Additional regulatory information pursuant to the requirement in Division II of Schedule III to the Companies Act 2013

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

(b) The Company does not have any transactions with companies struck off.

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

(d) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other persons or entities, including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(e) No funds have been received by the Company from any persons or entities, including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(f) The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

(g) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

(h) The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.

(i) The Company has complied with the number of layers prescribed under the Companies Act, 2013.

43 As at 31 March 2024 and 31 March 2023, the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

As per our report of even date attached for and on behalf of the Board of Directors of

^for B S R and Co Aspinwall and Company Limited

Chartered Accountants CIN: L74999KL1920PLC001389

ICAI Firm’s Registration

^y Rama Varma M Lakshminarayanan

number: 128510W

Managing Director Chairman

DIN: 00031890 DIN: 05003710

Baby Paul

P_art_ner T.R. Radhakrishnan Neeraj R. Varma

Membership No.: 218255 ^{Executive Director} & ^{CFO Com}p^any ^Secretary

DIN:00086627 Membership No.: F11669

Place: Kochi Place: Kochi

Date: 29 May 2024 Date: 29 May 2024

---

Mar 31, 2023

2.18 Provisions, contingent liabilities and contingent assets

i) Provisions

A provision is recognised if, as a result of a past event, the Company has a present legal or constructive
obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be
required to settle the obligation. Provisions are determined by discounting the expected future cash
flows (representing the best estimate of the expenditure required to settle the present obligation at the
balance sheet date) at a pre-tax rate that reflects current market assessments of the time value of
money and the risks specific to the liability. The unwinding of the discount is recognised as finance
cost. Expected future operating losses are not provided for.

ii) Contingent liabilities and contingent assets

A disclosure for a contingent liability is made when there is a possible obligation or a present obliga¬
tion that may, but probably will not, require an outflow of resources. Where there is a possible
obligation or a present obligation in respect of which the likelihood of outflow of resources is remote,
no provision or disclosure is made.

2.18 Provisions, contingent liabilities and contingent assets (Continued)

ii) Contingent liabilities and contingent assets (Continued)

Contingent assets are not recognised in the standalone financial statements. Contingent assets are
disclosed in the standalone financial statements where an inflow of economic benefits is probable. Con¬
tingent assets are assessed continually and, if it is virtually certain that an inflow of economic benefits will
arise, the asset and related income are recognised in the period in which the change occurs.

iii) Onerous contracts

A contract is considered to be onerous when the expected economic benefits to be derived by the
Company from the contract are lower than the unavoidable cost of meeting its obligations under the
contract. The provision for an onerous contract is measured at the present value of the lower of the
expected cost of terminating the contract and the expected net cost of continuing with the contract.
Before such a provision is made, the Company recognises any impairment loss on the assets asso¬
ciated with that contract.

2.19 Earnings per share

Basic earnings per share (‘EPS’) is computed by dividing the net profit or loss for the year attributable
to equity shareholders by the weighted average number of shares outstanding during the year.

Diluted EPS is computed using the weighted average number of equity and dilutive equity equivalent
shares outstanding during the period except where the result would be anti-dilutive.

2.20 Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term
deposits with an original maturity of three months or less, which are subject to an insignificant risk of
changes in value. For the purpose of the statement of cash flows, cash and cash equivalents consist
of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are
considered an integral part of the Company’s cash management. Cash and cash equivalents consist
of balances with banks which are unrestricted for withdrawal and usage.

Cash dividend to equity holders

The Company recognises a liability to make cash distributions to equity holders when the distribution
is authorised and the distribution is no longer at the discretion of the Company. As per the corporate
laws in India, a distribution is authorised when it is approved by the shareholders. A corresponding
amount is recognised directly in equity. Interim dividends are recorded as a liability on the date of
declaration by the Company’s Board of Directors.

2.21 Cash flow statement

Cash flows 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 or accruals of past or future operating cash
receipts or payments and items of income or expenses associated with investing or financing cash
flows. The cash flows from operating, investing and financing activities of the Company are segregated.

2.22 Borrowing cost

Borrowing costs are interest and other costs incurred in connection with the borrowing of funds.
Borrowing costs directly attributable to acquisition or construction of an asset which necessarily
take a substantial period of time to get ready for their intended use are capitalised as part of the
cost of that asset. Other borrowing costs are recognised as an expense in the period in which
they are incurred.

2.23 Operating segment

An operating segment is a component of the Company that engages in business activities from
which it may earn revenues and incur expenses, including revenues and expenses that relate to
transactions with any of the Company’s other components, whose operating results are regularly
reviewed by the entity’s chief operating decision maker to make decisions about resources to be
allocated to the segment and assess its performance, and for which discrete financial informa¬
tion is available.

All operating segments’ operating results are reviewed regularly by the Company’s Board of Directors
to make decisions about resources to be allocated to the segments and assess their performance.

The accounting policies adopted for segment reporting are in line with the accounting policies of the
Company. Segment revenue, segment expenses, segment assets and segment liabilities have been
identified to segments on the basis of their relationship to the operating activities of the segment.
Revenue, expenses, assets and liabilities which relate to the Company as a whole and are not
allocable to segments on reasonable basis have been included under “unallocated revenue/ ex¬
penses/ assets/ liabilities”.

2.24 Operating cycle

Based on the nature of products/ activities of the Company and the normal time between acquisition
of assets and their realisation in cash or cash equivalents, the Company has determined its operat¬
ing cycle as 12 months for the purpose of classification of its assets and liabilities as current and
non-current.

4 Investment property (Continued)

C Investment property comprises of the following:

The Company''s commercial complex named Aspinwall House at Kawdiar, Thiruvananthapuram, is partly used for
own purpose and partly used for earning rentals.

D Measurement of fair value

(i) Fair valuation hierarchy

The fair value of investment property has been determined by external, independent property valuers, having
appropriate recognised professional qualifications and recent experience in the location and category of the
property being valued. These valuers are registered valuers as defined under rule 2 of Companies (Registered
Valuers and Valuation) Rules, 2017. The fair value measurement of the investment property has been categorised
as Level 3 fair value based on inputs to the fair value technique used.

Notes:

1. Show cause notices received from Service tax department pending formal demand notices, have not been considered as contingent liabilities.

2. The Land Tribunal, Manjeri had passed orders conferring absolute title of the rubber estate at Pullangode to the Company. Appeals

against this order filed by some of the Jenmis before the Land Reforms Appellate Authority have also been disposed off in favour of
the Company and accordingly no adjustment is required in the financial statements in this regard. Further, appeal filed by some of the
Jenmis is pending before the Honb''le High Court of Kerala.

3. The Company''s writ petition against the order of the Government of Kerala revising the lease rent in respect of the leasehold land at Fort

Kochi effective from 13 November 1995 upto 31 March 2007, is pending before the Hon''ble High Court of Kerala. Pursuant to interim

application filed in the above writ petition by the company, the High Court has directed the Government to consider the representation
regarding lease rent filed by the company, and take appropriate decision in this regard. Pursuant to this, Government of Kerala has issued
an order reaffirming the demand for the period upto 31 March 2007. Adequate provision is available in the books for meeting this liability.

4. Future cash outflows in respect of the above matters are determinable only on receipt of judgements/ decisions pending at various forums/ authorities.
Management believes that the position taken by it on the matter is tenable and hence, no adjustment has been made to the standalone financial statements.

5. On 28th February 2019, the Hon''ble Supreme Court of India has delivered a judgment clarifying the principles that need to be applied in
determining the components of salaries and wages on which Provident Fund [PF] contributions need to be made by establishments.
However, the Company has been legally advised that there are numerous interpretative challenges on the application of the judgment
retrospectively. Based on such legal advice, the management believes that it is impracticable at this stage to reliably measure the
provision required, if any, and accordingly, no provision has been made towards the same. Necessary adjustments, if any, will be made
to the books as more clarity emerges on this subject.

33 Operating segment

A Basis for segmentation

An operating segment is a component of the Company that engages in business activities from which it may
earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the
Company''s other components, and for which discrete financial information is available. All operating segments''
operating results are reviewed regularly by the Company''s Chief Operating Decision Maker to make decisions
about resources to be allocated to the segments and assess their performance.

The Company has identified business segments as its primary segment and geographical segments as its
secondary segment. Business segments are logistics, coffee and related activities, plantation, natural fibre
products and others. Revenues and expenses directly attributable to segments are reported under each
reportable segment. Expenses which are not directly identifiable to each reportable segment have been allocated
on the basis of associated revenues of the segment and manpower efforts. All other expenses which are not
attributable or allocable to segments have been disclosed as unallocable expenses. Assets and liabilities that
are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets
and liabilities are disclosed as unallocable. Fixed assets that are used interchangeably amongst segments are
not allocated to primary and secondary segments. Geographical revenues are allocated based on the location
of the customer. Geographical segments of the Company are Americas (including Canada and South American
countries), Europe, India and others.

B Information about reportable segments

Information regarding the results of each reportable segment is included below. Performance is measured
based on segment profit (before tax), as included in the internal management reports that are reviewed by the
Company''s Chief Operating Decision Maker. Segment profit is used to measure performance as management
believes that such information is the most relevant in evaluating the results of certain segments relative to other
entities that operate within these industries. Inter-segment pricing is determined on an arm''s length basis.

36 Employee Benefits

I. The employee benefit schemes are as under:

(a) Defined contribution plan

The Company recognised '' 84 lakhs (31 March 2022: '' 78 lakhs) for superannuation contribution and other retire¬
ment benefit contributions in the standalone statement of profit and loss.

The Company also makes contribution towards social security and insurance in the case of a foreign national
employee who is employed at Hertogenbosch (Netherlands). The Company had recognised '' 14 lakhs (31 March
2022: '' 14 lakhs) for social security and insurance contributions in the statement of profit and loss.

Provident Fund plan of the Company

During the current year, the Company has converted its provident fund scheme from defined benefit plan to defined
contribution plan. The fund balances/ accounts of the employees have been transferred from the trust administered
by the Company, namely "Aspinwall & Co. Ltd. Provident Fund” to Government administered provident fund. The
contribution is made both by the employee and the Company equal to 12% of the employees'' salary (with Company''s
contribution to the plan being 12% less contribution towards employee pension scheme).

37 Financial instruments (Continued)

B Measurement of fair values

i. Valuation technique and significant unobservable inputs

Investment in equity instruents : The fair value is determined based on the net assets of these entities as these are
unlisted entities and carrying value is not material

Fair value change in outstanding forward exchange contracts: The fair value is determined using forward
exchange rates at the reporting date

ii. Transfer between Level 1 and 2

There have been no transfers from Level 2 to Level 1 or vice-versa in 2022-23 and no transfers in either direction in 2021 -22.
C Capital management

The key objective of the Company''s capital management is to ensure that it maintains a stable capital structure with
the focus on total equity to uphold investor, creditor and customer confidence and to ensure future developments of
the business. The Company is focused on maintaining a strong equity base to ensure independence, security as well
as financial flexibility for potential future borrowings, if required, without impacting the risk profile of the Company.

There are no changes in the Company''s approach to capital management during the year. The Company is not
subject to externally imposed capital requirements.

D Financial risk management

The Company has exposure to the following risks arising from financial instruments:

(i) Credit risk;

(ii) Liquidity risk; and

(iii) Market risk

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 board of directors is responsible for developing and monitoring the Company’s
risk management 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 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.

37 Financial instruments (continued)

(i) 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 and invest¬
ments in liquid mutual funds.

The carrying amount of following financial assets represents the maximum credit exposure.

Trade receivables (including contractually reimbursable expense)

The Company’s exposure to credit risk 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.

Credit risk has always been managed by the Company through credit approvals, establishing credit limits and continu¬
ously monitoring the credit worthiness of customers based on which the Company agrees on the credit terms with
customers in the normal course of business. On account of adoption of Ind AS 109, the Company uses expected
credit loss model to assess the impairment loss or gain. The Company uses a provision matrix to compute the
expected credit loss allowance for trade receivables and unbilled revenue. The provision matrix takes into account
available external and internal credit risk factors and the Company''s historical experience for customers.

(ii) Liquidity risk

Liquidity risk is the risk that the Company will encounter in meeting the obligations associated with its
financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach for
managing liquidity is by ensuring, 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.

The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use
of bank facilities and by ensuring adequate internally generated funds.

(iii) Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates which will
affect the Company’s income or the value of its holdings of financial instruments. The objective of market risk manage¬
ment is to manage and control market risk exposures within acceptable parameters, while optimising the return.

(a) Foreign currency risk

The Company is exposed to currency risk to the extent that there is a mismatch between the currencies
in which transactions are denominated and the functional currency of the Company. The functional cur¬
rency of company is INR. The currencies in which these transactions are primarily denominated is USD,
GBP, EURO and HKD.

B Measurement of fair values

i. Fair value hierarchy

The fair value measurements of standing timber have been categorised as Level 2 fair values based on observ¬
able market sales data.

ii. Valuation techniques

The fair value measurement of timber being a non-financial asset takes into account a market participant''s
ability to generate economic benefits by using the asset in its highest and best use or by selling it to another
market participant that would use the asset in its highest and best use.

C Risk management strategy related to agricultural activities

Regulatory and environmental risks

The Company is subject to environmental and other laws and regulations in India. The Company has
established environmental policies and procedures aimed at compliance with these laws.

40 Dividends

The Board of Directors in their meeting held on 23 May 2023 have recommended a dividend of '' 6/- per equity
share of '' 10/- each for the year ended 31 March 2023, subject to approval of the shareholders at the ensuing
Annual General Meeting of the Company. During the previous year, the Board of Directors in their meeting held
on 16 May 2022 had recommended a dividend of '' 6/- per equity share of '' 10/- each for the year ended 31
March 2022 which were approved at the Annual General Meeting held on 10 August 2022.

42 Additional regulatory information pursuant to the requirement in Division II of Schedule III to the

Companies Act 2013

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

(b) The Company does not have any transactions with companies struck off.

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

(d) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other
sources or kind of funds) by the Company to or in any other persons or entities, including foreign entities (“Intermediar¬
ies”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly
lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(e) No funds have been received by the Company from any persons or entities, including foreign entities (“Funding Par¬
ties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(f) The Company does not have any transaction which is not recorded in the books of accounts that has been surren¬
dered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

(g) The Company has not been declared wilful defaulter by any bank or financial institution or government or any
government authority.

(h) The Company has not entered into any scheme of arrangement which has an accounting impact on current or
previous financial year.

43 As at 31 March 2023 and 31 March 2022, the Company did not have any long-term contracts including derivative

contracts for which there were any material foreseeable losses.

As per our report of even date attached

for B S R and Co for and on behalf of the Board of Directors of

Chartered Accountants Aspinwall and Company Limited

ICAI Firm''s registration CIN: L74999KL1920PLC001389

number:128510W

^{Baby Paul} Rama Varma M Lakshminarayanan T.R. Radhakrishnan Neeraj R. Varma

^partⁿer Managing Director Chairman Executive Director & CFO Company Secretary

IVIembei-sNp Nlo.: 2-18255 DIN: 00031890 DIN: 05003710 DIN: 00086627 Membership No.: F11669

Place: Kochi Place: Mangalore Place: Kochi Place: Kochi Place: Kochi

Date: 23 May 2023 Date: 23 May 2023 Date: 23 May 2023 Date: 23 May 2023 Date: 23 May 2023

---

Mar 31, 2018

1. First time adoption of Ind AS

These are the Company''s first standalone financial statements prepared inaccordance with Ind AS. For the year ended 31 March 2017, the Company had prepared its financial statements in accordance with Companies (Accounting Standards) Rules, 2006, notified under Section 133 of the Act and other relevant provisions of the Act ("previous GAAP"/ "IGAAP").

The accounting policies set out in Note 2 have been applied in preparing these standalone Ind AS financial statements for the year ended 31 March 2018 including the comparative information for the year ended 31 March 2017 and the opening Ind AS balance sheet on the date of transition i.e. 1 April 2016.

In preparing its Ind AS balance sheet as at 1 April 2016 and in presenting the comparative information for the year ended 31 March 2017, the Company has adjusted amounts reported previously in standalone financial statements prepared in accordance with previous GAAP. This note explains the principal adjustments made by the Company in re stating its financial statements prepared in accordance with previous GAAP, and how the transition from previous GAAP to Ind AS has affected the Company''s financial position, financial performance and cash flows.

A. Optional exemptions availed

In preparing these standalone financial statements, the Company has availed the following optional exemptions:

(i) in respect of property, plant and equipment, the Company has elected to continue with the carrying value as at 1 April 2016, measured as per the previous GAAP, and use that carrying value as the deemed cost of such property, plant and equipment, and

(ii) in respect of investment in subsidiaries, the Company has elected to measure investments at previous GAAP carrying amount at the date of transition.

B. Mandatory exceptions availed

1. Estimates

As per Ind AS 101, an entity''s estimates in accordance with Ind AS at the date of transition to Ind AS or at the end of the comparative period presented in the entity''s first Ind AS financial statements, as the case may be, should be consistent with estimates made for the same date in accordance with the previous GAAP unless there is objective evidence that those estimates were in error. However, the estimates should be adjusted to reflect any differences in accounting policies.

As per Ind AS 101, where application of Ind AS requires an entity to make certain estimates that were not required under previous GAAP, those estimates should be made to reflect conditions that existed at the date of transition (for preparing opening Ind AS balance sheet) or at the end of the comparative period (for presenting comparative information as per Ind AS).

The Company''s estimates under Ind AS are consistent with the above requirement. Key estimates considered in preparation of the financial statements that were not required under the previous GAAP are listed below:

-Fair valuation of financial instruments carried at FVTPL.

-Fair valuation of biological assets measured at fair value less cost to sell.

-Impairment of financial assets based on the expected credit loss model.

-Determination of the discounted value for financial instruments carried at amortised cost.

2. Classification and measurement of financial assets

Ind AS 101 requires an entity to assess classification of financial assets on the basis of facts and circumstances existing as on the date of transition. Further, the standard permits measurement of financial assets accounted at amortised cost based on facts and circumstances existing at the date of transition if retrospective application is impracticable.

Accordingly, the Company has determined the classification of financial assets based on facts and circumstances that exist on the date of transition. Measurement of the financial assets accounted at amortised cost has been done retrospectively except where the same is impracticable.

A Biological assets other than bearer plants

The Company has teak, rose wood and mahagony trees in plantation division which were not recognised in books under previous GAAP. Under Ind AS 41 these trees are considered as biological assets and accounted in the books at fair value. The fair value of biological assets on transition was at Rs 370 lakhs and have been recognised in retained earnings as at the date of transition.

B Other tax assets

Under Ind AS, deferred tax has been recognised on fair valuation of biological assets and fair valuation of forward contracts.

C Other equity

Under Ind AS, retained earnings as at 1 April 2016 and 31 March 2017, has been adjusted consequent to above Ind AS transition adjustments.

Explanations for reconciliation of statement of profit and loss as previously reported under previous GAAP to Ind AS

A Reclassification of fair value movement of cash flow hedges

Under previous GAAP, the Company was accounting for the fair valuation movement of forward contracts (cash flow hedges) directly in reserves following hedge accounting principles. Under Ind AS, the Company has opted to account for fair value movement on cash flow hedges through statement of profit and loss as they do not meet the requirements of hedge accounting principles of Ind AS 109.

B Employee benefits expenses

Under Ind AS, remeasurements ie. acturial gains and losses and the return on plan assets, excluding those included in the net interest expenes on the net defined benefit liability are recognised in other comprehensive income instead of statement of profit and loss. Under the previous GAAP, these measurements were forming part of profit and loss for the year. As a result of this change, the profit for the year ended 31 March 2017 increased by Rs 65 lakhs. There is no impact on the total equity as at 31 March 2017.

C Deferred tax

Deferred tax has been recognised on the adjustment made on transition to Ind AS namely, fair valuation of biological assets and fair valuation of forward contracts.

D Other comprehensive income

Under Ind AS all items of income and expenses recognised in a period should be included in profit or loss for the period, unless a standard requires or permits otherwise. Items of income and expenses that are not recognised in profit or loss but are shown in the statement of profit and loss as other comprehensive income includes remeasurement of defined benefit plans. The concept of comprehensive income did not exist under previous GAAP.

b. Rights, preferences and restrictions attached to equity shares

The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of the equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

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 number of equity shares held by shareholders.

d. Details of buyback, bonus shares, issue for consideration other than for cash for past 5 years

There were no shares allotted as fully paid up by way of bonus shares, shares issued for consideration other than for cash and shares bought back during the 5 years immediately preceding the balance sheet date.

e. The Company does not have a holding company and none of the shares are held by any of the subsidiary companies.

Notes:

1. Show cause notices received from Service tax department pending formal demand notices, have not been considered as contingent liabilities.

2. The Land Tribunal, Manjeri had passed orders conferring absolute title of the rubber estate at Pullangode to the Company. Appeals against this order filed by some of the Jenmis before the Land Reforms Appellate Authority have also been disposed of in favour of the Company and accordingly no adjustment is required in the financial statements in this regard. Further, appeal filed by some of the Jenmis is pending before the Honb''le High Court of Kerala.

3. The Company''s writ petition against the order of the Government of Kerala revising the lease rent in respect of the leasehold land at Fort Kochi effective from 13 November 1995 upto 31 March 2007, is pending before the Hon''ble High Court of Kerala. Pursuant to interim application filed in the above writ petition by the company, the High Court has directed the Government to consider the representation regarding lease rent filed by the company, and take appropriate decision in this regard. Pursuant to this, Government of Kerala has issued an order reaffirming the demand for the period upto 31 March 2007. Adequate provision is available in the books for meeting this liability.

4. Future cash outflows in respect of the above matters are determinable only on receipt of judgments / decisions pending at various forums / authorities. Management believes that the position taken by it on the matter is tenable and hence, no adjustment has been made to the financial statements.

3. Operating segment

Basis for segmentation

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Company''s other components, and for which discrete financial information is available. All operating segments'' operating results are reviewed regularly by the Company''s Chief Financial Officer (CFO) to make decisions about resources to be allocated to the segments and assess their performance.

The Company has identified business segments as its primary segment and geographical segments as its secondary segment. Business segments are logistics, coffee and related activities, plantation, natural fibre products, IT enabled services and others. Revenues and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not directly identifiable to each reportable segment have been allocated on the basis of associated revenues of the segment and manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as unallocable expenses. Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as unallocable. Fixed assets that are used interchangeably amongst segments are not allocated to primary and secondary segments. Geographical revenues are allocated based on the location of the customer. Geographical segments of the Company are Americas (including Canada and South American countries), Europe, India and others.

Information about reportable segments

Information regarding the results of each reportable segment is included below. Performance is measured based on segment profit (before tax), as included in the internal management reports that are reviewed by the Company''s CFO. Segment profit is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries. Intersegment pricing is determined on an arm''s length basis.

4. Leases

The Company is obligated under cancellable operating leases for office, port and residential space. Total rental expense under cancellable operating leases [including Rs. 1,255 lakhs (previous year - Rs. 711 lakhs) grouped under handling charges] during the year was Rs.1,388 lakhs (previous year: Rs.843 lakhs)

*Includes provision for gratuity, provision for leave encashment, provision for bonus and actuarial gain/ loss on remeasurment of defined benefit liability recognised in other comprehensive income.

The Company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority.

5. Employee Benefits

a) The employee benefit schemes are as under:

The Company recognised Rs. 51 lakhs (31 March 2017: Rs. 51 lakhs) for superannuation contribution and other retirement benefit contributions in the statement of profit and loss.

The Company also makes contribution towards social security and insurance - in the case of a foreign national employee who is employed at Hertogenbosch (Netherlands). The Company had recognised Rs. 16 lakhs (31 March 2017: Rs. 12 lakhs) for social security and insurance contributions in the statement of profit and loss.

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 salary) for each completed year of service. In the case of executive staff, gratuity is payable at 15 days salary (last drawn salary) for the first 15 years of service and at 30 days salary ( last drawn salary) for service above 15 years. The scheme is funded and an amount of Rs. 64 lakhs (31 March 2017: Rs.56 lakhs) has been recognised and included in "''Contribution to provident and other funds" in the statement of profit and loss on account of provision.

All employees of the Company receive benefits under the provident fund which is a defined benefit plan wherein the Company provides the guarantee of a specified return on contribution. The contribution is made both by the employee and the Company equal to 12% of the employees'' salary (with Company''s contribution to the plan being 12% less contribution towards employee pension scheme). These contributions are made to the Fund administered and managed by the Company''s own Trust.

b) The following tables sets out the particulars of the employee benefits as required under the Ind AS 19- ''''Employee Benefits".

Although the analysis does not take account of the full distribution of cash flows expected under the plan, it does provide an approximation of the sensitivity of the assumptions shown.

The Company has not disclosed the fair value of cash and bank balances , loans, trade receivables, other financial assets, borrowings, trade payables and other financial liabilities because their carrying amounts are a reasonable approximation of fair value.

B Capital management

The key objective of the Company''s capital management is to ensure that it maintains a stable capital structure with the focus on total equity to uphold investor, creditor and customer confidence and to ensure future developments of the business. The Company is focused on maintaining a strong equity base to ensure independence, security as well as financial flexibility for potential future borrowings, if required, without impacting the risk profile of the Company.

C Financial risk management

The Company has exposure to the following risks arising from financial instruments:

(i) Credit risk;

(ii) Liquidity risk; and

(iii) Market risk

Risk management framework

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 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.

(i) 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 and investments in liquid mutual funds

The carrying amount of following financial assets represents the maximum credit exposure.

Trade receivables

The Company''s exposure to credit risk 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.

Credit risk has always been managed by the Company through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers based on which the Company agrees on the credit terms with customers in the normal course of business. On account of adoption of Ind AS 109, the Company uses expected credit loss model to assess the impairment loss or gain. The Company uses a provision matrix to compute the expected credit loss allowance for trade receivables and unbilled revenue. The provision matrix takes into account available external and internal credit risk factors and the Company''s historical experience for customers.

Credit risk exposure

The allowance for lifetime expected credit loss on customer balances for the year ended 31 March 2018 was Rs. 160 lakhs (31 March 2017 Rs.155 lakhs, 01 April 2016 Rs.123 lakhs).

(ii) Liquidity risk

Liquidity risk is the risk that the Company will encounter in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach for managing liquidity is by ensuring, 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.

The Company''s objective is to maintain a balance between continuity of funding and flexibility through the use of bank facilities and by ensuring adequate internally generated funds.

(iii) Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates which will affect the Company''s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

(a) Foreign currency risk

The Company is exposed to currency risk to the extent that there is a mismatch between the currencies in which transactions are denominated and the functional currency of the Company. The functional currency of company is INR. The currencies in which these transactions are primarily denominated is US Dollars, GBP, sGd and Euro.

The summary quantitative data about the Company''s exposure to currency risk at the end of reporting period expressed in INR are as follows

Sensitivity analysis

The sensitivity of profit or loss to changes in exchange rates arises mainly from foreign currency denominated financial instruments.

(b) Interest rate risk

The Company''s exposure to the risk of changes in market interest rates relates primarily to the Company''s long-term debt obligations with a fixed/ floating interest rate and bank deposits.

Cash flow sensitivity analysis for variable-rate instruments

A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, remain constant.

6. Dividends

The Board of Directors has proposed a dividend of Rs. 3.5/- per equity share (previous year Rs. 3/- per equity share) for the year ended 31 March 2018, subject to the approval of the shareholders at the ensuing Annual General Meeting. The proposed dividend including dividend distribution tax of Rs. 330 lakhs (previous year Rs.269 lakhs, excluding Rs.13 lakhs being dividend distribution tax relating dividend received from wholly owned subsidiary companies) is not recognised as liability as on 31 March 2018.

Note: The term ''Specified Bank Notes'' shall have the same meaning provided in the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E), dated the 08 November 2016.

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Mar 31, 2016

1. Terms/Rights attached to the Equity Shares:

The Company has only one class of Equity Shares having a par value of Rs. 10/- per share. Each holder of the Equity Shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31 March,2016, the Board of Directors had declared an interim dividend of ?. 2.50 per share (Previous Year Rs. Nil) vide resolution No.2015/16:05:03 dated 16 March,2016.

During the year ended 31 March, 2016, the amount of per share Final dividend recognized as distributions to equity shareholders is Rs. NIL (Previous year Rs.1.80).

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 number of equity shares held by shareholders.

Note 2.

Secured by exclusive charge over the land in Sy no.3138/2 and 3139/9 at Kowdiar Village, Trivandrum and proposed building to be constructed and further on exclusive charge over the lease rentals/cash flow from the proposed building.

The term loan is repayable in 22 equal quarterly installments commencing from 20th December,2016 with a moratorium of 18 months and carry interest at base rate, presently @ 10.25% (Previous Year: 10.75%) per annum.

Note 3.

Secured by a charge on / hypotheciation of assets bought under the loan. The term loan is repayable in 48 equal monthly installments commencing from 15th August,2014 and carry interest @10.25% (Previous Year: 10.25%) per annum.

Note 4.

Secured by a charge on / hypotheciation of assets bought under the loan. The term loan is repayable in 36 equal monthly installments commencing from 5th March,2016 and carry interest @9.50% (Previous Year: NA) per annum.

Note 5.

Represents Loan availed from M/s Malabar Coast Marine Services Private Limited repayable after a period of three years and carry interest at 12.5% (Previous year 12.50%) per annum from the date of availment of the loan, ie.6th August,2014

Note 6.

The Bank Overdraft and Packing Credit Loan from Syndicate Bank are secured by Hypothecation and first charge on all Raw materials, Finished Goods, Stock in Trade and Stores (Including goods for Export) of Coffee division at Mangalore and Book Debts not older than 120 days of the company. Further Secured by Hypothecation of Plant and Machinery of Coffee and Logistics Division at Mangalore, Equitable Mortgage of Land and Buildings in Sy. No. 129/1,129/1 A,73/2B at Padavu and Maroli Village, Mangalore and Equitable Mortgage of Land and building in Sy. No. 1265/1,1265/2, 1266/1, 1266/2, 1259B/2, 1260/2B, 1261/2B in Meelavittam Village at Tuticorin.

Bank Overdraft is repayable on demand and carry interest at base rate 0.50%, presently @10.20% (Previous Year 12.25%) per annum. Packing Credit Loan is repayable within a period of 270 days from the date of availment of loan and carry interest at base rate less interest equalization, presently @6.70% (Previous Year 10.75%) per annum.

Note 7.

Packing Credit loan from State Bank of India is secured by Hypothecation of Stock and receivables of Natural Fibre Division. These loans are repayable within a period of 270 days from the date of availment of loan and carry interest at base rate 0.45% less interest equalization, presently @6.75% (Previous Year 10.45%) per annum.

Note 8.

Packing Credit loan from HDFC Bank Limited is secured by Equitable Mortgage of Land in Sy.no. 140/1, 155-1A and 154-1A along with built up area about 94000 sq.Ft. located in Iddya Village, Mangalore Taluk and Land in Old Syn no.715/7-1-7 and Re-Sy no.511/8 with Re.Sy Block No.5 of Thrikkakara North Village, Kanayannur Taluk, Ernakulam District.

Packing Credit Loan is repayable within a period of 270 days from the date of availment of loan and carry interest at base rate less interest equalization, presently @ 6.30% (Previous Year 10%) per annum.

Note

Show cause notices received from Service tax department pending formal demand notices, have not been considered as contingent liabilities

(g) The Land Tribunal, Manjeri had passed orders conferring absolute title of the Rubber Estate at Pullangode to the Company. Appeals against this order filed by the Jenmis before the Land Reforms Appellate Authority have also been disposed off in favour of the Company and accordingly no adjustment is required in the financial statements in this regard. Further appeal filed by the Jenmis is pending before the Honb''le High Court of Kerala.

(h) The Company’s writ petition against the order of the Government of Kerala revising the lease rent in respect of the leasehold land a Fort Kochi effective from 13th November, 1995 up to 31st March, 2007, is pending before the Hon’ble High Court of Kerala. Pursuant tc interim application filed in the above writ petition by the company, the High Court has directed the Government to consider the representation regarding lease rent filed by the company, and take appropriate decision in this regard. Pursuant to this, Governmen of Kerala has issued an order reaffirming the demand for the period up to 31st March, 2007. Adequate provision is available in the books for meeting this liability.

Future cash outflows in respect of the above matters are determinable only on receipt of judgments/decisions pending at various forums / authorities.

9. Details on derivatives instruments and unhedged foreign currency exposures

I. The following derivative positions are open as at 31 March, 2016. These transactions have been undertaken to act as economic hedges for the Company’s exposures to various risks in foreign exchange markets and may / may not qualify or be designated as hedging instruments. The accounting for these transactions is stated in Notes 2.10 and 2.21

Forward exchange contracts, 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.

III. The Company has adopted the provisions of Accounting Standard 30 - Financial Instruments - Recognition and Measurement issued by the ICAI with respect to Hedge Accounting insofar as it relates to Forward Exchange Contracts that are in essence derivative instruments entered into by the Company to hedge foreign currency risks on firm commitments and highly probable forecast transactions. Pursuant to the adoption of the above policy , the mark to market losses /gains on such forward contracts, which are found to be effective, are carried in the Balance Sheet as Hedging Reserve to be reversed into the Statement of Profit and Loss when the underlying transactions that were hedged occurs. As on 31 March, 2016 mark to market gain aggregating to Rs. 127 lakhs(net) [Previous Year Rs.70 lakhs (net)] is carried in the Hedging Reserve.

10. Employee benefit plans

11. Defined contribution plans

The Company makes Provident Fund, Superannuation Fund and Employee State Insurance Scheme contributions which are defined contribution plans, for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognized Rs.124 Lakhs (Year ended 31 March, 2015 Rs.135 lakhs) for Provident Fund contributions, Rs.41 Lakhs (Year ended 31 March, 2015 Rs.50 Lakhs) for Superannuation Fund contributions and Rs.3 Lakhs(Year ended 31 March, 2015 Rs.5 Lakhs) for Employee State Insurance Scheme contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes. The Company also makes contribution towards Social Security and Insurance -in the case of a Foreign National employee who is employed at Rotterdam. The Company had recognised Rs.12 Lakhs (Year ended 31 March, 2015-12 Lakhs) for Social Security and Insurance Contributions in the Statement of Profit and Loss.

12. Defined benefit plan

The Company offers the following employee benefit schemes to employees

(i) Gratuity

(ii) Provident Fund

The expected rate of return on plan assets is determined after considering several applicable factors such as the composition of the plan assets, investment strategy, market scenario, etc.. In order to protect the capital and optimize returns within acceptable risk parameters, the plan assets are well diversified.

The discount rate is based on the prevailing market yields of Government of India securities as at the balance sheet date for the estimated term of the obligations.

The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments and other relevant factors. The provident fund contribution expected to be made by the Company for the year ending 31st March 2017 is not provided by the actuary.

The discount rate is based on the prevailing market yields of Government of India securities as at the Balance Sheet date for the estimated term of the obligations.

The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments and other relevent factors.

The above information is as certified by the actuary and relied upon by the auditors.

The Company has identified business segments as its primary segment and geographical segments as its secondary segment. Business segments are Logistics, Coffee and Related activities, Plantation, Natural Fibre Products, IT Enabled Services and Others. Revenues and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not directly identifiable to each reportable segment have been allocated on the basis of associated revenues of the segment and manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as unallocable expenses. Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as unallocable. Fixed assets that are used interchangeably amongst segments are not allocated to primary and secondary segments. Geographical revenues are allocated based on the location of the customer. Geographical segments of the Company are Americas (including Canada and South American countries), Europe, India and Others

Note 13 Previous year’s figures

Previous year’s figures have been regrouped / reclassified wherever necessary to correspond with the current year’s classification / disclosure.