UFM Industries Ltd. के अकाउंट के लिये नोट

Mar 31, 2025

n. Provisions

A provision is recognised when the Company has a present obligation (legal or constructive) as a
result of past event, it is probable that an outflow of resources embodying economic benefits will
be required to settle the obligation and a reliable estimate can be made of the amount of the
obligation. These estimates are reviewed at each reporting date and adjusted to reflect the
current best estimates. If the effect of the time value of money is material, provisions are
discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the
liability. When discounting is used, the increase in the provision due to the passage of time is
recognised as a finance cost.

o. Contingent liabilities

A contingent liability is a possible obligation that arises from past events whose existence will be
confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond
the control of the Company or a present obligation that is not recognized because it is not
probable that an outflow of resources will be required to settle the obligation. A contingent

liability also arises in extremely rare cases where there is a liability that cannot be recognized
because it cannot be measured reliably. The Company does not recognize a contingent liability
but discloses its existence in the financial statements.

p. Dividend Distributions

The Company recognizes a liability to make payment of dividend to owners of equity when the
distribution is authorized and is no longer at the discretion of the Group and is declared by the
shareholders. A corresponding amount is recognized directly in equity.

The company recognises the income tax consequences of dividends as defined in Ind AS 109
when it recognises a liability to pay a dividend.

q. Fair value measurement

The Company measures financial instruments at fair value at each balance sheet date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date. The fair value
measurement is based on the presumption that the transaction to sell the asset or transfer the
liability takes place either:

(i) In the principal market for asset or liability, or

(ii) In the absence of a principal market, in the most advantageous market for the asset or
liability.

The principal or the most advantageous market must be accessible by the Company.

The fair value of an asset or a liability is measured using the assumptions that market
participants would use when pricing the asset or liability, assuming that market participants act
in their economic best interest.

A fair value measurement of 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.

The Company uses valuation techniques that are appropriate in the circumstances and for which
sufficient data are available to measure fair value, maximising the use of relevant observable
inputs and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements
are categorised within the fair value hierarchy, described as follows, based on the lowest level
input that is significant to the fair value measurement as a whole:

Level 1- Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

Level 2- Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable.

Level 3- Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable.

For assets and liabilities that are recognised in the financial statements on a recurring basis,
theCompany determines whether transfers have occurred between levels in the hierarchy by
reassessing categorisation (based on the lowest level input that is significant to the fair value
measurement as a whole) at the end of each reporting period.

For the purpose of fair value disclosures, the Company has determined classes of assets and
liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level
of the fair value hierarchy as explained above.

r. Employee Benefits

Short-term obligations

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled
wholly within twelve months after the end of the period in which the employees render the
related service are recognized in respect of employee service upto the end of the reporting
period and are measured at the amount expected to be paid when the liabilities are settled. The
liabilities are presented as current employee benefit obligations in the balance sheet.

Post employment benefit obligations

i) Gratuity

The Employee''s Group Gratuity Scheme, which is defined benefit plan, is managed by Life
Insurance Corporation of India (LIC). The liabilities with respect to Gratuity Plan are determined
by actuarial valuation on projected unit credit method on the balance sheet date, based upon
which the Company contributes to the LIC Group Gratuity Scheme. The Company has no
obligation, other than the contribution payable to the said scheme. Any liability arising on
account of gratuity payable, is borne by LIC.

The company has also recognised a provision for gratuity based on an actuarial valuation report
whereby the defined benefit obligations has been recognised at fair value using various actuarial
assumptions as mentioned in Note 23.1 of the financial statements.

ii) Provident Fund

Retirement benefit in the form of provident fund is a defined contribution scheme. The
Company has no obligation, other than the contribution payable to the provident fund. The
Company recognizes contribution payable to the provident fund scheme as anexpenditure,
when an employee renders the related services. If the contribution payable to the scheme for
service received before the balance sheet date exceeds the contribution already paid, the deficit
payable to the scheme is recognized as a liability after deducting the contribution already paid. If
the contribution already paid exceeds the contribution due for services received before the
balance sheet date, then excess is recognized as an asset to the extent that the pre-payment will
lead to, for example, a reduction in future payment or a cash refund.

The company recognises in the statement of profit and loss, gains or losses on curtailment or
settlement of a defined benefit plan as and when the curtailment or settlement occurs.

Other long-term employee benefit obligations

i) Compensated Absences/Leave Encashment

Accumulated leaves which is expected to be utilized within next 12 months is treated as short
term employee benefit. The Company measures the expected cost of such absences as the
additional amount that it expects to pay as a result of the unused entitlement and discharge at
the year end.

ii) Share-based payments

Employees (including senior executives) of the Company may receive remuneration in the form
of share-based payments, whereby employees render services as consideration for equity
instruments (equity-settled transactions).

Equity-settled transactions

The cost of equity-settled transactions is determined by the fair value at the date when the grant
is made using an appropriate valuation model.

That cost is recognised, together with a corresponding increase in share-based payment (SBP)
reserves in equity, over the period in which the performance and/or service conditions are
fulfilled in employee benefits expense. The cumulative expense recognised for equity-settled
transactions at each reporting date until the vesting date reflects the extent to which the vesting
period has expired and the Company best estimate of the number of equity instruments that
willultimately vest. The statement of profit and loss expense or credit for a period represents the
movement in cumulative expense recognised as at the beginning and end of that period and is
recognised in employee benefits expense.

Service and non-market performance conditions are not taken into account when determining
the grant date fair value of awards, but the likelihood of the conditions being met is assessed as
part of the Company best estimate of the number of equity instruments that will ultimately vest.
Market performance conditions are reflected within the grant date fair value. Any other
conditions attached to an award, but without an associated service requirement, are considered
to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award
and lead to an immediate expensing of an award unless there are also service and/or
performance conditions.

No expense is recognised for awards that do not ultimately vest because non-market
performance and/ or service conditions have not been met. Where awards include a market or
non-vesting condition, the transactions are treated as vested irrespective of whether the market
or non-vesting condition is satisfied, provided that all other performance and/or service
conditions are satisfied.

When the terms of an equity-settled award are modified, the minimum expense recognised is the
expense had the terms had not been modified, if the original terms of the award are met. An
additional expense is recognised for any modification that increases the total fair value of the
share based payment transaction, or is otherwise beneficial to the employee as measured at the
date of modification. Where an award is cancelled by the entity or by the counterparty, any
remaining element of the fair value of the award is expensed immediately through profit or loss.

The dilutive effect of outstanding options is reflected as additional share dilution in the
computation of diluted earnings per share.

s. Exceptional Items

Exceptional items are disclosed separately in the financial statements where it is necessary to do
so to provide further understanding of the financial performance of the Group. These are
material items of income or expense that have to be shown separately due to their nature or
incidence.

t. Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or loss for the period
attributable to equity shareholders by the weighted average number of equity shares
outstanding during the period. The weighted average number of equity shares outstanding
during the period is adjusted for events such as bonus issue, bonus element in a rights issue,
share split, and reverse share split (consolidation of shares) that have changed the number of
equity shares outstanding, without a corresponding change in resources.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period
attributable to equity shareholders and the weighted average number of shares outstanding
during the period are adjusted for the effect of all potentially dilutive equity shares.

u. Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a
financial liability or equity instrument of another entity.

Financial assets

The Company classifies its financial assets in the following measurement categories:

• Those to be measured subsequently at fairvalue (either through other comprehensiveincome,
or through profit or loss)

• Those measured at amortized cost.

Initial recognition and measurement

All financial assets are recognised initially at fair value plus, in the case of financial assets not
recorded at fair value through profit or loss, transaction costs that are attributable to the
acquisition of the financial asset.

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in four categories:

• Debt instruments at fair value through other comprehensive income (FVTOCI),

• Debt instruments at fair value through profit and loss (FVTPL),

• Debt instruments at amortized cost,

• Equity instruments.

Debt instruments at amortized cost

A debt instrument is measured at amortized cost if both the following conditions are met:

i) Business Model Test :The objective is to hold the debt instrument to collect the contractual cash
flows (rather than to sell the instrument prior to its contractual maturity to realise its fair value
changes).

ii) Cash Flow Characteristics Test:The contractual terms of the Debt instrument give rise on
specific dates to cash flows that are solely payments of principal and interest on principal
amount outstanding.

This category is most relevant to the Company. After initial measurement, such financial assets
aresubsequently measured at amortised cost using the effective interest rate (EIR) method.
Amortised cost is calculated by taking into account any discount or premium on acquisition and
fees or costs that are an integral part of EIR. EIR is the rate that exactly discounts the estimated
future cash receipts over the expected life of the financial instrument or a shorter period, where
appropriate, to the gross carrying amount of the financial asset. When calculating the effective
interest rate, the Company estimates the expected cash flows by considering all the contractual
terms of the financial instrument but does not consider the expected credit losses. The EIR
amortisation is included in finance income in profit or loss. The losses arising from impairment
are recognised in the profit or loss. This category generally applies to trade and other
receivables.

Debt instruments at fair value through OCI

A Debt instrument is measured at fair value through other comprehensive income if following
criteria are met:

i) Business Model Test: The objective of financial instrument is achieved by both collecting
contractual cash flows and for selling financial assets.

ii) Cash Flow Characteristics Test: The contractual terms of the financial asset give rise on specific
dates to cash flows that are solely payments of principal and interest on principal amount
outstanding.

Financial Asset included within the FVTOCI category are measured initially as well as at each
reporting date at fair value. Fair value movements are recognized in the other comprehensive
income (OCI). However, the Group recognized the interest income, impairment losses and
reversals and foreign exchange gain or loss in the P&L. On de-recognition of asset, cumulative
gain or loss previously recognised in OCI is reclassified from the equity to P&L. Interest earned
whilst holding FVTOCI debt instrument is reported as interest income using the EIR method.

Debt instruments at FVTPL

FVTPL is a residual category for financial instruments. Any financial instrument, which does not
meet the criteria for amortized cost or FVTOCI, is classified as at FVTPL. A gain or loss on a debt
instrument that is subsequently measured at FVTPL and is not a part of a hedging relationship is
recognized in profit or loss and presented net in the statement of profit and loss within other
gains or losses in the period in which it arises. Interest income from these Debt instruments is
included in other income.

Equity investments of other entities

All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments
which are held for trading and contingent consideration recognized by an acquirer in a business
combination to which Ind AS 103 applies are classified as at FVTPL. For all other equity
instruments, the Company may make an irrevocable election to present in profit & loss account
all subsequent changes in the fair value. The Company makes such election on an instrument-
by-instrument basis. The classification is made on initial recognition and is irrevocable.

If the Company decides to classify an equity instrument as at FVTPL, then all fair value changes
on the instrument, excluding dividends, are recognized in the Profit & Loss Account. Equity
instruments included within the FVTPL category are measured at fair value with all changes
recognized in the Profit and loss.

De-recognition

A financial asset (or,where applicable, a part of a financial asset or part of a group of similar
financial assets) is primarily derecognised (i.e. removed from the Company statement of
financial position) when:

• The rights to receive cash flows from the asset have expired, or

• The Company has transferred its rights to receive cash flows from the asset or has assumed
an obligation to pay the received cash flows in full without material delay to a third party
under a "pass through" arrangement and either;

• The Company has transferred the rights to receive cash flows from the financial assets or

• The Company has retained the contractual right to receive the cash flows of the financial
asset, but assumes a contractual obligation to pay the cash flows to one or more recipients.

Where the Company has transferred an asset, the Company evaluates whether it has transferred
substantially all the risks and rewards of the ownership of the financial assets. In such cases, the
financial asset is derecognised. Where the entity has not transferred substantially all the risks
and rewards of the ownership of the financial assets, the financial asset is not derecognised.

Where the Company has neither transferred a financial asset nor retains substantially all risks
and rewards of ownership of the financial asset, the financial asset is derecognised if the
Company has not retained control of the financial asset. Where the Company retains control of
the financial asset, the asset is continued to be recognized to the extent of continuing
involvement in the financial asset.

Impairment of financial assets

In accordance with Ind AS 109, the Company applies expected credit losses (ECL) model for
measurement and recognition of impairment loss on the following financial asset and credit risk
exposure :

• Financial assets measured at amortised cost;

• Financial assets measured at fair value through other comprehensive income(FVTOCI);

The Company follows "simplified approach" for recognition of impairment loss allowance on:

• Trade receivables or contract revenue receivables;

• All lease receivables resulting from the transactions within the scope of Ind AS 17.

Under the simplified approach, the Company does not track changes in credit risk. Rather, it
recognises impairment loss allowance based on lifetime ECLs at each reporting date, right from
its initial recognition. The Company uses a provision matrix to determine impairment loss
allowance on the portfolio of trade receivables. The provision matrix is based on its historically
observed default rates over the expected life of trade receivable and is adjusted for forward
looking estimates. At every reporting date, the historical observed default rates are updated and
changes in the forward looking estimates are analysed.

For recognition of impairment loss on other financial assets and risk exposure, the Company
determines whether there has been a significant increase in the credit risk since initial
recognition. If credit risk has not increased significantly, 12-month ECL is used to provide for
impairment loss. However, if credit risk has increased significantly, lifetime ECL is used. If, in
subsequent period, credit quality of the instrument improves such that there is no longer a
significant increase in credit risk since initial recognition, then the Company reverts to
recognising impairment loss allowance based on 12- months ECL.

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified at initial recognition as financial liabilities at fair value through
profit or loss, loans and borrowings, and payables, net of directly attributable transaction costs.
The Company financial liabilities besides other may include loans and borrowings including
trade payables, trade deposits, retention money and liability towards services, sales incentive,
other payables and derivative financial instruments.

The measurement of financial liabilities depends on their classification, as described below:

Trade Payables

These amounts represent liabilities for goods and services provided to the Company prior to the
end of financial year which are unpaid. The amounts are unsecured and are usually paid within
180 days of recognition. Trade and other payables are presented as current liabilities unless
payment is not due within 12 months after the reporting period. They are recognized initially at
fair value and subsequently measured at amortized cost using EIR method.

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading
and financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of
repurchasing in the near term. This category also includes derivative financial instruments
entered into by the Company that are not designated as hedging instruments in hedge
relationships as defined by Ind AS 109. Separated embedded derivatives are also classified as
held for trading unless they are designated as effective hedging instruments.

The Company has not designated any financial liability as at fair value through profit and loss.

De-recognition

The Company derecognizes a financial liability when the obligation under the liability is
discharged or cancelled or expires.

Reclassification of financial assets:

The Company determines classification of financial assets and liabilities on initial recognition.
After initial recognition, no reclassification is made for financial assets which are equity
instruments and financial liabilities. For financial assets which are debt instruments, a
reclassification is made only if there is a change in the business model for managing those assets.
Changes to the business model are expected to be infrequent. The Company senior management
determines change in the business model as a result of external or internal changes which are
significant to the Company operations. Such changes are evident to external parties. A change in
the business model occurs when the Company either begins or ceases to perform an activity that
is significant to its operations. If the Company reclassifies financial assets, it applies the
reclassification prospectively from the reclassification date which is the first day of the
immediately next reporting period following the change in business model. The Company
doesnot restate any previously recognised gains, losses (including impairment gains or losses) or
interest.

v. 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.

w. Segment Reporting Policies

As the Company business activity primarily falls within a single business and geographical
segment and the Board of Directors monitors the operating results of its business units not
separately for the purpose of making decisions about resource allocation and performance
assessment. Segment performance is evaluated based on profit or loss and is measured
consistently with profit or loss in the standalone financial statements, thus there are no
additional disclosures to be provided under Ind AS 108 - "Segment Reporting". The
management considers that the various goods and services provided by the Company
constitutes single business segment, since the risk and rewards from these services are not
different from one another. The Company operating businesses are organized and managed
separately according to the nature of products and services provided, with each segment
representing a strategic business unit that offers different products and serves different markets.
The analysis of geographical segments is based on geographical location of the customers.

x. Cash Flow Statement

Cash flows are reported using indirect method, whereby profit before tax is adjusted for the
effects transactions of a non-cash nature and any deferrals or accruals of past or future cash
receipts or payments. The cash flows from regular revenue generating, financing and investing
activities of the Group are segregated. Cash and cash equivalents in the cash flow comprise cash
at bank, cash/ cheques in hand and short-term investments with an original maturity of three
months or less.

y. Government grants

Grants from the Government are recognised when there is reasonable assurance that:

• the Company will comply with the conditions attached to them; and

• the grant will be received.

Government grants related to revenue are recognised on a systematic basis in the statement of
profit and loss over the periods necessary to match them with the related costs which they are
intended to compensate. Such grants are deducted in reporting the related expense. When the
grant relates to an asset, it is recognized as income over the expected useful life of the asset.

Where the Company receives non-monetary grants, the asset is accounted for on the basis of its
acquisition cost. In case a non-monetary asset is given free of cost it is recognised at a fair value.
When loan or similar assistance are provided by the government or related institutions, with an
interest rate below the current applicable market rate, the effect of this favourable interest is
recognized as government grant. The loan or assistance is initially recognized and measured at
fair value and the government grant is measured as the difference between the initial carrying
value of the loan and the proceeds received. A repayment of government grant is accounted for
as a change in accounting estimate. Repayment of grant is recognised by reducing the deferred
income balance, if any and the rest of the amount is charged to statement of profit and loss.

z. Current/Non-Current classification

The Company presents assets and liabilities in the balance sheet based on current/non- current
classification. An asset is treated as current when it is:

• Expected to be realised or intended to be sold or consumed in normal operating cycle,

• Held primarily for the purpose of trading,

• Expected to be realised within twelve months after the reporting period, or

• Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for
at least twelve months after the reporting period.

All other assets are classified as non-current.

A liability is current when:

• It is expected to be settled in normal operating cycle,

• It is held primarily for the purpose of trading,

• It is due to be settled within twelve months after the reporting period, or

• There is no unconditional right to defer the settlement of the liability for at least twelve
months after the reporting period.

The Company classifies all other liabilities as non-current.

Deferred tax assets and liabilities and advance against current tax are classified as non-current
assets and liabilities.

The operating cycle is the time between the acquisition of assets for processing and their
realisation in cash and cash equivalents. The Company has identified twelve months as its
operating cycle.

aa. Assets held for sale and disposal groups

Non-current assets held for sale and disposal groups are presented separately in the balance
sheet when the following criteria are met:

- the Company is committed to selling the asset or disposal group;

- the assets are available for sale immediately;

- an active plan of sale has commenced; and

- sale is expected to be completed within 12 months.

Assets held for sale and disposal groups are measured at the lower of their carrying amount and
fair value less cost to sell. Assets held for sale are no longer amortised or depreciated

ab. Borrowing Costs

Borrowing costs consist of interest, ancillary and other costs that the Group incurs in connection
with the borrowing of funds and interest relating to other financial liabilities. Borrowing costs
also include exchange differences to the extent regarded as an adjustment to the borrowing
costs.

Borrowing costs directly attributable to the acquisition, construction or production of an asset
that necessarily takes a substantial period of time to get ready for its intended use or sale are
capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in
which they occur.

ac. Offsetting instruments

Financial assets and liabilities are offset and the net amount reported in the balance sheet when
there is a legally enforceable right to offset the recognised amounts and there is an intention to
settle on a net basis or realise the asset and settle the liability simultaneously. The legally
enforceable right must not be contingent on future events and must be enforceable in the normal
course of business and in the event of default, insolvency or bankruptcy of the Group or the
counterparty.

ad. Events after the reporting period

Adjusting events are events that provide further evidence of conditions that existed at the end of
the reporting period. The financial statements are adjusted for such events before authorisation
for issue.

Non-adjusting events are events that are indicative of conditions that arose after the end of the
reporting period. Non-adjusting events after the reporting date are not accounted, but disclosed,
if material.

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Mar 31, 2024

3. Property, Plant and Equipment :

Notes :

1. The company has reviewed carrying cost of its Property, Plants & Equipments and the management is of the view that in the current financial year, Impairment of its Property, Plants &
Equipments is not considered necessary as all the assets are in good condition and realisable value is more than carrying cost.

2. During the year under consideration, the company has installed a new plant for modernization of existing production facilities. The total cost incurred for such modernisation has been
computed to be Rs. 452.36 lakhs as per the priniciples laid down in IND AS 10 "Property, Plant and Equipment". However, some of the machinery parts purchased for such modernasition,
were returned to the vendor without even using the same as they were not in a usbale condition. Cost of such unusable machinery parts amounting to Rs. 2.44 lakhs has been deducted from
the cost of installation of machinery as per IND AS 10. Moreover the differential import duty amounting to Rs. 25.68 lakhs has also been capitalized to the cost of the asset as per principles of
IND AS 10

SIGNIFICANT CASH GENERATING UNITS

The Company has identified its entire business operations as one CGU.

Following key assumptions were considered while performing Impairment testing:_

Long term sustainable growth rates in cash flows 5%

Weighted Average Cost of Capital % (WACC) before tax (Discount rate)_15%_

The projections cover a period of five years, as the Company believes this to be the most appropriate timescale over which to review and consider annual performances before applying a fixed
terminal value multiple to the final year cash flows. The growth rates used to estimate future performance are based on the conservative estimates from past performance. Margins are based
on FY 2023-24 performance.

The Company has performed sensitivity analysis around the base assumptions and have concluded that no reasonable changes in key assumptions would cause the recoverable amount of the
CGU to be less than the carrying value.

2. On transition to Ind AS, the carrying values of all the property, plant and equipment under the previous GAAP have been considered to be the deemed cost under Ind AS.

3. Details of title deeds of Immovable Property not held in name of the Company : Nil

4. Capital-work-in progress / Intangible assets under development (ITAUD), whose completion is overdue or has exceeded its cost compared to its original plan : Nil

B. Terms/Rights attached to equity shares

The Company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one
vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in
the ensuing AGM, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to
receive the remaining assets of the Company after distribution of all prefential amounts, in proportion to their
shareholding.

No Shares were alloted for consideration other than cash, no bonus shares were issued & no shares were bought back
in the last 5 Years.

The Company does not have any holding, ultimate holding, subsidiary or associate company. Accordingly the question
of shareholding by such Companies does not arise.

* Current maturities are carried to Note - 14 : Short term Borrowings (Current)

** Security Details for Term Loan :

i) No separate security provided towards GECL availed from Punjab National Bank except that it should be covered by
guarantee coverage from NCGTC. Further, extension of charge has been created over the securities mentioned in
security particulars stated against Cash Credit Loan with Punjab National Bank reported under Note No. 14 forming a
part of the Financial Statement and disclosures thereto.

ii) Term Loan (AIR) has been secured by way of Exclusive Charge on fixed asset created out of bank finance. Further,
extension of charge has been created over the securities mentioned in security particulars stated against Cash Credit
Loan with Punjab National Bank reported under Note No. 14 forming a part of the Financial Statement and disclosures
thereto.

iii) Term Loan (GECL) is for period of 48 months of which 12 months are moratorium and the principal is payable over
remaning 36 months in equal monthly installments starting from July''2021 carrying 7.50% p.a. interest rate.

iv) New Term Loan (GECL) is for period of 60 months of which 24 months are moratorium and the principal is payable
over remaning 36 months in equal monthly installments starting from Apr''2024 carrying 9.25% p.a. interest rate.

v) New Term Loan (AIR) is for period of 96 months of which 12 months are moratorium and the principal is payable over
remaning 84 months in equal monthly installments starting from Mar''2023 carrying 7.95% p.a. interest rate.

vi) New Term Loan (AIR) of Rs. 300 lakhs was sanctioned to part finance the cost of plant and machineries and other
utility installations proposed to be installed at Meherpur unit for capacity enhancement and modernization. The same is
payable in 80 monthly installments of Rs. 375000 each after a moratorium period of 4 months. Rate of Interest is 9%
p.a.

* Security Details of Cash Credit Limit / Overdraft Facility from Punjab National Bank :

Primary :

Cash Credit & Overdraft : Hypothecation of present and future stock of raw materials, work in progress, finished goods,
book debts and all other existing and future current assets of the company''s Meherpur and Dhubri unit.

Term Loan (GECL) : The GECL is covered by NCGTC.

Term Loan (AIF ) : Exclusive Charge on fixed asset created out of bank finance.

Secondary :

(i) Exclusive Charge in the form of Equitable mortgage on immovable fixed assets of the Company including Land &
Building, admeasuring land of 18 Bigha 5 Katha 3 Chatak with shed, structures, buildings situated at Meherpur, Silchar -
788015, Dag No 1180, 1188, 1189, 1191, 1194 and 1198, R. S. Patta No. 411, 407/407, Mouza : Ambicapur Part X,
District - Cachar, owned by the company and hypothecation charge on the moveable Plant & Machineries of the unit
standing on the same land.

(ii) Exclusive 1st Charge on immovable fixed assets of the Company''s unit situated at Village : Dumardaha, P.S. Gauripur
of Dist : Dhubri, Pin - 783331 under Dag No 36, 681, 682, 683, 688, 689, 746, and 910 under Patta No. 239, including
Equitable mortgage of land admeasuring 39 Bigha 3 Lechas with shed, structures, buildings owned by the company and
hypothecation charge on Plant & Machineries erected thereon.

(iii) Personal Guarantee of the Directors namely Mahabir Prasad Jain, Avishek Jain and Tara Rani Jain.

29 EMPLOYEE BENEFITS

The Company maintains provident fund with Regional Provident Fund Commissioner. Contributions are made by
the company to the Fund, based on the current salaries. In the provident fund scheme, contribution are also made
by the employee. An amount of Rs. 924143 (Previous Yr Rs. 821845) has been charged to the Statement of Profit
& Loss on account of the above defined contribution scheme.

"The Company operates defined benefit schemes like gratuity. The Company has obtained a policy from Life
Insurance Corporation of India (LICI) for future payment of gratuity liability to its employees. Annual actuarial
valuations are carried out by LICI and the management has accepted the said actuarial valuation for making
provisions pertaining to Define Benefit Schemes for employees in compliance with Ind AS-19 on Employees
Benefits . Annual Contributions are made by the Company. Employees are not required to make any contribution.
An amount of Rs. 63,783 (Previous Yr Rs. 15,394) has been charged to the statement of Profit & Loss on account of
Defined Benefit Schemes."

30 RELATED PARTY TRANSACTIONS

The related parties as per the terms of Ind AS-24, "Related Party Disclosures", (specified under section 133 of the
Companies Act, 2013, read with Rule 7 of Companies (Accounts) Rules, 2015) and description of their relationship
and transaction carried out with them during the year in the ordinary course of business are given below:

38 SEGMENT REPORTING

As the Company''s business activity primarily falls within a single business and geographical segment i.e. Flour Mill
Products, thus there are no additional disclosures to be provided under Ind AS 108 - "Operating Segment''. The
management considers that the various goods and services provided by the Company constitutes single business
segment, since the risk and rewards from these services are not different from one another.

39 DISCLOSURE UNDER CLAUSE 32 OF LISTING AGREEMENT

There are no reportable transactions / balance with related parties that requires dislosure as per clause 32 of the
Listing Agreement.

40 All the figures in the Standalone Financial Statements are reported in Lakhs of Indian Rupees ("INR." or "Rs.") and
are rounded off to the nearest lakhs of rupees upto two decimal places. The figure 0.00 wherever stated represents
value less than Rs. 1,000/-.

Figures have been regrouped/reclassified wherever necessary to make them comparable with the current year
figures.

42 FINANCIAL RISK MANAGEMENT

The Company''s activities expose it to the following risks:

^ Credit risk
^ Interest risk
^ Liquidity risk
^ Market risk

CREDIT RISK

Credit Risk is the risk that a counter party will not meet its obligations under a financial instrument or customer
contract leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily
trade receivables) and from its financing activities including deposits with banks and financial institutions,
investments and other financial instruments.

Trade receivables

Credit risk is managed by each business unit subject to the Company''s established policy, procedures and control
relating to customer credit risk management. Outstanding customer receivables are regularly monitored.

The impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a
large number of minor receivables are grouped into homogeneous groups and assessed for impairment collectively.
The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets.
The Company does not hold collateral as security.

Impact of Covid 19 pandemic - Based on recent trends observed and collection patterns, the Group does not
envisage any material risks. Future outlook will depend on how the pandemic develops and the resultant impact on
businesses.

Credit risk exposure :

The Company''s credit period generally ranges from 30 - 60 days. The Company''s exposure to credit risk is
influenced mainly by the individual characteristics of each customer. The demographics of the customer, including
the default risk of the industry in which the customer operates, also has an influence on credit risk assessment.

Top Customer means customer with whom the company has done a business of more than Rs. 1,00,00,000 during
the year. None of the customers accounted for a major portion of the receivables as at March 31, 2024 and March
31, 2023. The highest contribution to the total revenue by a customer for FY 23-24 was 13.76% & for FY 22-23
was 8.30% only.

Investments

The Company limits its exposure to credit risk by generally investing in liquid securities and only with
counterparties that have a good credit rating. Counterparty credit ratings are reviewed by the Company
periodically and the investments are set to minimise the concentration of risks and therefore mitigate financial loss
through counterparty''s potential failures. The Company does not expect any losses from non- performance by
these counterparties.

Impact of Covid 19 pandemic- Based on the recent trends observed, type of instruments and strength of the
counterparties, the Group does not envisage any material risks.

INTEREST RATE RISK

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate due to
changes in market interest rates. The Company''s exposure to the risk of changes in interest rates relates primarily
to the Company''s debt obligations with floating interest rates. The Company''s borrowings are short term / working
capital in nature and hence is not exposed to significant interest rate risk.

LIQUIDITY RISK

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at
reasonable price. The Company''s objective is to at all times maintain optimum levels of liquidity to meet its cash
and liquidity requirements. The Company closely monitors its liquidity position and deploys a robust cash
management system. It maintains adequate source of financing through the use of short term bank deposits and
cash credit facility. Processes and policies related to such risks are overseen by senior management. Management
monitors the Company''s liquidity position through rolling forecasts on the basis of expected cash flows.

The Company''s principal sources of liquidity are cash and cash equivalents and the cash flow that is generated
from operations. The Company believes that the cash and cash equivalents is sufficient to meet its current
requirements. Accordingly no liquidity risk is perceived.

Impact of Covid 19 pandemic- Based on recent trends observed, profitability, cash generation, cash surpluses held
by the Group and borrowing lines available, the Group does not envisage any material liquidity risks. Future
outlook will depend on how the pandemic develops and the resultant impact on businesses.

MARKET RISK

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of
changes in foreign exchange rates. The Company''s does not face exchange risk as it is not engaged in foreign
operations. The Company''s exposure to the risk of changes in foreign exchange rates could relate only to the
Company''s operating activities (when revenue or expense would be denominated in a foreign currency).

Impact of Covid 19 pandemic - The Company basis their assessment believes that the probability of the occurrence
of their forecasted transactions is not impacted by COVID-19 pandemic. The Company also does not expect any
material deterioration in both counterparty credit risk and own credit risk. Future outlook will depend on how the
pandemic develops and the resultant impact on the businesses.

43 Capital Management

For the purposes of Company capital management, Capital includes equity attributable to the equity holders of the
Company and all other equity reserves. The primary objective of the Company capital management is to ensure
that it maintains an efficient capital structure and maximize shareholder value. The Company manages its capital
structure and makes adjustments in light of changes in economic conditions and the requirements of the financial
covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to
shareholders or issue new shares. The Company is not subject to any externally imposed capital requirements. No
changes were made in the objectives, policies or processes for managing capital during the year ended March
31,2024 and March 31,2023

45 The managment was unable to identify and depreciate significant components with different useful lives separately
from the principal asset as required by Note 4 of Schedule II of Companies Act 2013 due to lack of technical
expertise on the said matter. However, having a resaonable approach, the company assumes that none of the
parts of an item of tangible fixed assets have different useful lives from the remaining parts of the asset or the
principal asset and as per the past experience of the company, there are no significant components of existing
tangible assets that are used/ can be used for a lifespan shorter/longer than life of the principal asset.

46 Recent Pronouncements :

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. On March 23, 2022, MCA amended
the Companies (Indian Accounting Standards) Amendment Rules, 2022, as below :

Ind AS 16 - Property, plant and equipment :

The amendment clarifies that excess of net sale proceeds of items produced over the cost of testing, if any, shall
not be recognised in the profit or loss but deducted from the directly attributable costs considered as part of cost of
an item of property, plant, and equipment. The effective date for adoption of this amendment is annual periods
beginning on or after April 1, 2022. The Company has evaluated the amendment and there is no impact on its
financial statements.

Ind AS 37 - Provisions, Contingent liabilities and Contingent assets :

The amendment specifies that the ''cost of fulfilling'' a contract comprises the ''costs that relate directly to the
contract''. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract
(examples would be direct labour, materials) or an allocation of other costs that relate directly to fulfilling
contracts (an example would be the allocation of the depreciation charge for an item of property, plant and
equipment used in fulfilling the contract). The effective date for adoption of this amendment is annual periods
beginning on or after April 1, 2022, although early adoption is permitted. The Company has evaluated the
amendment and the impact is not expected to be material.

47 Standards issued but not yet effectve :

There are no standards which are issued but not effective as on March 31, 2024

The Indian Parliament had approved the Code on Social Security, 2020 "the Code" in September 2020 relating to
employee benefits. As the rules for the Code are yet to be notified, the impact of the same will be assessed upon
the Code becoming effective and the related rules to determine the financial impact being published.

48 In pursuance of AS- 28 " Impairment of Assets" issued by ICAI, the company has reviewed carrying cost of its
Assets and the management is of the view that in the current financial year, Impairment of Assets is not
considered necessary as all the assets are in good condition and realisable value is more than carrying cost.

49 In the opinion of the Board, all assets other than Property, Plant & Equipment, Intangible Assets and non current
investments, have a realisable value in the ordinary course of business which is not different from the amount at
which it is stated.

50 Some of the Parties Balances are subject to confirmation, reconciliation and final adjustment.

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

52 Revaluation of Property, Plant and Equipment :

Based on the assessment, the Company was not required to revalue its Property, Plant and Equipment. Hence,
disclosure as to whether the revaluation is based on the valuation by a registered valuer as defined under rule 2 of
the Companies (Registered Valuers and Valuation) Rules,2017 is not applicable.

59 Compliance with number of layers of companies

The company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with
Companies (Restriction on number of Layers) Rules, 2017, hence disclosure of name and CIN of the companies
beyond the specified layers and the relationship/extent of holding of the company in such downstream companies
is not required.

60 Compliance with approved Scheme(s) of Arrangements

No Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the
Companies Act, 2013, hence the Company is not required to disclose how the effect of such Scheme of
Arrangements have been accounted for in the books of account of the Company ''in accordance with the Scheme''
and ''in accordance with accounting standards'' and explain deviation, if any, in this regard.

61 Utilisation of Borrowed funds and share premium:

(A) The company has not advanced or loaned or invested funds (either borrowed funds or share premium or any
other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries)
with the understanding (whether recorded in writing or otherwise) that the Intermediary shall:

(i) 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

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;

(B) The company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding
Party) with the understanding (whether recorded in writing or otherwise) that the company shall :

(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party (Ultimate Beneficiaries) or

(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

62 Undisclosed Income :

The Company is not required to give details of any transaction that has not been recorded in the books of accounts
as no amount 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).
Further, the company does not have any previously unrecorded income and related assets that required proper
recording in the books of account during the year.

63 Corporate Social Responsibility :

The company is not covered under section 135 of the Companies Act. Hence, the following disclosures with regard
to CSR activities are not applicable to the company :

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Mar 31, 2013

1.1 No Shares were alloted for consideration other than cash, no bonus shares were issued & no shares were bought back in the last 5Yrs.

1.2 The Company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held.The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing AGM, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all prefential amounts, in proportion to their shareholding.

1.3 The Company doesnot have a holding company.

Amount in(Rs.) Amount in(Rs.)

1.4 (A) (i) Secured by hypothecation of present and future stock of raw materials, stock in trade, finished goods, stock in transit & book debts

(iI) Personal Guarantee of all the Directors .(Except Nominee & Technical Directors). (Iii) Exclusive 1st Charge on Company''s entire Fixed Assets both Silchar & Gauripur units including Moveable & Immovable Assets.

(iv) Hypothecation of debts and movable assets of the Company. (including the vehicles included in the grosss block of the company).

1.5 Aggregate Amount of Quoted Investments as at 31.03.2013 is Rs.11,14,500/- (Previous Yr Rs.11,14,500/- )

1.6 Market Value of Quoted Investments as at 31.03.2013 is Rs.5,05,237/- (Previous Yr Rs.808,512/-)

1.7 Aggregate Amount of Un-quoted Investments as at 31.03.2013 is Rs.4225000/- (Previous Yr Rs.29,25,000/- )

1.8 Aggregate provision for diminuition in value of Investments Current Year Rs.NIL(Previous Yr Rs.NIL)

2 EMPLOYEE BENEFITS (AS-15)

2.1 The Company maintained provident fund with Regional Provident Fund Commissioner, contributions are made by the company to the Fund, based on the current salaries. In the provident fund scheme, contribution are also made by the employee. An amount of Rs.4,70,972(Previous Yr Rs.4,08,551) has been charged to the Statement of Profit & Loss on account of the above defined contribution schemes.

The Company operates defined benefit schemes like gratuity.The Company has taken out a policy with Life Insurance Corporation of India (LICI) for future payment of gratuity liability to its employees. Annual actuarial valuations are carried out by LICI in compliance with AS-15 (Revised 2005) on Employees Benefits. Annual Contributions are also made by the Company. Employees are not required to make any contribution. An amount of Rs.2083 (Previous Yr Rs.54,536) has been charged to the statement of Profit & Loss on account of Defined Benefit Schemes.

The Company doesnot provide for leave encashment benefits to the employees.Leave encashmet are accounted for on cash basis.

3 IMPAIRMENT OF ASSETS (AS-28 )

The Company is in the process of conducting an exercise of for Identification of impaired assets, if any, as require by As-28 impairment of Assets issued by the ICAI. Accordingly no effect has been considered in the finacial statement for such impairment, if any.

4 DISCLOSURES UNDER MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006 (MSMED) There are no Micro and Small Scale Business Enterprises, to whom the company owes dues, which are outstanding for more than 45 days as at March 31, 2013. This information as required to be disclosed under the MSMED Act 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company

5 No loans has been given , wherein there is no repayment schedule or repayment is beyond seven years.

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Mar 31, 2012

1. GENERAL INFORMATION:

UFM Industries Ltd ("The Company") is primarily engaged in the business of Flour Milling.

1.1 The Company has one class of equity shares having a par value of T 10 per share. Each shareholder is eligible for one vote per share held.The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing AGM, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all prefential amounts, in proportion to their shareholding.

1.2 The Company doesnot have a holding company.

2.1 (A)(i) Secured by hypothecation of present and future stock of raw materials, stock in trade, finished goods, stock in transit & book debts

(ii) Personal Guarantee of all the Directors. (Except Nominee & Technical Directors).

(iii) Exclusive 1st Charge on Company''s entire Fixed Assets both Silchar & Gauripur units including Moveable & Immovable Assets.

(iv) Hypothecation of debts and movable assets of the Company, (including the vehicles included in the grosss block of the company).

3.1 (B) The Company doesnot have any continuing default in repayment of loans and interest on the balance sheet date.

3.2 Aggregate Amount of Quoted Investments as at 31.03.2012 is Rs. 11,14,500/- (Previous Yr Rs. 11,14,500/-)

3.3 Market Value of Quoted Investments as at 31.03.2012 is Rs. 8,08,512/- (Previous Yr Rs. 4,06,385/-)

3.4 Aggregate Amount of Un-quoted Investments as at 31.03.2012 is Rs. 29,25,000/- (Previous Yr T 29,25,000/-)

3.5 Aggregate provision for diminuition in value of Investments Current Year Rs. NIL(Previous Yr Rs. NIL)

6 Contingent liabilities and commitments As at 31.03.2012 As at 31.03.2011 (to the extent not provided for)

(i) Contingent Liabilities

(a) Guarantees 40,000,000 40,000,000

40,000,000 40,000,000

(ii) Commitments

Estimated amount of contracts remaining to be executed on capital account

(a) Tangible Assets (Net of Advances) 126,180 -

126,180 -

TOTAL Rs. 40,126,180 40,000,000

7.1 Guarantee has been given for M/s Sethi Flour Mills, Malua (Karimganj) for loan from United Bank of India, Silchar Branch.

8 EMPLOYEE BENEFITS (AS-15)

8.1 The Company maintained provident fund with Regional Provident Fund Commissioner, contributions are made by the company to the Fund, based on the current salaries. In the provident fund scheme, contribution are also made by the employee. An amount of Rs. 4,08,551(PreviousYr Rs. 3,62,356) has been charged to the Statement of Profit & Loss on account of the above defined contribution schemes.

The Company operates defined benefit schemes like gratuity.The Company has taken out a policy with Life Insurance Corporation of India (LICI) for future payment of gratuity liability to its employees. Annual actuarial valuations are carried out by LICI in compliance with AS-15 (Revised 2005) on Employees Benefits. Annual Contributions are also made by the Company. Employees are not required to make any contribution. An amount of T 54,536 (Previous Yr T 36,179) has been charged to the statement of Profit & Loss on account of Defined Benefit Schemes.

The Company doesnot provide for leave encashment benefits to the employees.Leave encashmet are accounted for on cash basis.

9 MOOSUKS UMOfR MICRO, SMAU AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006 (MSMED)

There are no Micro and Small Scale Business Enterprises, to whom the company owes dues, which are outstanding for more than 45 days as at March 31, 2012. This Information as required to be disclosed under the MSMED Act 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

10 The financial statements for the year ended March 31, 2011 had been prepared as per the then applicable pre- revised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended March 31, 2012 have been prepared as per revised Schedule VI. Accordingly the previous year''s figures have also been reclassified to conform to this year''s classification.The adoption of the Revised Schedule VI for the previous year''s figures doesnot impact recognition and measurement principles followed for preparation of financial statements.