Notes to Accounts of Integrated Proteins Ltd.

Mar 31, 2025

(K) Provisions and Contingencies
Provisions:

Provisions are recognised when there is a present obligation (legal or constructive) as a result
of a past event, it is probable that an outflow of resources embodying economic benefits will be
required to settle the obligation and there is a reliable estimate of the amount of the obligation.
Provisions are measured at the best estimate of the expenditure required to settle the present
obligation at the Balance sheet date and are discounted to its present value as appropriate.

Contingent Liabilities:

Contingent liabilities are disclosed when there is a possible obligation arising from past events,
the existence of which will be confirmed only by the occurrence or nonoccurrence of one or
more uncertain future events not wholly within the control of the company or a present
obligation that arises from past events where it is either not probable that an outflow of
resources will be required to settle or a reliable estimate of the amount cannot be made, is
termed as a contingent liability.

(L) Revenue recognition

Revenue is measured at fair value of the consideration received or receivable. Revenue is
recognized when (or as) the Company satisfies a performance obligation by transferring a
promised good or service (i.e. an asset) to a customer. An asset is transferred when (or as) the
customer obtains control of that asset.

When (or as) a performance obligation is satisfied, the Company recognizes as revenue the
amount of the transaction price (excluding estimates of variable consideration) that is allocated
to that performance obligation.

The Company applies the five-step approach for recognition of revenue:

i. Identification of contract(s) with customers;

ii. Identification of the separate performance obligations in the contract;

iii. Determination of transaction price;

iii. Allocation of transaction price to the separate performance obligations; and

iv. Recognition of revenue when (or as) each performance obligation is satisfied.

(M) Other income:

Interest: Interest income is calculated on effective interest rate, but recognised on a time
proportion basis taking into account the amount outstanding and the rate applicable.

Dividend: Dividend income is recognised when the right to receive dividend is established.

(N) Finance Cost

Borrowing costs that are directly attributable to the acquisition or construction of qualifying
assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily
takes substantial period of time to get ready for its intended use. Based on borrowings incurred
specifically for financing the asset or the weighted average rate of all other borrowings, if no
specific borrowings have been incurred for the asset.

Interest income earned on the temporary investment of specific borrowings pending their
expenditure on qualifying assets is deducted from the borrowing costs eligible for
capitalization.

Borrowing costs include exchange differences arising from foreign currency borrowings to the
extent they are regarded as an adjustment to the interest cost.

All other borrowing costs are charged to the Statement of Profit and Loss for the period for
which they are incurred.

(O) Earnings per share (EPS):

Basic EPS is calculated by dividing the net profit or loss for the period attributable to equity
shareholders by the weighted average number of equities shares outstanding during the
period. For the purpose of calculating diluted EPS, the net profit or loss for the period
attributable to equity shareholders and the weighted average number of additional equity
shares that would have been outstanding are considered assuming the conversion of all dilutive
potential equity shares. Earnings considered in ascertaining the EPS is the net profit for the
period and any attributable tax thereto for the period.

(P) Employee benefits
Provident Fund

The company has not exceeded the minimum criteria for eligibility to contribute into Defined
Contribution Plans & Defined Contribution Plans for post-employment benefit in the form.

(Q) Fair Value Measurement:

The Company measures financial instruments such as investments in quoted share, certain
other investments etc. 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 at the
measurement date. All assets and liabilities for which fair value is measured or disclosed in the
financial statements are categorized within the fair value hierarchy, described as follows, 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.

(R) 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:

Initial recognition

Financial assets are recognized when the Company becomes a party to the contractual
provisions of the instruments. Financial assets other than trade receivables and other specific
assets are initially recognized at fair value plus transaction costs for all financial assets not
carried at fair value through profit or loss. Financial assets carried at fair value through profit
or loss are initially recognized at fair value, and transaction costs are expensed in the Statement
of Profit and Loss.

Subsequent measurement

Financial assets, other than equity instruments, are subsequently measured at amortized cost,
fair value through other comprehensive income or fair value through profit or loss on the basis
of both:

i. The entity''s business model for managing the financial assets and

ii. The contractual cash flow characteristics of the financial asset.

De-recognition

The Company derecognizes a financial asset when the contractual rights to the cash flows from
the financial asset expire, or it transfers rights to receive cash flows from an asset, it evaluates if
and to what extent it has retained the risks and rewards of ownership. When it has neither
transferred nor retained substantially all of the risks and rewards of the asset, nor transferred
control of the asset, the Company continues to recognize the transferred asset to the extent of
the Company''s continuing involvement. In that case, the Company also recognizes an associated
liability. The transferred asset and the associated liability are measured on a basis that reflects
the rights and obligations that the Company has retained.

Financial Liabilities:

Initial Recognition and Subsequent Measurement

All financial liabilities are recognized initially at fair value and in case of borrowings and
payables, net of directly attributable cost. Financial liabilities are subsequently carried at
amortized cost using the effective interest method. For trade and other payables maturing
within one year from the Balance Sheet date, the carrying amounts approximate fair value due
to the short maturity of these instruments. Changes in the amortized value of liability are
recorded as finance cost.

De-recognition

A financial liability is de-recognized when the obligation under the liability is discharged or
cancelled or expires. When an existing financial liability is replaced by another from the same
lender on substantially different terms, or the terms of an existing liability are substantially
modified, such an exchange or modification is treated as the derecognition of the original
liability and the recognition of a new liability. The difference in the respective carrying amounts
is recognised in the statement of profit or loss.

For INTEGRATED PROTEINS LIMITED
For, B B Gusani and Associates
Chartered Accountants

Bhargav B Gusani
Proprietor

Membership No. 120710
FRN: 140785W

UDIN: 25120710BMHTRP2780
Date: 28/05/2025
Place: Jamnagar

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Mar 31, 2024

22. The previous year''s figures have been reworked, regrouped, and reclassified wherever necessary. Amounts and other disclosures for the preceding year are included as an integral part of the current annual financial statements and are to be read in relation to the amounts and other disclosures relating to the current financial year.

23. The Company has not revalued its Property, Plant and Equipment for the current year.

24. There has been no Capital work in progress for the current year of the company.

25. There is no Intangible assets under development in the current year.

26. Credit and Debit balances of unsecured loans, sundry creditors, sundry Debtors, loans and Advances are subject to confirmation and therefore the effect of the same on profit could not be ascertained.

27. The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

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

29. No proceeding has been initiated or pending against the Company for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988, as amended, and rules made thereunder.

30. The company has not been declared as willful defaulter by any bank or financial institution or government or government authority.

31. The Company has not advanced or loaned to or invested in funds to any other person(s)

or entity (is), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

a. directly or indirectly lend to 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.

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

a. directly or indirectly lend to or invest in other persons or entities identified inany 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.

33. The company does not have transaction with the struck off under section 248 of companies act, 2013 or section 560 of Companies act 1956.

34. The company is in compliance with the number of layers prescribed under clause (87) of section 2 of company''s act read with companies (restriction on number of layers) Rules, 2017.

35. Foreign Currency Transactions: -

Expenditure in Foreign Currency: - Nil Earnings in Foreign Currency: - Nil

36. Related Parties Disclosure: -

The Disclosures of Transaction with the related parties as defined in the related parties as defined in the Accounting Standard are given below:

As per Ind-AS 24, issued by the Institute of Chartered Accountants of India, The Disclosures of Transaction with the related parties as defined in the related parties as defined in the Accounting Standard are given below:

39. Notes forming part of accounts in relation to Micro and small enterprise

1. Based on information available with the company, on the status of the suppliers being Microor small enterprises, on which the auditors have relied, the disclosure requirements of Schedule III to the Companies Act,2013 with regard to the payments made/due to Micro and small Enterprises are given below:

The company has initiated the process of obtaining the confirmation from suppliers who have registered themselves under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006) but has not received the same in totality. The above information is compiled based on the extent of responses received by the company from its suppliers.

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Mar 31, 2014

1) Amount unpaid and interest on delayed payment, if any, due at the end of the year to Small Scale/Ancillary Industrial Supplier under the ''INTEREST ON DELAYED PAYMENTS TO SMALL SCALE AND ANCILLARY INDUSTRIAL UNDERTAKINGS ACT, 1993, is unascertained in the absence of Status of the suppliers.

2) Payments to Vendors in S.S.I. Sectors

There are generally made in accordance with agreed terms. The amount, if any, overdue as on 31st March 2014 has not been ascertained.

3) The Company is having freehold land in its ownership at Village Dhichada, Tal.: Jamnagar, District - Jamnagar. The ownership of some plots of land are disputed by some persons claimed to be legal heirs of seller of such Plots, The matter is pending before the Civil Court, Jamnagar. As the matter is pending before the judicial authority hence, is contingent in nature and effect thereof to the company is also not quantifiable.

4) The company has activated D''mat account of shares of the company with CDSL and NSDL. The shareholders can now convert their physical shares to their D'' mat account.

5) In the immediate preceeding year; the company had granted unsecured loan for a sum of Rs. 90,00,000/- to M/s F. C. Pharmaceuticals Pvt. Ltd. The outstanding balance as on the date of Balance Sheet is Rs. 92,99,589/-

6) Provision for Auditor''s fees is recorded on the basis of last year.

7) Previous year''s figures are regrouped where ever necessary.

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Mar 31, 2013

(a) Provision for Auditor''s fees is recorded on the basis of last year.

(b) Previous year''s figures are regrouped where ever necessary.

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Mar 31, 2010

There is time difference between returned income and income as per profit and loss account except permanent difference statutorily decided and other related allowances and exemptions. As explained and certified by the directors looking in to the huge carried forward losses in the income tax as well as company law schedule VI there is no possibilities for adjusting the same in near future. In these circumstances it is not provided in the books of account.

(a) CONFIRMATION: No confirmation has been obtained from the debtors, creditors, ad- vances and deposits. Accordingly Balance Sheet in these accounts has been consid- ered on the basis of books. The basis of the advances to the concern is treated as certified and confirmed by the directors in this regards.

(b) PROVISIONS: A provision is recognized when an enterprise has a present obligation as a result of past event; it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate has been made. Provisions are not discounted to its present value and are determined based on best estimate required. These are reviewed at each balance sheet date and adjusted to reflect the current best estimated.

(c) Amount unpaid and interest on delayed payments, if any, due at the end of the year to Small Scale /Ancillary Industrial Supplier under the INTEREST ON DELAYED PAY- MENTS TO SMALL SCALE AND ANCILLARY INDUSTRIAL UNDERTAKINGS ACT. 1993, is unascertained in the absence of Status of the supplier.

(d) PAYMENTS TO VENDORS IN S.S.I. SECTORS: These are generally made in accor- dance with agreed terms. The amount, if any, overdue as on 31st March 2009 has not been ascertained.

(e) Provision for Auditors fees is recorded on the basis of last year.

(f) Previous years figures are regrouped where ever necessary.

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Mar 31, 2009

(a) Provision for Auditors fees is recorded on the basis of last year.

(b) Previous years figures are regrouped where ever necessary.