x) PROVISIONS AND CONTINGENT LIABILITIES
A provision is recognised when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. When the effect of the time value of money is material, the Company determines the level of provision by discounting the expected cash flows at a pre-tax rate reflecting the current rates specific to the liability These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. Contingent liabilities are not recognised but disclosed in the notes.
xi) LEASES
The Company assess whether a contract contains a lease, at the inception of the contract. A contract is, or contains, a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether (i) the contract involves the use of identified asset; (ii) the Company has substantially all of the economic benefits from the use of the asset through the period of lease and (iii) the Company has rightto direct the use of the asset.
xii) Operating Leases as a Lessor
Lease income from operating leases where the company is a lessor is recognised in income on either a straight-line basis or another systematic basis .The respective leased assets are included in the balance sheet based on their nature.
xii) TAXES ON INCOME
Income tax expense comprises current and deferred tax. Itis recognised in the statement of profit and loss except to the extentthatitrelates to items recognised directly in equity or in other comprehensive income (OCI)
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in India. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is provided in full, using the liability method, on temporaiy differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the Company has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the assetand settle the liability simultaneously.
xiii) RETIREMENT BENEFITS
a) Contribution to Provident Fund is made to Regional Provident Fund Commissioner. Contributions towards Gratuity are made to the schemes of life Insurance Corporation of India based on premium actuarially assessed and intimated in terms of the policies taken with them. These contributions are charged to Profit & Loss Account.
b) Provision for incremental liability in respect of encashable privilege leave is made on the basis ofactual determination of the liability at the year end.
xiv) EARNINGS PER SHARE
Basic earnings per share is 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.
For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.
xv) SEGMENT REPORTING
An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the Company's Chief Operating Decision Maker ("CODM") to make decisions for which discrete financial information is available. The Board of Directors, which have been identified as the CO DM, regularly review the performance reports and make decisions about allocation of resources.
xvi) CASH FLOW STATEMENT
Cash flows are reported using the indirect method, whereby profit /(loss) before tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.
21 Financial Risk management Objectives and Policies
(a) Credit risk
Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to meet its contractual obligations. Cash and cash equivalents, bank deposits are held with only high rated banks/financial institutions, credit risk on them is perceived to be low.
(b) Market Risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Such changes in the values of financial instruments may result from changes in the foreign currency exchange rates, interest rates, credit, liquidity and other market changes.
(c) Interest rate risk
Interest rate risk results from changes in prevailing market interest rates, which can cause a change in the fair value of fixed rate instruments and changes in the interest payments of the variable rate instruments. The management is responsible for the monitoring of the group interest rate position. Various variables are considered by the management in structuring the group borrowings to achieve a reasonable, competitive cost of funding.
(d) Foreign currency exchange rate risk
The Company has no exposure to foreign currency risk.
0) Liquidity risk
Liquidity risk is the risk that the Company is unable to meet its existing or future obligations due to insufficient availability of cash or cash equivalents. Managing liquidity risk, and therefore allocating resources and hedging the Company's financial independence, are some of the central tasks of the Company's treasury department. In order to be able to ensure the Company's solvency and financial flexibility at all times, long-term credit limits and cash and cash equivalents are reserved on the basis of perennial financial planning and periodic rolling liquidity planning. The Company's financing is also secured for the next fiscal year.
The risk estimates provided assume a parallel shift of 100 basis points interest rate across all yield curves. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The period end balances are not necessarily representative of the average debt outstanding during the period.
Note 22 Financial instrunents-^ccourting dassif cations and fair value measurements
The significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instrument are disclosed in notes to the financial statements.
Fair value hierarchy
"This section explains the judgements and estimates made in determining the fair values of the financial instruments that are recognised and measured at fair value. The fair value of financial assets are classified into three categories i.e. Level 1, 2 or 3 depending on the inputs used in the valuation technique. The hierarchy gives the highest priority to quoted prices in active market for identical assets or liabilities (level 1 measurements] and lowest priority to unobservable inputs (level 3 measurements).
All financial assets and liabilities are measured at amortised cost and are classified under level 3. Being short term in nature, their carrying amount is considered a reasonable approximation of their fair value.
The financial statements indicate that the Company has accumulated losses and the net worth has been fully eroded. Since the company was suffering from losses. It has sold its land and building and closed down its operation.Further, the plant and equipment is also in the process of being sold. Accordingly, the plant and equipment is classified as assets held for sale as on March 31, 2024 The financial statements have been prepared on a non-going concern basis.
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The Company has unabsorbed depreciation and carried forward losses etc available for set off under Income Tax Act 1961. However in view of present uncertainty regarding generation of sufficient future taxable income, Net Deferred Tax Asset in respect of related credit for the year has not been recognised in the accounts on prudent basis.
28 Title Deeds of Immovable Property not held in name of the Company
There are no Immovable Properties owned by the company in its name
29 Revaluation based on Valuation by a registered valuer
The Company has not revalued any of its Property, Plant & Equipment during the year.
30 Loans or Advance in the Nature of Loans Granted to Promoters, Directors, KMPs & Other Related Parties
There are no Loans or Advances in the nature of Loans granted during the year by the Company to Promoters, Directors, KMPs and other Related parties.
31 Capital-Work-in Progress (CWIP)
There is no Capital Work in Progress which is capitalised within a year from end of financial year. Completion of any capital is not overdue and has not exceeded its cost compared to its original plan.
32 Intangible assets under development
There are no Intangible assests under development during the year, or whose completion is overdue or has exceeded its cost compared to its original plan.
33 Details of Benami Property held
There are no proceedings which have been initiated during the year or pending against the Company for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 and the rules made thereunder.
34 Wilful Defaulter
The Company has not been declared as a wilful defaulter by any Banks or Financial institutions or other lenders.
35 Registration of charges or satisfaction with Registrar of Companies
The Company does not have any charges or satisfaction which is yet to be registered with the Registrar of Companies (ROC) beyond the statutory period.
36 Compliance with number of layers of companies
The Company has not invested in any company or body corporate.
37 Compliance with approved Scheme(s) of Arrangements
The Company has not entered into any scheme of arrangment during the year.
38 Utilisation of borrowed funds and Share Premium
1) During the year, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources of 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, whether, 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.
2) During the year, 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 whether, 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.
39 Undisclosed Income
There are no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.
40 Details of Crypto Currency or Virtual Currency
The Company has not traded or invested in any Crypto Curreny or Virtual Currency during the year.
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Previous year figures have been recast, regrouped, restated, reclassified wherever necessary.
. . c ...... For and on behalf of the Board of Directors
As per our report of even date attached ....
Kore Foods Limited
For V.C. Shah & Co Sayed Abbas Abdullah Y.Fazalbhoy Director
Chartered Accountants Chairman
Firm Registration No 109818W DIN:08057330 uin.uzizuiw*
John Silveira
Managing Director Ms.Mona D Souza Director
DIN:06411293 DIN:08459994
V. C. Shah
Partner Ms. Shalini Lobo
Membership No. 10360 Chief Financial Officer K.D.Bhat Director
Puja Joshi DIN : 01685944
Company Secretary Membership No.ACS21466
Dated : 28.05.2024 G.S.Shenoy Director
Place : Mumbai DIN: 00875061
Dated :28.05.2024 Place: Tivim, Goa
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