McLeod Russel India : Financial Results for the quarter and year ended 31st March 2024

Notes	to Audited Standalone Financial Results for the Quarter and Year	ended March 31, 2024

1. The above Audited Standalone financial result for the quarter and year ended March 31, 2024

referredof Assets and Liabilities as on March(hereinafter to as "Financial Results") includes Statement

31,

2024

("Annexure

I")

and Statement

of

Cash

Flow

for

the

year

ended

March

31,

2024

("Annexure

with

the

indian

I"}

attached

.

These

financial

results

have

been

prepared

in

accordance

herewith

Act,

2013

and

compiled

keeping

Accounting

Standards

as prescribed

under

section

133

of

Companies

Obligations

in view the

provision

of

Regulation

33

of

Securities

and

Exchange

Board

of India

(Listing

These

financial

results

have

been

and

Disclosure

Requirements)

Regulations, 2015

(as

amended).

by the Board

of

Directors

at

their

reviewed

by

the

Audit

Committee

on

May

29,

2024

and

approved

meeting

held

on

May

30, 2024

and

have been

subjected

to

Audit

by the

Statutory

Auditors.

2.

(a)

Cost

of

materials

consumed

represents

green

leaf

purchased

from

external

sources.

1. The Company is primarily engaged in the business of cultivation, manufacture and sale of tea across various geographical locations. In term of Ind AS 108 "Operating Segment", the Company has one

business segment

i.e.

Manufacturing

and

Selling

of

Tea.

3.

Exceptional

items

for

the

year

ended

March

31,

2023

include:

Corporate

Deposits

(ICDs)

including

a)

Provision

of

Rs.

91,942

lakhs

made

against

loans

and

Inter-

as

stated

in

Note

no.

5.

interest

thereon

given

to

Promoter

group

and

certain

other

entities

b)

Provision

of

Rs.

1,400

lakhs

made

against

advance

to

a body

corporate

given

in earlier

years and

whereof

in

absence

of

required

lying

outstanding for

a

considerable

period

of time,

recoverability

detatls

and

confirmations

etc.,

being

considered

remote,

had

been

provided

for.

4.

Remuneration

to

the

extent of

Rs.

316

Lakhs

{including

Rs.

97

lakh

for

the

quarter)

has

been

paid

to

to

March

31,

2024

as

decided

by

the

the

Managing

Director

for

the

period

from

May

17,

2023

The

company

prior

to the

said

resolution

Shareholder vide

their special

resolution

dated

J uly

14,

2023.

has made

Application

to

the

banks

and

as

required

in

terms

of

Schedule

V

of

the

Companies

Act, 2013

on

this

date.

Accordingly,

the

public

financial

institution

for

their

approval

and

the

same

is

awaited

as

the

aforesaid

said amount being paid and held

in

trust

have

been

recognised

as

advances,

pending

approval.

5.

In

respect

of

Inter-Corporate

Deposits

('ICDs')

given

to

Promoter

group

and

certain

other entities

2,76,109

Lakhs

as

at

March

31,

('borrowing

companies'),

the

amount

outstanding

aggregates

to Rs.

lakhs

on

these

amounts

2024.

(March

31,

2023:

Rs.

2,76,174

.

Further,

interest

of

Rs.9,9421

Lakhs)

on

this

date.

Interest

on

such

ICDs

considering

accrued

upto

March

31,

2019

are

also

outstanding

as

with

respect

to

recovery

and

the

waiver

sought

by

borrower

companies

and

uncertainties

involved

April

01,

2019.

These

borrowing

determination

of

amount

thereof,

have

not

been

accrued

since

Promoter

Group

and

other entities

companies

which

in turn

advanced

the

amount

so

taken

by them

to

Corporate

Insolvency

and

Resolution

including

one

of the

promoter

group

company

which

was

under

('IBC')

and

in

respect

of

which

the

Process

('CIRP')

as

per

the

Insolvency

and

Bankruptcy

Code,

2016

Company

Law

Tribunal

('NCLT'),

Resolution

Plan

as

submitted

and

approved

by

Hon'ble

National

of Rs.

1,01,039

lakhs

(including

Rs. 91,942

Kolkata

pursuant

to

CIRP

is under

implementation,

Provision

above)

on lumpsum

basis

without

prejudice to

lakhs

shown

as

exceptional

items

under

Note

no.

3(a)

company's

legal

right

to

recover

the

amounts

given

by

it

has

been

carried forward during the period.

31,

2019

which

were

fully provided

This

includes

Rs.

9,941

lakhs

against

interest

accrued

upto

March

outstanding

amounts

net

of

provision

for

in the

earlier

years. The

amount

finally

recoverable

against