Eastern Condiments Private Limited

Standalone Balance Sheet as at Mar 31, 2022 (Provisional)

(Amount in INR lakhs, unless otherwise stated)

Particulars Notes As at As at
March 31, 2022 March 31, 2021

Assets
Non-current Assets
Property, plant and equipment 3 12,011 12,718
Capital work in progress 3 151 161
Right-of-use assets 4A 168 168
Intangible assets 5 78 185
Financial assets
Investment in subsidiaries and joint venture 6A 310 310
Other investments 6B - 2
Loans 7 265 342
Other financial assets 8 104 103
Other non-current assets 9 473 493
Income tax assets (net) 10 4,215 1,278
Deferred tax assets (net) 30 174 175
17,949 15,935

Current Assets
Inventories 11 21,231 20,828
Financial assets
Investments 6B 7,115 113
Loans 7 9 8
Trade receivables 12 7,624 7,719
Cash and cash equivalents 13 1,188 5,052
Other financial assets 8 2,617 2,745
Other current assets 9 3,553 3,991
43,337 40,456

Total assets 61,286 56,391

Equity and liabilities

Equity
Equity share capital 14 966 966
Other equity* 37,912 32,274
Total equity 38,878 33,240

Non-current liabilities
Financial liabilities
Borrowings 15 421 1,030
Lease liabilities 4B 162 162
Provisions 18 1,420 1,426
Deferred tax liabilities (net) 30 - -
2,003 2,618

Current liabilities
Financial liabilities
Borrowings 15 (0) 4,259
Lease liabilities 4B 29 29
Trade payables 19 15,748 13,724
Other financial liabilities 16 1,034 1,498
Other current liabilites 17 238 370
Provisions 18 177 279
Current tax liabilities (net) 20 3,179 374
20,405 20,533
Total liabilities 22,408 23,151
Total equity and liabilities 61,285 56,391
Eastern Condiments Private Limited
Standalone Statement of Profit and Loss for the period ended Mar 31, 2022 (Provisional)
(Amounts in INR Lakhs, except share data and per share data, unless otherwise stated)

Particulars Notes Year ended Year ended

Mar 31, 2022 March 31, 2021

Revenue from operations 21 85,703 89,220

Other income 22 1,515 1,571
Total income 87,218 90,791

Expenses
Cost of raw materials and packing materials consumed 23 57,649 48,966
Purchase of stock-in-trade 24 399 8,712
Changes in inventories of finished goods, work-in progress and traded goods 25 (823) (542)
Employee benefits expense 26 9,310 9,248
Depreciation and amortisation expense 27 1,451 1,815
Finance costs 28 169 707
Other expenses 29 11,533 11,141
Total expense 79,688 80,047
468
Profit before tax 7,531 10,744

Tax expenses
Current tax 30 1,896 2,832
Adjustment of tax relating to earlier years 30 - 73
Deferred tax 30 - (90)
Income tax expense 1,896 2,815

Profit for the year 5,635 7,929

Other comprehensive income / (loss)

Items that will not be reclassified to Statement of profit and loss
Re-measurement gains / (losses) on defined benefit plans 33 - 70
Income tax effect on above - (17)
Other comprehensive income / (loss) for the year, net of tax - 53
Total comprehensive (loss) / income for the year, net of tax attributable to
equity holders 5,635 7,982
 Eastern Condiments Private Limited
Standalone Statement of Changes in Equity for the year ended Mar 31, 2022
(Amounts in INR Lakhs, except share data and per share data, unless otherwise stated)

A. Equity Share Capital:

Particulars No. of shares Amount

As at March 31, 2020 96,56,900 966
Issued during the year - -
As at March 31, 2021 96,56,900 966
Issued during the year - -
As at March 31, 2022 96,56,900 966

B. Other equity

Particulars Attributable to the equity holders

Total other
Securities Retained
General reserve equity
premium Earnings
As at March 31, 2020 3,594 2,071 18,627 24,292
Profit for the year - - 7,929 7,929
Other comprehensive income for the year - - 53 53
Total Comprehensive Income 7,982 7,982
As at March 31, 2021 3,594 2,071 26,609 32,274
Profit for the year - - 5,638 5,638
Other comprehensive income for the year - - - -
Total Comprehensive Income 5,638 5,638
As at March 31, 2022 3,594 2,071 32,246 37,912

C. Description, nature and purpose of reserves:

i. Security Premium Reserve: Securities Premium is used to record the premium on issue of shares, and is utilised in accordance with the
provisions of the Companies Act, 2013.
ii. General reserve : Represents the amounts transferred from the Retained Earnings in accordance with the Companies (Transfer of Profits to
Reserves) Rules 1975, as per the requirements of the erstwhile Companies Act, 1956.
iii. Retained earnings: It comprises of the accumulated profits/(loss) of the Company till date, net of appropriations.

Refer Note 2.3 for Summary of significant accounting policies

The accompanying notes are an integral part of the standalone financial statements.
 Eastern Condiments Private Limited
Notes to Standalone Financial Statements for the year ended Mar 31, 2022
(Amount in INR lakhs, unless otherwise stated)

3 Property, plant and equipment

Land Buildings Buildings Plant and Windmill Furniture and Vehicles Office and lab Computers Total Capital Work in
(On freehold (On leasehold machinery fixtures equipment progress
land) land) (including (CWIP)
electrical
installations)
Deemed Cost
At April 1. 2020 2,721 4,433 780 4,449 812 147 1,241 187 271 15,041 117
Additions 63 132 16 457 - 7 279 6 36 996 44
Disposals/Transfers - - - 28 3 3 319 1 16 370 -
Transfer to asset held for sale - - 156 - - - - - - 156 -
(refer note (v) below)
At March 31, 2021 2,784 4,565 640 4,878 809 151 1,201 192 291 15,511 161
Additions 18 43 - 318 - 34 16 137 107 673 92
Disposals/Transfers - 97 156 140 - 6 151 0 4 554 101
Transfer to asset held for sale - - (156) - - - - - - (156) -
(refer note (v) below)
At March 31, 2022 2,802 4,511 640 5,056 809 179 1,066 329 394 15,785 152
Depreciation
At April 1. 2020 - 182 136 715 87 34 284 38 106 1,582 -
charge for the year - 281 103 657 87 22 262 32 89 1,533 -
Disposals/Transfers - - - 12 - 2 147 - 5 166 -
Transfer to asset held for sale - - 156 - - - - - - 156 -
(refer note (v) below)
At March 31, 2021 - 463 83 1,360 174 54 399 70 190 2,793 -
charge for the year - 194 46 577 87 20 213 36 80 1,254 -
Disposals/Transfers - 97 156 118 - 4 51 0 4 429 -
Transfer to asset held for sale - - (156) - - - - - - (156) -
(refer note (v) below)
At March 31, 2022 - 560 130 1,819 261 70 562 106 266 3,774 -

Net book value

At April 1, 2020 2,721 4,251 644 3,734 725 113 957 149 165 13,459 117
At March 31, 2021 2,784 4,102 557 3,518 635 97 802 122 101 12,718 161
At March 31, 2022 2,802 3,951 511 3,237 548 109 504 223 128 12,011 152
 Eastern Condiments Private Limited
Notes to Standalone Financial Statements for the year ended Mar 31, 2022
(Amount in INR lakhs, unless otherwise stated)

4A Right-of-use assets
Buildings Leasehold Land Total
Cost
At April 1, 2020 343 7 350
Additions - - -
Deletions 90 - 90
At March 31, 2021 253 7 260
Additions - - -
Deletions - - -
At March 31, 2022 388 (21) 367

Amortisation
At April 1, 2020 72 4 76
Depreciation (Refer Note 27) 56 3 59
Deletions 43 - 43
At March 31, 2021 85 7 92
Depreciation (Refer Note 27) - - -
Deletions - - -
At March 31, 2022 220 (21) 199

Net book value

At March 31, 2020 271 3 274
At March 31, 2021 168 - 168
At March 31, 2022 168 - 168

4B Lease Liabilities

Particulars As at As at
March 31, 2022 March 31, 2021

Opening balance 191 300

Additions -
Retirements / Modifications (53)
Interest expense on lease liabilities 22
Payments (including interest) (78)
Closing Balance 191 191
(Also Refer Note 32)

Particulars As at As at
March 31, 2022 March 31, 2021
Non-current portion (126) 162
Current portion 318 29

192 191
5 Intangible assets

Trademarks Recipes Software Total

Deemed Cost
At April 1, 2020 69 10 572 651
Additions - 3 5 8
Disposals - - - -
At March 31, 2021 69 13 577 659
Additions - - 89 89
Disposals/CWIP Capitalisation - - - -
At March 31, 2022 69 13 666 748

Amortisation
At April 1, 2020 29 4 218 251
charge for the year 29 4 190 223
Disposals - - - -
At March 31, 2021 58 8 408 474
charge for the year 9 3 184 196
Disposals - - - -
At March 31, 2022 67 11 592 670

Net book value

At April 1, 2019 40 6 354 400
At March 31, 2020 11 5 169 185
At March 31, 2022 2 2 75 78
 Eastern Condiments Private Limited
Notes to Standalone Financial Statements for the year ended Mar 31, 2022
(Amount in INR lakhs, unless otherwise stated)

6A Investment in subsidiaries and joint venture

Particulars As at As at
March 31, 2022 March 31, 2021

Non-current
Investments carried at cost
Unquoted Investments (fully paid)
Investments in equity instruments of Subsidiaries
2,000,000 (March 31, 2021: 2,000,000) equity shares of ₹ 10/- each fully paid, in
200 200
BAMS Condiments Impex Private Limited
Less: Provision for impairment (200) (200)
- -
100,000 (March 31, 2021: 100,000) equity shares of ₹ 10/- each fully paid, in Eastern
10 10
Food Speciality Formulations Private Limited
Less: Provision for impairment (10) (10)
(A) - -
Investment in Joint venture
2,500 (March 31, 2021: 2,500) equity shares of UAE Dirhams 1,000 each fully paid, in
310 310
Eastern Condiments Middle East & North Africa FZC, UAE
(B) 310 310

(A) + (B) 310 310

6B Other Investments

Non Current
Investments designated at Fair Value Through Profit and Loss
Quoted Investments (fully paid)
Investments in equity instruments
(March 31, 2021: 1,100) equity shares of ₹ 10/- each, fully paid-up, in State Bank of
- 2
India

Total - Non Current Investments - 2

Current
Investments designated at Fair Value Through Profit and Loss
Mutual funds 7,115 113

Total - Current Investments 7,115 113

Aggregate book value of quoted investments - 2

Aggregate market value of quoted investments - 2
Aggregate value of unquoted investments 7,635 633
Aggregate amount of impairment in value of investments 210 210

7 Loans

Particulars As at As at
March 31, 2022 March 31, 2021
Non current
Unsecured considered good (carried at amortised cost)
Inter-corporate loan (refer note (a) below) - -
Security deposit 265 342

265 342
Current
Unsecured considered good (carried at amortised cost)
Inter-corporate loan (refer note (a) below) - -
Advances to employees 9 8

9 8
8 Other financial assets

Particulars As at As at
March 31, 2022 March 31, 2021
Non-current
Margin money deposits -(Refer Note13 and (a) below)
- with banks 104 103
104 103
Current
Interest accrued
- on Intercorporate loans (Refer Note 7(a) above) - -
- on Deposits 2 5

Receivables from Spices Board - note (b) 358 358

Insurance Claim receivable - note (c) 2,264 2,248
Royalty receivable from a related party (Also refer note 35) 134
2,624 2,745

9 Other assets

Particulars As at As at
March 31, 2022 March 31, 2021
Non-current
(Unsecured considered good)
Balances with statutory / government authorities 70 48
Prepayments - 7
Capital advances 403 438
473 493

Current
(Unsecured considered good)
Advance to Suppliers (Refer Note (a) below) 167 346
Export Incentive receivable 263 478
Balances with statutory / government authorities 2,722 2,861
Prepaid leasehold rentals - -
Prepayments 339 209
Others (Refer Note (b) below) 62 97
3,553 3,991
10 Income tax assets (net)

Particulars As at As at
March 31, 2022 March 31, 2021
Advance tax (net of provisions) 4,215 1,278

4,215 1,278

11 Inventories (lower of cost or net realisable value)

Particulars As at As at
March 31, 2022 March 31, 2021
Raw materials 13,452 13,856
Work in progress 3,139 2,751
Finished goods 3,301 2,877
Traded goods 399 388
Packing materials and consumables 940 956

21,231 20,828

12 Trade receivables

Particulars As at As at
March 31, 2022 March 31, 2021

Unsecured, considered good 7,624 7,719

Trade Receivables which have significant increase in credit risk
Trade Receivables - credit impaired 584 668
8,208 8,387
Less: Allowance for expected credit loss (584) (668)
7,624 7,719

13 Cash and cash equivalents

Particulars As at As at
March 31, 2022 March 31, 2021
Non-current
Margin money deposits 104 103
Less : amount disclosed under Other non-current financial assets (Refer Note 8) (104) (103)
(A) - -
Current
Balances with banks:
- On current accounts 1,188 1,248
- Deposits with original maturity of less than three months* - 3,800
- On unpaid dividend accounts - -
Cash on hand - 4
(B) 1,188 5,052
(A)+(B) 1,188 5,052

* Represents deposits at fixed rates maintained with various banks by the Company.
 Eastern Condiments Private Limited
Notes to Standalone Financial Statements for the year ended Mar 31, 2022
(Amounts in INR Lakhs, except share data and per share data, unless otherwise stated)

14 Equity Share capital

Particulars March 31, 2022 March 31, 2021
No. Amount No. Amount
Authorised share capital
15,000,000 equity shares of ₹ 10/- each 1,50,00,000 1,500 1,50,00,000 1,500
4,400,000 redeemable optionally convertible
cumulative preference shares of ₹ 100/- each with
variable coupon rate 44,00,000 4,400 44,00,000 4,400

5,900 5,900
Issued, subscribed and fully paid-up
9,656,900 equity shares of ₹ 10/- each 96,56,900 966 96,56,900 966

96,56,900 966 96,56,900 966

(a) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:
Particulars March 31, 2022 March 31, 2021
No. Amount No. Amount
At the beginning of the year 96,56,900 966 96,56,900 966
Issued during the year - - -
Outstanding at the end of the year 96,56,900 966 96,56,900 966

(b) Terms / Rights attached to equity shares:

The Company has issued only one class of equity share having a face value of `10 per share. The holder of each equity share is entitled to one vote per share. The
Company declares and pays dividends in Indian rupees. The final dividends proposed by the Board of Directors are subject to the approval of the shareholders
in the Annual General Meeting.
The Company has not declared/proposed any dividend for the year ended March 31, 2022 and March 31, 2021
In the event of liquidation of the Company, the equity share holders will be entitled to receive the remaining assets of the Company, after settling the dues of
preferential and other creditors as per priority. The distribution will be in proportion to the number of equity shares held by the shareholders.

(c) Shares held by Holding Company and/or their subsidiaries/ associates

Particulars March 31, 2022 March 31, 2021
No. of shares % Holding No. of shares % Holding

MTR Foods Private Limited, the immediate holding 65,49,310 67.82% 65,49,310 67.82%
company*
(6,549,310 equity shares of ₹ 10/- each)

*On March 31, 2021, MTR Foods Private Limited ('MTR'), acquired 6,549,310 equity shares of the Company from the existing equity shareholders pursuant to
the Share Purchase Agreement entered by MTR with such shareholders on March 24, 2021. Accordingly, the Company has become a subsidiary of MTR w.e.f
March 31, 2021.

(d) Details of shareholders holding more than 5% of the equity share capital:

Particulars March 31, 2022 March 31, 2021

No. of shares No. of shares
% of holding % of holding
held held
Equity shares of ₹ 10/- each fully paid
MTR Foods Private Limited 65,49,310 67.82% 65,49,310 67.82%
Navas M. Meeran 15,53,795 16.09% 15,53,795 16.09%
Firoz Meeran 15,53,795 16.09% 15,53,795 16.09%
McCormick Ingredients Southeast Asia Pte. Ltd. - - - -
As per records of the Company, including its register of shareholders/ members and other declaration received from shareholders regarding beneficial interest,
the above shareholding represent both legal and beneficial ownership of shares.

(e) Pledge of shares by the shareholders of the Company:

The following shares of the Company have been pledged by the shareholders as at March 31, 2021 to a third party against borrowings taken by other companies
owned by the shareholders:
March 31, 2022 March 31, 2021
Name of the shareholder
Equity shares of ₹ 10/- each fully paid
Navas M. Meeran 9,65,690 9,65,690 -
Firoz Meeran 9,65,690 9,65,690 -
 Eastern Condiments Private Limited
Notes to Standalone Financial Statements for the year ended Mar 31, 2022
(Amount in INR lakhs, unless otherwise stated)

15 Borrowings

Particulars Note As at As at
March 31, 2022 March 31, 2021
A Non-current Borrowings
From banks
Term Loan (Secured)
Foreign Currency loan from ICICI Bank 615 1,611
(refer note a(ii) below)

From Financial Institutions

Vehicle Loan (Secured)
Kotak Mahindra Prime Limited (refer note a(iii) below) 44 71
ICICI Bank (refer note a(iv) below) - 4
Daimler Financial Services (refer note a(v) below) - -

From Others
(Unsecured)
Loan from Director (refer note a(i) below) 377 377

1,036 2,063
Less: Amount shown under "Other Current
financial liabilities" (refer Note 16) (615) (1,033)
421 1,030

B Current Borrowings
From banks
Loan repayable On Demand
Indian Rupee cash credit from banks (secured)
Federal Bank Limited (refer note b(i) below) - -
Citibank (refer note b(ii) below) - -

Packing credit loan from banks (secured)

Citibank (USD) (Refer note b(iii) below) - 831
Development Bank of Singapore (USD)
(refer note b(iv) below) - 1,966
Federal Bank (USD)
(refer note b(v) below) - 1,462
Citibank (INR) (refer note b(vi) below) - -
Standard Chartered Bank (INR)
(refer note b(vii) below) - -

Short term loan from banks (secured)

Federal Bank (refer note b(viii) below) (0) -
Development Bank of Singapore
(refer note b(ix) below) - -
Standard Chartered Bank
(refer note b(x) below) - -
HDFC Bank
(refer note b(xi) below) - -
- -
Bills discounted (secured)
Citibank (refer note b(xii) below) - -

Short term loan from banks (unsecured)

Yes Bank (refer note b(xiii) below) - -
IndusInd Bank (refer note b(xiv) below) - -
CTBC Bank (refer note b(xv) below) - -

(0) 4,259
16 Other current financial liabilities

Particulars As at As at
March 31, 2022 March 31, 2021
Current maturities of long term borrowings (Refer Note 15) 615 1,033
Deposits received (unsecured) 167 175
Capital Creditors 86 90
Interest accrued but not due on borrowings - 3
Retention Money - -
Unpaid Dividend* - -
Refund liabilities 181 181
Derivative liability (mark-to-market losses on derivative (15) 16
contracts) [Also refer Note 15]

1,034 1,498

17 Other current liabilities

Particulars As at As at
March 31, 2022 March 31, 2021
Contract Liabilities (Advance from customers) 87 182
Payable to statutory/government authorities* 151 188

238 370
*TDS payable , GST payable and payables relating to provident and other funds.

18 Provisions
Particulars As at As at
March 31, 2022 March 31, 2021
Non-current
Provision for gratuity (refer note 33) 1,420 1,426
1,420 1,426

Current
Provision for compensated absence 177 159
Provision for gratuity (refer note 33) - 120
177 279
19 Trade payables

Particulars As at As at
March 31, 2022 March 31, 2021
Trade payables, carried at amortised cost 15,748.00 13,724.00

31,496 27,448

20 Current tax liabilities (net)

Particulars As at As at As at
March 31, 2022 March 31, 2021 00 January 1900
Income tax liabilities (net of advance tax) 3,179 374 -
3,179 374 -
 Eastern Condiments Private Limited
Notes to Standalone Financial Statements for the year ended Mar 31, 2022
(Amount in INR lakhs, unless otherwise stated)

21 Revenue from operations

Particulars Year ended Year ended
Mar 31, 2022 March 31, 2021
Sale of products: (A) 84,864 88,303
Manufactured Goods:
Other Operating Revenue:
Export incentives 321 513
Sale of energy from windmills 230 207
Sale of scrap 288 197
(B) 839 917

Total (A) + (B) 85,703 89,220

22 Other income
Particulars Year ended Year ended
Mar 31, 2022 March 31, 2021
Interest income on:
Banks deposits 6 22
Inter corporate loan to related party (Refer Note 7) - 232
advances and deposits at amortised cost - 1
Others 10 6
Dividend income from Investment in joint venture - 688
Net gain on foreign currency transactions and translation 439 278
Rental income * 9 21
Profit on sale of property, plant and equipment (net) 644 70
Fair value gain on financial instruments at fair value through profit or loss - 1
Gain on termination/modification of right-of-use assets - 7
Others (includes royalty, refer Note 35) 407 245
1,515 1,571
*All leases are on cancellable terms
23 Cost of raw materials and packing materials consumed
Particulars Year ended Year ended
Mar 31, 2022 March 31, 2021
Inventory at the beginning of the year (Refer Note 11) 14,812 12,599
Add: Purchases 57,230 51,179
72,042 63,778
Less: Inventory at the end of the year (Refer Note 11) (14,392) (14,812)
Cost of materials consumed 57,649 48,966

24 Purchase of stock-in-trade
Particulars Year ended Year ended
Mar 31, 2022 March 31, 2021
Tea 221 6,811
Coconut oil 10 1,627
Tamarind -
Others 167 274

399 8,712

25 Changes in inventories of finished goods, work-in progress and traded goods

Particulars Year ended Year ended
Mar 31, 2022 March 31, 2021
Inventories at the end of the year
Finished goods 3,301 2,877
Work in progress (at cost) 3,139 2,751
Traded goods 399 388
(A) 6,839 6,016

Inventories at the beginning of the year

Finished goods 2,877 2,870
Work in progress (at cost) 2,751 2,347
Traded goods 388 257
(B) 6,016 5,474

Net decrease/(increase) in inventories of finished goods, work-in progress and traded goods (B-
A) (823) (542)

26 Employee benefits expense

Particulars Year ended Year ended
Mar 31, 2022 March 31, 2021

Salaries, wages and bonus 7,590 7,637

Contribution to provident and other funds 598 560
Gratuity expense (Refer Note 33) 348 312
Staff welfare expenses 774 739
9,310 9,248
27 Depreciation and amortisation expense
Particulars Year ended Year ended
Mar 31, 2022 March 31, 2021
Depreciation on property, plant and equipment (Refer note 3) 1,255 1,533
Depreciation on right of use assets (Refer note 4.A and 4.B) - 59
Amortization of intangible assets (Refer note 5) 196 223
1,451 1,815

28 Finance costs
Particulars Year ended Year ended
Mar 31, 2022 March 31, 2021

Interest on borrowings 129 591

Interest on Income Tax - 28
Interest expense on lease liabilities (refer note 4B & 32) - 22
Total interest expense 129 641
Bank charges 40 66
169 707
29 Other expenses
Particulars Year ended Year ended
Mar 31, 2022 March 31, 2021
Consumption of stores and spare parts 223 280
Power and fuel 825 793
Rent 424 455
Repairs and maintenance
Buildings 123 412
Machinery 426 192
Vehicle 194 177
Others 355 306
Insurance 226 176
Rates and taxes 203 157
Travelling and conveyance 339 235
Printing and stationery 19 22
Communication charges 67 73
Advertisement and Sales Promotion expenses 2,777 1,803
Freight and forwarding charges 2,281 2,511
Vehicle fuel expenses 602 524
Sales commission 380 289
Other selling expenses 636 579
CSR Expenses (Refer Note 42) 84 19
Donation 1 22
Legal and professional charges 476 1,055
Payments to auditors* 85 59
Loss on account of fire incident (Refer Note 8(c)) - -
Research and development expenses 77 39
Provision for doubtful trade and other receivables
includes actual bad debts written off - Nil (March 31, 2020: ₹. 98) (84) -
Fair value loss on financial instruments at fair value through profit or loss - -
Miscellaneous expenses 822 963

11,533 11,141

* Payment to auditors (excluding GST):

Year ended Year ended
Mar 31, 2022 March 31, 2021
As auditor:
Statutory audit fee 59 59
In other capacity:
Other services - -
Reimbursement of expenses - 2