Project Liquid Glass

Financial due diligence

- KGCL (including

subsidiaries EGS &

PTAL)

CHANDRAMOULI AND ASSOCIATES LLP

Chartered Accountants

Address: Flat No.5, First Floor, New No.48, Old No.27, Premier Homes, Ramanujam Street,
T.Nagar, Chennai 600 017.
Email Id: Chandramouliandassocaiates@gmail.com
Contents
INTRODUCTION. **** **** * ******************************"***""****"*******'*********************'.. 3
SCOPE OF wORK.. .... .. .

METHODOLOGY & VERIFICATION...

FINDINGS AND ADJUSTMENTS MADE TO THE NET ASSETS. *********** ..4
* * * * * " * * * * * * " * * * * * * * *** *

STATEMENT OF OUTSIDE LIABILITIES AS AT 31.12.2021 * * * * * * * * * * * * * * * * * * * * * * * * * *

OTHER OBSERVATIONS .
* .* ******** ****************o*. ******************""********"********

LIMITATIONS AND DISCLAIMER.******.********.************************"*********"************************** 10

GRATITUDE AND APPRECIATION.. *****************' *********************" ***********'**********'******* ******* ... 11
INTRODUCTION

About the Target Company

KIRAN GLOBAL CHEMS LIMITED (KGCL), promoted by Mr. M.S. Jain has been incorporated
as Pondy Chems Private Limited in 1979 to achieve industry's best quality standards in the field of
manufacturing SODIUM GLASS AND SODIUM SILICATE in soluble and liquid form.

In 1997, the Company was converted into public limited company under section 31/448 of The
Companics Act 1956 leading to change in the name from Pondy Chems Private Limited to Pondy
Chems Limited. Subscquently, the name has been changed to Kiran Pondy Chems Limited (KPCL) in
2002.

Over a period of years, the Company established 3 main and 33 satellite manufacturing units in South
India capturing 75% of market share of the South Indian Sodium Silicate Market. The Company has
adapted the strategy of setting up manufacturing units near the customers' factory locations in order to
save logistics cost of transporting liquid form of sodium silicate and to cater to the eustomers
requirement just in time.

In view of the expansion of the Company's operations, Kiran Pondy Chems Limited (KPCL) has bcen
rechristened as Kiran Global Chems Limited (KGCL) in 2008, With market share of 75% in South India
and 40% in India, KGCIL is a market leader in South India.

The Company is currently in CIRP process under NCLT from April 202

PROPOSED TRANSACTION

The Promoters of KGCL have approuched Saranga Investments & Consultancy Private Limited and
proposed for an investment by Saranga into KGCL and Saranga is interested in acquiring 60% of
sharcholdingof KGCL. for a consideration of Rs46 Cr as per their LOl dated 13h January 2022 subjee
to other terms and conditions.

SCOPE OF WORK
Saranga lnvestments & Consultancy Private Limited has assigned CHANDRAMOULI AND
ASSOCIATES LLP (CMA) o do financial due diligence and to report on preliminary information
ehecklist provided vide email based on the Balance sheet and Profit & Loss account as on 31.03.21
prepared by Resolution Professional and arrive at the Net Assets of KGCL and two of its subsidiaries
viz., PTAL. and EGS.

METHODOoLOGY & VERIFICATION

For arriving at the Provisional Balance sheet as at 31* December 2021 references have been picked up
from Audited Accounts as of 31" March 2021 and discussions were carried out with KGC
management team and have relied on their representations. The Promoters of KGCL didn't produee
underlying books of accounts and we were informed by CEO of KGCL that books of acecounts are
maintained by RP.
The figures as at 31 December 2021 is confirmed by promoters and their professionals (Mr. Atul Jain.
Mr. Rufus and Mr. Ashok Jain). The Final Provisional Figures adopted for calculation of NET ASSETS
and NET WORKING CAPITAL are arrived after giving efect to the adjustments. In doing so, all
known liabilities are provided for.
These statements made in Information Memorandum with reference to the maintenance of books of
accounts holds good pleaseref significant acounting policies in pg 21 of 128 (e) (I). (I) & (1), Now
for this due diligence reporting
Confimation of balances were not provided for loans, debtors, creditors and other sundrybalances.

Creditors Payable, Liabilities No longer payable, Advance to Suppliers, Advance from Customers.
Debtor's receivables. Retention money, Bad Debts, Disputed Debts have all been arrived at based on
the Books of accounts and our subsequent discussions with the Management of KGCL
Hence, our verifications and calculations are subject to the above constraint. This report shall be read
in conjunction with this clause and the limitations and disclaimer clauses

FINDINGS AND ADJUSTMENTS MADE TO THE NET ASSETSs

NET ASSETSASAT31.12.2021
INR in Cr.

KGCL EGS PTAL

Estimated as on Provisional as on Provisional as on

Particulars 31.12.21 31.12.21 31.12.21

Current Assets 49.45 74.24 31.81

Non-Current Assets 40.52 27.52 11.13

Less: Bad Debts 25.56 9.73
0.59
Due from PTAL
TOTALASSETS(1) 89.97 75.61 33.21

Current Liabilities 183.92 42.68 5.12

Non-Current
24.19 3.49
Liabilities

Due to EGS 0.59

TOTAL
LIABILITIES(2) 208.11 46.17 4.52
NET ASSETS AS
ON 31.12.2021 (1)
(2) (118.14)| 29.44 28.69

Consolidated Net Assets as on 31.12.21 comes to (Rs.63.55) Crores after adjusting for the
consolidation elimination.
In arriving at the above Net Assets, the following adjustments were made to the reconstructed
Balancesheet as at 31.12.2021 pursuant to the discussions with the management of KGCL:

An amount of Rs.25 Cr would be generated by the Promoters from the existing assets of the
Company and their personal sources. This amount is shown under Trade Receivable Due from
SA Rs. 9.46 Cr & from others Rs. 7.23 Cr and Investment in SA-8.3 Cr. Since this 25 Cr
includes sale of South African Unit from which the receivables in the books are alrcady there,
this has been retained and other 7.23 Cr which would be generated by the Promoters will also
be brought in through receipts on account of Due from related parties.

Other Dues from related parties to the tune of Rs.213 Cr written off as non-recoverable.

Dues to related parties to the tune of Rs.28.59Cr written back to liabilities no longer payable.

D u e s to a foreign creditor - Express to the tune of Rs.9.59 Cr written back to liabilities no

longer payable.

Investments other than EGS, PTAL, Malaysia, South African Unit and PIPDIC are written off
as non- recoverable to the tune of Rs. 0.63 Cr.

Staff advances to the tune of Rs.1 Cr and Other unsecured advances of Rs.71 lacs - written oft.

Interest recoverable from Bank to the tune of Rs.10.22 Cr, Insurance Claim- I Cr and Prepaid
expenses of 42 lacs written off.

Long term Borrowings considered

S. Deseription INR in Cr.

No
Hinduja 5.00
Sundaram Hire purchase 2.18
Others 15.22
Total 22.40
*However, no details are available to reconcile the above amounts.

>Short term borrowings considered to the tune of Rs.155.75 Cr as against Rs.235 Cr as per the
Claim Statement. This is based on the assumption provided by the Management that they would
be arriving at a one-time settlement with the Lenders and a private settlement with LIC.

O u t of the above, the promoters represented that the loan from LIC is going to be settled with
the sale of assets which are not owned by KGCL and to remove the same for net assets
calculations. The liability is there in the books of the Company and yet to be settled by KGCL
so we have retained this in net asset calculation.

Also,the promoters have suggested that the dues from the south African unit and the investment
made in that unit totaling to the tune of Rs.l7 Cr be written off from the books since the
proceeds out of the sale of South African unit to be part of promoters' contribution as per the
arrangement with Saranga. However, since the recoverability of the sale proceeds of the SAA
unit is being confirmed by the Management and Investment write off involves RBI approval,
we are of the view that this amount needs to be in the books and as and when the sale proceeds
 be
into KGCL books and RBI formalities need
to
are generated, the money has to be brought
completed to get approval for the disinvestment.

Investment
should be meted out to the Investment in the Malaysian Entity
-

The same treatment

in the net assets calculations.
Value of Rs.57 lacs outstanding in the books which is
also retained

needs to be addressed. Cumulative

Preference sharecholding treatment in books of accounts
loan from Director amounting to
preference dividend payable amounting to Rs. 1.60 Cr and
Rs. 4.93 Cr are retained as current liability. We understand that Preference shares is maturing

on December 2027.

calculations as represented by the

T h e above item has been retained in the net assets
to them in future.
Management since they have wanted these moneys to be repaid

Net Assets Provided by Promoters

31.12.21 of Rs.
The promoters have represented with a Net Asset of KGCL and its subsidiaries as on

119.20 Cr as per below table:

KGCL, EGS &PTAL

Estimated as on 31.12.21
Particulars INRin Cr.
Current Assets 32.76
Non-Current Assets 252.58
TOTAL ASSETS(1)_ 285.34
Current Liabilities 141.95
Non-Current Liabilities 24.19
TOTAL LIABILITIES (2) 166.14
NET ASSETS AS ON
31.12.2021 ()-2) 119.20

The above value has been arrived at by the Promoters based on the following:
of Rs. 95.45 Cr considering all the
The tangible assets to be revalued for an amount

information shared with investor.

Subsidiaries inEqypt EGS
-
and Dubai-PTAL have been valued at 6 times EBITDA. The

given below:
workings are

INR In Cr.

Particulars_ EGS PTAL

EBITDA 5.52
Multiple 33.12
Valuation 150 |
-23.1 -3.6
Debt
Equity
| Valuation 126.9 29.52

and assets identified for

The settlement of LIC loan is responsibility of Promoters
settlement are their private assets, the loan is not reckoned as liability in KGCL books.
 Ltd.
Promoters to bring in Rs. 25 Cr by sale of Kiran Global Silica SA (proprietary)
have been nullified in the above
accordingly the investment made and dues from SA
nct asset calculations. Investor to bring Rs. 46 Cr. The
total amount of Rs. 71 Cr will
credit the tune of Rs. 69 Cr and LiC Rs.
go towards One time settlement of Cash
to

2Cr.

Our observations on the above

promoters, it
F o r revaluation of fixed assets, documentary evidence has been shared by
no
valuation with respect to Plant &
Suggested for an
1S independent Chartered engineer for
Machinery and for Land by any Chartered civil engineer.

basis of unaudited
Since the books of accounts of EGS and PTAL are taken on the
books

EBITDA valuation needs independent Chartered valuer of business.

STATEMENT OF OUTSIDE LIABILITIES AS AT 31.12.2021

the list
Based on the adjusted, reconstructed balance sheet arrived as at 31.12.2021, the following are

of outside liabilities as on 31.12.2021

KGCL (INDIA) Rs in Crores Remarks
SBI 42,20 0TS Proposed
AXIS BANK 31.38 OTSProposed
IDBI 35.04 OTSProposed
KVB 2.69 0TS Proposed
LIC 41.97 OTS Proposed
HINDUJA FINANCE 5.00 OTSProposed
SUNDARAM FINANCE 2.48
Other Long-Term Borrowings 17.40 Details NA
Operational Creditors 13.63
Statutory Liabilities 7.99
TOTAL 199.78

EGS(Egypt)_ Rsin Crores

Long Term Borrowings 2.61|
Bank Overdraft 18.82
Short Temm BorrowingS 1.67
Operational Creditors 14.71
Duties and Taxes 0.10
.37
Short term provisions
TOTAL 45.28

The borrowings are from QNB and Attjariwafa bank and the short terms provisions represents
Income tax, Electricity and Payroll tax payable.

PTAL (Dubai) Rs in Crores

Working Capital LoanAFAQ FINANCE 3.57
Vehicle Loan 0.03
Operational Creditors 0.85
0.06
Other Payables
|TOTAL 4.51
cONSOLDATED OUTSIDE LIABILITIES AS PER ABOVE 249.57

Liabilities Post Investment Scenario Rs in Crores

Consolidated Outside Liabilities as above
249 57
Less, Ltabilhties which will be seled through OTS
Advance firom Directors
(158.28)
Preference Dividend Payable
4.93
1.60
TOTAL 97.82

As per the representations made by the Promoters, the amount of Rs. 158.28 Cr worth of liabilities
would be settled through OTS with the lenders with the proposed investment of Rs.46 Cr from
Saranga. Rs.25 Crto be generated by the Promoters from the existing assets of the Company and
Sale of securities (Personal Property of one of the Director) given to LIC and Hinduja.

OTHER OBSERVATIONS
We present the following observations pertaining to various items of operations and other Statutory
dues.

Working Capital Requirements

Current Cost

INRin Cr.
S. Amount per Amount per
No Deseription month annum
Operating expense 0.52 6.26
Employee Benefit
expense 0.61 7.26
3 Financecost 0.11 1.33
4 Other expenses 0.89 10.73
Total 2.13 25.59
(The above figures are based on FY 20-21)
Notes:
Employee cost does not include promoters' salary like CEO, Directors etc.
investor/promoter to decide the quantum.
Professional charges at Rs. 1.71 Cr is included in the above other expenses.

Revenue Projections shared by Resolution professional in Information Memorandum

INR In Cr
S. Particulars Year 1 Year 2 Year 3
FY2021-22 FY 2022-23 FY2023-24
Revenuefrom Operations 95.09 288.40 | 308.59 |
2. Working Capital amount required
Industrial norm is 20% of 19.02 57.68 61.72
Turnover
 The requirement for working capital needs to he addressed by Investors/Promoters, we
understand that Investor is likely to arrange for a Rs. 20 Cr Line of Credit for LC
fransactions (non-funded Limit).

Income Tax status

We were not provided with Income tax and TRACES login credentials to know the current dues of
Income tax and TDS. The management has provided a screenshot of the Income tax demand outstanding
for various assessment years taken on 07/12/2020, the total outstanding demand as on that date was Rs.
4.59,63.726. We couldn't confirm the same and unable to quote on any additional liablity apart from
these. The details provided by the management is attached below:

Assessment Year Section code Demand amount

(Rs)_
2009-10 | 115_WE 55.662
2009-10 L154 80,81,510
2009-10 154 40.47.360
2011-12 143(1) (a)9 18,78,558
2013-14 143 (3) 5,94,250
2016-17 143 (3) 29,40.796
2017-18 143(3) 2.37,90.970
2018-19 143 (1) (a)_ 45.74,620
Total Payable 4.59,63,726

GST Status

We were not provided with GST login credentials or GST retun copies to validate the sales declared
and GST liability. The resolution professional has taken separate registration for every place of business
and filing the returns individually, we do not know the present outstanding liability of GST. As per our
discussion with the management it is know that GST liability for the months of March 21 and April 21
is not paid by them and RP also refused to pay the same. The details of pending dues are as follows:

Month Rs.
March 21 For all units of KGCL 90,24,225
April 21 | For all units of KGCL 75,23.725
Total 1.65.47.950

EPF and ESI Status

We were not provided with login credentials or return copies to verify the dues paid. As per our
discussion with the management it is known that EPF and ESI were not paid by them for certain months
prior to the initiation of CIRP process, it is known that the same was also not discharged by RP. It is
believed that RP is paying the current dues from the initiation of CIRP process. The details of old
liabilities are as follows

ESI Payable:

Month Rs.
Nov-20 All units of KGCL 45.426
Dec-20 All units of KGCL 47,715
Jan-21 All units of KGCL 46,733
Feb-21 Allunits of KGCL 45,054
Mar-21 Allunits of KGCL 44,189
 All units of KGCL 37.065
Apr-21 37.624
May-21 of KGCL
All units
All units of KGCL ,244
Jun-21 All units of KGCL 35.255
Jul-21
All units of KGCL 36.021
Aug-21 36,933
All units of KGCL
Sep-21 39.275
All units of KGCL
Oct-21 All units of KGCL 38220
Nov-21 37.621
Dec-21 Allunits of KGCL
Total
5,62.375

EPF Payable
Rs.
Month 2.03.657
Nov-20 All units of KGCL
2.06.100
Dec-20 All units of KGCL
2,03.050
Jan-21 All units of KGCL
All units of KGCL 2.05.950
Feb-21 2,02.752
Mar-21 All units of KGCL
10,21,509
Total

ROC Charges
created by various lenders with the ROC and
The Company has to reconcile the outstanding charges
those loans which are already closed.
take steps to file the charge satisfaction with ROC against

LIMITATIONS AND DISCLAIMER

O u r work in connection to this assignment is of a different nature to that of an audit. Our report
with the representatives of the target; review of
is based on inquiries of and discussion
statements of as on 31* December, 2021, other
target
unaudited constructed financial
documents made available to us.

W e have relied on the information provided by the Management and have not carried out any
verification stated above.
investigation to verify the same but for the methodology and
The decision as to whether to consummate any transaction lies solely with Saranga ("the

our findings or other work shall

not in any way constitute a recommendation as to
Client") and
whether the Client should or should not consummate any transaction or the price or other terms
upon which any transaction should be consummated. The Client's management shall be fully
and solely responsible for applying independent business judgment with respect to the services
of action with respect to any
and work product provided by us, and to determine further courses
matters addressed in any services, reports or other
work product deliverables to the Client.
or

We have not undertaken any technical or legal due diligence or Process Study.

O u r assignment does not include any attestation of financial statements or any cerification.
GRATITUDE AND APPRECIATION

We are grateful to the management of KGCL for making information and particulars available to us.
often at a short notice, and express our appreciation of the assistance and cooperation provided to us by
the Management, officials and representatives of Saranga, without which our assignment would not
have been concluded in a time bound manner

ANNEXURES

1. Provisional Balance sheet and Profit & Loss account of KGCL as at 31.12.2021
2. Provisional Balance sheet and Profit & Loss account of EGS & PTAL as at 31.12.2021.
3 Schedules to the BS - KGCL
Annexure 1.
KGCL PROVISIONAL BALANCE SHEET AS AT31-12-2021

Value for net

Paticulars Estimatedd Adjustments assets

RS. Rs. Rs.

I. EQUITY AND LIABILITIES

(1) SHAREHOLDERS' FUNDS
(a) Share Capital
41,00,00,000 41,00,00,000
() Equity 5,15,62,000
(i) Preference 5,15,62,000
(b) Reserves & Surplus 23,76,28,213| -1,88,05,90,339 -1.64,29.62,126
69,91,90,213 -1,88,05,90,339 -1,18,14,00,126

(2) NON-CURRENT LIABILITIES

22,39,71,916 22,39,71,916
(a) Long Term Borrowings
(b) Deferred Tax Liability (Net) 1,79.67.322 1,79.67.322
24,19,39,238 24,19,39,238

(3) CURRENT LIABILITIES

1,55.75.92.417
(a) Short Term Borrowings 1,55,75,92,417| 13,63,30,291
(b) Trade Payables 51,81,38,296 -38,18,08,005
(c) Other Current Liabilities 23,43,82,166 -8,91,05,046 14.52.77.120
2,31,01,12,879 -47,09,13,051 1,83,91,99,828

TOTAL EQUITY AND LIABILITIES 3,25,12,42,330 -2,35,15,03390 89,97,38,940

I. ASSETS
(1) NON-CURRENT ASSETS
(a) Fixed Assets
Tangible Assets 28,09,36,140 28,09,36,140
(i) Intangible Assets

(i) Projects under construction

(b) Non-Current investments 13,05,19,125 -62,54,660 12.42.64.465
41,14,55,265 -62,54,660 40,52,00,605

(2) CURRENT ASSETS

(a) Inventories 5,10,04,633 5,10,04,633
(b) Trade receivables 1,76,74,11,202 -1,44,32,71,821 32,41,39,381
(c) Cash and cash equivalents 10,00,00,000 10,00,00,000
(d) Short term loans and Advances 78,83,12,050 -78,49,43,404 33,68,646
(e) Other current assets 13,30,59,181 -11,70,33,505 1,60,25,676
2,83,97,87,065 -2,34,52,48,730 49,45,38,335

TOTAL ASSETS 3,25.12,42,330-2,35,15,03,390 89,97.38,940

 KGCL PROVISIONAL PROFIT& LOSS FOR THE PERIOD APR - DEC 21

Particulas Estimated Adjustments Value for net assets

Rs. Rs. Rs.

Revenue From Operations 71,31,90,092 71.31,90,092

Other Income 7,13,49,412 47,09,13,051 54,22.62,463
TOTAL REVENUE 78,45,39,504 47,09,13,051 1,25,54,52,555

EXPENSES
Cost of materials consumed 53,51,55,935 53,51.55.935
Cost of sales
Changes m inventories 3,87,93,024 3,87,93,024
|Operating expense 4,60,47,631 4,60,47,63
|Employee benefit expenses 3,45,18,410 3,45.18,410
|Finance cost 4,69,94,577 4,69,94,577
Depreciation and amortization expenses 2,13,87,903 2,13,87,903
Other Expenses 6,39,59,369 2,35,15,03.390 2.41.54.62.759
TOTAL EXPENDITURE 78,68,56,849 2,35,15,03,390 3,13,83,60,239

PROFIT (LOSS) BEFORE TAX -23,17,3451,88,05,90,339 1,88,29,07.684

Prior period items

Extra ordinary items

PROFIT(LOSS) BEFORE TAX -23,17,345 -1,88,05,90,339| -1,88,29,07.684

TAX EXPENSES
(1) Current tax
(2) Deferred tax
(3) Interest paid on taxes & Duties

NET PROFIT/(LOSS) FOR THE PERIOD -23.17,345 -1,88,05,90,339 -1,88,29,07,684

Annexure 2.
PROVISIONAL BALANCE SHEET AS AT 31-12-2021

Particulars EGS PTAL

As Provided by As Provided by
the promoters the promoters
Rs. Rs.

I.EQUITYAND LIABILITIES
(1) SHAREHOLDERS' FUNDS
(a) Share Capital
) Equity 4,18,47,500 4.20,00,000
(i) Preference
(b) Shareholder current account 2.12,06,340
(c) Reserves & Surplus 51.40,90,667| 31.50.65.560
55,59,38,167 37,82,71,900

(2) NON-CURRENT LIABILITIES

(a) Long Term Borrowings 2,61,41,017
(b) Deferred Tax Liability (Net) 87,48,184
3,48,89,201
(3) CURRENT LIABILITIES
(a) Short Term Borrowings 20,49,44,892 3,60,54,920
(b) Trade Payables 14,71,27,421 85,31,500
(c) Other Current Liabilities 9,76,312 59,05,000
(d) Short-term provisions 7,37,30,864| 6,59.640
42,67,79,489 5,11,51,060

TOTAL EQUITY AND LIABILITIES 1,01,76,06,857 42.94,22.960

I1. ASSETS
(1) NON-CURRENT ASSETS
(a) Fixed Assets
(i) Tangible Assets 27,51,74,990 11,13,33,760
(i) Intangible Assets
(i) Projects under construction
(b) Non-Current investments
27,51,74,990 11,13,33,760

2) CURRENT ASSETS
(a) Inventories 2,22,28,703 3,31,53,600
(b) Trade receivables (as stated by CEO) 50,47,40,619 18,68,88,560
Other retained debtors to be collected
c) Cash and cash equivalents 1,45,22,346 3,66,35,020
(d) Short term loans and Advances 6,14,65,659
(e) Other current assets 13,94,74,540 6.14.12.020
74,24,31,867 31,80,89,200

TOTAL ASSETS 1,01,76,06,857 42,94,22.960

 PROVISIONAL PROFTT & LOSS ACCOUNT

Particulars EGS PTAL

As pprovided by |As pprovided by
the promoters the promoters

Jan -Dec 21 Rs. Apr-Dec 21 Rs.

Revenue From Operations 1,80,77,16,502 98,84,01,060
Other Income 12,22,061 1,59,320
TOTAL REVENUE 1,80,89,38,563 98,85,60,380
EXPENSESs
Cost of materials consumed
Cost of sales 1,03,30,27,848 87,54,03.440
Changes in inventories
Operating expense 34.77,00,882 8,42,25,340
Employee benefit expenses 1,13,73.664
Finance cost 1,43,87,960
Depreciation and amortization expenses 4,72,32,549 1,88,15,100
Other Expenses 16.82,01614
TOTAL EXPENDITURE 1,62,19,24,516 97,84,43,880

PROFITLOSS) BEFORETAX 18,70,14,047 1,01,16,500

Prior period items
Extra ordinary items

PROFIT/ (LOSS) BEFORE TAX 18,70,14,047 1,01,16,500

TAX EXPENSES
(1) Current tax 6,70,25,706
(2) Deferred tax
(3) Interest paid on taxes & Duties

NET PROFIT/(LOSS) FOR THE PERIOD 11,99,88,340 1,01,16,500

Annexure 3.

Share Capital
Value for Net Assets
Particulars Asper Books Adjustments
Rs. Rs. Rs.

41,00,00,000
Equity Share Capital 41,00,00,000
6% Redeemable
Cumulative preference
5,15,62,000 5,15.62.000
shares

Reserves and Surplus

Estimated Value for Net Assets

Particulars Adjustments 31-12-2021
31-12-2021
) Profit and Loss Rs. Rs. Rs.

Opening Balance 23,32,82.693 23.32.82.693

-23,17,345 -1,88,05,90,339 1.88,29.07.684
Profit/(Loss) for the year
23,09,65,348 -1,88,05,90,339 -1.64,96.24,991
Closing balance
(ii) CSR provision
42,37,220 42,37.220
Opening Balance
Current year provisIon

42,37,220 42,37.220
Closing balance
24,25645 24,25,645
ii) Subsidy
Balance carried forward
23,76,28,213 -1,88,05,90,339 -1,64,29,62,126
tothe BalanceSheet

Long Term Borrowings

Particulars Estimated Value for Net Assets

Adjustments 31-12-2021
31-12-20211
Rs. Rs. Rs.
(a) Term loan_
From banks and
11,09,57,403 11.09,57.403
NBFCSecured -

(b) Other loans and

advances

11,30,14,513 I1,30,14,513
Unsecured

22,39,71,916 22,39,71,916
Total
 Short Term Borrowings

Particulars Estimated Adjustments Value for Net Assets

31-12-2021 31-12-2021
Rs. Rs. Rs.

Secured
Dues to banks

Cash credit 1,11,31,00,000 99,09,53,663

LCDue 7,70.63,671

Others 2,47,87,039 2,47,87.039

Dues to NBFC 41,97.05,378 41.97,05.378

Total 1,55,75,92,417 1,51,25,09,751

Trade Payables

Particulars Estimated Value for Net Assets

Adjustments
31-12-2021 31-12-2021
Rs. Rs. Rs.

Related parties 28,58,81,443| -28,58,81,443

Others 23,18,21,426 -9,59,26,562 13,58,94,864

Creditors for expenses 4,35,427 4,35427
Total 51,81,38,296| -38,18,08,005 13,63,30,291

Other Current Liabilities

Particulars Estimated Adjustments Value for Net Assets

31-12-2021 31-12-2021
Rs. Rs. Rs.

TDS payable 4,43.200 4,43.200

VAT/GST payable 1,42,15,341 142,15,341|

Other duties and taxes
payable 63,37,358 63,37,358

Advance from customers 8,91,05,046 8,91,05,046

Advance from Directors 4,92,75,913 492.75,913

Audit fee payable 18,55,000 18.55,.000
EPF/ESIPayable_ 3,10,619 3,10,619

Income taxpayable 4.59,63,726 4.59.63,726

 Preference dividend
payable 1,60,70,392 1,60,70,392

Salary payable 1,08,05,571 1,08.05571

Total 23,43,82,166 8,91,05,046 14,52,77,120

Non-Current Investments

Particulars Estimated Adjustments

Value for Net Assets
31-12-2021 31-12-2021
Rs. Rs. Rs.
Investmentsin equity
(A)Tradeinvestments:
) Investments in
Subsidiaries
PTAL International FZC 73,37,921 73,37,921
Kiran Global Silica SA
Limited 8,30,91,390 8,30,91,390
Kiran Global Alkali SDN
BHDMalaysia 57,13,393 57.13.393
Egypt Global Silicates 2,80,29,161 2,80.29,161
(ii) Investment in other
Entities
Chennai Silicate Product
privatelimited 6,18,000 -6,18,000

MSJ Trades Impex Limited 10,00,000 -10,00,000

(B) Other investments
MSJ chemicals worldwide
limited 3,00,000 3,00.000
Kiran Global Business
investmentslimitedd 43,36,660 43,36,660

PIPDIC 92,600 92,600

Total 13,05,19,125 -62,54.660 12,42.64,465

Trade Receivables

Particulars Estimated Adjustments

Valuefor Net Assets
31-12-2021 31-12-2021
Rs. Rs. Rs.
Outstanding for more than
6 months 1,04,77,58,559 -88,08,49,949 16,69,08.610
Outstanding for less than 6
months 71,96.52,643 -56,24,21,872 15,72.30,771
1,76,74,11,202| -1,44,32,71,821 32,41.39,381
Total
Short Term Loans and Advances

Particulars Estimated Value for Net Assets

Adjustments
31-12-2021 31-12-2021
Rs. Rs. Rs.
Loans and advance to
related parties 68,71,68,647 -68,71,68,647
Loan and advances to
employees 1,22.28.111 -1,00,00,000 22.28.111
Duties receivable 11,40,535 11.40.535
Advance to suppliers 8,06,64.728 -8,06.64,728
Others unsecured 71,10,029 -71,10,029
Total 78,83,12,050 78,49,43,404 33,68.646

Other current assets

Particulars Estimated Adjustments Value for Net Assets

31-12-2021 31-12-2021
Rs. Rs. Rs.

ONGCdeposit 46,00,000 46,00,000

GAIL Boothangudi 40,74,054 40,74.054
Other Deposits 73.51,622 73,51,622
Prepaid expenses 42,72,054 -42,72,054
Insurance claim
receivable 1,05,11,656 -1,05,11.656
Interest recoverable
frombank 10,22.49,795 -10,22.49,795|
Total 13,30,59,181 -11,70,33,505| 1,60,25,676