(d) Guarantees outstanding 31 March 2023 31 March 2022 Value of guarantees extended during the year Heritage Nutrivet Limited 80.00 80.00 Heritage Novandie Foods Private Limited 50.00 50.00 Guarantees outstanding as at balance sheet date Heritage Nutrivet Limited 207.50 207.50 Heritage Novandie Foods Private Limited 220.00 220.00 Borrowings outstanding as at balance sheet date, against which guarantee is extended Heritage Nutrivet Limited 78.82 79.69 Heritage Novandie Foods Private Limited 110.21 120.26 Notes: (a) The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm’s length transactions. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash. There have been no guarantees provided or received for any related party receivables or payables. For the year ended 31 March 2023, the Company has not recorded any impairment of receivables relating to amounts owed by related parties (31 March 2022: Nil). This assessment is undertaken each fi nancial year through examining the fi nancial position of the related parties and the market in which such parties operates. (b) Post-employment and other long-term benefi ts, disclosed above, does not include those benefi ts which are computed for the Company as a whole. 43. Contingent liabilities and commitments As at 31 March 2023 31 March 2022 (a) Commitments (i) Estimated amount of contracts remaining to be executed on capital account and not provided for 500.01 60.45 (ii) Other commitments Investment in the Joint venture entity, Heritage Novandie Foods Private Limited* 195.00 - *The Company has committed to provide fi nancial support as necessary, to enable its joint venture company, Heritage Novandie Foods Private Limited to meet its operational requirements as they arise and to meet its liabilities as and when they fall due. (b) Contingent liabilities, not provided for As at 31 March 2023 31 March 2022 Outstanding Liability Paid under protest* Outstanding Liability Paid under protest* In respect of income tax matters [refer (i) below] 7.43 0.48 5.21 0.48 In respect of sales tax / value added tax matters [refer (ii) below] 18.67 5.04 18.67 5.04 In respect of other matters [refer (iii) below] 60.33 42.21 59.73 42.21 (*) forms part of “balances with statutory authorities” under “other current assets” Summary of the significant accounting policies and other explanatory information (All amounts in ` millions, except share data and where otherwise stated) 237 Standalone | Financial Statements
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