a. The Authorised Share Capital of the company was increased from 10,00,000 Equity Shares of Rs. 100/- each to 2,50,00,000 Equity Shares of Rs. 10/- each vide resolution passed by the Members at the EGM held on December 26, 2023.
b. The Company has subdivided each Equity Share of the nominal value of Rs. 100/- each (Rupees One Hundred) each into 10 (Ten)
Equity Shares of Face Value of Rs. 10/- (Rupees Ten) each fully paid up vide resolution passed by the Members at the EGM held on December 26, 2023.
c. The Company has issued 1,82,480 equity shares of Rs. 10/- each on preferential basis as conversion of existing loan at a premium of Rs. 127/- each vide Board meeting resolution passed on December 27, 2023 and alloted on December 27, 2023.
d. The Company has issued 67,32,680 equity shares of Rs. 10/- each as bonus shares in the ratio of 1:1 i.e. (1 (One) Fully paid Bonus shares of Rs. 10/- each will be allotted against the holding of 1 (One) equity shares of the Company) vide EGM resolution passed on January 16, 2024 and allotted on February 3, 2024.
Terms/rights attached to equity shares_
The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
There are no Amounts Outstanding in Loans and Advances which are pertaining to Loans and Advances due by directors or other officers of the company or any of them either severally or jointly with any other person or Loans and Advances due by firms or private companies respectively in which any director is a partner or a director or member.
There are no Amouunts Outstanding in Trade Receivables which are pertaining to Debts due by directors or other officers of the company or any of them either severally or jointly with any other person or debts due by firms or private companies respectively in which any director is a partner or a director or member.
There are no Debts due by directors or other officers of the company or any of them either severally or jointly with any other person or debts due by firms or private companies respectively in which any director is a partner or a director or a member.
25 Further Notes to Financial Statements:
1 In the opinion of the Board and to the best of their knowledge and belief, the Current Assets, Loans and Advances payable or receivable are approximately of the value stated, if realised in the ordinary course of the business and the provisions for all known and determined liabilities is adequate and not in excess of the amount reasonably required.
2 Unsecured Loans, Loans and Advances, Sundry Debtors and Sundry Creditors are subject to confirmation and reconciliation. Hence the balances reflected in the annexed accounts are made up of only the ledger balances as appearing in the books of accounts of the Company.
3 In the absence of any intimation received from vendors regarding the status of their registration under “Micro, Small and Medium Enterprises Development Act, 2006”, the company is unable to comply with the disclosures required to be made under the said Act.
4 In terms of the Circular No. 79/53/2018-GST dated December 31, 2018 issued by the Central Board of Indirect Taxes and Customs, New Delhi, the Company has filed refund application with the Revenue Authorities for refund of compensation cess paid on coal in proportion to the exports made for the period from July 2017 to March 2021 for a sum of Rs.90.92 Lakhs. The refund has been partially approved and for the remaining amount of Rs.79.83 Lakhs, the Company is in appeal with Jt. Commissioner (Appeals) and the same is pending disposal. The management is confident of receiving a favorable order in due course.
5 Disclosure pursuant to Accounting Standard - 15 ‘Employee Benefits':
a. General Description:
i. Contribution to Provident Fund (Defined Contribution):
The Company's provident fund scheme is a defined contribution plan. The expenses charged to the Statement of Profit and Loss under the head Contribution to Provident Fund is Rs.31.63 Lakhs (PY Rs. 32.00 Lakhs).
ii. Gratuity (Defined benefit plan):
The Company has a defined benefit gratuity plan. The Company during the year provided Rs. 14.01 Lakhs (P.Y. : Rs. 20.74 Lakhs) towards gratuity. The Employees Gratuity Fund scheme is managed by The Life Insurance Corporation of India and contribution made during the year is Rs. 11.02 Lakhs (P.Y : Rs. 14.00 Lakhs). Gratuity Obligation has been accounted as per Actuarial Valuation in Line with AS-15 Employee Benefits.
b. The following tables set out disclosures prescribed by AS 15 in respect of company's funded gratuity
i. Changes in the present value of defined benefit obligation representing reconciliation of opening and closing balances thereof:
* The estimates of future salary increases, considered in actuarial valuation, takes account of inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.
The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the Company towards Provident Fund and Gratuity. The effective date from which the changes are applicable is yet to be notified and the final rules are yet to be framed. The Company will carry out an evaluation of the impact and record the same in the financial statements in the period in which the Code becomes effective and the related rules are published.
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7
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Contingent Liabilties and Commitments (To the extent not provided for):
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(Rs. In Lakhs)
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Particulars
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Year Ended March 31, 2024
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Year Ended March 31, 2023
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i) Contingent Liabilities:
(a) Claims against the Company not acknowledged as debt
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(i) Disputed income tax and penalty demands in respect of which the Company has filed an appeal before the Bombay High Court and the same is pending disposal.
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16.11
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16.11
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(ii) Disputed income tax and penalty demands in respect of which the Company has preferred an appeal before CIT(A) and the same is pending disposal.
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257.24
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257.24
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(iii) Disputed Custom Duty demands in respect of which the Company has filed an Appeal before Commissionerate, Pune.
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-
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8.21
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(iv) On account of Counter guarantees given to bankers
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20.00
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48.00
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(ii) Commitments:
(i) Capital Commitments
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Estimated amount of contracts remaining to be executed on Capital Account and not provided for (net of advances)
(ii) EPCG Commitments
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254.97
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-
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Future export obligations / commitments under import of Capital Goods at Concessional rate of customs duty
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29.46
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29.46
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Exports of the Company are higher in comparison to its imports. Foreign currency exchange rate exposure is covered by exports of goods.
11 Appointment of Company Secretary:
Ms. Sneha Shah was appointed as Company Secretary and Compliance Officer of the Company with effect from 11th January, 2024.
12 Segment Reporting:
The operations of the Company are limited to one segment viz.Paper and Paper Boards. The products being sold under this segment are of similar nature and comprises of paper products only.
14 CSR Responsibility
As per section 135 of the Companies Act, 2013, the areas of CSR activities are promoting health care, promoting education and rural development activities. The expenditure incurred during the year on these activities are as specified in schedule VII of the Companies Act, 2013.
The Company is liable to spend Rs.15.53 Lakhs on Corporate Social Responsibility during the financial year 202425, being 2% of the average net profit for the immediately preceding three financial years.
15 Reporting of Events
On account of flood at Chiplun on 22nd July, 2021, the Company had incurred loss of Rs.2205.12 lakhs during the financial year 2021-22 against which the Company has filed the claim with the Insurance Company. During the financial year 2022-23, the Company has received Rs.1378.61 lakhs and for the balance amount including financial changes of Rs.1352.27 lakhs, the Company has initiated Arbitration proceedings and the management is confident that the outcome would be decided in the Company's favour and hence, the necessary provision for the said amount has been made under “Other Current Assets” in the books of accounts.
16 Previous year's figures have been re-grouped/ re-arranged wherever necessary.
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