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Notes to Accounts of Cosboard Industries Ltd.

Mar 31, 2015

1 : DEFERRED TAX ASSETS (NET)

The Company has recognized deferred tax arising on account of timing differences, being the difference between the taxable income and accounting income, that originates in one period and Is capable of reversal in one or more subsequent period(s) in compliance with Accounting Standard (AS 22) - Accounting for Taxes on income. The major components of deferred tax (liabilities/assets) arising on account of timing

2. Based on and to the extent of information obtained from suppliers regarding their status as Micro, Small or medium enterprises under the Micro, Small and Medium Enterprises Development Act, 2006, there are amounts due to them to the extent identified as at the end of the year but no provision of interest has been made in Books of Accounts. M/s. Kay Bee Salts (P) Ltd. : Rs. 1.31 lakhs

3.Wages & Salaries includes provision for Gratuity of Rs.1460016.00 and Earned Leave of Rs.326262.00. during the financial year 2014-15 and the same has been included in the Statement of Profit and Loss in Note 21.

4.The Company is manufacturing various products, which are similar in nature of paper and Paper Board. All the products are manufactured after recycle of paper. Therefore, according to manage- ment this is a single segment company as envisaged in the Accounting Standard 17 (AS17) on Segment Reporting issued by the Institute of Chartered Accountants of India (ICAI). As such, the segment reporting are not applicable.

5.The Company has not made Provision for Current Tax under MAT as the carry forward Loss/ . depreciation as per Income Tax Act is more than Book Profit.

6.A) Deferred Tax has been accounted in accordance with the requirements of standard on "Taxes on Income" (AS 22).

B) The major components of the Deferred Tax Assets/Liabilities, based on tax effect of the timing differences, as at 31st March 2015 are as under:

7.Balances of Debtors, Loans and Advances, Secured Loans, Sundry Creditors & Others are subject to confirmation and reconciliation and consequential adjustments, if any.

8.Provision for retirement benefits to employees was not provided on accrual basis, which is not in conformity with Accounting Standard-15 issued by ICAI and the amount has not been quantified because actuarial valuation report is not available. However, in the opinion of the management the amount involved is negligible and has no material impact on the Statement of Profit & Loss.

9.During the current year there is a prior period income of Rs. 1,84,172.00 and company has written off Insurance claim of Rs. 29,22,837.00

10.The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification/disclosure.


Mar 31, 2014

1. Terms/rights attached to equity shares.

The Company has issued Equity shares having a face value of Rs. 10/- . Each holder of Equity Shares is entitled to one Vote per share. The Dividend proposed by the Board of Directores, if any, is subject to the approval of shareholders in Annual General Meeting. In the event of liquidation of the company the holder of the Equity shares will be entitled to receive remaining assets of the company after settlement of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the equity shareholders.

2. : DEFERRED TAX ASSETS (NET)

The Company has recognized deferred tax arising on account of timing differences, being the difference between the taxable income and accounting income, that originates in one period and Is capable of reveral in one or more subsequent period(s) in compliance with Accounting Stanadrd (AS 22) - Accounting for Taxes on income.

3 Note: Other Current Assets includes Claim receivable of FireClaimofRs.74.28lacsagainstloss cost due to fire that occurred on 28.08.2004andthe same was decreed in favour of the com- pany by Orissa State Consumer Forum. But the insurer l.e. The New lndia Assurance Company Ltd. have preferred an appeal to National Consumer Forum and the same is pending till date.

4. Cenvat Credit

CENVAT credit on purchase of Chemical,Consumables & Capital goods availed by the Company has been adjusted against the purchase price of the respective items.

5. Contingent Liabilities 31st March,14 31st March,13 (Rs.in lacs) (Rs.in lacs) i. Excise Duty 38.93 38.93 (The Case is pending before Hon''ble High Court of Orissa.)

ii. C E S C O (The Case is pending 190.37 190.37 before National Consumer Forum, New Delhi)

iii. C E S C O (The Case is pending 22.70 22.70 before Hon''ble High Court of Orissa)

iv. C E S C O-Electricitiy Duty (Electricity duty is not payable as per BIFR Sanctioned Scheme and the case is pending before the Hon''ble High Court of Orissa) 78.74 45.76

6. Based on and to the extent of information obtained from suppliers regarding their status as Micro, Small or medium enterprises under the Micro, Small and Medium Enterprises Development Act, 2006, there are amounts due to them to the extent identified as at the end of the year but no provision of interest has been made in Books of Accounts.

M/s. Kay Bee Salts (P) Ltd. : Rs. 1.53 lakhs

7. Wages & Salaries includes provision for Gratuity of Rs.840626.00 as on 31.03.14 and Earned Leave of Rs.202607.00. The provision has been made in the Statement of Profit and Loss in Note 21.

8. The Company is manufacturing various products, which are similar in nature of paper and Paper Board. All the products are manufactured after recycle of paper. Therefore, according to manage- ment this is a single segment company as envisaged in the Accounting Standard 17 (AS17) on Segment Reporting issued by the Institute of Chartered Accountants of India (ICAI). As such, the segment reporting are not applicable.

9. The Company has not made Provision for Current Tax under MAT as the carry forward Loss/. depreciation as per Income Tax Act is more than Book Profit.

10. A Name of the related parties and relationship

i Enterprises over which Key Management Personnel exercise significant interest: i) Yash Commercial Corporation ii) Yash Transport Corporation

iii) Harishankar Paper Products Pvt. Ltd.

iv) Abhishek Enterprises

v) Tirupati Kagads Pvt. Ltd.

ii Key Managerial Personnel i) Shiv Shankar Taparia Managing Director

ii) Anil Kumar Gilra Whole time Director

11. Previous year figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/disclosure.


Mar 31, 2013

1: Micro, Small and Medium Enterprises

Based on and to the extent of information obtained from suppliers regarding their status as Micro, Small or medium enterprises under the Micro, Small and Medium Enterprises Development Act, 2006, there are amounts due to them to the extent identified as at the end of the year but no provision of interest has been made in Books of Accounts.

M/s.KayBee Salts (P) Ltd. : Rs. 2.53 lakhs

2 :Employee Benefit Expenses in accordance with revised AS-15

Wages & Salaries includes provision for Gratuity of Rs. 1144634.00 lakhs as on 31.03.13 and Earned Leave of Rs.427479.00 lakhs. The provision has been made in the Statement of Profit and Loss in Note 21.

3 : Segment Reporting

The Company is manufacturing various products, which are similar in nature of paper and Paper Board. All the products are manufactured after recycle of paper. Therefore, according to manage- ment this is a single segment company as envisaged in the Accounting Standard 17 (AS 17) on Segment Reporting issued by the Institute of Chartered Accountants of India (ICAI). As such, the segment reporting are not applicable.

4 : Current Tax

The Company has made Provision for Current Tax under MAT on taxable income @ 19.06% .

5 : Related party disclosures A Name of the related parties and relationship

i Enterprises over which Key Management

Personnel exercise significant interest: i) Yash Commercial Corporation

ii) Yash Transport Corporation

iii) Harishankar Paper Products Pvt. Ltd.

iv) Abhishek Enterprises

v) Rashi Paper House (P) Ltd.

vi) Tirupati Kagads Pvt. Ltd.

ii Key Managerial Personnel i) Ratan Kumar Gilra Chairman ii) ShivShankarTaparia Managing Director iii) Anil Kumar Gilra Whole time Director

6: Previous year figure

Previous year figures have been regrouped/redassified wherever necessary to correspond with the current year''s classification/disclosure,


Mar 31, 2010

1. CENVAT credit on purchase of Chemical, Consumables and Capital goods availed by the Company has not been adjusted against the purchase price of the respective items as the Company was default in payment of Central Excise dues.

2. Contingent liabilities As at As at 31.03.09

31,03.10 (Rs. in lakhs) (Rs. in lakhs)

i Excise Duty 38.93 38.93 (Matter is pending before Honble High Court of Orissa.)

ii. Excise Duty (An Appeal is filed before 10.18 - CESTAT, Kolkata)

iii.Excise Duty 11.62 - (An Appeal is filed before CESTAT, Kolkata)

iv. CESCO (Company not accepting the 190.37 190.37 claim & hence no provision has been made. An appeal is pending before National Consumer Forum, New Delhi)

v. CESCO (Company not accepting the 22.70 22.70 claim & hence no provision has been made. " An appeal is pending before Orissa High Court, Cuttack.)

vi. E.S.I.C (Company not accepting the claim 11.22 30.19 & hence nc provision has been made. An appeal is pending before E.S.I.C., Commissioner).

3. Repairs & Maintenance includes repairs to Plant & Machinery Rs.6890422.68 (Rs.17816191.71) Building Rs.59430.00 (Rs.104350.00) & Others Rs.100220.31 (Rs.117813.21).

4. Loans and Advances include:

i. Rs.2,08,800.00 receivable from Shipping Liner M/s. APL AgenciesLtd., for which execution has been filed in Kolkata High Court and the same is pending.

ii. Fire Claim of Rs.7428178.00 against loss caused due to fire, that occurred on 28.08.2004 and the same was decreed in-favour of the company by Orissa State Consumer Forum. But the insurer i.e The New India Assurance Co. Limited have preferred in appeal to National Conusmer Forum and the same is pending till date.

5. The Company has filed suits for recovery of outstanding dues from Sundry Debtors amounting to Rs.619275.76 (619275.76) against dishonour of cheques which are pending in courts.

6. Based on and to the extent of information obtained from suppliers regarding their status as Micro, Small or medium enterprises under the Micro, Small and Medium Enterprises Development Act, 2006, there are amounts due to them to the extent identified as at the end of the year but no provision of interest has been made in Books of Accounts.

M/s. Kay Bee Salts (P) Ltd. : Rs. 372103.00

7. Wages & Salaries includes provision for Gratuity of Rs.641508.00-as on 31.03.10 and Earned Leave of Rs.168672.00. The provision has been made in the books of account due to application of Accounting Standards - 15.

8. The Company is manufacturing various products, which are similar in nature of paper and Paper Board. All the products are manufactured after recycle of paper. Therefore, according to management this is a single segment company as envisaged in the Accounting Standard 17 (AS17) on Segment Reporting issued by the Institute of Chartered Accountants of India (ICAI). As such, the segment reporting is not required.

9. The Company.has made Interest provision in books of account relating to loan from State Bank of India on Outstanding. Balance of One Time Settlement (OTS) amount. But interest has not been provided on One Time Settlement amount of Orissa State financial Corporation (OSFC) and Industrial Promotion and -Investment Corporation of Orissa Limited (IPICOL) as per their OTS Scheme.

10. The net worth of the company has been completely eroded, the unit has been declared sick by BIFR under case No. 311/2004 vide their minutes dated 30.11.2005, and the rehabilitation package had been submitted to operating agency and the same is pending for consideration and submission to BIFR.

11. The One Time Settlement (OTS) payment of State Bank of India was cleared by the Company on 23.06.2010 but the company has not written back the amount of Rs. 149337515.17, being the balance amount of Loan outstanding which is no longer payable. The same will be written back on sanction of the scheme by BIFR.

12. In Profit & Loss Account the company has written off Rs.3626325.00 on settlement of fire claim by The New India Assurance Company Limited against fire occurred. on 23.04.2009.

13. The Company was default in payment of Sales Tax deferment dues in March, 2010 of Rs.19.91 lakhs. However, company has paid subsequently Rs. 6.00 lakhs.

14. A) Deferred Tax has been accounted in accordance with the requirements of

Accounting standard on "Taxes on Income" (AS 22).

15. RELATED PARTY DISCLOSURES:

A) List of related parties & Associates

i. Yash Commercial Corporation

ii. Yash Transport Corporation

iii. Hari Shankar Paper Products Pvt. Ltd.

Directors

i. Ratan Kumar Gilra

Chairman & Managing Director

ii. Anil Kumar Gilra

Whole time Director

iii. Shiv Shankar Taparia

16. The figures of the previous year have been re-grouped, re-casted and/or re-arranged where ever necessary.

17. The figures ofthe previous year have been kept in bracket wherever necessary.

 
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