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Notes to Accounts of Ganga Papers India Ltd.

Mar 31, 2015

1. In the opinion of the management, current assets, loans and advances are approximately of the value stated if realized in the ordinary course of business. The provisions for all known liabilities are adequate.

2. Segment accounting disclosure as required by Accounting Standard 17, "Segmental Accounting" issued by The Institute of Chartered Accountants of India, is not disclosed separately since there is only one Segment.

3. Contingent Liabilities not provided for:

These, if any, are disclosed in the notes on accounts. Provision is made in the Accounts in respect of those contingencies which are likely to materialize into liabilities after the year end till the finalization of Accounts and have material effect on the position stated in the Balance Sheet.

4. Income Tax Provisions:

Consequent to issuance of Accounting Standard 22, "Taxes on Income" by the Institute of Chartered Accountants of India, which is mandatory in nature, the company has recognized deferred taxes which result from timing difference between the Book Profit and Tax Profit.

During the year the Company has not made any Provision for Income Tax in view of the availability of the benefits of carry forward losses as per the order of BIFR.

6. Secured Loans:

a) Working Capital Finance from Bank of Baroda is secured against hypothecation of stock of the Raw materials, Work-in- progress, finished goods, other inventories, book debts and Mortgage of fixed assets in favour of the bank. The loan is further guaranteed by following Directors of the Company in their personal capacities.

i) Mr. R.K. Chaudhary

ii) Mr. Sandeep Kanoria

iii) Mr. Amit Chaudhary

7. Party accounts are subject to confirmation and consequential adjustments, if any in the books.

8. In Terms of notification No.GSR 129 (E) dated 22.02.1999 issued by the Department of the Companies Affairs, Ministry of Law, Justice in Company Affairs, the company called for the information from creditors regarding their status as to small scale undertaking, in order to make the required disclosure. Due to non receipt of the same, no disclosure as to the names of small scale undertaking to whom the Company owes a sum exceeding to Rupees One Lac outstanding for more than one month has been made.

9. Contingencies & Commitments

a) Claim Against the company not acknowledge as debt

1) Rs 1,87,34,515.00 has been demanded by Sales Tax Department as Assessment dues pertaining to period 1993-94 to 2003-04 which has not been acknowledged as debt by the company as the matter is pending under BIFR

b) Guarantees

1) Bank Guarantees Rs. 14,626,734.00

11. the Company has accumulated losses to the extent of Rs 18,11,53,188.53 and its Net worth has been substantially eroded, the Company has not incurred net loss/net cash loss during the current year and previous year(s)

12. The company is a sick company registered with BIFR and the draft Revival Scheme (DRS) has been approved and circulated by BIFR. The company has implemented the stipulations under the said Scheme. The company case is pending before hon'ble B.I.F.R. for matters related to Coal Linkage and old dues of sales tax department.

13. Pursuant to Companies Act, 2013(The Act) being effective from 01st April 2014, the Company has revised depreciation states on certain fixed assets based on useful life specified in Part C of Schedule II of the Act or as per the Management's estimates based on internal evaluation. As a result of the change, the depreciation charged for year ended 31st March, 2015 is higher by Rs. 3.87 lacs. In respect of assets whose useful life is already exhausted as on 1st April, 2014 depreciation of Rs. 72.42 lacs (net of deferred tax) has been adjusted from Retained Earnings in accordance with the Schedule II of the Act.


Mar 31, 2013

1. In the opinion of the management, current assets, loans and advances are approximately of the value stated if realized in the ordinary course of business. The provisions for all known liabilities are adequate.

2. Segment accounting disclosure as required by Accounting Standard 17, "Segmental Accounting" issued by The Institute of Chartered Accountants of India, is not disclosed separately since there is only one Segment.

3. Contingent Liabilities not provided for:

These, if any, are disclosed in the notes on accounts. Provision is made in the Accounts in respect of those contingencies which are likely to materialize into liabilities after the year end till the finalization of Accounts and have material effect on the position stated in the Balance Sheet.

4. Income Tax Provisions:

Consequent to issuance of Accounting Standard 22, "Taxes on Income" by the Institute of Chartered Accountants of India, which is mandatory in nature, the company has recognized deferred taxes which result from timing difference between the Book Profit and Tax Profit.

During the year the Company has not made any Provision for Income Tax in view of the availability of the benefits of carry forward losses as per the order of BIFR.

5. Secured Loans:

a) Working Capital Finance from Bank of Baroda is secured against hypothecation of stock of the Raw materials, Work-in- progress, finished goods, other inventories, book debts and Mortgage of fixed assets in favour of the bank. The loan is further guaranteed by following Directors of the Company individuals in their personal capacities.

i) Mr. R.K. Chaudhary

ii) Mr. Sandeep Kanoria iii) Mr. Amit Chaudhary

6. Party accounts are subject to confirmation and consequential adjustments, if any in the books.

7. In Terms of notification No.GSR 129 (E) dated 22.02.1999 issued by the Department of the Companies Affairs, Ministry of Law, Justice in Company Affairs, the company called for the information from creditors regarding their status as to small scale undertaking, in order to make the required disclosure. Due to non receipt of the same, no disclosure as to the names of small scale undertaking to whom the Company owes a sum exceeding to Rupees One Lac outstanding for more than one month has been made.

8. Contingencies & Commitments

a) Claim Against the company not acknowledge as debt

1) Rs 1,87,34,515.00 has been demanded by Sales Tax Department as Assessment dues pertaining to period 1993-94 to 2003-04 which has not been acknowledged as debt by the company as the matter is pending under BIFR

b) Guarantees

1) Bank Guarantees Rs. 14,626,734.00

9. Miscellaneous Notes:

- Previous Year''s figures have been regrouped and rearranged wherever necessary to confirm with current year''s presentation.

10. The company is a sick company registered with BIFR and the draft Revival Scheme (DRS) has been approved and circulated by BIFR. The company has implemented the stipulations under the said Scheme. The company case is pending before hon''ble B.I.F.R. for matters related to Coal Linkage and old dues of sales tax department.

11. C.I.F. Value of Import: Amount (Rs.)

i) Raw Material: 10,49,89,739.32

12. Earnings in Foreign Currency: Nil


Mar 31, 2011

1. Bonus for the year has not been provided by the Company

2. The Company has received state subsidy from SICOM to the tune of Rs. 45,00,000/- for starting a industrial undertaking. The Company has further availed the benefits of interest free Sales Tax Deferral Loan for payment of Sales Tax collected under the various schemes promoted by the sales tax authorities amounting to Rs. 10,50,73,704/-Year End Balance is Rs.10,40,73,704/-

3. In the opinion of the management, current assets, loans and advances are approximately of the value stated if realized in the ordinary course of business. The provisions for all known liabilities are adequate.

4. Segment accounting disclosure as required by Accounting Standard 17, "Segmental Accounting" issued by The Institute of Chartered Accountants of India, is not disclosed separately since there is only one Segment.

5. Contingent Liabilities not provided for:

These, if any, are disclosed in the notes on accounts. Provision is made in the Accounts in respect of those contingencies which are likely to materialize into liabilities after the year end till the finalization of Accounts and have material effect on the position stated in the Balance Sheet.

6. Related Party Disclosure:

Related party disclosure, as required by Accounting Standard 18, "Related Party Disclosure" are given below-

a)

Sr. Name of the related party Nature of relationship No. 1 Ganag Pulp & Papers Pvt.Ltd. Control Exist

2 Satabadi Vinimay Pvt.Ltd. Control Exist

7. Income Tax Provisions:

Consequent to issuance of Accounting Standard 22, "Taxes on Income" by the Institute of Chartered Accountants of India, which is mandatory in nature, the company has recognized deferred taxes which result from timing difference between the Book Profit and Tax Profit.

During the year the Company has not made any Provision for Income Tax in view of the availability of the benefits of carry forward losses as per the order of BIFR.

8. Secured Loans:

a) Working Capital Finance from Bank of Baroda is secured against hypothecation of stock of the Raw materials. Work-in- progress, finished goods, other inventories, book debts and Mortgage of fixed assets in favour of the bank. The loan is further guaranteed by following Directors of the Company individuals in their personal capacities.

i) Mr. R.K. Chaudhary

ii) Mr. Sandeep Kanoria

iii) Mr. Amit Chaudhary

9. Party accounts are subject to confirmation and consequential adjustments, if any in the books.

10. In Terms of notification No.GSR 129 (E) dated 22.02.1999 issued by the Department of the Companies Affairs, Ministry of Law, Justice in Company Affairs, the company called for the information from creditors regarding their status as to small scale undertaking, in order to make the required disclosure. Due to non receipt of the same, no disclosure as to the names of small scale undertaking to whom the Company owes a sum exceeding to Rupees One Lac outstanding for more than one month has been made.

11. Miscellaneous Notes :

- Previous Year's figures have been regrouped and rearranged wherever necessary to confirm with current year's presentation.

12. The company is a sick company registered with BIFR and the draft Revival Scheme (DRS) has been approved and circulated by BIFR. The company has implemented the stipulations under the said Scheme. The company has filed the Revised (ModifiedO Revival Scheme before B.I.F.R. in January 2010. The Hearing before Hon' able court is pending

13. Additional Information Pursuant paragraph 3 & 4 of part II of the Schedule VI of the Companies Act, 1956.

a) Earnings in Foreign Currency Nil


Mar 31, 2010

1. Bonus for the year has not been provided by the Company

2. The Depreciation charged during the year is not comparable with earlier year because no depreciation during the year have been charged on fixed assets which have no useful life and/or are fully depreciated.

3. The Company has received state subsidy from SICOM to the tune of Rs. 45,00,000/- for starting a industrial undertaking. The Company has further availed the benefits of interest free Sales Tax Deferral Loan for payment of Sales Tax collected under the various schemes promoted by the sales fax authorities amounting to Rs. 10,50,73,704/-

4. In the opinion of the management, currer assets, loans and advances are approximately of the value stated if realized in the ordinary course of business. The provisions for all known liabilities are adequate.

5. Segment accounting disclosure as required by Accounting Standard 17, "Segmental Accounting" issued by The Institute of Chartered Accountants of India, is not disclosed separately since there is only one Segment.

6. Contingent Liabilities not provided for:

These, if any, are disclosed in the notes on accounts. Provision is made in the Accounts in respect of those contingencies which are likely to materialize into liabilities after the year end till the finalization of Accounts and have material effect on the position stated in the Balance Sheet.

7. Earning Per Share:

Profit computation for both, basic and diluted Earning per Share (EPS) of Rs. 10 each

8. Income Tax Provisions:

Consequent to issuance of Accounting Standard 22, "Taxes on Income" by the Institute of Chartered Accountants of India, which is mandatory in nature, the company has recognized deferred taxes which result from timing difference between the Book Profit and Tax Profit.

During the year the Company has not made any Provision for Income Tax in view of the availability of the benefits of carry forward losses as per the order, of BIFR.

9. Secured Loans:

a) Working Capital Finance from Bank of Baroda is secured against hypothecation of stock of the Raw materials, Work-in- progress, finished goods, other inventories, book debts and Mortgage of fixed assets in favour of the bank. The loan is further guaranteed by following Directors of the Company individuals in their personal capacities.

i) Mr. R.K. Chaudhary

ii) Mr. Sandeep Kanoria

iii) Mr. Amit Chaudhary

10. Party accounts are subject to confirmation and consequential adjustments, if any in the books.

11. In Terms of notification No.GSR 129 (E) dated 22.02.1999 issued by the Department of the Companies Affairs, Ministry of Law, Justice in Company Affairs, the company called for the information from creditors regarding their status as to small scale undertaking, in order to make the required disclosure. Due to non receipt of the same, no disclosure as to the names of small scale undertaking to whom the Company owes a sum exceeding to Rupees One Lac outstanding for more than one month has been made.

12. Miscellaneous Notes:

- Previous Years figures have been regrouped and rearranged wherever necessary to confirm with current years presentation.

13. The company is a sick company registered with BIFR and the draft Revival Scheme (DRS) has been approved and circulated by BIFR. The company has implemented the stipulations under the said Scheme. The company have filed the Revised (ModifiedO Revival Scheme before B.I.F.R. in January 2010 . The Hearing before Hon able court is pending

14. Additional Information Pursuant paragraph 3 <% 4 of part II of the Schedule VI of the Companies Act, 1956.

Note : Installed capacity depends upon the product mix, which has been certified by the management and accepted by the auditors without verification being a technical matter. The overall installed capacities are interchangeable and the aggregate installed capacity is 46,000 Mt. tons.


Mar 31, 2009

1.The Company has received state subsidy from SICOM to the tune of Rs. 45,00,000/- for starting a industrial undertaking. The Company has further availed the benefits of interest free Sales Tax Deferral Loan for payment of Sales Tax collected under the various schemes promoted by the sales tax authorities amounting to Rs, 10,50,73,704/-

2.in the opinion of the management, current assets, loans and advances are approximately of the value stated if realized in the ordinary course of business. The previsions for all known liabilities are adequate.

3.Segment accounting disclosure as required by Accounting Standard 17, "Segmental Accounting" issued by The Institute of Chartered Accountants of India, is not disposed separately since there is only one Segment.

4.Contingent Liabilities not provided for: These, if any, are disclosed in the notes on accounts. Provision is made in the Accounts in respect of those contingencies which are likely to materialize into liabilities after the year end till the finalization of Accounts and have material effect on the position stated in the Balance Sheet.

5. Income Tax Provisions:

Consequent to issuance of Accounting Standard 22, "Taxes on Income" by the Institute of Chartered Accountants of India, which is mandatory in nature, the company has recognized deferred taxes which result from timing difference between the Book Profit and Tax Profit.

During the year the Company has not made any Provision for Income Tax in view of the availability of the benefits of carry forward losses as per the order of BIFR.

6. Secured Loans:

a) Working Capital Finance from Bank of Baroda is secured against hypothecation of stock of the Raw materials, Work-in- progress, finished goods, other inventories, book debts and Mortgage of fixed assets in favour of the bank. The loan is further guaranteed by following Directors of the Company individuals in their personal capacities

i) Mr. R.K. Chaudhary . ii) Mr. Sandeep Kanoria iii) Mr. Amit Chaudhary

7. Party accounts are subject to confirmation and consequential adjustments, if any in the books.

8. In Terms of. notification No.GSR 129 (E) dated 22.02.1999 issued by the Department of the Companies Affairs, Ministry of Law, Justice in Company Affairs, the company called for the information from creditors regarding their status as to small scale undertaking, in order to make the required disclosure. Due to non receipt of the same, no disclosure as to the names of small scale undertaking to whom the Company owes a sum exceeding to Rupees One Lac outstanding for more than one month has been made.

9. Miscellaneous Notes : - Previous Years figures have been regrouped and rearranged wherever necessary to confirm with current years presentation.

10. The company is a sick company registered with BIFR and the draft Revival Scheme (DRS) has been approved and circulated by BIFR, The company has implemented the stipulations under the said Scheme.

11. Additional Information Pursuant paragraph 3 & 4 of part II of the Schedule VI of the Companies Act, 1956.

 
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