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Notes to Accounts of Mohit Paper Mills Ltd.

Mar 31, 2015

1. The Term Loan from Bank of Baroda of Rupees 15542958/-(Previous Year of Rupees 31542958/-) is secured by way of First charge over immovable assets of the Company and equitable mortgage of landed property situated at Village Aaspur Ka & Abdulpur Munna,

2. 9KM Nagina Road, District-Bijnor. The loan is further secured by way of second charge on the current assets of the Company and personal guarantee of the promoter / directors of the company.

3. Working Capital Borrowings from Bank of Baroda are secured against Hypothecation of Stock and Book Debts of the Company. In addition to above, First Charge as Collateral Security over Building and Plant & Machinery both present and future have been created in favour of Bank of Baroda.

4. Land, Building and Plant & Machinery were revalued by Rupees 10,02,83,565/- by an approved valuer on 31.03.1996.The resultant surplus amounting Rupeesl 0,02,83,565/- was credited to Capital Reserve from which depreciation on revalued portion is being written off every year. Depreciation charged for the year include Rupees 11,82,511/- (Previous Year Rupees 13,87,410/-) which is amount of depreciation for the year on the revalued portion and has been transferred from revaluation reserve and credited to Statement of Profit & Loss for the year. This has no impact on profit for the year.

5. Depreciation for the period in the sum of Rupees 3,82,50,774/- is inclusive of the amount of Rupees 11,82,511/- which has been transferred from Capital Reserve.

6.(I) RETIREMENT BENEFITS

The Company has adopted the Revised Accounting Standard-15 (Revised-2005) 'Employee Benefits'. The relevant policies are:

7 SHORT TERM EMPLOYEE BENEFITS

Short term employee benefits are, recognized in the period during which the services have been rendered.

Long Term Employee Benefits

8 Defined Contribution plan

(i) Provident Fund Scheme

Contribution to this scheme are expensed in the Statement of Profit & Loss.

These contribution are made to the fund administered and managed by the Government of India. The Company has no further obligations under these plans beyond its monthly contribution.

(ii) Gratuity

Group Gratuity cum Life Assurance Scheme with the Life Insurance Corporation of India has been taken in such a way that the gratuity enefits will be payable under an irrevocable trust. The trustees appointed for the purpose of administrating the Scheme shall insure gratuity benefits with the LlC. The Company shall pay to the trustees such contributions as are required to secure Gratuity benefits to the employees which will include the liberalized death cover to the employees.

The employees gratuity fund scheme managed by the Life Insurance Corporation of India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

9. ADDITIONAL NOTES ON FINANCIAL STATEMENTS

1. (a) Previous year figures have been reworked, rearranged regrouped and reclassified, wherever considered necessary.

(b) Figures have been rounded off to the nearest rupee.

2. In the opinion of the Board of Directors, Current Assets, Loans & Advances have a value of realization in the ordinary course of business at least equal to the amount at which they have been stated in the Balance Sheet. The provisions for all known liabilities are adequate and not in excess of amount considered reasonably necessary.

3. Contingent Liability not provided for:

(I) In land Bank Guarantee given by Bank of Baroda for the Company amounting for Rs. 16.75 Lacs and L/C amount Rs. 78.91 Lacs outstanding as on 31.03.2015.

(ii) Estimated amounts of contracts remaining to be executed on capital account and not provided for Rs. NIL (PreRs.ious Year NIL).

4. In compliance to the Accounting Standard-22 on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India (ICAI), Deferred Tax Asset of Rs. 7,36,536/- (Previous Year Rs.14,28,360/- has been provided as at 31st March 2015 and the same has been charged to the Statement of Profit & Loss of the Company. This pertains to the timing difference in Depreciation on Assets as per books of accounts. The Deferred Tax Liability has been calculated by applying tax rate that have been enacted and applicable as on the Balance Sheet date. No liability has been computed in respect of difference considered to be of permanent nature

Current Year Previous Year 31.03.2015 31.03.2014 Amount in Rs. Amount in Rs.

Salary & allowance 3300000 1987500

Total 3300000 1987500

7. There are no impairment of assets in terms of Accounting Standard-28 issued by the Institute of Chartered Accountants of India.

8. Related Parties Disclosures:

Holding Company : NIL

Subsidiary Company : NIL

Key Managerial Personnel : Mr. Sandeep Jain Related Party :

Anju Jain, Mohit Jain

Shubhi Jain, Centurion Paper and Board

Centurion Rubber, Centurion Industries Private Limited

10. In addition to the significant accounting policies applicable to the business segment as set out in Note 27, Notes to Accounts, the accounting policies in relation to segment accounting are as under:

11 The Company has disclosed Business Segment as the primary segment have been identified taking into account the nature of the products, the differing risks and returns, the organization structure and internal reporting system. The Company's operations predominantly relates to manufacturing of paper and other business segment comprises of Soda Ash.

12. Segment Revenue, Segment Results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis. The expenses, which are not directly relatable to the business segments are shown as unallocated corporate expenses.

13. Assets and Liabilities that cannot be allocated between the segments are shown as un-allocable corporate assets and liabilities respectively.

14. There are no secondary reportable segments as all operations and customers are located in India. The Company operates in a single geographical segment.

15. INTANGIBLE ASSETS

There are no intangible assets as on date of balance sheet.


Mar 31, 2014

1. (a) Previous year figures have been reworked, rearranged regrouped and reclassified, wherever considered necessary.

(b) Figures have been rounded off to the nearest rupee.

2. In the opinion of the Board of Directors, Current Assets, Loans & Advances have a value of realization in the ordinary course of business at least equal to the amount at which they have been stated in the Balance Sheet. The provisions for all known liabilities are adequate and not in excess of amount considered reasonably necessary.

3. Contingent Liability not provided for:

(i) In land Bank Guarantee given by Bank of Baroda for the Company amounting for Rs.16.76 Lacs and L/C amount Rs.112.42 Lacs outstanding as on 31.03.2014.

(ii) Estimated amounts of contracts remaining to be executed on capital account and not provided for Rs.NIL (Previous Year NIL).

4. Based on the information available with the Company, there are no dues outstanding/ payable to Small Scale Industrial Units where the balance in respect of each party as at the yearend exceeds Rs.100000/-, outstanding for more than 30 days.

There are no micro, small and medium enterprise to whom the company owes dues which are outstanding for more than 45 days as on the Balance Sheet date. This information is required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 and has been determined to the extent such parties have been identified on the basis of information available with the Company.

5. There are no impairment of assets in terms of AS-28 issued by the Institute of Chartered Accountants of India.

i. The Company has disclosed Business Segment as the primary segment have been identified taking into account the nature of the products, the differing risks and returns, the organization structure and internal reporting system. The Companies operations predominantly relates to manufacturing of paper and other business segment comprises of Soda Ash.

ii. Segment Revenue, Segment Results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis. The expenses, which are not directly relatable to the business segments are shown as unallocated corporate expenses.

iii. Assets and Liabilities that cannot be allocated between the segments are shown as un-allocable corporate assets and liabilities respectively.

iv. There are no secondary reportable segments as all operations and customers are located in India. The Company operates in a single geographical segment.

6. INTANGIBLE ASSETS

On account of prudence and as originally recommended by Accounting Standard 26 on "Intangible Assets", issued by the Institute of Chartered Accountants of India, expenditure on miscellaneous expenditure had been charged to the Statement of Profit & Loss. There are no intangible assets as on date of balance sheet.


Mar 31, 2013

1.(a) Previous year figures have been reworked, rearranged regrouped and reclassified, wherever considered necessary.

(b) Figures have been rounded off to the nearest rupee.

2. In the opinion ofthe Board of Directors, Current Assets, Loans and Advances have a value of realization in the ordinary course of business at least equal to the amount at which they have been stated in the Balance Sheet. The provisions for all known liabilities are adequate and not in excess of amount considered reasonably necessary.

3. Contingent Liability not provided for:

i. In land Bank Guarantee given by Bank of Baroda for the Company amounting for Rs. 61.53 Lacs and L/C amount Rs. 125.15 Lacs outstanding as on 31.03.2013.

ii. Estimated amounts of contracts remaining to be executed on capital account and not provided for Rs. NIL (Previous Year NIL).

4. Based on the information available with the Company, there are no dues outstanding/ payable to Small Scale Industrial Units where the balance in respect of each party as at the year end exceeds Rs. 100000/-, outstanding for more than 30 days.

There are no micro, small and medium enterprise to whom the company owes dues which are outstanding for more than 45 days as on the Balance Sheet date. This information is required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 and has been determined to the extent such parties have been identified on the basis of information available with the Company.

5. There are no impairment of assets in terms of AS-28 issued by the Institute of Chartered Accountants of India.

Key Managerial Personnel: Mr.SandeepJain

Related Party:

Anju Jain MohitJain

Centurion Paper and Board Centurion Rubber

ii. Segment Revenue, Segment Results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each ofthe segments as also amounts allocated on a reasonable basis. The expenses, which are not directly relatable to the business segments are shown as unallocated corporate expenses.

iii. Assets and Liabilities that cannot be allocated between the segments are shown as un-allocable corporate assets and liabilities respectively.

iv. There are no secondary reportable segments as all operations and customers are located in India. The Company operates in a single geographical segment. .

6. INTANGIBLE ASSETS

On account of prudence and as originally recommended by Accounting Standard 26 on "Intangible Assets", issued by the Institute of Chartered Accountants of India, expenditure on miscellaneous expenditure had been charged to the Profit & Loss. There are no intangible assets as on date of balance sheet.


Mar 31, 2012

1(1) RETIREMENT BENEFITS

The Company has adopted the Revised Accounting Standard-15 (Revised-2005) 'Employee Benefits' The relevant policies are:

Shot Term Employee Benefits

Short term employee benefits are, recognized in the period during which the services have been rendered.

Long Term Employee Benefits

a) Defined Contribution plan

(i) Provident Fund Scheme

Contribution to this scheme are expensed in the Profit & Loss Account.

These contribution are made to the fund administered and managed by the Government of India. The Company has no further obligations under these plans beyond its monthly contribution.

(ii) Gratuity

Group Gratuity cum Life Assurance Scheme with the Life Insurance Corporation of India has been taken in such a way that toe gratuity benefits will be payable under an irrevocable trust. The trustees appointed for the purpose of administrating the Scheme shall insure gratuity benefits with the LIC. The Company shall pay to the trustees such contributions as are required to secure Gratuity benefits to the employees which will include the liberalized death cover to the employees.

The employees gratuity fund scheme managed by the Life Insurance Corporation of India is a defined benefit plan The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method which recognizes each penod of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

DEFINED BENEFIT PUN Actuarial Assumptions

Mortality Rate - Indian Assured Lives Mortality Table (1994-1996)

Discount Rate- 8%p.a.

Interest Rate - 9%

Salary Escalation-7%

Withdrawal Rate -1 % to 3% depending on age

1.(a) Previous year figures have been reworked, rearranged regrouped and reclassified, wherever considered necessary.

2. In the opinion of the Board of Directors, Current Assets, Loans and Advances have a value of realization in the ordinary course of business at least equal to the amount at which they have been stated in the Balance Sheet. The provisions for all known liabilities are adequate and not in excess of amount considered reasonably necessary.

3. Contingent Liability not provided for:

i. In land Bank Guarantee given by Bank of Baroda for the Company amounting for Rs. 288.96 Lacs and L/C amount Rs. 152.27 Lacs outstanding as on 31.03.2012.

ii. Estimated amounts of contracts remaining to be executed on capital account and not provided for Rs. NIL (Previous Year NIL).

iii. Based on the information available with the Company, there are no dues outstanding/ payable to SmaH Scale Industnal Units where the balance in respect of each party as at the year end exceeds ? 100000/ outstanding for more than 30 days.

There are no micro, small and medium enterprise to whom the company owes dues which are outstanding for more than 45 days as on the Balance Sheet date. This information is required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 and has been determined to the extent such parties have been identified on the basis of information available with the Company.

7. There are no impairment of assets in termsof AS-28 issued by the Institute of Chartered Accountants of nidist.

Notes:

In addition to the significant accounting policies applicable to the business segment as set out in Part Aof Schedule 21, Notes to Accounts, the accounting policies in relation to segment accounting are as under

i. The Company has disclosed Business Segment as the primary segment have been identified taking into

account the nature of the products, the differing risks and returns, the organization structure and internal reporting system. The Companies operations predominantly relates to manufacturing of paper and other business segment comprises of Soda Ash.

ii. Segment Revenue, Segment Results, Segment Assets and Segment Liabilities include the respective

mounts identifiable to each of the segments as also amounts allocated on a reasonable basis. The expenses, which are not directly relatable to the business segment are shown as unallocated corporate expenses.

ii. Assets and Liabilities that cannot be allocated between the segments are shown as un-allocable corporate

assets and liabilities respectively.

iv. There are no secondary reportable segments as all operations and customers are located in India. The Company operates in a single geographical segment.

1. INTANGIBLE ASSETS

On account of prudence and as originally recommended by Accounting Standard 26 on "Intangible Assets", issued by the Institute of Chartered Accountants of India, expenditure on miscellaneous expenditure had been charged to the Profit & Loss Account. There are no intangible assets as on date of balance sheet.


Mar 31, 2010

1. (a) Previous year figures have been reworked, rearranged regrouped and reclassified, wherever considered necessary.

(b) Figures have been rounded off to the nearest rupee.

2. In the opinion of the Board of Directors, current assets, loans and advances have a value of realization in the ordinary course of business at least equal to the amount at which they have been stated in the Balance Sheet. The provisions for all known liabilities are adequate and not in excess of amount considered reasonably necessary.

3. Contingent Liability not provided for:

i. In land bank guarantee given by Bank of Baroda for the Company amounting to Rs. 7.27 lacs and L/C amounting to Rs.123.92 lacs outstanding as on 31.03.2010.

ii. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. NIL (previous year NIL).

4. The Term Loan from Bank of Baroda of Rs. 2,82,06,939/- (Previous Year Rs.4,91,43,505/-) is secured by way of first charge over immovable assets of the Company and equitable mortgage of landed property situated at Village Aaspur ka & Abdulpur Munna, 9KM Nagina Road, District - Bijnor. The loan is further secured by way of second charge on the current assets of the Company and personal guarantee of the promoter/directors of the Company.

5. Working capital loan from Bank of Baroda Rs. 5,97,73,890/- (Previous Year Rs. 4,05,95,566/-) is secured by way of hypothecation of stocks of raw material, stores & spares, stock in process, finished goods, book debts and second charge over the plant & machinery of the Company and equitable mortgage of landed property situated at Village Aaspur ka & Abdulpur Munna, 9th Km Nagina Road, District Bijnor. the loan is further secured by way of personal guarantee of the promoter / directors of the Company.

6. the Company has taken vehicle loans from Bank of Baroda Rs. 4,50,000 (Previous year NIL) and Mahindra & Mahindra Financial Services Ltd. Rs. 1,67,331 (Previous year NIL) which are secured by hypothecation of the vehicles financed by them.

7. Land, Building and Plant & Machinery were revalued by Rs.10,02,83,565/- by an approved valuer on 31.03.1996. The resultant surplus amounting Rs. 10,02,83,565/- was credited to capital reserve from which depreciation on revalued portion is being written off every year. Depreciation charged for the year include Rs.23,51,132/- (Previous Year Rs. 27,60,739/-) which is amount of depreciation for the year on the revalued portion and has been transferred from revaluation reserve and credited to Profit & Loss Account of the year.

8. Method of charging depreciation on boiler house and ETP plant has been changed from Written Down Method (WDV) to Straight Line Method (SLM), at the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956. Accordingly, depreciation has been recalculated on these assets in accordance with the changed method, from the date of the asset coming into use, and the difference arising from the retrospective re-computation has been adjusted in the accounts of the year by crediting the differential amount of Rs. 2,01,29,995/- in the Profit & Loss Account and increasing the net block of fixed assets by equivalent amount. As a result of this change, the charge of depreciation for the current year is lower by Rs.32,83,604/-.

Had there been no change in the method of depreciation, the charge for the year would have been higher by Rs. 32,83,604/- and the net block of assets would have been lower by Rs. 2,34,13,599/-.

On amounts added due to revaluation, made in the year 1996 on basis of an independent valuers report, depreciation is charged as aforesaid over the residual life of the assets as certified by the valuer and is written off against capital reserve.

9. Based on the information available with the Company, there are no dues outstanding/ payable to Small Scale Industrial Units where the balance in respect of each party as at the year end exceeds Rs. 100000/-, outstanding for more than 30 days.

There are no micro, small and medium enterprise to whom the company owes dues which are outstanding for more than 45 days as on the Balance Sheet date. This information is required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 and has been determined to the extent such parties have been identified on the basis of information available with the Company.

10. There are no impairment of assets in terms of AS-28 issued by the Institute of Chartered Accountants of India.

11. Related Parties Disclosures:

Holding Company : NIL

Subsidiary Company : NIL

Key Managerial Personnel: Mr. Sandeep Jain Related Party:

Anju Jain

Mohit Jain

Bijnor Steel & Alloys Private Limited

Mohit Petrochemicals Private Limited

Centurion Paper and Board

Centurion Castings Private Limited

12. INTANGIBLE ASSETS

On account of prudence and as originally recommended by Accounting Standard 26 on "Intangible Assets", issued by the Institute of Chartered Accountants of India, expenditure on miscellaneous expenditure had been charged to the Profit & Loss Account. There are no intangible assets as on date of balance sheet.

 
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