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Notes to Accounts of Simplex Papers Ltd.

Mar 31, 2015

1. Terms/rights attached to the equity shares

The Company has one class of equity shares having a par value of ' 10/- per share. Each holder of equity shares is entitled to one vote. In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts, in proportion to their shareholding.

2. Contingent Liabilities :

Claims against the Company not (in Rs.) acknowledged as debt: 31 .03.2015 31.03.2014

(a) Appeals filed in respect of disputed demands

i) Central Excise 17,54,45,314 17,54,45,314

ii) Income Tax 1,59,280 1,59,280

(b) Other claims 87,82,210 36,46,561

3. During the year, the Company has disposed off its building and plant and machinery at Gondia, Maharashtra as the plant was closed for long and the equipments were of outdated technology and getting rusted because of not in use for long time. The Company has incurred a net loss of Rs. 6,70,30,887/- on sale of the said assets and reversed the provision for impairment loss of Rs. 7,50,42,152/- and disclosed the same as exceptional items. The Company is dealing in Paper and Paper products and management is further evaluating viable possibilities of other diversification in the same line of business and accordingly, the accounts have been prepared on going concern basis.

4. During the year, the Company has provided depreciation as per the provision of Schedule II to the Companies Act, 2013 ("the Act") based on the remaining useful life of the assets and consequently, in case of the assets which have completed their useful lives as prescribed under Schedule II to the Act, the carrying value (net of residual value) as at 01st April, 2014 have been adjusted net of tax, in the opening balance of Profit and Loss Account amounting to Rs. 6,98,57,391/- and in case of other assets, the carrying value (net of residual value) is being depreciated over the revised remaining useful lives. As a result of the above, depreciation for the current year is higher by Rs. 48,45,016/-.

5. The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

6. During the year, the Company has trading activity in paper products i.e. Paper board and Craft paper.

7. The net worth of the Company has been eroded due to continuous losses.

8. As there are no employees in the Company, the provisions relating to Accounting Standard (AS-15) (Revised) Employee Benefits, are not applicable.

9. Earnings per share (EPS) is calculated by dividing the profit/(loss) attributable to the equity share holders by weighted average number of equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares, except when the results would be anti-dilutive.

10. The Company's activities are classified as belonging to a single business segment of trading in paper products. The Company's operations are largely limited to India.

11. The previous year's figures have been reclassified, wherever necessary, to conform current year's presentation.


Mar 31, 2014

CORPORATE INFORMATION

Simplex Papers Limited ("the Company") is in trading of different types of papers i.e. paper board, craft paper, etc. The Company is a Public Limited Company and is listed on BSE Limited.

1. SHARE CAPITAL

A. Terms/rights attached to the equity shares

The Company has one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote. In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts, in proportion to their shareholding.

2. Contingent Liabilities :

(in Rs.)

Claims against the Company not acknowledged as debt:

31.03.2014 31.03.2013

(a) Appeals filed in respect of disputed demand:

i) Central Excise 17,54,45,314 17,55,63,684

ii) Sales Tax - 2,54,78,954

iii) Income Tax 1,59,280 -

(b) Other claims 36,46,561 75,66,830

3. During the year, the Company has trading activity in paper products i.e. Paper board and Craft paper.

4. The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

5. The net worth of the Company has been eroded due to continuous loss and impairment loss of fixed assets.

6. As there are no employees in the company, the provisions relating to Accounting Standard (AS-15) (Revised) Employee Benefits, are not applicable.

7. Earnings per share (EPS) is calculated by dividing the profit/(loss) attributable to the equity share holders by weighted average number of equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares, except when the results would be anti-dilutive.

8. The Company''s activities are classified as belonging to a single business segment of trading in paper products. The Company''s operations are largely limited to India.

9. The previous year''s figures have been reclassified, wherever necessary to conform current year''s presentation.


Mar 31, 2013

CORPORATE INFORMATION

Simplex Papers Limited (the Company) is in manufacturing and trading of different types of papers. The Company is a Public Limited Company and is listed on BSE Limited.

1. Contingent liabilities not provided for : (in Rs.)

Particulars 31.03.2013 31.03.2012

(a) Appeals filed in respect of disputed demand: s

i) Central Excise 17,55,63,684 17,55,63,684

ii) Sales Tax 2,54,78,954 2,54,78,954

(b) Other claims 75,66,830 1,24,58,953

2. During the year, the Company has trading activity in paper. There was no production during the year as the production is under suspension due to non-availability of required raw materials. The management is evaluating various alternative viz. different raw materials mix to start the production at the earliest.

3. The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

4. The Company continues to carry the inventory of Plantations that have grown up and are in saleable condition (i.e. ready to sale). As on the balance sheet date, plantations have been recognized as stock in trade and valued at market price amounting to Rs.3,65,000/- (Previous year Rs.11,63,500/-).

5. The net worth of the Company has been eroded due to continuous loss and impairment loss of fixed assets.

6. As there are no employees in the company, the provisions relating to Accounting Standard (AS-15) (Revised) Employee Benefits, are not applicable.

7. Earnings per share (EPS) is calculated by dividing the profit / (loss) attributable to the equity share holders by weighted average number of equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares, except when the results would be anti-dilutive.

8. The Company''s activities are classified as belonging to a single business segment of manufacture and trading in Paper products. The Company''s operations are largely limited to India.

9. Previous Year Figures :

The financial statements for the year ended 31st March, 2013 are prepared as per Revised Schedule VI. The previous year figures have been reclassified to conform to this year''s classification, wherever necessary to conform current year''s presentation.


Mar 31, 2011

1. Contingent liabilities not provided for:

Claims against the Company not acknowledged as debts Rs. 1,886.86 lacs (including Excise Rs. 1,754.45 lacs). (Previous year Rs. 1,873.62 lacs- including Excise Rs. 1,754.45 lacs).

2. The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

3. During the year the Company has started trading activity in paper. There was no production during the year as the production is under suspension due to non availability of required raw materials. The management is evaluating various alternative viz. different raw materials mix to start the production at the earliest.

4. Company continues to carry the inventory of Plantations that have grown up and are in saleable condition (i.e. ready to sale) as on the balance sheet date have been recognized as stock in trade and valued at market price amounting to Rs. 12.68 lacs (Previous year Rs. 22.00 lacs).

5. The net worth of the Company has been eroded due to continuous loss and Impairment Loss of Fixed Assets.

6. As there are no employees in the company, the provisions relating to Accounting Standard (AS 15) (Revised) Employee Benefits are not applicable.

7. The Lease in respect of Leasehold Land at Gondia has expired. As per the terms of the agreement the lease is renewable and the company has made necessary application for renewal of lease with Government of Maharashtra.

8. The Company's activities are classified as belonging to a single business segment of manufacture and trading in Paper products. The Company's operations are largely limited to India.

9. Information required pursuant to Part - IV of Schedule VI to the Companies Act, 1956 is annexed hereto.

10. Previous Year's figures have been regrouped wherever necessary to conform to this year's presentation.


Mar 31, 2010

1. Contingent liabilities not provided for:

2. The Company has not received any intimation from "suppliersthregarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been given.

3. Retrenchment Compensation paid to workers hitherto was treated as deferred revenue expenditure and one fifth of the amount was amortised over a period of 5 years. Unamortised balance at the end of the current year of Rs.26.09 Lacs has been amortised in compliance with the Accounting Standard-15 "Employee Benefits (Revised)thand same has been shown under extraordinary items in the Profit and Loss Account.

4. There was no production during the year as the production is under suspension since September 2006 due to non availability of required raw materials. The management is evaluating various alternative (viz. different raw materials mix) to re-start the production at the earliest.

5. The Company continues to carry the inventory of Plantations that have grown up and are in saleable condition (i.e. ready to sale) as on the balance sheet date have been recognized as stock in trade and valued at market price amounting to Rs.22.00 lacs (Previous year Rs.66.70 lacs).

6. As required under Accounting Standard on Impairment of Assets (AS-28) issued by the Institute of Chartered Accountants of India, the Company has made Provision for Impairment of Fixed Assets amounting to Rs. 779.38 lacs during the year, as the recoverable amount of the fixed assets is less than carrying amount as stated in the books.

7. During the current financial year the net worth of the Company has been fully eroded due to continuous loss and Provision for Impairment Loss of Fixed Assets.

8. In accordance with the Accounting Standard (AS-15) (Revised) Employee Benefits, actuarial valuation was done in respect of the defined benefit plan of gratuity based on the following assumptions:

No acturial valuation was required for the year as there was no employee as on 31 st March, 2010.

Deferred tax asset for the year ended 31st March, 2010 has not been recognised in accordance with the

9. The Companys activities are classified as belonging to a single business segment of manufacture and trading in Paper products. The Companys operations are largely limited to India.

10. Related Party Disclosure (As identified by the management):

(a) Related Party Relationship during the year

Controlling Company Simplex Realty Limited

(b) Transaction with Related Party

11. Additional information pursuant to the provisions of paragraph 3 & 4 of partII of Schedule VI to the Companies Act, 1956 as certified by the Management.

(e) Licensed and Installed capacity and Production (as certified by the management and accepted by auditors, it being a technical matter).

(ii) There was no Production during the year.

12. Information required pursuant to Part- IV of Schedule VI to the Companies Act, 1956 is annexed hereto.

13. Previous Years figures have been regrouped wherever necessary to conform to this years presentation.

 
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