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Notes to Accounts of Well Pack Papers & Containers Ltd.

Mar 31, 2010

1. Previous years figures have been regrouped/recast whenever necessary.

2. The Debit and Credit Balance in the Account of suppliers, Debtors, Loans & Advances are subject to confirmation.

3. In the Opinion of the Board and to the best of their knowledge and Belief the Value Realisation of Current Assets, Loans and Advances in the Ordinary Course of Business would not be less than the amount at which they stated in the Balance Sheets.

4. Computation of net profit in Accordance with Section 349 of the Companies Act, 1956 has not been given as commission by way of percentage of profit is not payable for the year to managing directors.

5. Inter unit transfer of Rs.1,79,71,360/-(Previous Year Rs. Nil ) of independently marketable products for further processing are being includes in respective heads of account at market value to reflect the true working of the respective unit. Any unrealized profit on stock is being eliminated while valuing the inventories.

6. Estimated amount (net of advances Rs.51.35 lacs) (P. Y. Rs. NIL)of contract remaining to be executed on Capital Account and not provided for Rs.436 lakhs (P. Y. Rs.9.54 lacs)

7. Contingent Liabilities not provided for in respect of As on 31-3-10 As on 31-3-09

Letter or Credit opened by Bank 44658637 26727373

8. No provision has been made for disputed Income Tax demand of Rs. 865282 for assessment year 1997-98 in view of pending appeal before Tribunal.

9. No provision for the decline in the value of investment amounting to Rs. 0.46 lacs has been considered necessary by the management, the same having been made on Long Term basis and decline being considered as the temporary one.

10. Sundry debtors includes Rs. 19.73 Lacs (P.Y.F. Rs. 19.73 Lacs) on whom legal suits/notice have been served till date by the Company for the recovery of the out standings. In the opinion of the management the said outstanding are fully recoverable and provision against the same is not considered necessary.

11. Under the Micro, Small and Medium enterprise development Act, 2006 cretin disclosures are required to be made relating to Micro, Small and Medium enterprise. The company is in the process of compiling relevant information from its suppliers about their coverage under the Act. Since the relevant information is not presently available no disclosures have been made in the account.

12. No provision of gratuity has been made for Laminate unit. As inform none of the employee has completed qualifying period of entitlement for benefit under the payment of Gratuity Act 1972. However in respect of Paper unit group gratuity policy with Life Insurance Corporation of India which is fully covered.

13. Related parties disclosures. 1. Relationship

Key Management Persons V. M. Patel V. V. Patel A. V. Patel

B. Other Disclosure:

1. Segment have been identified in line with the Accounting standard on Segment Reporting (AS17> taking in to account the organization structure, as well as the differential risks and returns of these segment

2. The Company has disclosed Business Segment as the Primary Segment.

3. Type of Products and services in each business Segment.

a) Paper Manufacturing of Kraft Paper.

b) Laminate Sheet Manufacturing of Laminated Sheet.

4. Laminated Sheets division commence on 09-09-2009.

5. Inter Segment revenue are recognised at sales price.

6. The segment Revenue, Result Assets and Liabilities include the respective amounts identifiable to each of the Segment and amounts allocated on a reasonable basis.

14. Additional information pursuance to part II of schedule VI of the companies Act, 1956 to the extent applicable to the company are as under.

A. Manufacturing Activities (As certified by the management and accepted by the auditor being technical matter)

1. The Cash Flow statement has been prepared under the "Indirect Method" as set out in Accountings standard-03 on Cash Flow statement issued by the institute of Chartered Accountants of India

2. The previous years figures have been regrouped wherever necessary to make them comparable with this years figure.

 
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