Notes to Accounts of 3P Land Holdings Ltd.

Mar 31, 2025

k. Provisions and Contingent liability

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result
of a past event, it is probable that an outflow of resources embodying economic benefits will be required
to settle the obligation and a reliable estimate can be made of the amount of the obligation.

Contingent liabilities are disclosed in the notes, if any. Contingent liabilities are disclosed for

i. possible obligations which will be confirmed only by future events not wholly within the control of the
Company or

ii. present obligations arising from past events where it is not probable that an outflow of resources will
be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be
made.

l. Employee benefits

Short-term obligations

Short-term employee benefits are expensed as the related service is provided. Liabilities for wages and
salaries, including non-monetary benefits that are expected to be settled wholly within one year after the
end of the period in which the employees render the related service are the end of the reporting period

and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are
presented as current employee benefit obligations in the balance sheet.

Other long-term employee benefits obligations

The liabilities for earned leave and sick leave are not expected to be settled wholly within 12 months
after the end of the period in which the employees render the related service. They are therefore
measured as the present value of expected future payments to be made in respect of services provided
by employees up to the end of the reporting period using the projected unit credit method. The benefits
are discounted using the market yields at the end of the reporting period on government bonds that have
terms approximating to the terms of the related obligation. Re-measurements as a result of experience
adjustments and changes in actuarial assumptions are recognised in profit or loss.

The company does not have an unconditional right to defer settlement for any of these obligations.
However, based on past experience, the company does not expect all employees to take the full amount
of accrued leave or require payment within the next 12 months and accordingly amounts have been
classified as current and non-current based on actuarial valuation report.

Post-employment obligations

The Company operates the following post-employment schemes:

i. defined benefit plan - gratuity; and

ii. defined contribution plans such as provident fund.

Defined benefit plans

The liability or asset recognised in the balance sheet in respect of defined benefit gratuity plans is the
present value of the defined benefit obligation at the end of the reporting period less the fair value of plan
assets. The defined benefit obligation is calculated annually by actuaries using the projected unit credit
method. If the fair value of plan assets exceeds the present value of the defined benefit obligation at the
end of the balance sheet date, then excess is recognized as an asset to the extent that it will lead to, for
example, a reduction in future contribution to plan asset.

The present value of the defined benefit obligation is determined by discounting the estimated future cash
outflows by reference to market yields at the end of the reporting period on government bonds that have
terms approximating to the terms of the related obligation. The net interest cost is calculated by applying
the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This
cost is included in employee benefit expense in the statement of profit and loss. Re-measurement gains
and losses arising from experience adjustments and changes in actuarial assumptions are recognised
in the period in which they occur, directly in other comprehensive income. They are included in retained
earnings in the statement of changes in equity and in the balance sheet. Changes in the present value of
the defined benefit obligation resulting from plan amendments or curtailments are recognised immediately
in profit or loss as past service cost.

Defined contribution plans

Retirement benefit in the form of provident fund and superannuation fund are defined contribution
schemes. The Company has no obligation, other than the contribution payable to the provident fund
and superannuation fund. The Company recognizes contribution payable to the provident fund and
superannuation fund as an expense, when an employee renders the related service. If the contribution
payable to the scheme for service received before the balance sheet date exceeds the contribution already
paid, the deficit payable to the scheme is recognized as a liability after deducting the contribution already
paid.

m. Financial instruments

Financial assets

Initial recognition and measurement

All financial assets are recognised initially at fair value, except for investment in associates where the
Company has availed option to recognise the same at cost in separate financial statements.

The classification depends on the Company’s business model for managing the financial asset and
the contractual terms of the cash flows. The Company classifies its financial assets in the following
measurement categories:

i. those to be measured subsequently at fair value (either through other comprehensive income, or
through profit or loss),

ii. those measured at amortised cost, and

iii. those measured at cost, in separate financial statements.

Subsequent measurement

For assets measured at fair value, gains and losses will either be recorded in profit or loss or other
comprehensive income. For investments in equity instruments, this will depend on whether the Company
has made an irrevocable election at the time of initial recognition to account for the equity investment
at fair value through other comprehensive income. All other financial assets are measured at amortised
cost, using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account
any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR
amortisation is included in finance income in the statement of profit or loss.

Impairment of financial assets

The Company applies expected credit loss (ECL) model for measurement and recognition of impairment
loss financial assets that are not fair valued.

The Company follows ‘simplified approach’ for recognition of impairment loss allowance on Trade
receivables or contract revenue receivables; and all lease receivables resulting from transactions within
the scope of Ind AS 116. The application of simplified approach does not require the Company to track
changes in credit risk. Rather, it recognises impairment loss allowance based on lifetime ECLs at each
reporting date, right from its initial recognition.

For recognition of impairment loss on other financial assets and risk exposure, the Company determines
that whether there has been a significant increase in the credit risk since initial recognition. If credit risk
has not increased significantly, 12-month ECL is used to provide for impairment loss. However, if credit
risk has increased significantly, lifetime ECL is used.

The amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the
reporting date to the amount that is required to be recognized, is recognized under the head ‘other

expenses’ in the statement of profit and loss.

The Company does not have any purchased or originated credit-impaired (POCI) financial assets, i.e.,
financial assets which are credit impaired on purchase/ origination.

De-recognition of financial assets

The Company derecognizes a financial asset when -

i. the contractual rights to the cash flows from the financial asset expire or it transfers the financial
asset and the transfer qualifies for de-recognition under IND AS 109.

ii. it retains contractual rights to receive the cash flows of the financial asset but assumes a contractual
obligation to pay the cash flows to one or more recipients.

When the entity has neither transferred a financial asset nor retained substantially all risks and rewards
of ownership of the financial asset, the financial asset is de-recognised if the Company has not retained
control of the financial asset. Where the Company retains control of the financial asset, the asset is
continued to be recognised to extent of continuing involvement in the financial asset.

Financial liabilities

Initial recognition

All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.

Subsequent measurement

The subsequent measurement of financial liabilities depends on their classification, as described below:
Trade and other payables

These amounts represent liabilities for goods and services provided to the Company prior to the end
of financial year which are unpaid. The amounts are unsecured and are usually paid within 45 days of
recognition. Trade and other payables are presented as current liabilities unless payment is not due within
one year after the reporting period.

n. Earnings per share

The basic earnings per share is computed by dividing the net profit for the year attributable to equity
shareholders by the weighted average number of equity shares outstanding during the period. The
Company does not have any potential equity share or warrant outstanding for the periods reported, hence
diluted earnings per share is same as basic earnings per share of the Company.

o. Segment reporting

Where a financial report contains both consolidated financial statements and separate financial statements
of the parent, segment information needs to be presented only in case of consolidated financial statements.
Accordingly, segment information has been provided only in the consolidated financial statements.

p. Critical accounting estimates and judgements

Impairment of financial assets

The Company estimates the collectability of Loan receivables and Investments carried at cost by analysing
historical payment patterns, credit-worthiness of party and current economic trends. If the financial
condition of the party deteriorates, additional allowances may be required.

Defined benefit obligation

The cost of the defined benefit plans and the present value of the defined benefit obligation are based on
actuarial valuation using the projected unit credit method. An actuarial valuation involves making various
assumptions that may differ from actual developments in the future. These include the determination
of the discount rate, future salary increases, employee turnover rate and mortality rates. Due to the
complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly
sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

Estimation of fair value

The frequency of valuations depends upon the changes in fair values of the items of investment property being valued.
Since frequent valuations are unnecessary, with only insignificant changes in fair value, the company obtains
independent valuation for its investment properties once in five years, from registered valuers as defined under rule
2 of Companies (Registered Valuers and Valuation) Rules, 2017. The fair values of investment properties have
been determined by A.D. Joshi Chartered Engineers and Valuers LLP. The fair market value is done by valuers is
based on physical inspection of properties and using comparable transfer instances of the similar type of properties
of nearby locations, and with the prevailing market rates. Appropriate depreciation is considered for buildings.

ab Through its defined benefit plans, the Company is exposed to number of risks, the most significant of which
are detailed below:

Asset Volatility: The Plan liabilities are calculated using a discount rate set with reference to government
bond yields. If plan assets underperform, this yield will create a deficit. The plan asset investments are in
funds managed by insurer. These are subject to interest rate risk.

Changes in bond yield: A decrease in government bond yields will increase plan liabilities, although this
may be partially offset by an increase in the returns from plan asset.

b Defined benefit liability and employer contributions:

ba The Company ensures that the investment positions are managed within an asset-liability matching (ALM)
framework that has been developed to achieve long-term investments that are in line with the obligations
under the employee benefit plans. Within the framework, the Company''s ALM objective is to match assets to
the gratuity obligations by investing in funds with LIC in the form of a qualifying insurance policy.

The Company actively monitors how the duration and the expected yield of the investments are matching the
expected cash outflows arising from the employee benefit obligations. The Company has not changed the
process used to manage its risks from previous periods.

bb The Company expects to contribute Rs. Nil lakhs to the defined benefit plan during the next annual reporting
period.

b) Fair Value Hierarchy:-

This section explains the judgements and estimates made in determining the fair values of the financial
instruments that are recognised and measured at fair value. To provide an indication about the reliability of
the inputs used in determining fair value, the Company has classified its financial instruments into three levels
prescribed under the accounting standard. An explanation of each level follows underneath the table.

c) Valuation technique used to determine fair value

Level 1: This hierarchy includes financial instruments measured using quoted prices. This includes listed equity
instruments and mutual funds that have quoted price. The fair value of all equity instruments which are traded
in the stock exchange is valued using the closing price as at the reporting period. The fair value of all mutual
funds are arrived at by using closing Net Asset Value published by the respective mutual fund houses.

Level 2: Fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximize the use of observable market data and rely as little as possible on entity-specific
estimates. If all significant inputs required to fair value an instrument as observable, the instrument is included
in level 2.

Level 3: If one or more of the significant inputs is not based on observable data, the instrument is included in
level.

d) As per Ind AS 107 "Financial Instrument:Disclosure", fair value disclosures are not required when the carrying
amounts reasonably approximate the fair value. Accordingly fair value disclosures have not been made for
the following financial instruments:-

1. Cash and cash equivalent

2. Other receivables

3. Other financial liabilities

4. Loans

Note 23:-FINANCIAL RISK MANAGEMENT

The Company’s business activities are exposed to a variety of financial risks, namely liquidity risk, market risks
and credit risk. The Company’s senior management has the overall responsibility for establishing and governing
the Company’s risk management framework. The Company’s risk management policies are established to
identify and analyze the risks faced by the Company, to set and monitor appropriate risk limits and controls,
periodically review the changes in market conditions and reflect the changes in the policy accordingly. The
key risks and mitigating actions are also placed before the Audit Committee of the Company.

a. MANAGEMENT OF CREDIT RISK

Credit risk is the risk that a counterparty will not meet its obligations under a contract, leading to a financial loss.
The Company is exposed to credit risk from its operating activities and from its investing activities, including
loans, deposits with banks and other financial instruments.

i) Other financial assets:-

The Company maintains exposure in cash and cash equivalents, loans to Associate and investment in
Associate and Group Companies. Investments of surplus funds are made only with approved counterparties
and within credit limits assigned to each counterparty. Counterparty credit limits are reviewed by the
Company on an annual basis, and may be updated throughout the year. The limits are set to minimise
the concentration of risks and therefore mitigate financial loss through counterparty’s potential failure to
make payments.

Other financial assets that are potentially subject to credit risk consists of inter corporate loans. The
company assesses the recoverability from these financial assets on regular basis. Factors such as business
and financial performance of counterparty, their ability to repay, regulatory changes and overall economic
conditions are considered to assess future recoverability. The Company charges interest on such loans
is at arms length rate considering counterparty''s credit rating. Based on the assessment performed, the
company considers all the outstanding balances of such financial assets to be recoverable as on balance
sheet date and no provision for impairment is considered necessary.

The Company’s maximum exposure to credit risk is the carrying value of each class of financial assets.

ii) Financial Guarantee given:

The Company has given a corporate financial guarantee to banks on behalf of Pudumjee Paper Products
Limited (the "Group Company") for credit facility of 180 crores (31-Mar-24: 180 crores). The credit facility
of the Group Company is short term for 12 months (renewable after expiry with mutual consent and
negotiations).

As per Ind AS 109, the Company is required to recognise financial guarantee commission income and
financial guarantee liability based on fair value of such financial guarantee. However, the Company has
not directly or indirectly received any commission or benefit by whatever name called, for providing such
guarantee. Also there is no future right to receive any benefit/ commission. As per the Management''s
assessment, there would not be any change in rate of interest, commission, other charges charged by
the banks to the Group Company on the said credit facility or in any if the terms of the credit facility,
with or without the corporate financial guarantee given by the Company. Further the Group Company is
neither a subsidiary nor an associate of the Company. Hence based on the Management''s assessment,
the Company has not recorded any guarantee commission income on the corporate financial guarantee
given to the Group Company.

Based on expected credit loss assessment, the Management does not estimate any liability to arise in
future on account of the corporate financial guarantee given. Hence no liability recognised in books for
such corporate financial guarantee contract.

b. MANAGEMENT OF LIQUIDITY RISK

Liquidity risk is the risk that the Company will face in meeting its obligations associated with its financial
liabilities. The Company’s approach in managing liquidity is to ensure that it will have sufficient funds to meet
its liabilities when due without incurring unacceptable losses or risking damage to company’s reputation. In
doing this, management considers both normal and stressed conditions.

Management monitors the rolling forecast of the company’s liquidity position on the basis of expected cash
flows. This monitoring includes financial ratios and takes into account the accessibility of cash and cash
equivalents.

The following table shows the maturity analysis of the Company’s financial liabilities based on contractually
agreed undiscounted cash flows along with its carrying value as at the Balance Sheet date.

c. MANAGEMENT OF MARKET RISK:

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of fluctuation in market prices. These comprise three types of risk i.e. currency rate, interest rate and other
price related risks. Financial instruments affected by market risk include loans and borrowings, deposits and
investments.

i. ) Currency Risk and sensitivity:-

The Company does not have any currency risk as all operations and assets/liabilities are within India.

ii. ) Interest Rate Risk and Sensitive-

Interest rate risk is the risk that the fair value or future cash flows on a financial instrument will fluctuate
because of changes in market interest rates. The management is responsible for the monitoring of the
company’s interest rate position. Various variables are considered by the management in structuring the
company’s investment to achieve a reasonable, competitive, cost of funding.

Cash flow sensitivity analysis for variable rate instruments:-

The Company does not have any variable rate instrument/loan. Hence there will be no change in profit due to
change in interest rates.

iii) Price Risk and Sensitivity:

The company have investment in equities of group companies. The company treats the investment as
strategic and thus fair value the investment through OCI. Thus the changes in the market price of the
securities are reflected under OCI and hence not having impact on profit and loss. The profit or loss on
sale will be considered at the time of final disposal or transfer of the investment. investment in associate
are not fair valued, but accounted using equity method in consolidated financial statements as explained
in note 2(a).

Note 24:- Capital Risk Management
(a) Risk management

The Company’s policy is to maintain an adequate capital base so as to maintain creditor and market confidence
and to sustain future development. In order to maintain or adjust the capital structure, the Company may
adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares. The
Company monitors capital using gearing ratio, which is net debt divided by total capital plus net debt. Net debt
comprises of long term and short term borrowings less cash and bank balances. Equity includes equity share
capital and other equity that are managed as capital.

The Company has not pledged any assets current or non-current, as security.

Note 29: Operating lease as Leasor

The company has given certain industrial land and buildings and Machinery on operating lease. The leases are
renewable for further period on mutually agreeable terms. Management has placed appropriate safeguard for rights
the Company retains on asstes given on operating lease. Further as per indeminity clauses of the lease agreement,
the Company will be compensated for any loss resulting from whatever reason on the assets given on operating
lease other then normal wear and tear.

During the year ended March 31,2025 the Company did not have any transactions with companies struck off
under section 248 of the Companies Act 2013 or section 560 of Companies Act 1956. Hence no further disclosure
required.

Note 31: Benami Property Details

No proceddings has been initiated or pending against the Company for holding any benami property under the
Benami Transaction (Prohibition) Act 1988 or rules made thereunder.Hence no further disclosure required.

Note 32: Layers of Companies

The Company is not in non compliance with number of layers of companies prescribed under clause (87) of section
2 of the Companies Act 2013 read with the Companies (Restriction on number of layers) Rules, 2017. Hence no
further disclosure required.

Note 33: Reclassification

Previous year figure''s have been reclassified to conform to this year''s classification
The accompanying notes are integral part of the financial statements.

As per our Report of date attached For and on behalf of the Board of Directors

For J M Agrawal & Co. of 3P Land Holdings Limited.

Firm Registration No.100130W
Chartered Accountants

BHAVANI SINGH SHEKHAWAT G. N. JAJODIA

Director Chairman & Executive Director

PUNIT AGRAWAL

Partner

Membership No.148757 J. W. PATIL

Company Secretary & C.F.O

Place : Pune Place : Pune

Dated : 10^th May, 2025 Dated : 10^th May, 2025

---

Mar 31, 2024

k. Provisions and Contingent liability

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

Contingent liabilities are disclosed in the notes, if any. Contingent liabilities are disclosed for

i. possible obligations which will be confirmed only by future events not wholly within the control of the Company or

ii. present obligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.

l. Employee benefits

Short-term obligations

Short-term employee benefits are expensed as the related service is provided. Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within one year after the end of the period in which the employees render the related service are the end of the reporting period

and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.

Other long-term employee benefits obligations

The liabilities for earned leave and sick leave are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. They are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. The benefits are discounted using the market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related obligation. Re-measurements as a result of experience adjustments and changes in actuarial assumptions are recognised in profit or loss.

The company does not have an unconditional right to defer settlement for any of these obligations. However, based on past experience, the company does not expect all employees to take the full amount of accrued leave or require payment within the next 12 months and accordingly amounts have been classified as current and non-current based on actuarial valuation report.

Post-employment obligations

The Company operates the following post-employment schemes:

i. defined benefit plan - gratuity; and

ii. defined contribution plans such as provident fund.

Defined benefit plans

The liability or asset recognised in the balance sheet in respect of defined benefit gratuity plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by actuaries using the projected unit credit method. If the fair value of plan assets exceeds the present value of the defined benefit obligation at the end of the balance sheet date, then excess is recognized as an asset to the extent that it will lead to, for example, a reduction in future contribution to plan asset.

The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by reference to market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related obligation. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the statement of profit and loss. Re-measurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of changes in equity and in the balance sheet. Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognised immediately in profit or loss as past service cost.

Defined contribution plans

Retirement benefit in the form of provident fund and superannuation fund are defined contribution schemes. The Company has no obligation, other than the contribution payable to the provident fund and superannuation fund. The Company recognizes contribution payable to the provident fund and

superannuation fund as an expense, when an employee renders the related service. If the contribution payable to the scheme for service received before the balance sheet date exceeds the contribution already paid, the deficit payable to the scheme is recognized as a liability after deducting the contribution already paid.

m. Financial instruments

Financial assets

Initial recognition and measurement

All financial assets are recognised initially at fair value, except for investment in subsidiaries, associates, joint operation or joint venture where the Company has availed option to recognise the same at cost in separate financial statements.

The classification depends on the Company’s business model for managing the financial asset and the contractual terms of the cash flows. The Company classifies its financial assets in the following measurement categories:

i. those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss),

ii. those measured at amortised cost, and

iii. those measured at cost, in separate financial statements.

Subsequent measurement

For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income. For investments in equity instruments, this will depend on whether the Company has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income. All other financial assets are measured at amortised cost, using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income in the statement of profit or loss.

Impairment of financial assets

The Company applies expected credit loss (ECL) model for measurement and recognition of impairment loss financial assets that are not fair valued.

The Company follows ‘simplified approach’ for recognition of impairment loss allowance on Trade receivables or contract revenue receivables; and all lease receivables resulting from transactions within the scope of Ind AS 116. The application of simplified approach does not require the Company to track changes in credit risk. Rather, it recognises impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.

For recognition of impairment loss on other financial assets and risk exposure, the Company determines that whether there has been a significant increase in the credit risk since initial recognition. If credit risk has not increased significantly, 12-month ECL is used to provide for impairment loss. However, if credit risk has increased significantly, lifetime ECL is used.

The amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the

reporting date to the amount that is required to be recognized, is recognized under the head ‘other expenses’ in the statement of profit and loss.

The Company does not have any purchased or originated credit-impaired (POCI) financial assets, i.e., financial assets which are credit impaired on purchase/ origination.

De-recognition of financial assets

The Company derecognizes a financial asset when -

i. the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for de-recognition under IND AS 109.

ii. it retains contractual rights to receive the cash flows of the financial asset but assumes a contractual obligation to pay the cash flows to one or more recipients.

When the entity has neither transferred a financial asset nor retained substantially all risks and rewards of ownership of the financial asset, the financial asset is de-recognised if the Company has not retained control of the financial asset. Where the Company retains control of the financial asset, the asset is continued to be recognised to extent of continuing involvement in the financial asset.

Financial liabilities

Initial recognition

All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

Subsequent measurement

The subsequent measurement of financial liabilities depends on their classification, as described below: Trade and other payables

These amounts represent liabilities for goods and services provided to the Company prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 45 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within one year after the reporting period.

n. Earnings per share

The basic earnings per share is computed by dividing the net profit for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. The Company does not have any potential equity share or warrant outstanding for the periods reported, hence diluted earnings per share is same as basic earnings per share of the Company.

o. Segment reporting

Where a financial report contains both consolidated financial statements and separate financial statements of the parent, segment information needs to be presented only in case of consolidated financial statements. Accordingly, segment information has been provided only in the consolidated financial statements.

p. Critical accounting estimates and judgements

Impairment of financial assets

The Company estimates the collectability of Loan receivables and Investments carried at cost by analysing historical payment patterns, credit-worthiness of party and current economic trends. If the financial condition of the party deteriorates, additional allowances may be required.

Defined benefit obligation

The cost of the defined benefit plans and the present value of the defined benefit obligation are based on actuarial valuation using the projected unit credit method. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, employee turnover rate and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

c) Valuation technique used to determine fair value

Level 1: This hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments and mutual funds that have quoted price. The fair value of all equity instruments which are traded in the stock exchange is valued using the closing price as at the reporting period. The fair value of all mutual funds are arrived at by using closing Net Asset Value published by the respective mutual fund houses.

Level 2: Fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument as observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable data, the instrument is included in level 3. This is the case for unlisted equity securities.

d) As per Ind AS 107 "Financial Instrument:Disclosure", fair value disclosures are not required when the carrying amounts reasonably approximate the fair value. Accordingly fair value disclosures have not been made for the following financial instruments:-

1. Cash and cash equivalent

2. Other receivables

3. Other financial liabilities

4. Loans

Note 23:-FINANCIAL RISK MANAGEMENT

The Company’s business activities are exposed to a variety of financial risks, namely liquidity risk, market risks and credit risk. The Company’s senior management has the overall responsibility for establishing and governing the Company’s risk management framework. The Company’s risk management policies are established to identify and analyze the risks faced by the Company, to set and monitor appropriate risk limits and controls, periodically review the changes in market conditions and reflect the changes in the policy accordingly. The key risks and mitigating actions are also placed before the Audit Committee of the Company.

a. MANAGEMENT OF CREDIT RISK

Credit risk is the risk that a counterparty will not meet its obligations under a contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities and from its investing activities, including loans, deposits with banks and other financial instruments.

i) Other financial assets:-

The Company maintains exposure in cash and cash equivalents, loans to associate and investment in associate and Group Companies. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty. Counterparty credit limits are reviewed by the Company on an annual basis, and may be updated throughout the year. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through counterparty’s potential failure to make payments.

Other financial assets that are potentially subject to credit risk consists of inter corporate loans. The company assesses the recoverability from these financial assets on regular basis. Factors such as business and financial performance of counterparty, their ability to repay, regulatory changes and overall economic conditions are considered to assess future recoverability. The Company charges interest on such loans is at arms length rate considering counterparty''s credit rating. Based on the assessment performed, the company considers all the outstanding balances of such financial assets to be recoverable as on balance sheet date and no provision for impairment is considered necessary.

The Company’s maximum exposure to credit risk is the carrying value of each class of financial assets.

ii) Financial Guarantee given:

The Company has given a corporate financial guarantee to banks on behalf of Pudumjee Paper Products Limited (the "Group Company") for credit facility of 180 crores (31-Mar-23: 180 crores). The credit facility of the Group Company is short term for 12 months (renewable after expiry with mutual consent and negotiations).

As per Ind AS 109, the Company is required to recognise financial guarantee commission income and financial guarantee liability based on fair value of such financial guarantee. However, the Company has not directly or indirectly received any commission or benefit by whatever name called, for providing such guarantee. Also there is no future right to receive any benefit/ commission. As per the Management''s assessment, there would not be any change in rate of interest, commission, other charges charged by the banks to the Group Company on the said credit facility or in any if the terms of the credit facility, with or without the corporate financial guarantee given by the Company. Further the Group Company is neither a subsidiary nor an associate of the Company. Hence based on the Management''s assessment, the Company has not recorded any guarantee commission income on the corporate financial guarantee given to the Group Company.

Based on expected credit loss assessment, the Management does not estimate any liability to arise in future on account of the corporate financial guarantee given. Hence no liability recognised in books for such corporate financial guarantee contract.

b. MANAGEMENT OF LIQUIDITY RISK

Liquidity risk is the risk that the Company will face in meeting its obligations associated with its financial liabilities. The Company’s approach in managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due without incurring unacceptable losses or risking damage to company’s reputation. In doing this, management considers both normal and stressed conditions.

Management monitors the rolling forecast of the company’s liquidity position on the basis of expected cash flows. This monitoring includes financial ratios and takes into account the accessibility of cash and cash equivalents.

The following table shows the maturity analysis of the Company’s financial liabilities based on contractually agreed undiscounted cash flows along with its carrying value as at the Balance Sheet date.

Cash flow sensitivity analysis for variable rate instruments:-

The Company does not have any variable rate instrument/loan. Hence there will be no change in profit due to change in interest rates.

iii) Price Risk and Sensitivity:

The company have investment in equities of group companies. The company treats the investment as strategic and thus fair value the investment through OCI. Thus the changes in the market price of the securities are reflected under OCI and hence not having impact on profit and loss. The profit or loss on sale will be considered at the time of final disposal or transfer of the investment. investment in associate are not fair valued, but accounted using equity method in consolidated financial statements as explained in note 2(a).

Note 24:- Capital Risk Management (a) Risk management

The Company’s policy is to maintain an adequate capital base so as to maintain creditor and market confidence and to sustain future development. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using gearing ratio, which is net debt divided by total capital plus net debt. Net debt comprises of long term and short term borrowings less cash and bank balances. Equity includes equity share capital and other equity that are managed as capital.

The Company has not pledged any assets current or non-current, as security.

Note 29: Operating lease as Leasor

The company has given certain industrial land and buildings and Machinery on operating lease. The leases are renewable for further period on mutually agreeable terms. Management has placed appropriate safeguard for rights the Company retains on asstes given on operating lease. Further as per indeminity clauses of the lease agreement, the Company will be compensated for any loss resulting from whatever reason on the assets given on operating lease other then normal wear and tear.

During the year ended March 31,2024 the Company did not have any transactions with companies struck off under section 248 of the Companies Act 2013 or section 560 of Companies Act 1956. Hence no further disclosure required.

Note 31: Benami Property Details

No proceddings has been initiated or pending against the Company for holding any benami property under the Benami Transaction (Prohibition) Act 1988 or rules made thereunder.Hence no further disclosure required.

Note 32: Layers of Companies

The Company is not in non compliance with number of layers of companies prescribed under clause (87) of section 2 of the Companies Act 2013 read with the Companies (Restriction on number of layers) Rules, 2017. Hence no further disclosure required.

Note 33: Reclassification

Previous year figure''s have been reclassified to conform to this year''s classification The accompanying notes are integral part of the financial statements.

As per our Report of date attached For and on behalf of the Board of Directors

For J M Agrawal & Co. of 3P Land Holdings Limited.

Firm Registration No.100130W Chartered Accountants

BHAVANI SINGH SHEKHAWAT G. N. JAJODIA

Director Chairman & Executive Director

PUNIT AGRAWAL

Partner

Membership No.148757 J. W. PATIL

Company Secretary & C.F.O

Place : Pune Place : Pune

Dated : 11^th May, 2024 Dated : 11^th May, 2024

---

Mar 31, 2019

Note 1: Corporate information

The Company is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges in India. The registered office of the Company is located at Thergaon Pune 411033, Maharashtra, India. The Company is primarily engaged in the business of real estate leasing.

The standalone financial statements were authorised for issue in accordance with resolution passed by the Board of Directors of the Company on May 23, 2019.

2.1 Terms/Rights attached to Equity Shares

The Company has only one class of equity shares having a par value of Rs. 2 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees.

In the event of liquidation of the Company, the holder of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

3.1 To the best of knowledge of the company, none of the creditors are ‘Small enterprise’ within its meaning under clause (m) of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006 & therefore principal amount,interest paid/payable or accrued is NIL.

3.2 Land admeasuring about 1,400 Sq.Meters has been acquired by Municipal Corporation for road widening purpose in the earlier years.The Company is entitled to TDR with an out side chance of cash compensation, which is yet to be determined and as such this will be included when finally decided since the relevant documentation is yet to be finalised and executed.

3.3 The Company has no reportable segments.

3.4 Operating lease as Leaser

The Company leases various offices under non cancellable operating lease expiring within two to five years. The leases have varying terms, escalation clauses and renewal rights. On renewal, the terms of the leases are renegotiated.

3.5 The Company does not have any defined benefit obligation hence the related disclosure, as per AS 15 is not applicable.

3.6 Note on Scheme of Amalgamation:

a) During the year, the Company completed amalgamation of it’s wholly owned subsidiaries Pudumjee Hygiene Products Limited (PHPL) and Pudumjee Holdings Limited (PHL) with itself, under the ‘Scheme of Amalgamation’ (the “Scheme”) approved by NCLT vide its order dated December 14, 2018. PHPL is a public company engaged in the business of providing machinery on lease and PHL is a public company carrying investment and financing activity. The Scheme is approved with appointed date as April 1, 2017 i.e. effective date of amalgamation. The necessary filing with the Registrar of Companies was done on January 14, 2019 and accordingly, the Scheme of Amalgamation has been given effect to in accounts for current year. Consequently-

- In terms of the Scheme, the entire business and the whole of the undertakings of PHL and PHPL, as a going concern stands transferred to and vested in the Company with effect from April 01, 2017, being the appointed date.

- As PHL and PHPL were wholly owned subsidiaries of the Company, the investment held by the company in PHL and PHPL stands cancelled and no further consideration is payable in that behalf.

- The amalgamation of PHL and PHPL with the Company is accounted for on the basis of Purchase method as envisaged in the Accounting Standard (AS) - 14 on Accounting for Amalgamations specified in the Companies (Accounting Standard) Rules 2006 and in terms of the Scheme, as below-

All asset and liabilities of the PHL and PHPL were recorded at their respective fair values.

Goodwill of Rs. 222.27 lakhs, recognized on April 1, 2017 being the difference between the value of net assets of the PHL and PHPL transferred to the Company and the carrying value of the Company’s investment in these amalgamating subsidiary companies. The Company has amortised entire Goodwill of Rs. 222.27 lakhs in F.Y. 2017-2018.

b) The net profit/(loss) after tax of the amalgamating companies PHPL and PHL, for the period from appointed date i.e. April 1, 2017 to March 31, 2018 (i.e. last financial year) of Rs.(3.62) lakhs and

full amortisation of Goodwill of ‘222.27 lakhs, resulting out of the Scheme, have been adjusted in opening Surplus in profit and loss account of the Company as on April 1, 2018.

c) Comparative accounting period presented in these financial statements have not been restated for accounting the impact of amalgamation. Hence, the same is not comparable with current accounting period.

d) All cost, charges and expenses including stamp duties arising out of or incurred so far in carrying out and implementing the Scheme and matters incidental thereto, have been debited to Profit and loss account as per the Scheme.

3.7 The items and figures for the previous year have been recast and regrouped wherever necessary to conform to this year’s presentation.

---

Mar 31, 2017

1. To the best of knowledge of the company, none of the creditors are ''Small enterprise'' within its meaning under clause (m) of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006 & therefore principal amount, interest paid/payable or accrued is NIL.

2. Long term Investments in the share capital of companies have been shown at cost although there has been diminution in their value

In view of the long term prospects of these companies no permanent diminution in value is envisaged by the management except to the extent provided for.

3. Land admeasuring about 1,400 Sq. Meters has been acquired by Municipal Corporation for road widening purpose in the earlier years. The Company is entitled to TDR with an outside chance of cash compensation, which is yet to be determined and as such this will be included when finally decided since the relevant documentation is yet to be finalized and executed.

4. Rates & Taxes and professional fees Capitalized to Fixed Assets Rs.3.93 lacs (last year Nil)

5. Following significant accounting policies have been adopted in preparation and presentation of the financial statements:

6. Fixed Assets are valued at cost.

7. Borrowing costs comprising interest etc. relating to projects are capitalized up to the date of its completion and other borrowing costs are charged to Profit & Loss Account in the year of their accrual.

8. Depreciation on Building has been provided on Straight Line Method and on all other Assets on Written Down Value Method till 31.03.2014. The depreciation is provided on all assets based on the useful lives of the assets on straight line method w.e.f.01.04.2014, in accordance with Schedule II of the Companies Act, 2013.

9. Investments are classified into current and long term investments. Current investments are stated at lower of cost or fair value. Long term investments are stated at cost, less provision for permanent diminution in value ,if any.

10. Contributions to defined contribution schemes, namely, Provident Fund and Supernnuation

Fund is made at a pre-determined rates and are charged to the Profit & Loss Account.

11. Contributions to the defined benefit scheme, namely, Gratuity Fund & provision for the remaining Gratuity and for Leave encashment are made on the basis of actuarial valuations made in accordance with the revised Accounting Standard (AS) 15 at the end of each Financial Year and are charged to the Profit & Loss Account of the year.

12. Actuarial gains & losses are recognized immediately in the Profit & Loss Account.

13. Lease arrangement where the risks and rewards to ownership of assets substantially vest with the leasor, are recognized as operating leases, Lease rentals under operating leases are recognized in the statement of Profit & Loss.

14. Revenue recognition is postponed to a later year only when it is not possible to estimate it with reasonable accuracy.

15. Factors giving rise to any indication of any impairment of the carrying amount of the company''s assets are appraised at each balance sheet date to determine and provide /revert an impairment loss following accounting standard AS 28 for impairment of assets.

16. The Deferred Tax Asset in respect of carry forward of losses and tax credit has been worked out on the basis of assessment orders, returns of income filed for subsequent assessment years and estimate of the taxable income for the year ending 31^st March, 2017, considering effects of demerger.

17. Related party disclosures (Accounting Standard 18) :

18. Subsidiary Company

Pudumjee Hygiene Products Ltd.

Pudumjee Holding Ltd.

19. Associate Firms/ Companies

20. Pudumjee Pulp & Paper Mills Ltd.

21 Pudumjee Plant Laboratories Limited.

23 Pudumjee Investments and Finance Co. Ltd.

24. Pudumjee Paper Products Ltd.

25. Key Management personnel

26. Mr.G.N.Jajodia Executive Director

27. Mr. J. W. Patil

Company Secretary & C.F.O.

28.The Company has no reportable segments.

29. The Company had entered into leave & license agreements (including leave & license agreement pursuant to the scheme) for commercial use on terms and conditions as specified in their agreements for period ranging from 11 months to 5 years . In respect of this agreement the future minimum lease/ rental payments receivable is as under :

30. The following are the disclosures required under revised Accounting Standards (AS) 15 in respect of Employee Benefits :

31. An amount of Rs.0.31 (Last year Rs.0.80 lacs) has been recognized as an expenses for defined contribution plans by way of Company''s contribution to Provident Funds & Super annuation Fund.

32. The defined benefits plans comprise of Gratuity Plan and Leave Encashment Plan. The Gratuity Plan is partly funded with Life Insurance Corporation of India under its Cash Accumulation Plan.

33. Expenses recognized during the year and reconciliation of the Assets & Liabilities recognized in Balance Sheet as at 31.03.2017:

34. Disclosure of the details of specified Bank Notes (SBN) held and transacted during the period from 8th November,2016 to 30th December,2016, required as per Notification G.S.R.308 (E) dated 30th March 2017 issued by the Ministry of Corporate Affairs.

35. The items and figures for the previous year have been recast and regrouped wherever necessary to conform to this year''s presentation.

---

Mar 31, 2015

1. DISCONTINUING OPERATIONS

The Company has undertaken restructuring initiatives for demerger of the Paper Manufacturing Business of the Company. The Board of Directors of the Company at its Meeting held on 17th January, 2015 has considered and approved a Scheme of Arrangement Demerger) between the company, Pudumjee Pulp & Paper Mills Ltd,. Pudumjee Hygiene Products Ltd. and Pudumjee Paper Products Ltd. As per the Scheme the Paper Manufacturing Business of the Company would be demerged and transferred to Pudumjee Paper Products Limited The appointed date in respect of the scheme is 1 st April ,2014 The Paper Manufacturing is the main business segment of the company. The Scheme is subject to requisite approvals, including sanction of the The Hon'ble High Court at Mumbai which is pending. Accordingly aforesaid Paper Division has been considered as discontinuing operations.

2. To the best of knowledge of the company, none of the creditors are 'Small enterprise' within its meaning under clause (m) of section 2 of the Micro,Small and Medium Enterprises Development Act, 2006 & therefore principal amount,interest paid/payable or accrued is NIL.

3. Long term Investments in the share capital of companies have been shown at cost although there has been diminution in their value

In view of the long term prospects of these companies no permanent diminution in value is envisaged by the management except to the extent provided for.

4. Land admeasuring about 1,400 Sq.Meters has been acquired by Municipal Corporation for road widening purpose in the earlier years. The Company is entitled to TDR with an out side chance of cash compensation, which is yet to be determined and as such this will be included when finally decided since the relevant documentation is yet to be finalised and executed.

5. Depreciation

(a) The Company has adopted the estimates of the useful lives of the Fixed Assets wef.1 st April,2014 as prescribed under schedule II of the companies Act.2013,as a result the charge of Depreciation for the year is lower by Rs.56.56 lacs.

(b) Further an amount of Rs.7.26 lacs has been added to the depreciation for the year in respect of the residual value of assets, whose remaining useful lives has become Nil.

(c) The Company has now adopted straight line method for all the assets instead of written down value method for certain assets. consequently an amount of Rs. 1.13 Lacs has been deducted from depreciation for the year.

(d) Consequent to these changes the depreciation for the year ended 31 st March 2015 is lower by Rs.50.43 Lacs and profit before and after tax is correspondingly higher by the same amount.

(b) The Deferred Tax Asset in respect of carry forward of losses and tax credit has been worked out on the basis of assessment orders, returns of income filed for subsequent assessment years and estimate of the taxable income for the year ending 31st March, 2015

6. Related party disclosures (Accounting Standard 18) :

A) Subsidiary Company

Pudumjee Hygiene Products Ltd. Pudumjee Holding Ltd.

B) Associate Firms/ Companies

a) Pudumjee Pulp & Paper Mills Ltd.

b) Pudumjee Plant Laboratories Limited.

c) Pudumjee Investments and Finance Co.Ltd.

d) Pudumjee Paper Products Ltd.

C) Key Management personnel

1) Mr.G.N.Jajodia Executive Director

2) Mr. Sudhir V. Duppaliwar Chief Finance Officer

3) Mr. J. W. Patil

Deputy Company Secretary V

7. The following are the disclosures required under revised Accounting Standards (AS) 15 in respect of Employee Benefits :

a) An amount of Rs.39.44 lacs (Last year Rs.35.84 lacs) has been recognized as an expenses for defined contribution plans by way of Company's contribution to Provident Funds & Superannuation Fund.

b) The defined benefits plans comprise of Gratuity Plan and Leave Encashment Plan.The Gratuity Plan is partly funded with Life Insurance Corporation of India under its Cash Accumulation Plan.

c) Expenses recognized during the year and reconciliation of the Assets & Liabilities recognized in Balance Sheet as at 31.03.2015:

8. The items and figures for the previous year have been recast and regrouped wherever necessary to conform to this year's presentation.

---

Mar 31, 2014

1. (a) : Excluding Rs. 130.39 lacs (Last year Rs. 180.00 lacs) shown under "Current maturities of Long Term Debt" under Note 8. Repayble in 20 equal quarterly installments beginning with 30.9.2010

(b) : Rs.Nil Lacs (Last Year Rs.5.79) shown under current maturities of Long Term Debts under note no.8 since repaid.

(c) : There has been no default in repayment of loan and payment of interest.

Note : There has been no default in repayment of Loan & Payment of Interest in respect of any of aforesaid borrowings.

2. To the best of knowledge of the company, none of the creditors are ''Small enterprise'' within its meaning under clause (m) of section 2 of the Micro,Small and Medium Enterprises Development Act, 2006 & therefore principal amount,interest paid/payable or accrued is NIL.

3. Long term Investments in the share capital of companies have been shown at cost although there has been diminution in their value In view of the long term prospectsof these companies no permanent diminution in value is envisaged by the management except to the extent provided for.

4. Land admeasuring about 1,400 Sq.Meters has been acquired by Municipal Corporation for road widening purpose in the earlier years.The Company is entitled to TDR with an out side chance of cash compensation, which is yet to be determined and as such this will be included when finally decided since the relevant documentation is yet to be finalised and executed.

5. (a) Contingent Liabilities not provided for in respect of:

AS AT AS AT 31.03.2014 31.03.2013

(Rs.in lacs) (Rs.in lacs)

i) Bank Guarantees and Letters of Credit in favour of suppliers of raw materials, spares etc.* 1,189.06 1,360.69

ii) Guarantee for other Companies * 111.96 126.92

iii) Claims against the Company not acknowledged as debts for excise duty, property tax and commercial claims etc. ** 503.43 477.84

* Will not affect the future Profitability.

** May affect the future profitability to the extent indicated, if such liabilities crystallise.

(b) Commitments not provided for in respect of:

i) Estimate of contracts remaining to be executed on capital accounts - 7.98

6. Following significant accounting policies have been adopted in preparation and presentation of the financial statements:

a) Fixed Assets are valued at cost.

b) Borrowing costs comprising interest etc. relating to projects are capitalised up to the date of its completion and other borrowing costs are charged to Profit & Loss Account in the year of their accrual.

c) Depreciation on Machinery & Building has been provided on Straight Line Method and that on the other Assets on Written Down Value method in accordance with Schedule XIV of the Companies Act, 1956 as in force as on the date of Balance Sheet.

d) Finished paper stock is valued at lower of cost or market value. All other inventories are valued at lower of cost on First In First Out Method or realisable value.

e) Investments are classified into current and long term investments.Current investments are stated at lower of cost or fair value.Long term investments are stated at cost, less provision for permanent diminution in value ,if any.

f) (i) Contributions to defined contribution schemes,namely,Provident Fund and Supernnuation Fund is made at a pre-determined rates and are charged to the Profit & Loss Account.

(ii) Contributions to the defined benefit scheme,namely,Gratuity Fund & provision for the remaining Gratuity and for Leave encashment are made on the basis of actuarial valuations made in accordance with the revised Accounting Standard (AS) 15 at the end of each Financial Year and are charged to the Profit & Loss Account of the year.

(iii) Actuarial gains & losses are recognized immediately in the Profit & Loss Account.

g) Foreign Exchange Transactions are recorded at the then prevailing rate.Closing balances of Assets & Liabilities relating to foreign currency transactions are converted into rupees at the rates prevailing on the date of the Balance Sheet.The difference for transactions are dealt with in the Profit & Loss Account.

h) Revenue recognition is postponed to a later year only when it is not possible to estimate it with reasonable accuracy.

i) Factors giving rise to any indication of any impairment of the carrying amount of the company''s assets are appraised at each balance sheet date to determine and provide /revert an impairment loss following accounting standard AS 28 for impairment of assets.

7. The following are the disclosures required under revised Accounting Standards (AS) 15 in respect of Employee Benefits :

a) An amount of Rs.35.84 lacs (Last year Rs.35.64 lacs) has been recognized as an expenses for defined contribution plans by way of Company''s contribution to Provident Funds & Super annuation Fund.

b) The defined benefits plans comprise of Gratuity Plan and Leave Encashment Plan.The Gratuity Plan is partly funded with Life Insurance Corporation of India under its Cash Accumulation Plan.

8. The items and figures for the previous year have been recast and regrouped wherever necessary to conform to this year''s presentation.

---

Mar 31, 2013

1.1 Related party disclosures (Accounting Standard 18) :

a) Subsidiary Company

Pudumjee Hygiene Products Ltd. Pudumjee Holding Ltd.

b) Associate Firms/ Companies

a) Pudumjee Pulp & Paper Mills Ltd.

b) Pudumjee Plant Laboratories Limited

c) Pudumjee Investments and Finance Co.Ltd.

d) Prime Developers

c) Key Management personnel

Mr. S. M. Jatia Managing Director

1.2 The following are the disclosures required under revised Accounting Standards (AS) 15 in respect of Employee Benefits :

a) An amount of Rs. 35.64 lacs (Last year Rs. 31.77 lacs) has been recognized as an expenses for defined contribution plans by way of Company''s contribution to Provident Funds & Super annuation Fund.

b) The defined benefits plans comprise of Gratuity Plan and Leave Encashment Plan. The Gratuity Plan is partly funded with Life Insurance Corporation of India under its Cash Accumulation Plan.

c) Expenses recognized during the year and reconciliation of the Assets & Liabilities recognized in Balance Sheet as at 31.03.2013 :

1.3 The items and figures for the previous year have been recast & regrouped wherever necessary to conform to this year''s presentation

---

Mar 31, 2012

1.1 To the best of knowledge of the company, none of the creditors are 'Small enterprise' within its meaning under clause (m) of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006 & therefore principal amount, interest paid/payable or accrued is NIL.

1.2 Land admeasuring about 1,400 Sq. Meters has been acquired by Municipal Corporation for road widening purpose in the earlier years. The Company is entitled to TDR with an out side chance of cash compensation, which is yet to be determined and as such this will be included when finally decided since the relevant documentation is yet to be finalised and executed.

1.3 (a) Contingent Liabilities not provided for in respect of:

AS AT AS AT 31.03.2012 31.03.2011 (Rs.in lacs) (Rs.in lacs)

i) Bank Guarantees and Letters of Credit in favour of suppliers of raw materials, spares etc.* 160.01 270.73

ii) Guarantee for other Companies* 156.22 170.27

iii) Claims against the Company not acknowledged as debts for excise duty, property tax and commercial claims etc. ** 518.18 477.09

* Will not affect the future Profitability.

** May affect the future profitability to the extent indicated, if such liabilities crystallise.

(b) Commitments not provided for in respect of: 108.21 29.96

i) Estimate of contracts remaining to be executed on capital accounts

1.4 Related party disclosures (Accounting Standard 18):

a) Subsidiary Company

Pudumjee Hygiene Products Ltd.

Pudumjee Holding Ltd.

b) Associate Firms/ Companies

a) Pudumjee Pulp & Paper Mills Ltd.

b) Pudumjee Plant Laboratories Limited

c) Pudumjee Investments and Finance Co.Ltd.

d) Prime Developers

c) Key Management personnel Mr. S. M.Jatia

Managing Director

1.5 The following are the disclosures required under revised Accounting Standards (AS) 15 in respect of Employee Benefits :

a) An amount of Rs 31.77 lacs (Last year Rs 28.68 lacs) has been recognized as an expenses for defined contribution plans by way of Company's contribution to Provident Funds & Super annuation Fund.

b) The defined benefits plans comprise of Gratuity Plan and Leave Encashment Plan. The Gratuity Plan is partly funded with Life Insurance Corporation of India under its Cash Accumulation Plan.

Expenses aggregating Rs 37.56 lacs ( Last year Rs 11.69 lacs) covered under items (ii),(iii),(iv),(vi) and (x) above have been debited to the Profit & Loss Account under the Head 'Salaries, Wages, Bonus etc.

1.6 The items and figures for the previous year have been recast & regrouped wherever necessary to conform to this year's presentation.

---

Mar 31, 2011

1. (b) The deferred Tax Asset in respect of carry forward of losses has been worked out on the basis of assessment orders, returns of income filed for subsequent assessment years and estimate of the taxable income for the year ending 31st March, 2011.

2. Related Party Disclosures (Accounting Standard 18)

a) Subsidiary Company

Pudumjee Hygiene Products Ltd.

b) Associate Companies / Firms

Pudumjee Pulp & Paper Mills Ltd.

Pudumjee Plant Laboratories Ltd.

Pudumjee Investments and Finance Co.Ltd.

Prime Developers

Pudumjee-G. Corp.Developers

c) Key Management Personnel

Mr. S. M.Jatia Managing Director

3. There is no amount outstanding as on 31st March, 2011 which is to be credited to the Investor Education and Protection Fund.

4. Income Tax deducted at source on interest received is Rs. 34.33 lacs(Last year Rs. 58.13 lacs) and on other income is Rs. 0.81 lac (Last year Rs. 1.11 lacs.)

5. Sales Include Excise Duty,VAT,Sales Tax & Service Tax collected. Miscellaneous sales have been stated net of stocks.

6. Expenses amounting to Rs. 21.62 lacs (last year Rs. 49.30 lacs) relating to the project have been capitalised.

7. Interest Paid as shown in (Schedule ‘K') includes interest on fixed term loans Rs. 388.98 lacs. (last year Rs. 264.22 lacs)

8. Estimate of contracts remaining to be executed on capital account and not provided for amounted to Rs. 29.96 lacs (Last year Rs. Nil)

9. Land admeasuring about 1,400 Sq.Meters has been acquired by Municipal Corporation for Road widening purpose in earlier year, the company is entitled to TDR with an outside chance of cash compensation, which is yet to be determined and as such this will be included when finaly decided since the relevent documentation is to be finalised and executed.

10. To the best of knowledge of the company, none of the creditors are ‘Small enterprise' within its meaning under clause (m) of section 2 of the Micro,Small and Medium Enterprises Development Act, 2006 & therefore principal amount,interest paid/payable or accrued is NIL.

11. Long term investments in the share capital of companies have been shown at cost although there has been diminution in their value. In view of the long term prospects of these companies no permanent diminution in value is envisaged by the management except to the extent provided for.

12. The Company operates in only one reportable segment viz.Paper, during the year.

13.(a) Contingent Liabilities not provided for in respect of:

AS AT AS AT 31.03 31.03 .2011 .2010

(Rs. In (Rs. In lacs) lacs)

(i) Letters of Credit and bank Guarantees 270.73 223.33 in favour of Govt. Authorities and suppliers of raw materials, spares etc.*

(ii) Guarantees for loans granted to 170.27 157.44 companies.

(iii) Claims against the Company not 477.09 473.00 acknowledged as debts for excise duty, Income tax, commercial claims etc. (Including demands contested in appeals)**

* Will not effect the future profitability.

** May affect the future profitability to the extent indicated if such liabilities crystallize.

14. The following are the disclosures required under revised Accounting Standards (AS) 15 in respect of Employee Benefits:

a) An amount of Rs. 28.68 lacs (last year Rs. 27.28 lacs) has been recognized as an expenses for defined contribution plans by way of Company's contribution to Provident Funds & Super annuation Fund.

b) The defined benefits plans comprise of Gratuity Plan and Leave Encashment Plan. The Gratuity Plan is partly funded with Life Insurance Corporation of India.

c) Expenses recognized during the year and reconciliation of the Assets & Liabilities recognized in Balance Sheet as at 31.03.2011:

15. The items and figures for the previous year have been recast & regrouped wherever necessary to conform to this year's presentation.

---

Mar 31, 2010

1 Related Party Disclosures (Accounting Standard 18)

a) Subsidiary Company

Pudumjee Hygiene Products Ltd.

b) Associate Companies / Firms

Pudumjee Pulp & Paper Mills Ltd. Pudumjee Plant Laboratories Ltd.

Pudumjee Investments and Finance Co.Ltd. Prime Developers

Pudumjee-G. Corp.Developers

c) Key Management Personnel

Mr. S. M.Jatia

Managing Director

2 There is no amount outstanding as on 31st March, 2010 which is to be credited to the Investor Education and Protection Fund.

3 Income Tax deducted at source on interest received is Rs.58.13 lacs (Last year Rs.83.76 lacs) and on other income is Rs. 1.11 lacs (Last year Rs.1.50 lacs.).

4 Miscellaneous sales have been stated net of stocks.

5 Interest amounting to Rs.49.30 lacs (last year Rs.14.24 lacs) relating to project have been capitalised.

6 Interest Paid as shown in (Schedule K) includes interest on fixed term loans Rs.264.22 lacs (last year Rs.274.48 lacs).

7 Estimate of contracts remaining to be executed on capital account and not provided for amounted to Rs.Nil (Last year Rs.11.94 lacs).

8 Land admeasuring about 1,400 Sq.Meters has been acquired by Municipal Corporation for Road widening purpose in earlier year, the company is entitled to TDR with an outside chance of cash compensation,which is yet to be determined and as such this will be included when finally decided since the relevant documentation is to be finalised and executed.

9 To the best of knowledge of the company, none of the creditors are Small enterprise within its meaning under clause (m) of section 2 of the Micro,Small and Medium Enterprises Development Act, 2006 & therefore principal amount, interest paid/payable or accrued is NIL.

10 Long term investments in the share capital of companies have been shown at cost although there has been diminution in their value.

In view of the long term prospects of these companies no permanent diminution in value is envisaged by the management except to the extent provided for.

11 The Company operates in only one reportable segment viz. Paper, during the year.

12 One of the paper making machines remained shut for 202 days (Last Year 127 days) due to its breakdown, which has since been upgraded and satisfacterily put in to operation with increase in capacity.

13 (a) Contingent Liabilities not provided for in respect of:

AS AT AS AT 31.03.2010 31.03.2009 (Rs. In lacs) (Rs. In lacs)

(i) Letters of Credit and bank Guarantees in favour of Govt. Authorities and

suppliers of raw materials, spares etc.* 223.33 153.33

(ii) Guarantees for loans granted to companies. 157.44 152.36

(iii) Claims against the Company not acknowledged as debts for excise duty, Income tax, commercial claims etc. 473.00 474.29

(Including demands contested in appeals)**

* Will not effect the future profitability.

** May affect the future profitability to the extent indicated if such liabilities crystallize.

14 The following are the disclosures required under revised Accounting Standards (AS) 15 in respect of Employee Benefits:

a) An amount of Rs.27.28 lacs (last year Rs.19.15 lacs) has been recognized as an expenses for defined contribution plans by way of Companys contribution to Provident Funds & Super annuation Fund.

b) The defined benefits plans comprise of Gratuity Plan and Leave Encashment Plan.The Gratuity Plan is partly funded with Life Insurance Corporation of India under its Cash Accumulation Plan.

c) Expenses recognized during the year and reconciliation of the Assets & Liabilities recognized in Balance Sheet as at 31.03.2010:

Expenses aggregating Rs.49.56 lacs (last year Rs.20.75 lacs) under items (ii), (iii), (iv), (v) and (vi) above have been debited to the Profit & Loss Account to the extent of Rs.48.04 lacs (last year Rs.14.97 lacs) under the Head "Salaries,Wages,Bonus,etc (Schedule "K") and Rs.1.52 lacs (last year Rs.5.78 lacs) under the head “Directors remuneration" (Schedule" K").

15 The items and figures for the previous year have been recast & regrouped wherever necessary to conform to this years presentation.