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Notes to Accounts of Duroply Industries Ltd.
Mar 31, 2025
m. Provisions, Contingent liabilities and Contingent assets
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events, it is probable
that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not
recognised for future operating losses.
Provisions are measured at the present value of management''s best estimate of the expenditure required to settle the present
obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects
current market assessments of time value of money and the risks specific to the liability. The increase in the provision due to
passage of time is recognised as interest expense.
A present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle
or a reliable estimate of the amount cannot be made, is disclosed as a contingent liability. Contingent liabilities are also disclosed
when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or
non - occurrence of one or more uncertain future events not wholly within the control of the Company.
Contingent assets are not recognised in financial statements since this may result in the recognition of income that may never
be realised. However, when the realisation of income is virtually certain, then the related asset is not a contingent asset and
is recognised.
n. Government grants
The Company recognises government grants only when there is reasonable assurance that the conditions attached to them shall
be complied with and the grants will be received. Grants related to assets are treated as deferred income and are recognized as
other income in the Statement of Profit and Loss on a systematic and rational basis over the useful life of the asset. Grants related
to revenue are recognized in statement of Profit and Loss under the heading ''Other Income''.
o. Income taxes
Tax expense is the aggregate amount included in determination of profit or loss for the period in respect of current tax & deferred tax.
Current tax
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities.
The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date.
Current tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive
income or in equity). Management periodically evaluates positions taken in the tax returns with respect to situations in which
applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
Deferred tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their
carrying amounts for financial reporting purposes at the reporting date.
Deferred tax assets are recognised for all deductible temporary differences. Deferred tax asset shall be recognised for the carry
forward of unused tax losses to the extent that it is probable that future taxable profit will be available against which the unused
tax losses can be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised
or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive
income or in equity). Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity.
p. Revenue
Ind AS 115 was issued on 28th March 2018 and supersedes Ind AS 11 Construction Contracts and Ind AS 18 Revenue and it
applies, with limited exceptions, to all revenue arising from contracts with its customers. Ind AS 115 establishes a five-step model
to account for revenue arising from contracts with customers and requires that revenue be recognised at an amount that reflects
the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. It focuses
on the identification of performance obligations in a contract and requires revenue to be recognised when or as those performance
obligations are satisfied.
Ind AS 115 requires entities to exercise judgement, taking into consideration all of the relevant facts and circumstances when
applying each step of the model to contracts with their customers.
The Company adopted Ind AS 115 using the modified retrospective method of adoption with the date of initial application of 1st
April 2018.
In terms of the requirement of the new standard, revenue is recognised net of trade schemes, discounts and incentives payable to
distributors/dealers and retailers.
The specific recognition criteria described below must also be met before revenue is recognized
Sale of goods
Revenue towards satisfaction of a performance obligation is measured at the amount of transaction price (net of variable
consideration) allocated to that performance obligation. The transaction price of goods sold and services rendered is net of
variable consideration on account of various discounts and schemes offered by the Company as part of the contract
In case of domestic sales, the company believes that the control gets transferred to the customer on dispatch of the goods from
the factory and in case of exports, revenue is recognised on passage of control as per the terms of contract / incoterms. Variable
consideration in the form of volume rebates is recognized at the time of sale made to the customers and are offset against the
amounts payable by them. The adaption of Ind AS 115 did not have significant impact for the company.
Interest income
For all debt instruments measured at amortised cost, interest income is recorded using the effective interest rate (EIR). EIR is the rate
that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter
period, where appropriate, to the gross carrying amount of the financial asset or to the amortised cost of a financial liability. Interest
income is included in finance income in the statement of profit and loss.
Dividend income
Dividend income from investments is recognised when the shareholder''s rights to receive payment have been established.
Insurance Claims
Insurance and other claims are accounted for as and when settled.
q. Foreign currency transactions
Transactions in Foreign currency are initially recorded at the exchange rate at which the transaction is carried out.
Monetary Assets and Liabilities related to foreign currency transactions remaining outstanding at the year-end are translated at the
year-end rate.
In case of items which are covered by forward exchange contracts, the premium or discount on forward exchange contracts is
amortised over the period of the respective contract.
Any income or expense on account of exchange difference either on settlement or on translation at the year-end is recognised in
the Statement of Profit and Loss.
r. Borrowing costs
Borrowings costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial
period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are
expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection
with the borrowing of funds. Borrowing cost also includes exchange differences to the extent regarded as an adjustment to the
interest costs.
s. Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to owners of the company, by the weighted average number
of shares outstanding during the financial year.
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after
income tax effect of interest and other financing costs associated with dilutive potential equity shares and the weighted average
number of additional equity shares that would have been outstanding assuming the conversion of all dilutive potential equity shares.
t. Trade receivables
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest
method, less provision for impairment. In accordance with Ind AS 109, the Company applies expected credit loss (ECL) model
for measurement and recognition of impairment loss on the trade receivables. The Company follows "simplified approach" for
recognition of impairment loss allowances on trade receivables.
u. Cash and cash equivalents
Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original
maturity of three months or less, which are subject to an insignificant risk of changes in value.
For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined
above, net of outstanding bank overdrafts as they are considered an integral part of the company''s cash management.
v. 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 the credit period allowed. Trade and other payables are
presented as current liabilities unless payment is not due within 12 months after the reporting period. Long term trade payables are
recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.
w. Related party transactions
Disclosure of transactions with related parties, as required by Ind AS 24 "Related Party Disclosures" has been set out in a separate
note. Related parties as defined under Clause 9 of Ind AS 24 have been identified on the basis of representations made by the
management and information available with the company.
2.1 Changes in accounting policies and disclosures
New and amended standards
Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian
Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2025, MCA has not notified any new
standards or amendments to the existing standards applicable to the Company.
(e) The Company has only one class of equity shares having a par value of H10 per share. Each holder of equity shares is entitled
to one vote per share. The holders of equity shares are entitled to receive dividends as declared from time to time. In the event
of liquidation of the Company, the holders of equity shares will be entitled to receive 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.
(f) Issue of Equity Shares and Warrants through Preferential allotment: -
During the year ended 31st March 2024, the company made following preferential allotment to non promoters on 27th March 2024
1. 11,77,336 equity shares, having face value of H10/- each, at a price of H203 per Equity Share at a premium of H193 per
Equity Share aggregating to H2389.99 Lakh.
2. 9,85,220 warrants, each carrying a right to subscribe to 1 (One) Equity Share of H10 each at an issue price of H203 per
warrant aggregating to H1999.99 Lakh, upon receipt of 25% of issue price of H50.75 per warrant amounting to H499.99
towards warrant subscription money. The remaining consideration of 75% of the issue price H152.25 per warrant amounting
to H1500 shall be payable at any time within 18 months in one or more tranches from the date of allotment of the warrants
i,e 27th March 2024. The amount received against warrants shall be adjusted/ set off against the issue price for the resultant
equity share.
(g) The proceeds of the issue has been utilized towards working capital requirement and general corporate purposes.
(h) There are 985220 (Previous year 985220) securities convertible into Equity shares.
(i) No shares were forfeited during the year or during the previous year. 5625 equity shares of H10/- on which H5/- each had been
paid up, were forfeited in the year 1995-1996 and 1996-1997
(j) No class of shares has been issued as bonus shares or for consideration other than cash by the Company during the period of five
years immediately preceeding the current year end.
Nature of securities:
(a) Working capital loan are secured by hypothecation of present & future stocks and book debts and first charge on the Company''s
immovable properties situated at Rajkot (Gujarat) by deposit of title deeds and also by second charge on all plant & machinery and
other fixed assets of the Company, both present & future, and are additionally secured by personal guarantees of the Chairman.
(b) Working capital loan from bank carry interest rate ranging from 9.25% p.a. - 14.65% p.a. (31st March 2024: 9.25% p.a. - 14.75%
p.a.) computed on the daily basis on the actual amount utilized and are repayable on demand.
(c) Unsecured loan from entities other than bank carry interest rate from 9.00% p.a. - 15.00% p.a. (31st March 2024: 9.00% p.a. -
15.00% ) The said loan has been taken for financing the working capital requirement
(d) During the year the Company has not defaulted on any repayment of the borrowing or interest payable thereon.
7. Financial risk management objectives and policies
The Company''s principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these
financial liabilities is to finance the Company''s operations and to support its operations. The Company''s financial assets include
Investments, trade and other receivables, and cash & cash equivalents that derive directly from its operations.
The Company is exposed to market risk, credit risk and liquidity risk. The company''s senior management oversees the management
of these risks. The company''s senior management is supported by a financial risk committee that advises on financial risks and
the appropriate financial risk governance framework for the Company. This financial risk committee provides assurance to the
Company''s senior management that the Company''s financial risk activities are governed by appropriate policies and procedure
and that financial risks are identified, measured and managed in accordance with the Company''s policies and risk objectives. The
management reviews and agrees policies for managing each risk, which are summarised as below:
A) Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risks. Financial instruments affected
by market risk include Trade payables and borrowings in foreign currencies.
a) Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the Company''s long
term debt obligations with floating interest rates. The Company is carrying its borrowings primarily at variable rate. The Company
expects the variable rate to decline, accordingly the Company is currently carrying its loans at variable and Fixed interest rates.
B) Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a
financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables).
(i) Trade receivables
Customer credit risk is managed by each business location subject to the Company''s established policy, procedures and control
relating to customer credit risk management. Credit quality of a customer is assessed and individual credit limits are defined in
accordance with the assessment both in terms of number of days and amount.
An impairment analysis is performed at each reporting date on an individual basis for major clients. In addtion, a large number
of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The maximum exposure to
credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 10. The Company does not
hold collateral as security.
(ii) Financial instruments and cash deposits
Credit risk from balances with banks and financial institutions is managed by the Company''s treasury department in accordance
with the Company''s policy. Investment of surplus funds are made only with approved counterparties and within credit limits
assigned to each counterparty. The Company''s maximum exposure to credit risk for the components of the balance sheet at 31st
March 2025 and 31st March 2024 is the carrying amount as illustrated in Note 40(7).
Defined Benefit Plan:
Post employment and other long-term employee benefits in the form of gratuity, sick leave and earned leave encashment are
considered as defined benefit obligation. The present value of obligation is determined based on actuarial valuation using projected
unit credit method as at the Balance Sheet date. The amount of defined benefits recognized in the balance sheet represent the
present value of the obligation as adjusted for unrecognized past service cost, and as reduced by the fair value of plan assets.
Any asset resulting from this calculation is limited to the discounted value of any economic benefits available in the form of refunds
from the plan or reductions in future contributions to the plan. The amounts recognised in the Profit & Loss Statement and Balance
sheet and the movements in the net defined benefit obligation over the year are as follows:
15. The company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act 1961(such as search or survey or any other
relevant provisions of the Income Tax Act, 1961)
16. The company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.
17. The Company has borrowing limits sanctioned from banks on the basis of security of current assets. The quarterly returns or
statements filed by the company with banks are in agreement with the books of accounts.
18. The company is not declared as wilful defaulter by any bank or financial institution (as defined under the Companies Act, 2013)
or consortium thereof or other lender in accordance with the guidelines on willful defaulters issued by the Reserve Bank of India.
19. There has been no delay in Charges or satisfaction to be registered with ROC beyond the statutory period.
20 .The Company does not have any transactions with struck off companies under Companies Act, 2013 or Companies Act, 1956,
during the year.
21 .As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of
its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. The
areas for CSR activities are promoting education, promoting gender equality by empowering women, healthcare, environment
sustainability, art and culture, destitute care and rehabilitation, disaster relief, COVID-19 relief and rural development projects.For
the year ending March 31,2025, CSR provisions are not applicable to the Company.
22 .The company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall: -
a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company (Ultimate Beneficiaries) or
b. provided any gurantee, security or the like to or on behalf of the ultimate beneficiaries.
The company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding(whether recorded in writing or otherwise) that the Company shall: -
a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company (Ultimate Beneficiaries) orw
b. provided any gurantee, security or the like to or on behalf of the ultimate beneficiaries.
23. The Company has utilised the fund borrowed from banks and financial institutions for the purpose it was taken.
24. Disclosure under Schedule V to the SEBI (Listing Obligations and Disclosure Requirments) Regulations, 2015 :
There are no transactions (except related party transactions) which are required to be disclosed under Schedule V to the SEBI
(Listing Obligations and Disclosure Requirments) Regulations, 2015.
25. The previous year''s figures have been reworked, regrouped, rearranged and reclassified wherever necessary. Amounts and other
disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in
relation to the amounts and other disclosures relating to the current year.
As per our report of even date attached.
For S K Agrawal And Co Chartered Accountants LLP On behalf of the Board
Chartered Accountants
(F.R. No. 306033E/E300272) VIJAY KUMAR YADAV AKHILESH CHITLANGIA
Chief Financial Officer Managing Director & CEO
DIN:03120474
CA VIVEK AGARWAL
(Membership No. 301571)
Partner KOMAL DHRUV SUPARNA CHAKRABORTTI
Place of Signature: Kolkata Company Secretary Independent Director
Date : 13th May 2025 DIN: 07090308
Mar 31, 2024
m. Provisions, Contingent liabilities and Contingent assets
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognised for future operating losses.
Provisions are measured at the present value of managementâs best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of time value of money and the risks specific to the liability. The increase in the provision due to passage of time is recognised as interest expense.
A present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made, is disclosed as a contingent liability. Contingent liabilities are also disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non - occurrence of one or more uncertain future events not wholly within the control of the Company.
Contingent assets are not recognised in financial statements since this may result in the recognition of income that may never be realised. However, when the realisation of income is virtually certain, then the related asset is not a contingent asset and is recognised
n. Government grants
The Company recognises government grants only when there is reasonable assurance that the conditions attached to them shall be complied with and the grants will be received. Grants related to assets are treated as
deferred income and are recognized as other income in the Statement of Profit and Loss on a systematic and rational basis over the useful life of the asset. Grants related to revenue are recognized in statement of Profit and Loss under the heading âOther Operating Revenueâ.
o. Income taxes
Tax expense is the aggregate amount included in determination of profit or loss for the period in respect of current tax & deferred tax.
Current tax
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date.
Current tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive income or in equity). Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
Deferred tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax assets are recognised for all deductible temporary differences. Deferred tax asset shall be recognised for the carry forward of unused tax losses to the extent that it is probable that future taxable profit will be available against which the unused tax losses can be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive income or in equity). Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity.
p. Revenue
Ind AS 115 was issued on 28th March 2018 and supersedes Ind AS 11 Construction Contracts and Ind AS 18 Revenue and it applies, with limited exceptions, to all revenue arising from contracts with its customers. Ind AS 115 establishes a five-step model to account for revenue arising from contracts with customers and requires that revenue be recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. It focuses on the identification of performance obligations in a contract and requires revenue to be recognised when or as those performance obligations are satisfied.
Ind AS 115 requires entities to exercise judgement, taking into consideration all of the relevant facts and circumstances when applying each step of the model to contracts with their customers.
The Company adopted Ind AS 115 using the modified retrospective method of adoption with the date of initial application of 1st April 2018.
In terms of the requirement of the new standard, revenue is recognised net of trade schemes, discounts and incentives payable to distributors/dealers and retailers.
The specific recognition criteria described below must also be met before revenue is recognized
Sale of goods
Revenue towards satisfaction of a performance obligation is measured at the amount of transaction price (net of variable consideration) allocated to that performance obligation. The transaction price of goods sold and services rendered is net of variable consideration on account of various discounts and schemes offered by the Company as part of the contract.
In case of domestic sales, the company believes that the control gets transferred to the customer on dispatch of the goods from the factory and in case of exports, revenue is recognised on passage of control as per the terms of contract / incoterms. Variable consideration in the form of volume rebates is recognized at the time of sale made to the customers and are offset against the amounts payable by them. The adaption of Ind AS 115 did not have significant impact for the company.
Interest income
For all debt instruments measured at amortised cost, interest income is recorded using the effective interest rate (EIR). EIR is the rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the gross carrying amount of the financial asset or to the amortised cost of a financial liability. Interest income is included in finance income in the statement of profit and loss.
Dividend income
Dividend income from investments is recognised when the shareholderâs rights to receive payment have been established.
Insurance Claims
Insurance and other claims are accounted for as and when settled.
q. Foreign currency transactions
Transactions in Foreign currency are initially recorded at the exchange rate at which the transaction is carried out.
Monetary Assets and Liabilities related to foreign currency transactions remaining outstanding at the year-end are translated at the year-end rate.
In case of items which are covered by forward exchange contracts, the premium or discount on forward exchange contracts is amortised over the period of the respective contract.
Any income or expense on account of exchange difference either on settlement or on translation at the year-end is recognised in the Statement of Profit and Loss.
r. Borrowing costs
Borrowings costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Borrowing cost also includes exchange differences to the extent regarded as an adjustment to the interest costs.
s. Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to owners of the company, by the weighted average number of shares outstanding during the financial year.
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential equity shares and the weighted average number of additional equity shares that would have been outstanding assuming the conversion of all dilutive potential equity shares.
t. Trade receivables
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. In accordance with Ind AS 109, the Company applies expected credit loss (ECL) model for measurement and recognition of impairment loss on the trade receivables.
The Company follows âsimplified approachâ for recognition of impairment loss allowances on trade receivables.
u. Cash and cash equivalents
Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value.
For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the companyâs cash management.
v. 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 the credit period allowed. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. Long term trade payables are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.
w. Related party transactions
Disclosure of transactions with related parties, as required by Ind AS 24 âRelated Party Disclosuresâ has been set out in a separate note. Related parties as defined under Clause 9 of Ind AS 24 have been identified on the basis of representations made by the management and information available with the company.
2.1 Changes in accounting policies and disclosures New and amended standards
Ministry of Corporate Affairs (âMCAâ) notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31,2024, MCA has not notified any new standards or amendments to the existing standards applicable to the Company.
(e) The Company has only one class of equity shares having a par value of ?10 per share. Each holder of equity shares is entitled to one vote per share. The holders of equity shares are entitled to receive dividends as declared from time to time. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive 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.
(f) There are NIL (Previous year NIL) shares reserved for issue under option and contracts / commitment for the sale of shares/disinvestment.
(g) During the period of five years immediately preceding the reporting date:
i. Pursuant to the scheme of amalgamation, 1942857 shares were issued for consideration other than cash on 6th October 2018.
ii. No bonus shares were issued
iii. No shares were bought back
(h) The company had issued and alloted 11,91,032 warrants on preferential allotment basis on 2nd September 2022. There was 9,12,808 warrants outstanding at the beginning of the year, which was converted into Equity Shares as per the below details:-
1. On 16th October 2023, 2,12,754 warrants were converted in Equity Shares having face value of ?10/- each
2. On 18th December 2023, 4,86,774 warrants were converted in Equity Shares having face value of ?10/- each
3. On 20th February 2024 2,13,280 warrants were converted in Equity Shares having face value of ? 10/- each
(i) Issue of Equity Shares and Warrants through Preferential allotment: -
During the quarter ended 31st March 2024, the company made following preferential allotment to non promoters on 27th March 2024
1. 11,77,336 equity shares, having face value of ?10/- each, at a price of ? 203 per Equity Share at a premium of ?193 per Equity Share aggregating to ?2389.99 Lakhs.
2. 9,85,220 warrants, each carring a right to subscribe to 1 (One) Equity Share of ?10 each at an issue price of ?203 per warrant aggregating to ?1999.99 Lakhs, upon receipt of 25% of issue price of ?50.75 per warrant amounting to ?499.99 towards warrant subscription money. The remaining consideration of 75% of the issue price ?152.25 per warrant amounting to ? 1500 shall be payable at any time within 18 months in one or more tranches from the date of allotment of the warrants i,e 27th March 2024. The amount received against warrants shall be adjusted/ set off against the issue price for the resultant equity share.
3. The company on 27th March 2024 received a total amount aggregating to ?2889.99 Lakhs, which includes Equity Shares subscription of amounting to ?2389.99 Lakhs and 25% of the warrant subscription money amounting to ?500 Lakhs.
(j) The proceeds of the issue has been utilized to augment the long-term resources of the Company for meeting funding requirements of its business activities, strengthen balance sheet, maintain adequate liquidity, pursue growth opportunities and general corporate and other purposes.
(k) There are 985220 (Previous year 912808) securities convertible into Equity / Preference Shares.
(l) There are NIL (Previous year NIL) calls unpaid including calls unpaid by Directors and Officers as on the balance sheet date.
(m) No shares were forfeited during the year or during the previous year. 5625 equity shares of ?10/- on which ?5/- each
7. Financial risk management objectives and policies
The Companyâs principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Companyâs operations and to support its operations. The Companyâs financial assets include Investments, trade and other receivables, and cash & cash equivalents that derive directly from its operations.
The Company is exposed to market risk, credit risk and liquidity risk. The companyâs senior management oversees the management of these risks. The companyâs senior management is supported by a financial risk committee that advises on financial risks and the appropriate financial risk governance framework for the Company. This financial risk committee provides assurance to the Companyâs senior management that the Companyâs financial risk activities are governed by appropriate policies and procedure and that financial risks are identified, measured and managed in accordance with the Companyâs policies and risk objectives. The management reviews and agrees policies for managing each risk, which are summarised as below:
(A) Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risks. Financial instruments affected by market risk include Trade payables and borrowings in foreign currencies.
a) Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Companyâs exposure to the risk of changes in market interest rates relates primarily to the Companyâs long term debt obligations with floating interest rates. The Company is carrying its borrowings primarily at variable rate. The Company expects the variable rate to decline, accordingly the Company is currently carrying its loans at variable and Fixed interest rates.
B) Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables).
(i) Trade receivables
Customer credit risk is managed by each business location subject to the Companyâs established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed and individual credit limits are defined in accordance with the assessment both in terms of number of days and amount.
An impairment analysis is performed at each reporting date on an individual basis for major clients. In addtion, a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 10. The Company does not hold collateral as security.
(ii) Financial instruments and cash deposits
Credit risk from balances with banks and financial institutions is managed by the Companyâs treasury department in accordance with the Companyâs policy. Investment of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty. The Companyâs maximum exposure to credit risk for the components of the balance sheet at 31st March 2024 and 31st March 2023 is the carrying amount as illustrated in Note 39(7).
(C) Liquidity risk
The Company monitors its risk of a shortage of funds by estimating the future cash flows. The Companyâs objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts, cash credit facilities and bank loans. The Company assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. The Company has access to a sufficient variety of sources
Defined Benefit Plan:
Post employment and other long-term employee benefits in the form of gratuity, sick leave and earned leave encashment are considered as defined benefit obligation. The present value of obligation is determined based on actuarial valuation using projected unit credit method as at the Balance Sheet date. The amount of defined benefits recognized in the balance sheet represent the present value of the obligation as adjusted for unrecognized past service cost, and as reduced by the fair value of plan assets.
Any asset resulting from this calculation is limited to the discounted value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan. The amounts recognised in the Profit & Loss Statement and Balance sheet and the movements in the net defined benefit obligation over the year are as follows:
Note: -
a. Increases due to increase of Current Assets over Current Liabilities..
b. Decreases due to increase in shareholder fund due to equity infusion during the year.
c. Decreases due to decrease in net operation income.
d. Decreases due to increase in shareholder fund due to equity infusion during the year.
e. Decreases due to higher working capital utilisation.
f. Decreases due to lower net profit.
g. Decreases due to lover profit before interest and tax.
13. The company does not have any Benami property, where any proceeding has been inititated or pending against the company for holding any Benami property.
14. The company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act 1961(such as search or survey or any other relevant provisions of the Income Tax Act, 1961)
15. The company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.
16. The Company has borrowing limits sanctioned from banks on the basis of security of current assets. The quarterly returns or statements filed by the company with banks are in agreement with the books of accounts.
17. The company is not declared as wilful defaulter by any bank or financial institution (as defined under the Companies Act, 2013) or consortium thereof or other lender in accordance with the guidelines on willful defaulters issued by the Reserve Bank of India.
18. There has been no delay in Charges or satisfaction to be registered with ROC beyond the statutory period.
19. The Company does not have any transactions with struck off companies under Companies Act, 2013 or Companies Act, 1956, during the year.
20. As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility
(CSR) activities. The areas for CSR activities are promoting education, promoting gender equality by empowering women, healthcare, environment sustainability, art and culture, destitute care and rehabilitation, disaster relief, COVID-19 relief and rural development projects.For the year ending March 31, 2024, the Company is not required to contribute under CSR as the 2% of its average net profit for the immediately preceding three financial years is negative.
21. The company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall: -
a. Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or
b. Provided any gurantee, security or the like to or on behalf of the ultimate beneficiaries.
The company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding(whether recorded in writing or otherwise) that the Company shall: -
a. Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or
b. Provided any gurantee, security or the like to or on behalf of the ultimate beneficiaries.
22. The Company has utilised the fund borrowed from banks and financial institutions for the purpose it was taken.
23. Disclosure under Schedule V to the SEBI (Listing Obligations and Disclosure Requirments) Regulations, 2015 : There are no transactions (except related party transactions) which are required to be disclosed under Schedule V to the SEBI (Listing Obligations and Disclosure Requirments) Regulations, 2015.
24. The previous yearâs figures have been reworked, regrouped, rearranged and reclassified wherever necessary. Amounts
and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.
On behalf of the Board
For S K Agrawal And Co Chartered Accountants LLP PAWAN KUMAR VERMA AKHILESH CHITLANGIA
Chartered Accountants Chief Financial Officer Managing Director & CEO
(F.R. NO. 306033E/E300272) DIN. 03120474
CA VIVEK AGARWAL KOMAL DHRUV SUPARNA CHAKRABORTTI
(Membership No. 301571) Company Secretary Independent Director
Partner DIN. 07090308
Place of Signature: Kolkata Date : 17th May 2024
Mar 31, 2018
Note No. 1
1. Company Overview
Sarda Plywood Industries Limited (âthe companyâ) is a public limited company incorporated and domiciled in India in 1957 under the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange. The Company is primarily engaged in manufacturing and sale of Plywood, Decorative Veneers, Block boards, Doors, Tea etc. The registered office of the Company is at 9, Parsee Church Street, Kolkata - 700 001.
(a) The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The holders of equity shares are entitled to receive dividends as declared from time to time. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive 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.
(b) There are NIL (Previous year NIL) shares reserved for issue under option and contracts / commitment for the sale of shares / disinvestment.
(c) During the period of five years immediately preceding the reporting date:
i. No shares were issued for consideration other than cash
ii. No bonus shares were issued
iii. No shares were bought back
(e) There are NIL (Previous year NIL) securities convertible into Equity/ Preference Shares.
(f) There are NIL (Previous year NIL) calls unpaid including calls unpaid by Directors and Officers as on the balance sheet date.
(g) No shares were forfeited during the year or during the previous year. 5625 equity shares of Rs.10/- each on which Rs.5/- each had been paid up, were forfeited in the year 1995-1996 and 1996-1997
Nature of securities :
Working capital loan and Buyers Credit are secured by hypothecation of present & future stocks and book debts and second charge on the Companyâs immovable properties situated at Jeypore (Assam) by deposit of title deeds and also by second charge on all plant & machinery and other fixed assets of the Company, both present & future, and are additionally secured by personal guarantees of the Managing Director.
* Buyers Credit is payable within 3 to 6 Months
Note No. : 2
Other disclosures
1. Transition to Ind AS
These are the companyâs first financial statements prepared in accordance with Ind AS.
The accounting policies set out have been applied in preparing the financial statements for the year ended 31st March, 2018, the comparative information presented in these financial statements for the year ended 31st March, 2017 and in the preparation of an opening Ind AS balance sheet as at 1st April, 2016 (the companyâs date of transition). In preparing its opening Ind AS balance sheet, the company has adjusted the amounts reported previously in financial statements prepared in accordance with the accountig standards notified under Companies (Accounting Standards) Rules, 2006 (amended) and other relevant provisions of the Act. An explanation of how the transition from previous GAAP to Ind AS has affected the companyâs financial position, financial performance and cash flows is set out in the following tables and notes.
A. Exemptions and exceptions availed
Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from previous GAAP to Ind AS.
A.1 Ind AS optional exemptions
A.1.1 Fair Valuation of property, plant and equipment and intangible assets
The Company have considered fair value for property, viz land situated in india, in accordance with stipulatons of Ind AS 101 with the resultant impact being accounted for in the retained earnings. For rest of the property, plant and equipment company had elected to continue with the carrying value of all of its plant and equipment and intangible assets as recognised as of 1st April, 2016 (transition date) measured as per the previous GAAP and use that carrying value as its deemed cost as of the transition date.
A.1.2 Fair value of investments in associates
The Company have considered fair value for investments in associated in accordance with stipulatons of Ind AS 101 with the resultant impact being accounted for in the retained earnings.
A.2 Ind AS mandatory exceptions
A.2.1 Estimates
As per para 14 of Ind AS 101, an entityâs estimates. In accordance with lnd AS at the date of transition to lnd AS at the end of the comparative period presented in the entityâs first lnd AS financial statements, as the case may be, should be consistent with estimates made for the same date ln accordance with the previous GAAP unless there is objective evidence that those estimates were in error. However, the estimates should be adjusted to reflect any differences in accountings policies. As per para 16 of the standard, where application of lnd AS requires an entity to make certain estimates that were not required under previous GAAP, those estimates should be made to reflect conditions that existed at the date of transition or at the end of the comparative Period. The Companyâs estimates under lnd AS are consistent with the above requirement. Key estimates considered in preparation of the financial statement that were not required under the previous GAAP are listed below:
- Fair Valuation of financial instruments carried at FVTPL and/ or FVOCI.
- Impairment of financial assets based on the âexpected credit loss modelâ
- Determination of the discounted value for financial instruments carried at amortized cost.
A.2.2 Classification and measurement of financial assets
Para 88 - 88C of lnd AS 101 requires an entity to assess classification of financial assets on the basis of facts and circumstances existing as on the date of transition. Further, the standard permits measurement of financial assets accounted at amortized cost based on facts and circumstances existing at the date of transition if retrospective application is impracticable, Accordingly, the Company has determined the classification of financial assets based on facts and circumstances that exist on the date of transition. Measurement of the financial assets accounted at amortized cost has been done retrospectively.
A.2.3 Impairment of financial assets
The company has applied impairment requirements of Ind AS 109 restrospectively; however, as permitted by Ind AS 101, it has used reasonable and supportable information that is available without undue cost or effort to determine the credit risk at the date that financial instruments were initially recognized in order to compare it with the credit risk at the transition date.
B. Reconciliations between previous GAAP and Ind AS
The following reconciliations provide the explanation and qualification of the differences arising from the transition from Previous GAAP to Ind AS in accordance with Ind AS 101 âFirst Time Adoption of Indian Accounting Standardsâ.
(i) Reconciliation of total equity as at 1st April 2016 and 31st March, 2017.
(ii) Reconciliation of total comprehensive income for the year ended 31st March, 2017.
Previous GAAP figures have been reclassified/regrouped wherever necessary to confirm with the financial statements prepared under Ind AS.
Explanations to the material adjustments made in the process of IND AS transition from previous GAAP
a. Borrowings
Under Indian GAAP, transaction costs incurred in connection with borrowings are amortised upfront and charged to profit or loss for the period. Under Ind AS, transaction cost are included in initial recognition amount of financial liability and charged to profit or loss using the effective interest method.
b. Property, plant and equipment
The Company has elected to considered fair value for property, viz land situated in india, in accordance with stipulatons of Ind AS 101 with the resultant impact being accounted for in the reserves. For rest of the property, plant and equipment company had elected to continue with the carrying value of all of its plant and equipment and intangible assets as recognised as of 1st April, 2016 (transition date) measured as per the previous GAAP and use that carrying value as its deemed cost as of the transition date.
c. Fair value of investments
Under the lndian GAAP, investments in equity instruments and mutual funds were classified as long-term investments or current investments based on the intended holding period and realisability. Long-term investments were carried at cost less provision for other than temporary decline in the value of such investments. Current investments were carried at lower of cost and fair value. Under lnd AS, these investments are required to be measured at fair value. The resulting fair value changes of these investments (other than equity instruments designated as at FVOCI) have been recognised in retained earnings as at the date of transition and subsequently in the profit or loss for the year ended 31st March, 2017 and 31st March, 2018. Fair value changes with respect to investments in quoted equity instruments, unquoted equity instruments and mutual funds designated as at FVTPL have been recognised in retained earning at the date of transition and subsequently in the profit and loss account for the year ended 31st March, 2017 and 31st March, 2018.
d. Defined benefit liabilities
Both under Indian GAAP and Ind AS, the Company recognised costs related to its post-employment defined benefit plan on an actuarial basis. The entire cost, including actuarial gains and losses, are charged to profit or loss. Under Ind AS, remeasurements [comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability and the return on plan assets excluding amounts included in net interest on the net defined benefit liability] are recognised immediately in the balance sheet with a corresponding debit or credit to retained earnings through OCI.
e. Other comprehensive income
Under IND AS, all items of income and expense recognized in the period should be included in profit or loss for the period, unless a standard requires or permits otherwise. Items of income and expense that are not recognized in profit or loss but are shown in the statement of profit and loss and âother comprehensive incomeâ includes remeasurements of defined benefit plans. The concept of other comprehensive income did not exist under previous GAAP.
f. Expected credit loss model
lnd-AS 109 requires to recognize loss allowances on trade receivable and other financial assets of the Company, at an amount equal to the lifetime expected credit loss or the 12 month expected credit loss based on the increase in the credit risk.
g. Re-Classifications
The Company has done the following reclassifications as per the requirements oflnd-AS:
(i) Assets / liabilities which do not meet the definition of financial asset / financial liability have been reclassified to other asset / liability.
(ii) Remeasurement gain/loss on long term employee defined benefit plans are re-classified from statement of profit and loss to OCl.
(iii) The Company has re-classified fixed deposits with banks under lien from cash and cash equivalents to other bank balances.
(iv) Excise duty on sales was earlier netted off with sales, has now been presented separately.
h. Derivative Contract
Under IND AS mark to market gain/loss on restatement of forward contract as at the reporting date has been recognized in the statement of profit & loss.
3. The Company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the Micro, Small and Medium Enterprises Development Act, 2006) claiming their status as on 31st March, 2018 as micro or small or medium enterprises. Consequently the amount due to micro and small enterprises as per section 22 of the abovesaid Act is Rs. Nil (Previous year Rs. Nil).
4. Leases
Finance lease commitments - Company as lessee
The Company has also entered into finance leases on Vehicle and Equipment purchase with lease terms of 3 years.The Company has paid Rs. 10.50 Lakhs (31st March, 2017 Rs. 14.52 Lakhs) during the year towards minimum lease payment.
Operating lease commitments - Company as lessee
The Company has entered into operating lease agreement for office space and godowns. The total charge to the Statement of Profit and Loss for the year on account of operating lease is Rs. 175.81 Lakhs (31st March, 2017 Rs. 144.85 Lakhs)
The minimum rentals payable under operating leases for non cancellable agreements are as follows:
5. For the purpose of the Companyâs capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Companyâs capital management is to maximise the shareholder value.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Group monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company net debt includes interest bearing loans and borrowings, trade payables, less cash and cash equivalents.
In order to achieve this overall objective, the Groupâs capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no breaches in the financial covenants of any interest-bearing loans and borrowing in the current period. No changes were made in the objectives, policies or processes for managing capital during the years ended 31st March, 2018 and 31st March, 2017.
6. Financial risk management objectives and policies
The Companyâs principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Companyâs operations and to support its operations. The Companyâs financial assets include Investments, trade and other receivables, and cash & cash equivalents that derive directly from its operations.
The Company is exposed to market risk, credit risk and liquidity risk. The companyâs senior management oversees the management of these risks. The companyâs senior management is supported by a financial risk committee that advises on financial risks and the appropriate financial risk governance framework for the Company. This financial risk committee provides assurance to the Companyâs senior management that the Companyâs financial risk activities are governed by appropriate policies and procedure and that financial risks are identified, measured and managed in accordance with the Companyâs policies and risk objectives. The Board of Directors reviews and agrees policies for managing each risk, which are summarised as below:
(A) Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risks. Financial instruments affected by market risk include Trade payables and borrowings in foreign currencies.
a) Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Companyâs exposure to the risk of changes in market interest rates relates primarily to the Companyâs long term debt obligations with floating interest rates. The Company is carryg its borrowings primarily at variable rate. The Company expects the variable rate to decline, accordingly the Company is currently carrying its loans at variable and Fixed interest rates.
b) Foreign currency risks
Foreign currency risk is the risk that the fair value of future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Companyâs exposure in foreign currency is in purchase of raw material through letter of credits. The Company is not resricting its exposure of risk in change in exchange rates. The Company expects the Indian Rupee to strengthen and accordingly the Company is carrying the risk of change in exchange rates.
Foreign currency sensitivity
The following table demonstrate the sensitivity to a reasonably possible change in USD/EURO exchange rates, with all other variables held constant. The impact on the Companyâs profit before tax is due to changes in the fair value of monetary assets and liabilities. The Companyâs exposure to foreign currency changes for all other currencies is not material.
B) Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables).
(i) Trade receivables
Customer credit risk is managed by each business location subject to the Companyâs established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed and individual credit limits are defined in accordance with the assessment both in terms of number of days and amount.
An impairment analysis is performed at each reporting date on an individual basis for major clients. In addtion, a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 9. The Company does not hold collateral as security.
(ii) Financial instruments and cash deposits
Credit risk from balances with banks and financial institutions is managed by the Companyâs treasury department in accordance with the Companyâs policy. Investment of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty. The Companyâs maximum exposure to credit risk for the components of the balance sheet at 31st March, 2018 and 31st March, 2017 is the carrying amount as illustrated in Note 34(7).
(C) Liquidity risk
The Company monitors its risk of a shortage of funds by estimating the future cash flows. The Companyâs objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts, cash credit facilities and bank loans. The Company assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. The Company has access to a sufficient variety of sources of funding and debt maturity within 12 months can be rolled over with existing lenders. The Company had access to the following undrawn borrowing facilities at the end of the reporting periods -
7. Disclosure pursuant to IND AS -19 on âEmployee Benefitsâ
Defined Contribution Plan:
Employee benefits in the form of Provident Fund, Pension Scheme and Superannuation Fund are considered as defined contribution plan and the contributions are made in accordance with the relevant statute and are recognized as an expense when employees have rendered service entitling them to the contributions. The contribution to defined contribution plan, recognized as expense for the year are as under:
Defined Benefit Plan:
Post employment and other long-term employee benefits in the form of gratuity, sick leave and earned leave encashment are considered as defined benefit obligation. The present value of obligation is determined based on actuarial valuation using projected unit credit method as at the Balance Sheet date. The amount of defined benefits recognized in the balance sheet represent the present value of the obligation as adjusted for unrecognized past service cost, and as reduced by the fair value of plan assets.
Any asset resulting from this calculation is limited to the discounted value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan. The amounts recognised in the Profit & Loss Statement and Balance sheet and the movements in the net defined benefit obligation over the year are as follows:
These assumptions were developed by management with the assistance of independent actuarial appraisers. Discount factors are determined close to each year-end by reference to government bonds of relevant economic markets and that have terms to maturity approximating to the terms of the related obligation. Other assumptions are based on managementâs historical experience.
The sensitivity analysis above have been determined based on a method that extrapolates the impact on defined benefit obligation as a result of reasonable changes in key assumptions occuring at the reporting period.
8. Segment information as per IND AS - 108 on âSegment Reportingâ :
The Company has identified two business segments viz. Plywood and Tea. Segments have been identified on the basis of the products of the company. Operating segment disclosed are consistent with the information provided to and reviewed by the Chief Operating Decision Maker (CODM).
a) Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as âUnallocableâ.
b) Segment Assets and Segment Liabilities represent assets and liabilities of respective segments. Investments, tax related assets and other assets and liabilities that can not be allocated to a segment on reasonable basis have been disclosed as âUnallocableâ.
9. Disclosure under Schedule V to the SEBI (Listing Obligations and Disclousre Requirments) Regulations, 2015 :
There are no transactions (except related party transactions) which are required to be disclosed under Schedule V to the SEBI (Listing Obligation and Disclousre Requirments) Regulations, 2015.
10. The Boards of Directors in its meeting held 16th September, 2016 had approved the scheme of amalgamation (the scheme) of P S Plywood Products Private Limited, an associate of the Company, into the Company with effect from 1st April, 2016. The petition for merger has been filed with The Honâble National Company Law Tribunal, Kolkata Bench upon obtaining the approval from the Bombay Stock Exchange. Pending requisite approvals, merger has not been accounted in the financial statements.
11. The previous yearâs figures have been reworked, regrouped, rearranged and reclassified wherever necessary. Amounts and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.
Mar 31, 2016
(e) The Company has only one class of equity shares having a par value of '' 10 per share. Each holder of equity shares is entitled to one vote per share. The holders of equity shares are entitled to receive dividends as declared from time to time. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive 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.
(f) Shareholders holding more than 5 % of the equity shares in the Company:
1. The Company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the Micro, Small and Medium Enterprises Development Act, 2006) claiming their status as on 31st March, 2016 as micro or small or medium enterprises. Consequently the amount due to micro and small enterprises as per section 22 of the above said Act is '' Nil (Previous year '' Nil).
2. Segment information as per Accounting Standard - 17 on âSegment Reportingâ:
The Company has identified two business segments viz. Plywood and Tea. Segments have been identified and reported taking into account the nature of the products, the differing risks and returns, the organizational structure & internal business reporting system.
a) Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as âUnallowableâ.
b) Segment Assets and Segment Liabilities represent assets and liabilities of respective segments. Investments, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as âUnallowableâ.
Notes:
a) There are no transactions between segments. Common costs are apportioned on a reasonable basis.
b) Since the Companyâs activities / operations are primarily within the country, there is only one geographical segment.
c) Figures in the brackets pertain to previous year.
3. Depreciation for the previous year was aligned to meet the requirement of Schedule II of the Companies Act, 2013 and accordingly an amount of Rs, 29.49 Lakhs (Net of Deferred Tax Rs, 14.83 Lakhs) in relation to the assets whose useful life has already exhausted was adjusted with retained earnings.
4. Details of Investment covered under section 186(4) of the Companies Act 2013 are given under âNon Current Investmentsâ under Note No. 10.
5. Related Party Disclosures
Names of related parties & description of relationship
Associates : P S Plywood Products Pvt. Ltd.
Enterprises over which KMP and his relatives have significant influence : Abhinandan Fintex Pvt. Ltd.
Calcutta Technicians & Advisers Ltd.
Chitperi Farm Pvt. Ltd.
Madhya Bharat Papers Ltd.
J S M & Company
Key Management Personnel : Shri Sudeep Chitlangia (Managing Director)
Shri Sohan Lal Yadav (Whole-time Director)
6. Disclosure under Schedule V to the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015
There are no transactions (except related party transactions) which are required to be disclosed under Schedule V to the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015.
7. Disclosure pursuant to AS-29 on Provisions, Contingent Liabilities and Contingent Assets :
a) No provision for Contingent Liabilities was made during the year and no provision was outstanding at the beginning and at the end of the year
b) The Contingent Liabilities mentioned at Sl No.2 are dependent upon Court decision / out of court settlement / disposal of appeals etc.
8. Disclosure pursuant to AS - 15 (revised 2005) on âEmployee Benefits"
Defined Contribution Plan:
Employee benefits in the form of Provident Fund, Pension Scheme and Superannuation Fund are considered as defined contribution plan and the contributions are made in accordance with the relevant statute and are recognized as an expense when employees have rendered service entitling them to the contributions. The contribution to defined contribution plan, recognized as expense for the year are as under:
Note No. 9 (Contd.)
Defined Benefit Plan:
Post employment and other long-term employee benefits in the form of gratuity, sick leave and earned leave encashment are considered as defined benefit obligation. The present value of obligation is determined based on actuarial valuation using projected unit credit method as at the Balance Sheet date. The amount of defined benefits recognized in the balance sheet represent the present value of the obligation as adjusted for unrecognized past service cost, and as reduced by the fair value of plan assets.
Any asset resulting from this calculation is limited to the discounted value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan. The amount recognized in the statement of profit and loss in respect of Employees Benefit Schemes based on actuarial reports is as follows:
VII. Expected Employerâs Contribution The Expected contributions for Defined Benefit Plan for the next financial year for the next year will be in line with Financial Year 2015-16
VIII. Basis used to determine the Expected Rate of Return on Plan Assets:
The expected rate of return on plan assets is determined considering several applicable factors, mainly the composition of plan assets held, assessed risks, historical results of return on plan assets and the Companyâs policy for plan assets management.
IX. Basis of estimates of rate of escalation in salary
The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.
10. The previous yearâs figures have been reworked, regrouped, rearranged and reclassified wherever necessary. Amounts and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.
Mar 31, 2015
1. The Company has only one class of equity shares having a par value
of Rs. 10 per share. Each holder of equity shares is entitled to one
vote per share. The holders of equity shares are entitled to receive
dividends as declared from time to time. In the event of liquidation of
the Company, the holders of equity shares will be entitled to receive
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.
2. Nature of securities:
Term loan from entities other than banks is secured by first charge on
the Company's immovable properties situated at Jeypore (Assam) by
deposit of title deeds and also by hypothecation of all plant and
machinery and other fixed assets of the Company, both present & future,
and is additionally secured by personal guarantee of the Managing
Director.
As at As at
31st March, 31st March,
2015 2014
3. Contingent Liabilities not provided for
in respect of :
a) Uncalled Capital against partly paid-up
shares held as investment 8,000 8,000
b) Demand raised by Govt. authorities in
respect of Taxes and Duties and contested 78,447,196 68,318,082
by the Company
Amount Paid against above 1,399,318 1,450,316
4. The Company has not received any memorandum (as required to be
filed by the suppliers with the notified authority under the Micro,
Small and Medium Enterprises Development Act, 2006) claiming their
status as on 31st March, 2015 as micro or small or medium enterprises.
Consequently the amount due to micro and small enterprises as per
section 22 of the abovesaid Act is Rs. Nil (Previous year Rs. Nil).
5. Segment information as per Accounting Standard - 17 on 'Segment
Reporting':
The Company has identified two business segments viz. Plywood and Tea.
Segments have been identified and reported taking into account the
nature of the products, the differing risks and returns, the
organisational structure & internal business reporting system.
a) Revenue and expenses have been identified to a segment on the basis
of relationship to operating activities of the segment. Revenue and
expenses which relate to enterprise as a whole and are not allocable to
a segment on reasonable basis have been disclosed as "Unallocable".
b) Segment Assets and Segment Liabilities represent assets and
liabilities of respective segments. Investments, tax related assets and
other assets and liabilities that can not be allocated to a segment on
reasonable basis have been disclosed as "Unallocable".
6. The company has charged depreciation based on the revised remaining
useful life of the assets as per the requirment of Schedule II of the
Companies Act, 2013 effective from April 1, 2014. Further based on
transitional provisions provided in note 7(b) of Schedule 11, an amount
of Rs. 29.49 lacs (Net of Deferred Tax Rs. 14.83Lacs) has been adjusted
with retained earnings. The impact of such change on current year
depreciation is not material.
7. Names of related parties & description of relationship
Associates : P S Plywood Products Pvt. Ltd.
Enterprises over which KMP and his
relatives have significant influence : Abhinandan Fintex Pvt. Ltd.
Calcutta Technicians & Advisers
Ltd. Madhya Bharat Papers Ltd.
J S M & Company
Key Management Personnel : Shri Sudeep Chitlangia (Managing
Director)
Shri Sohan Lal Yadav (Whole Time
Director)
Ms. Jaya Sengupta (CFO)
Shri Ravi Kumar Murarka (Company
Seceratory)
8. Disclosure under clause 32 of the Listing Agreement:
There are no transactions (except related party transactions) which are
required to be disclosed under Clause 32 of the Listing Agreement with
the Stock Exchanges where the Equity Shares of the Company are listed.
9. Disclosure pursuant to AS-29 on Provisions, Contingent Liabilities
and Contingent Assets :
a) No provision for Contingent Liabilities was made during the year and
no provision was outstanding at the beginning and at the end of the
year.
b) The Contingent Liabilities mentioned at Sl No.2 are dependent upon
Court decision / out of court settlement / disposal of appeals etc.
10. Defined Benefit Plan:
Post employment and other long-term employee benefits in the form of
gratuity, sick leave and earned leave encashment are considered as
defined benefit obligation. The present value of obligation is
determined based on actuarial valuation using projected unit credit
method as at the Balance Sheet date. The amount of defined benefits
recognized in the balance sheet represent the present value of the
obligation as adjusted for unrecognized past service cost, and as
reduced by the fair value of plan assets.
A. Basis used to determine the Expected Rate of Return on Plan
Assets:
The expected rate of return on plan assets is determined considering
several applicable factors, mainly the composition of plan assets held,
assessed risks, historical results of return on plan assets and the
Company's policy for plan assets management.
B. Basis of estimates of rate of escalation in salary
The estimates of rate of escalation in salary considered in actuarial
valuation, take into account inflation, seniority, promotion and other
relevant factors including supply and demand in the employment market.
The above information is certified by the actuary.
C. Other disclosures
The Gratuity Expenses have been recognized in "Contribution to
Provident, Pension & Other Funds" and provision for Sick Leave and
Earned Leave Encashment in "Salaries and Wages" under Note No. 25.
11. The previous year's figures have been reworked, regrouped,
rearranged and reclassified wherever necessary. Amounts and other
disclosures for the preceding year are included as an integral part of
the current year financial statements and are to be read in relation to
the amounts and other disclosures relating to the current year.
Mar 31, 2014
1. Nature of securities
Term loan from entities other than banks is secured by first charge on
the Company''s immovable properties situated at Jeypore (Assam) by
deposit of title deeds and also by hypothecation of all plant and
machinery and other fixed assets of the Company, both present & future,
and is additionally secured by personal guarantee of the Managing
Director.
2 Notes :
a) Land, Building and Plant & Machinery were revalued on 30th June 1985
as per valuation report of M/S. Consolidated Enterprises on the basis
of net replacement value and appreciation on revaluation aggregating to
Rs. 1,63,77,041/- was credited to Capital Reserve.
b) Intangible Assets
The unamortised amount of Computer Software (Acquired) Rs. 71,49,182
(Previous year Rs. 45,66,301/-) is to be amortised at the rate of 20%
per annum over a period of1-5 years as the case may be.
3 Note No. :
Other disclosures
1. The Company has not received any memorandum (as required to be
filed by the suppliers with the notified authority under the Micro,
Small and Medium Enterprises Development Act, 2006) claiming their
status as on 31st March 2014 as micro or small or medium enterprises.
Consequently the amount due to micro and small enterprises as per
section 22 of the abovesaid Act is Rs. Nil (Previous year Rs. Nil).
2. Segment information as per Accounting Standard - 17 on ''Segment
Reporting''
The Company has identified two business segments viz. Plywood and Tea.
Segments have been identified and reported taking into account the
nature of the products, the differing risks and returns, the
organisational structure & internal business reporting system.
a) Revenue and expenses have been identified to a segment on the basis
of relationship to operating activities of the segment. Revenue and
expenses which relate to enterprise as a whole and are not allocable to
a segment on reasonable basis have been disclosed as "Unallocable".
b) Segment Assets and Segment Liabilities represent assets and
liabilities of respective segments. Investments, tax related assets and
other assets and liabilities that can not be allocated to a segment on
reasonable basis have been disclosed as "Unallocable".
4 Disclosure under clause 32 of the Listing Agreement:
There are no transactions (except related party transactions) which are
required to be disclosed under Clause 32 of the Listing Agreement with
the Stock Exchanges where the Equity Shares of the Company are listed.
5 Disclosure pursuant to AS-29 on Provisions, Contingent Liabilities
and Contingent Assets :
a) No provisions for Contingent Liabilities was made during the year
and no provision was outstanding at the beginning and at the end of the
year.
b) The Contingent Liabilities mentioned at Sl No.2 are dependent upon
Court decision / out of court settlement / disposal of appeals etc.
6 Defined Benefit Plan:
Post employment and other long-term employee benefits in the form of
gratuity, sick leave and earned leave encashment are considered as
defined benefit obligation. The present value of obligation is
determined based on actuarial valuation using projected unit credit
method as at the Balance Sheet date. The amount of defined benefits
recognized in the balance sheet represent the present value of the
obligation as adjusted for unrecognized past service cost, and as
reduced by the fair value of plan assets.
7 The previous year''s figures have been reworked, regrouped, rearranged
and reclassified wherever necessary. Amounts and other disclosures for
the preceding year are included as an integral part of the current year
financial statements and are to be read in relation to the amounts and
other disclosures relating to the current year.
Mar 31, 2013
(A) The Company has only one class of equity shares having a par value
of Rs. 10 per share. Each holder of equity shares is entitled to one vote
per share. The holders of equity shares are entitled to receive
dividends as declared from time to time. In the event of liquidation of
the Company, the holders of equity shares will be entitled to receive
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.
* General reserve is primarily created to comply with the requirements
of section 205 (2A) of Companies Act, 1956. This is a free reserve, and
can be utilized for any general purpose.
Term loan from entities other than banks is secured by first charge on
the Company''s immovable properties situated at Jeypore (Assam) by
deposit of title deeds and also by hypothecation of all plant and
machinery and other fixed assets of the Company, both present & future,
and is additionally secured by personal guarantee of the Managing
Director.
Notice here hypothecation of present & future stocks and book debts and
second charge on the Company''s immovable properties situated at
Jeypore (Assam) by deposit of title deeds and also by second charge on
all plant & machinery and other fixed assets of the Company bossed &fZ
and is additionally secured by personal guarantees of Managing Director
near is no amount due and outstanding to be credited to Investor
Education & Protection Fund.
Notes
Notes Land, Building and Plant & Machinery were revalued on 30- June
1985 as per valuation report: of MS Consolidated Enterprises on the
basis of net replacement value and appreciation on revaluation
aggregating to Rs. 1,63,77,041/ was credited to Capital Reserve.
b) The amount of Computer Software (Acquired) Rs. 45 66,301/- (Previous
year Rs. S5,977/-) is to be amortized at the rate of 20% per annum over
a period of 2 - 5 years as the case may be.
Carried forward losses have been recognized as deferred tax assets as
there is virtual certainty that such deferred tax asset can be realized
against future taxable profits in the forthcoming financial years.
* Deferred tax assets and deferred tax liabilities have been offset as
they relate to the same governing taxation laws.
* includes Rs. 59,07,544/- (Previous year Rs. 8,61,995) under litigation.
* The amount of Excise Duty & cess shown above represents differential
excise duty on opening & closing stock of finished goods.
1. The Company has not received any memorandum (as required to be
filed by the suppliers with the notified authority ! under the Micro,
Small and Medium Enterprises Development Act, 2006) claiming their
status as on 31!t March 2013 as f micro or small or medium enterprises.
Consequently the amount due to micro and small enterprises as per
section 22 of f the above said Act is Rs. Nil (Previous year Rs. Nil).
2. Segment information as per Accounting Standard -17 on '' Segment
Reporting i The Company has identified two business segments viz.
Plywood and Tea. Segments have been identified and reported i taking
into account the nature of the products, the differing risks and
returns, the organizational structure & internal ! business reporting
system.
a) Revenue and expenses have been identified to a segment on the basis
of relationship to operating activities of -the segment. Revenue and
expenses which relate to enterprise as a whole and are not allocable to
a segment on reasonable basis have been disclosed as "Unallowable".
b) Segment Assets and Segment Liabilities represent assets and
liabilities of respective segments. Investments, tax related assets and
other assets and liabilities that cannot be allocated to a segment on
reasonable basis have been disclosed as "Unallocable".
Notes*
c, The pries good and taoee no p fo, doubtful deb* in respect of
due, tan such related parties is required.
3. Disclosure under clause 32 of the Listing Agreement:
There are bow transactions (except related party transactions) which are
required to be disclosed under Clause 32 of the Listing Agreement with
the Stock Exchanges where the Equity Shares of the Company are listed.
4. Disclosure pursuant to AS-29 on Provisions, Contingent Liabilities
and Contingent Assets :
a) No provisions for Contingent Liabilities was made during the year
and no provision was outstanding at the beginning and at the end of the
year.
b) The Contingent Liabilities mentioned at SI No.2 are dependent upon
Court decision / out of court settlement / disposal of appeals etc. ,
5. Disclosure pursuant to AS -15 (revised 2005) on "Employee
Benefits"
Defined Contribution Plan:
Employee benefits in the form of Provident Fund, Pension Scheme and
Superannuation Fund are considered as defined contribution plan and die
contributions are made in accordance with the relevant statute and are
recognized as an expense when employees have rendered service entitling
them to the contributions. The contribution to defined contribution
plan,
Post employment and other long-term employee benefits in the form of
gratuity, sick leave and earned leave encashment are considered as
defined benefit obligation. The present value of obligation is
determined based on actuarial valuation
using projected unit credit method as at the Balance Sheet date. The
amount of defined benefits recognized in die balance sheet represent
the present value of the obligation as adjusted for unrecognized past
service cost, and as reduced by the fair value of plan assets.
Any asset resulting from this calculation is limited to the discounted
value of any economic benefits available in the form of refunds from
the plan or reductions in future contributions to the plan. The amount
recognized in the statement of profit and loss in respect of Employees
Benefit Schemes based on actuarial reports is as follows:
I. Basis used to determine the Expected Rate of Return on Plan
Assets
The expected rate of return on plan assets is determined considering
several applicable factors, mainly the composition of plan assets held,
assessed risks, historical results of return on plan assets and the
Company s policy for plan assets management.
II Basis of estimates of rate of escalation in salary.
The estimates of rate of escalation in salary considered in actuarial
valuation, take into account inflation, seniority, | promotion and
other relevant factors including supply and demand in the employment
market. The above
Mar 31, 2012
Note No : 1.1
Share capital
(e) The Company has only one class of equity shares having a par value
of Rs. 10 per share. Each holder of equity shares is entitled to one
vote per share. The holders of equity shares are entitled to receive
dividends as declared from time to time. In the event of liquidation of
the company the holders of equity shares will be entitled to receive
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.
Note No : 2 Long-term borrowings
(a) Nature of securities:
Term loan from entities other than banks is secured by first charge on
the Company's immovable properties situated at Jeypore (Assam) by
deposit of title deeds and also by hypothecation of all plant and
machinery and other fixed assets of the Company, both present & future,
and is additionally secured by personal guarantee of the Managing
Director.
Note No : 3.1 FIXED ASSETS
a)Land. Building and Plant & Machinery were revalued on 30th June 1985
as per valuation report of M/s. Consolidated Enterprises on the basis
of net replacement value and appreciation on revaluation aggregating to
Rs. 1,63,77.041/- was credited to Capital Reserve.
b) Intangible Assets
The unamortised amount of Computer Software (Acquired) Rs. 49.85.977/-
(Previous year Rs. 16,31.249/-) is to be amortised at the rate of 20%
per annum over a period of 3 - 5 years as the case may be.
As at AS at
31.03.2012 31.03.2011
Rs. Rs.
Note No. : 3.2
1 Estimated amount of contract
remaining to be executed not provided
for 5,464,406 505.877
2. Contingent Liabilities not
provided for in respect of:
a) Uncalled Capital against partly
paid-up shares held as investment 8,000 8,000
b) Guarantees furnished by Company's
Bankers on behalf of the Company 465,845 465,845
e) Demand raised by Govt. authorities
in respect of Taxes and Duties and
contested by the Company . 37,640,576 30.001,270
4. The Company has not received any memorandum (as required to be
filed by the suppliers with the notified authority under the Micro.
Small and Medium Enterprises Development Act. 2006) claiming their
status as on 31st March 2012 as micro or small or medium enterprises.
Consequently the amount due to micro and small enterprises as per
section 22 of the above said Act is Rs. Nil (Previous year Rs. Nil).
5. Segment information as per Accounting Standard - 17 on Segment
Reporting :
The Company has identified two business segments viz. Plywood and Tea.
Segments have been identified and reported taking into account the
nature of the products, the differing risks and returns, the
organisational structure & internal business reporting system.
a) Revenue and expenses have been identified to a segment on the basis
of relationship to operating activities of the segment. Revenue and
expenses which relate to enterprise as a whole and are not allocable to
a segment on reasonable basis have been disclosed as "Unallocable".
b) Segment Assets and Segment Liabilities represent assets and
liabilities of respective segments. investments, tax related assets and
other assets and liabilities that can not be allocated to a segment on
reasonable basis have been disclosed as "Unallocable".
Notes :
a) There are no transactions between segments. Common costs are
apportioned on a reasonable basis.
b) Since the company's activities/operations are primarily within the
country, there is only one geographical segment.
c) Figures in the brackets pertain to previous year.
6. Related Party Disclosures
Notes:
a) Figures in the brackets pertain to previous year.
b) The Company has neither written off nor written back any amount
recoverable/payable from/to any related party during the year.
c) The amount due from related parties are good and hence no provision
for doubtful debts in respect of dues from such related parties is
required.
Names of related parties & description of relationship
Associates : Abhinandan Fintex Pvt Ltd.
Calcutta Technician & Advisers Ltd.
Madhya Unarm Papers Ltd.
P S Plywood Products Pvt. Ltd.
Purma Timber Products Ltd.
Key Management
Personnel : Shri Sudeep Chitlangia
Shri Sohan Lal Yadav
7. Disclosure under clause 32 of the Listing Agreement:
There are no transactions (except related party transactions) which are
required to be disclosed under Clause 32 of the Listing Agreement with
the Stock Exchanges where the Equity Shares of the Company are listed.
8. Disclosure pursuant to AS-29 on Provision, Contingent Liabilities
and Contingent Assets :
a) No provisions for Liabilities was made during the year and no
provision was outstanding at the beginning and at the end of the year.
b) The Contingent liabilities mentioned at SI No. 1 are dependent upon
Court decision/out of court settlement/disposal of appeals etc.
9. Disclosure pursuant to AS - 15 (revised 2005) on "Employee
Benefits"
Defined Benefit Plan:
Post employment and other long-term employee benefits in the form of
gratuity, sick leave and earned leave encashment are considered as
defibenefit obligation. The Present value of obligation is determined
based on actuarial valuation using projected unit credit method as at
the Balance Sheet dale. The amount of defined benefits recognized in
the balance sheet represent the present value of the obligation as
adjusted for unrecognized past service cost, and as reduced by the fair
value of plan assets.
VIII. Basis used to determine the Expected Rate of Return on Plan
Assets:
The expected rate of return on plan assets is determined considering
several applicable factors, mainly the composition of plan assets held,
assessed risks, historical results of return on plan assets and the
Company's policy
IX Basis of estimates of rate of escalation in salary
The estimates of rate of escalation in salary considered in actuarial
valuation, take into account inflation. seniority, promotion and other
relevant factors including supply and demand in the employment market.
The above information is certified by the actuary.
10. Previous year's figure have been rearranged/regrouped wherever
necessary to conform to current year's presentation as required by the
Revised Schedule VI to the Companies Act, 1956.
Mar 31, 2010
Rs. Rs.
1. Estimated amount of contract
remaining to be executed
on Capital Account and not provided for , 137,700 25,106,109
2. Contingent Liabilities not provided
for in respect of:
a) Uncalled Capital against partly paid-up
shares held as investment 8,000 8.000
b) Demand raised by Govt.authorities in
respect of Taxes and Duties and
contested by the Company . 24,385,039 24,459,239
3. Sundry Debtors include Rs. 861,995/-
(Previous year Rs. 861,995/-)
under litigation.
4. Segment information as per Accounting Standard -17 on Segment
Reporting:
The Company has identified two business segments viz. Plywood and Tea.
Segments have been identified and reported taking into account the
nature of the products, the differing risks and returns, the
organisational structure & internal business reporting system.
a) Revenue and expenses have been identified to a segment on the basis
of relationship to operating activities of the segment. Revenue and
expenses which relate to enterprise as a whole and are not allocable to
a segment on rea- sonable basis have been disclosed as "Unallocable".
b) Segment Assets and Segment Liabilities represent assets and
liabilities of respective segments. Investments,tax related assets and
other assets and liabilities that can not be allocated to a segment on
reasonable basis have been disclosed as "Unallocable".
Notes :
a) There are no transactions between segments. Common costs are
apportioned on a reasonable basis.
b) Since the companys activities / operations are primarily within the
country, there is only one geographical segment.
c) Figures in the brackets pertain to previous year.
a) Figures in the brackets pertain to previous year.
b) The Company has neither written off nor written back any amount
recoverable / payable from / to any related party during the year.
c) The amount due from related parties are good and hence no provision
for doubtful debts in respect of dues from such related parties is
required.
5. Disclosure under clause 32 of the Listing Agreement:
There are no transactions (except related party transactions) which are
required to be disclosed under Clause 32 of the Listing Agreement with
the Stock Exchanges where the Equity Shares of the Company are listed.
6. Disclosure pursuant to AS-29 on Provisions, Contingent Liabilities
and Contingent Assets:
a) No provisions for Liabilities was made during the year and no
provision was outstanding at the beginning and at the end of the year.
b) The Contingent liabilities mentioned at SI No.l are dependent upon
Court decision / out of court settlement / disposal of appeals etc.
7. Land, Building and Plant & Machinery were revalued on 30th June
1985 as per valuation report of M/S. Consolidated Enterprises on the
basis of net replacement value and appreciation on revaluation
aggregating to Rs. 1,63,77,041/- was credited to Capital Reserve.
8. Intangible Assets
The unamortised amount of Computer Software (Acquired) Rs. 1,256,781/-
is to be amortised at the rate of 20% per annum over a period of 4 - 5
years as the case may be.
9. Disclosure pursuant to AS - 15 (revised 2005) on "Employee
Benefits"
Defined Benefit Plan:
Post employment and other long-term employee benefits in the form of
gratuity, sick leave and earned leave encashment are considered as
defined benefit obligation. The present value of obligation is
determined based on actuarial valuation using projected unit credit
method as at the Balance Sheet date. The amount of defined benefits
recognized in the balance sheet represent the present value of the
obligation as adjusted for unrecognized past service cost, and as
reduced by the fair value of plan assets.
Any asset resulting from this calculation is limited to the discounted
value of any economic benefits available in the form of refunds from
the plan or reductions in future contributions to the plan. The amount
recognized in the profit and loss account in respect of Employees
Benefit Schemes based on actuarial reports is as follows:
10. Figures for the previous year have been regrouped / rearranged
wherever considered necessary to make them comparable with those of the
current year.
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