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Notes to Accounts of 3P Land Holdings Ltd.

Mar 31, 2019

Note 1: Corporate information

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

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

2.1 Terms/Rights attached to Equity Shares

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

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

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

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

3.3 The Company has no reportable segments.

3.4 Operating lease as Leaser

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

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

3.6 Note on Scheme of Amalgamation:

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

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

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

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

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

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

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

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

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

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

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


Mar 31, 2017

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

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

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

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

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

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

6. Fixed Assets are valued at cost.

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

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

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

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

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

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

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

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

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

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

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

17. Related party disclosures (Accounting Standard 18) :

18. Subsidiary Company

Pudumjee Hygiene Products Ltd.

Pudumjee Holding Ltd.

19. Associate Firms/ Companies

20. Pudumjee Pulp & Paper Mills Ltd.

21 Pudumjee Plant Laboratories Limited.

23 Pudumjee Investments and Finance Co. Ltd.

24. Pudumjee Paper Products Ltd.

25. Key Management personnel

26. Mr.G.N.Jajodia Executive Director

27. Mr. J. W. Patil

Company Secretary & C.F.O.

28.The Company has no reportable segments.

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

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

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

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

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

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

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


Mar 31, 2015

1. DISCONTINUING OPERATIONS

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

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

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

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

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

5. Depreciation

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

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

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

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

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

6. Related party disclosures (Accounting Standard 18) :

A) Subsidiary Company

Pudumjee Hygiene Products Ltd. Pudumjee Holding Ltd.

B) Associate Firms/ Companies

a) Pudumjee Pulp & Paper Mills Ltd.

b) Pudumjee Plant Laboratories Limited.

c) Pudumjee Investments and Finance Co.Ltd.

d) Pudumjee Paper Products Ltd.

C) Key Management personnel

1) Mr.G.N.Jajodia Executive Director

2) Mr. Sudhir V. Duppaliwar Chief Finance Officer

3) Mr. J. W. Patil

Deputy Company Secretary V

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

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

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

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

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


Mar 31, 2014

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

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

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

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

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

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

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

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

AS AT AS AT 31.03.2014 31.03.2013

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

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

ii) Guarantee for other Companies * 111.96 126.92

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

* Will not affect the future Profitability.

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

(b) Commitments not provided for in respect of:

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

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

a) Fixed Assets are valued at cost.

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

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

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

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

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

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

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

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

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

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

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

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

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

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


Mar 31, 2013

1.1 Related party disclosures (Accounting Standard 18) :

a) Subsidiary Company

Pudumjee Hygiene Products Ltd. Pudumjee Holding Ltd.

b) Associate Firms/ Companies

a) Pudumjee Pulp & Paper Mills Ltd.

b) Pudumjee Plant Laboratories Limited

c) Pudumjee Investments and Finance Co.Ltd.

d) Prime Developers

c) Key Management personnel

Mr. S. M. Jatia Managing Director

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

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

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

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

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


Mar 31, 2012

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

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

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

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

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

ii) Guarantee for other Companies* 156.22 170.27

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

* Will not affect the future Profitability.

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

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

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

1.4 Related party disclosures (Accounting Standard 18):

a) Subsidiary Company

Pudumjee Hygiene Products Ltd.

Pudumjee Holding Ltd.

b) Associate Firms/ Companies

a) Pudumjee Pulp & Paper Mills Ltd.

b) Pudumjee Plant Laboratories Limited

c) Pudumjee Investments and Finance Co.Ltd.

d) Prime Developers

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

Managing Director

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

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

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

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

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


Mar 31, 2011

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

2. Related Party Disclosures (Accounting Standard 18)

a) Subsidiary Company

Pudumjee Hygiene Products Ltd.

b) Associate Companies / Firms

Pudumjee Pulp & Paper Mills Ltd.

Pudumjee Plant Laboratories Ltd.

Pudumjee Investments and Finance Co.Ltd.

Prime Developers

Pudumjee-G. Corp.Developers

c) Key Management Personnel

Mr. S. M.Jatia Managing Director

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

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

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

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

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

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

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

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

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

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

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

AS AT AS AT 31.03 31.03 .2011 .2010

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

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

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

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

* Will not effect the future profitability.

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

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

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

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

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

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


Mar 31, 2010

1 Related Party Disclosures (Accounting Standard 18)

a) Subsidiary Company

Pudumjee Hygiene Products Ltd.

b) Associate Companies / Firms

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

Pudumjee Investments and Finance Co.Ltd. Prime Developers

Pudumjee-G. Corp.Developers

c) Key Management Personnel

Mr. S. M.Jatia

Managing Director

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

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

4 Miscellaneous sales have been stated net of stocks.

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

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

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

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

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

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

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

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

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

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

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

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

suppliers of raw materials, spares etc.* 223.33 153.33

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

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

(Including demands contested in appeals)**

* Will not effect the future profitability.

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

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

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

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

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

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

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

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