Notes to Accounts of Ruchira Papers Ltd.

Mar 31, 2023

1. The company has only one class of equity shares having a face value of H10/- per share. Accordingly all equity shares rank equally with regards to dividends and share in the company’s residual assets on winding up if any. Each holder of equity share is entitled to one vote per share.

2. During the F.Y 2022-23 the company has issued 2713181 bonus equity shares of the face value of H10/-each in the ratio of 1:10 (i.e 1 (one) new equity share against 10 (Ten) existing equity shares)

3. The term loans from Banks are secured by first Parri Passu charge created/ to be created on existing and proposed block of assets of the Company by way of hypothecation of Machinery and Equipment and other fixed assets and equitable Mortgage of Land and Building of the company and further secured by the personal guarantee of the Managing Director and the Whole Time Directors . Term loans are further secured by 2^nd Parri Passu charge on the current assets of the Company. The Vehicle loans are secured by hypothecation of vehicles acquired against such loans.Home loan is secured by first charge on flat at GK-II New Delhi.

4. The working capital limits (Fund Based and Non-Fund Based)from banks are secured by first Parri Passu charge on current assets of the company both present and future and shall include raw materials, semi finished goods in process, finished goods, stores and spares and book debts of the Company and further secured by personal guarantees of the Managing Director and Whole Time Directors . The limits are urther secured by first Parri Passu charge on the surplus fixed assets of the company.

Defined Benefit Plan

The employees’ gratuity fund scheme managed by trust is a defined benefit plan. The present value of obligation is determined based on Actuarial Valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is determined based on Actuarial valuation using Projected Unit Credit Method

The Estimates of salary growth rate is considered in actuarial valuation, taking into account inflation, seniority, promotion and other relevant factors on long term basis.

The discount rate is generally based upon the market yields available on Government Bonds at the accounting date with a term that matches that of the liabilities.

5.CONTINGENT LIABILITIES AND COMMITMENTS		(H in Lakh)
	As at 31st March 2023	As at 31st March 2022
Contingent Liabilities
(A) Claims against the Company/disputed liabilities not acknowledged as debts
In respect of Excise Duty demand raised, which in the opinion of the Management are not tenable and are under appeal at Custom, Excise & Service Tax Appellate Tribunal, New Delhi.	Nil	Nil
(B) Guarantees
Outstanding guarantees furnished to various banks in respect of the guarantees given by those banks in favour of various government authorities and others including Letters of Credits	123.99	145.99
Commitments
(A) Estimated amount of contracts remains to be executed on capital account (Net of advances)	-	-

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Mar 31, 2018

1. Corporate Information:

Ruchira Papers Limited (the Company) is a manufacturing company The Company manufactures Kraft Paper and Writing and Printing Paper.

The Company is a public limited company incorporated and domiciled in India. The address of its Registered Office isTirlokpur Road, Kala Amb, Distt-Sirmaur, Himachal Pradesh-173030

The Financial Statements for the year ended March 31, 2018 were approved by the Board of Directors and authorized for issue on May 18, 2018.

2. Basis for preparation, measurement and significant accounting policies

2.1 Basis for preparation and measurement

These financial statements have been prepared in accordance with the Indian Accounting Standards (referred to as “Ind AS” as prescribed under section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time under the historical cost convention on the accrual basis.

Effective April 01, 2017 the Company has adopted all the Ind AS standards and the adoption was carried out in accordance with Ind AS 101, First time adoption of Indian Accounting Standards, with April 01, 2016 as the transition date. The transition was carried out from Indian Accounting Principles Generally accepted in India as prescribed under section 133 of the Act, read with rule 7 of the Companies (Accounts) Rules, 2014 (IGAAP), which were previous GAAP.

Accounting Policies have been consistently applied except where a newly issued Accounting Standard is initially adopted or a revision to existing accounting standard requires a change in the accounting policy either to in use. The financial statements are presented in Indian Rupees rounded off to the nearest rupees.

2.2 Use of estimates and judgments

The preparation of these financial statements in conformity with recognition and measurement principles of Ind AS requires the management of the Company to make judgments, estimates and assumptions. These estimates, judgments and assumptions after application of accounting policy and the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the period. The application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these financial statements have been disclosed in note 2.2.1. Accounting estimates could change from period to period. Accrual results could differ from those estimates. Appropriate changes and estimates are made as the Management becomes aware of the changes in circumstances surrounding the estimates. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their affects are disclosed in the notes to the financial statements.

2.2.1. Critical accounting estimates

i. Revenue recognition

Revenue is recognized to the extent that is probable that the economic benefit will flow to the Company and the revenue can be reliably measured. Sales are recognized when goods are supplied and the significant risks and rewards or ownership of the goods have passed to the buyer. Dividend income is accounted in the year in which it is received. Interest income is recognized on time proportion basis taking into account the amount outstanding and rate applicable.

ii. Income Taxes

Significant judgments are involved in determining the provisions for income taxes including amount expected to be paid/incurred on uncertain tax positions. Also refer Note No. 2.3(j)

iii. Property, plant and equipment

Property, plant and equipment represent a significant propotion of the asset base of the Company The change in respect of periodic depreciation is derived after determining an estimate of an assets expected useful life and the expected residual value at the end of its life. The useful lives and residual values of the Company’s assets determine by the management at the time asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as change in technology.

3.1 The term loans from Banks are secured by first Parri Passu charge created/ to be created on existing and proposed block of assets of the Company by way of hypothecation of Machinery and Equipment and other fixed assets and equitable Mortgage of Land and Building of the company and further secured by the personal guarantee of the Managing Director and the Whole Time Directors . Term loans are further secured by 2nd Parri Passu charge on the current assets of the Company. The Vehicle loans are secured by hypothecation of vehicles acquired against such loans.Home loan is secured by first charge on flat at GK-II New Delhi.

4.1 The working capital limits (Fund Based and Non-Fund Based)from banks are secured by first Parri Passu charge on current assets of the company both present and future and shall include raw materials, semi finished goods in process, finished goods, stores and spares and book debts of the Company and further secured by personal guarantees of the Managing Director and Whole Time Directors . The limits are further secured by first Parri Passu charge on the surplus fixed assets of the company.

5.1 The details of amounts outstanding to Micro, Small and Medium Enterprises based on available information with the Company is as under:

6.1 As per IND AS 19 “Employee benefits”, the disclosures are given below:

Defined Benefit Plan

The employees’ gratuity fund scheme managed by trust is a defined benefit plan. The present value of obligation is determined based on Actuarial Valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is determined based on Actuarial valuation using Projected Unit Credit Method.

The Estimates of salary growth rate is considered in actuarial valuation, taking into account inflation, seniority, promotion and other relevant factors on long term basis.

The discount rate is generally based upon the market yields available on Government Bonds at the accounting date with a term that matches that of the liabilities.

7. RELATED PARTY DISCLOSURES :

As per IND AS 24, the disclosure of transactions with the related parties are given below:

i) List of related parties where control exists and related parties with whom transactions have taken place and relationship:

D) Reconciliation of cash flows for the year ended 31st March 2017

The adjustments as explained above are of non-cash nature and accordingly, there are no material differences in the cash flows from operating, investing and financing activities as per the erstwhile IGAAP and as per Ind AS

E) Notes on adjustments

i) Re-measurement gains or losses:

Ind AS 19 Employee Benefits requires the impact of re-measurement in net defined benefit liability/asset to be recognized in other comprehensive income (OCI). Re-measurement of net defined benefit liability/asset comprises actuarial gains and losses. However, under IGAAP this is recognised in the Statement of Profit and loss.

ii) Excise Duty:

Under Previous GAAP, revenue from sale of products was presented net of excise duty under revenue from operations. Whereas, under Ind AS, revenue from sale of products is inclusive of excise duty amounting to Rs.998.86 lacs for the year ended 31st March 2017. Accordingly, Excise duty has been included in the cost of production, as it is a liability of the manufacturer, irrespective of whether the goods are sold or not.

iii) Rebate and Discount:

Under Previous GAAP, rebate and dicount on sale of goods is presented under selling and distribution expenses. Whereas, under Ind AS, revenue from sale of products is presented after netting of rabate and discount.

iv) Other Comprehensive Income (OCI):

Under Previous GAAP, there was no concept of OCI. Under Ind AS, re-measurement of defined benefit plan liability are recognised in OCI.

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Mar 31, 2016

1 The term loans from Banks are secured by first Parri Passu charge created/ to be created on existing and proposed block of assets of the Company by way of hypothecation of Machinery and Equipment and other fixed assets and equitable Mortgage of Land and Building of the company and further secured by the personal guarantee of the Managing Director and the Whole Time Directors and further secured by the personal guarantee of the relatives of the Directors. Term loans are further secured by 2nd Parri Passu charge on the current assets of the Company. The Vehicle loans are secured by hypothecation of vehicles acquired against such loans.Home loan is secured by first charge on flat at GK-ii New Delhi.

2. The working capital limits (Fund Based and Non-Fund Based)from banks are secured by first Parri Passu charge on current assets of the company both present and future and shall include raw materials, semi finished goods in process, finished goods, stores and spares and book debts of the Company and further secured by personal guarantees of the Managing Director and Whole Time Directors and their relatives. The limits are further secured by second Parri Passu charge on the fixed assets of the company.

* Amount received for supply of goods/material and outstanding amount does not exceed the period of 365 days.

** These figures do not include any amounts, due and outstanding to be credited to investor Education and Protection Fund except Rs.2152/-(Previous Year Rs.1353/-) which is held in abeyance.

3. As per Accounting Standard 15"Employee benefits", the disclosures as defined in the Accounting Standard are given below:

Defined Benefit Plan

The employees'' gratuity fund scheme managed by trust is a defined benefit plan. The present value of obligation is determined based on Actuarial Valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is determined based on Actuarial valuation using Projected Unit Credit Method

4. RELATED PARTY DISCLOSURES :

As per Accounting Standard 18, the disclosure of transactions with the related parties are given below: i) List of related parties where control exists and related parties with whom transactions have taken place and relationship:

Name of Related Party Relationship

Shri Umesh Chander Garg Shri Subhash Chander Garg

Key Managerial Personnel

Shri Jatinder Singh Shri Vipin Gupta Shri Dalbir Singh Shri Avtar Singh Bajwa

Shri Surinder Gupta independent Directors

Shri Swatantar Kumar Dewan MS Suhasini Yadav Sirmour Hotels (P) Ltd.

Enterprises in which Key Managerial Personnel holds directorship

Jasmer Foods (P) Ltd.

Ruchira Packaging Products (P) Ltd.

Ruchira Printing & Packaging.

Jasmer Pack Ltd.

Enterprises of Relatives of Key Managerial Personnel

Jasmer Packer Well Pack industries York Cellulose (P) Ltd.

Smt. Parveen Garg Sh. Deepan Garg Sh. Jagdeep Singh Sh. Daljeet Singh

Relatives of Key Managerial Personnel holding office or place of profit.

Sh. Lucky Garg Smt. Vaishali Jhaveri Sh. Atul Garg Ms. Radhika Garg

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Mar 31, 2015

1.1 The term loans from Banks are secured by first Parri Passu charge created/ to be created on existing and proposed block of assets of the Company by way of hypothecation of Machinery and Equipment and other fixed assets and equitable Mortgage of Land and Building of the company and further secured by the personal guarantee of the Managing Director and the Whole Time Directors and further secured by the personal guarantee of the relatives of the Directors. Term loans are further secured by 2nd Parri Passu charge on the current assets of the Company. The Vehicle loans are secured by hypothecation of vehicles acquired against such loans.Home loan is secured by first charge on flat at GK-II New Delhi.

1.1 The working capital limits (Fund Based and Non-Fund Based)from banks are secured by first Parri Passu charge on current assets of the company both present and future and shall include raw materials, semi finished goods in process, finished goods, stores and spares and book debts of the Company and further secured by personal guarantees of the Managing Director and Whole Time Directors and their relatives. The limits are further secured by second Parri Passu charge on the fixed assets of the company.

2.1 As per Accounting Standard 15"Employee benefits", the disclosures as defined in the Accounting Standard are given below:

Defined Benefit Plan

The employees' gratuity fund scheme managed by trust is a defined benefit plan. The present value of obligation is determined based on Actuarial Valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is determined based on Actuarial valuation using Projected Unit Credit Method

3 CONTINGENT LIABILITIES AND COMMITMENTS

Rs.In Lacs As at 31st March, 2015 As at 31st March, 2014

Contingent Liabilities

(A) Claims against the Company/ disputed liabilities not acknowledged as debts

In respect of Excise Duty demand raised, which in the opinion 310.43 310.43 of the Management are not tenable and are under appeal at Custom, Excise & Service Tax Appellate Tribunal, New Delhi.

(B) Guarantees

Outstanding guarantees furnished to various banks in respect 444.76 399.04 of the guarantees given by those banks in favour of various government authorities and others including Letters of Credits Commitments

(A) Estimated amount of contracts remains to be executed on -- -- capital account (Net of advances)

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Mar 31, 2014

1. The term loans from Banks are secured by first Parri Passu charge created/ to be created on existing and proposed block of assets of the Company by way of hypothecation of Machinery and Equipment and other fixed assets and equitable Mortgage of Land and Building of the company and further secured by the personal guarantee of the Managing Director and the Whole Time Directors and further secured by the personal guarantee of the relatives of the Directors. Term loans are further secured by 2nd Parri Passu charge on the current assets of the Company. The Vehicle loans are secured by hypothecation of vehicles acquired against such loans.Home loan is secured by first charge on flat at GK-II New Delhi.

2. The working capital limits (Fund Based and Non-Fund Based)from banks are secured by first Parri Passu charge on current assets of the company both present and future and shall include raw materials, semi finished goods in process, finished goods, stores and spares and book debts of the Company and further secured by personal guarantees of the Managing Director and Whole Time Directors and their relatives. The limits are further secured by second Parri Passu charge on the fixed assets of the company.

3. As per Accounting Standard 15"Employee benefits", the disclosures as defined in the Accounting Standard are given below:

Defined Benefit Plan

The employees'' gratuity fund scheme managed by trust is a defined benefit plan. The present value of obligation is determined based on Actuarial Valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is determined based on Actuarial valuation using Projected Unit Credit Method

4. CONTINGENT LIABILITIES AND COMMITMENTS

Rs. In lacs

As at 31st As at 31st March, 2014 March, 2013 Contingent Liabilities

(A) Claims against the Company/disputed liabilities not acknowledged as debts

In respect of various demands raised, which in the opinion of the Management are not tenable and are under appeal at various stages:

Excise Matter 310.43 310.43

(B) Guarantees

Guarantees and Letter of Credit given by the bank on behalf of the company 297.52 399.04

Commitments

(A) Estimated amount of contracts remains to be executed on capital account (Net of - - advances)

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Mar 31, 2013

1.1 1965500(Previous year 1965500) equity shares out of the issued ,subscribed and paid up share capital were allotted pursuant to the scheme of amalagtion without payments being received in cash

2.1 The working capital limits (Fund Based and Non-Fund Based)from banks are secured by first Parri Passu charge on current assets of the company both present and future and shall include raw materials, semi finished goods in process, finished goods, stores and spares and book debts of the Company and further secured by personal guarantees of the Managing Director and Whole Time Directors and their relatives. The limits are further secured by second Parri Passu charge on the fixed assets of the company.

3.1 As per Accounting Standard 15"Employee benefits", the disclosures as defined in the Accounting Standard are given below:

Defined Benefit Plan

The employees'' gratuity fund scheme managed by trust is a defined benefit plan. The present value of obligation is determined based on Actuarial Valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is determined based on Actuarial valuation using Projected Unit Credit Method

4 SEGMENT INFORMATION

Primary segment information:

The Company operates in only one main segment i.e. manufacturing of Paper

5 CONTINGENT LIABILITIES AND COMMITMENTS Rs.in Lakh

As at 31st March, 2013 As at 31st March, 2012

Contingent Liabilities

(A) Claims against the Company/ disputed liabilities not acknowledged as debts

In respect of various demands raised, which in the opinion of the Management are not tenable and are under appeal at various stages:

Excise Matter 310.43 310.43

(B) Guarantees

Guarantees and LetterofCredit givenbythe bankonbehalfof 399.04 259.62 the company

Commitments

(A) Estimated amount of contracts remains to be executed on ------ ------

capital account (Net of advances)

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Mar 31, 2012

1.1 1965500(Previous year 1965500) equity shares out of the issued ,subscribed and paid up share capital were allotted pursuant to the scheme of amalagtion without payments being received in cash

2.1 The term loans from Financial Institutions and Banks are secured by first Parri Passu charge created/ to be created on existing and proposed block of assets of the Company by way of hypothecation of Machinery and Equipment and other fixed assets and equitable Mortgage of Land and Building of the company and further secured by the personal guarantee of the Managing Director and the Whole Time Directors and term loan from Banks are further secured by the personal guarantee of the relatives of the Directors. Term loans are further secured by 2nd Parri Passu charge on the current assets of the Company. The Vehicle loans are secured by hypothecation of vehicles acquired against such loans

3.1 The working capital limits (Fund Based and Non-Fund Based)from banks are secured by first Parri Passu charge on current assets of the company both present and future and shall include raw materials, semi finished goods in process, finished goods, stores and spares and book debts of the Company and further secured by personal guarantees of the Managing Director and Whole Time Directors and their relatives. The limits are further secured by second Parri Passu charge on the fixed assets of the company.

4.1 As per Accounting Standard 15"Employee benefits", the disclosures as defined in the Accounting Standard are given below: Defined Benefit Plan

The employees' gratuity fund scheme managed by trust is a defined benefit plan. The present value of obligation is determined based on Actuarial Valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is determined based on Actuarial valuation using Projected Unit Credit Method

5 CONTINGENT LIABILITIES AND COMMITMENTS

Rs.in Lacs

As at 31st March, 2012 As at 31st March, 2011

Contingent Liabilities

(A) Claims against the Company/disputed liabilities not acknowledged as debts

In respect of various demands raised, which in the opinion of the Management are not tenable and are under appeal at various stages: Excise Matter 310.43 310.43

(B) Guarantees

Guarantees and Letter of Credit given by the bank on behalf of 259.62 217.44 the company

Commitments

(A) Estimated amount of contracts remains to be executed on .... .... capital account (Net of advances)

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Mar 31, 2011

A. Contingent Liabilities not provided for

(Rs. In Lacs)

S. Particulars 31-03-2011 31-03-2010 No

A In respect of various demands raised, which in the opinion of the Management are not tenable and are under appeal at various stages:

Excise Matter 310.43 310.89

B Estimated amount of contracts remains - - to be executed on capital account (Net of advances)

C Guarantees and Letter of Credit given 217.44 259.62 by the bank on behalf of the compan

B. The term loans from Financial Institutions and Banks are secured by first Parri Passu charge created/ to be created on existing and proposed block of assets of the Company by way of hypothecation of Machinery and Equipment and other fixed assets and equitable Mortgage of Land and Building of the company and further secured by the personal guarantee of the Managing Director and the Whole Time Directors and term loan from Banks are further secured by the personal guarantee of the relatives of the Directors. Term loans are further secured by 2nd Parri Passu charge on the current assets of the Company. The Vehicle loans are secured by hypothecation of vehicles acquired against such loans.

C. The working capital limits (Fund Based and Non-Fund Based)from banks are secured by first Parri Passu charge on current assets of the company both present and future and shall include raw materials, semi finished goods in process, finished goods, stores and spares and book debts of the Company and further secured by personal guarantees of the Managing Director and Whole Time Directors and their relatives. The limits are further secured by second Parri Passu charge on the fixed assets of the company.

D. Remuneration paid to Directors during the year is Rs. 1,72,80,000/- (Previous year Rs.1,72,80,000/-)

E. The name of Micro small and medium enterprises to whom the company owes a sum of exceeding Rs 100000/- which is outstanding more than 30 days based on the information to the extent available with the company and as certified by the Management is as under:-

ABHAY LIME INDUSTRIES JAI VARDHMAN KHANIZ PVT.LTD.

AGRO PULPING MACHINERY PVT.LTD. JMD POLYMERS

ALFA CONTAINERS MACTROL-MOTION CONTROL P.LTD.

AMAR ELASTOMERS PVT.LTD. PRESSELS PVT.LTD.

AMBIKA ENTERPRISES, PRIME FABRIQUE WORKSHOP

ASHU ENGINEERING COMPANY PUNJAB ACIDS-CHEM (P)LTD.

BANSAL ENTERPRISES. R.C.PAPER MACHINES

BANSAL LIME & CHEMICALS RAGHAV INDUSTRIAL PRODUCTS K.AMB

D.K.LIME INDUSTRIES SHARP STEEL INDUSTRIES

DALA KOTI MINERALS & CHEMICAL SHREE CHLORATES

ELECTROTECH ENGINEERS ,CHD. TELLABS CHEMICALS PVT. LTD.

ETE ELECTROGEARS PVT. LTD. THE PUNJAB BUSINESS & SUPPLY CO.P.LTD.

H & T ENGG. UNISTEEL ENGG. & FABRICATORS

HIRA FOUNDARY & ENGG. WORKS V.R. HYDROCHEM P.LTD.

HI-TECH ENGG. INDIA (P) LTD VIMAL MACHINE TOOLS

IVAX PAPER CHEMICALS LTD

I. Related Party Disclosures

i) Names of Related Parties :

Name of the Related Party Relationship Promoters/Key Managerial Personnel

Sh. Umesh Chander Garg Promoter & Managing Director

Sh. Jatinder Singh Promoter & Whole Time Director

Sh . Subhash Chander Garg Promoter & Whole Time Director

Sh J.N.Singh Executive Director

Smt Shashi Garg Promoter

Smt Parveen Garg Promoter

Smt Charanjeet Kaur Promoter

Subsidiary Company None

Companies in which Directors are Substantially interested

Sirmaur Hotels (P) Ltd. Sh Jatinder Singh is Director in the Company

Jasmer Foods (P) Ltd. Sh Jatinder Singh is Director in the Company

Relative/ Enterprises of Relatives of Key Managerial Personnel

Ruchira Packaging product (P) Ltd. Promoted by Sh Deepan Garg,Sh Atul Garg & Sh Lucky Garg Sons' of Sh Umesh Chander Garg

Jasmer Pack Limited. Promoted by Smt Charanjeet Kaur wife of Sh Jatinder Singh and Sh.Jagdeep Singh and Sh. Daljeet Singh Sons of Sh.Jatinder Singh .

Well Pack. Promoted by Sh Deepan Garg, Sh Atul Garg & Sh Lucky Garg Sons of Sh Umesh Chander Garg.

York Cellulose (P) Ltd. Promoted by Sh Deepan Garg, Sh Atul Garg & Sh Lucky Garg Sons of Sh Umesh Chander Garg.

Garg Medical Hall Sh Naresh Garg Proprietor of the firm is the brother of Sh Subhash Chander Garg &Sh Umesh Chander Garg.

Thakur Ji Paper Sh.J.N.Singh is interested through Smt.Radhika Singh (wife) and Sh.Lalit Singh (son).

F. The Previous Year figures have been reworked, regrouped where ever necessary to confirm to this year's classification.

G. The previous year figures have been reworked, regrouped where necessary to confirm to this year's classification

Schedule A to O form integral part of the Balance Sheet and Profit & Loss Account

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Mar 31, 2010

A. Contingent Liabilities not provided for

(Rs. In Lacs)

S. No. Particulars 31-03-2010 31-03-2009

A In respect of various demands raised, which in the opinion of the Management are not tenable and are under appeal at various stages:

I Excise Matter 310.89 310.89

B Estimated amount of contracts remains to be executed on capital -- 5.10 account (Net of advances)

C Guarantees and Letter of Credit given by the bank on behalf of 259.62 341.10 the company

B. The term loans from Financial Institutions and Banks are secured by first Parri Passu charge created/ to be created on existing and proposed block of assets of the Company by way of hypothecation of Machinery and Equipment and other fixed assets and equitable Mortgage of Land and Building of the company and further secured by the personal guarantee of the Managing Director and the Whole Time Directors and term loan from Banks are further secured by the personal guarantee of the relatives of the Directors. Term loans are further secured by 2nd Parri Passu charge on the current assets of the Company. The Vehicle loans are secured by hypothecation of vehicles acquired against such loans.

C. The working capital limits ( Fund Based and Non Fund Based)from banks are secured by first Parri Passu charge on current assets of the company both present and future and shall include raw materials, semi finished goods in process, finished goods, stores and spares and book debts of the Company and further secured by personal guarantees of the Managing Director and Whole Time Directors and their relatives. The limits are further secured by second Parri Passu charge on the fixed assets of the company.

D. Remuneration paid to Directors during the year is Rs. 1,72,80,000/- (Previous year Rs.1,71,08,787/-)

E. Related Party Disclosures

i) Names of Related Parties :

Name of the Related Party Relationship

Promoters/Key Managerial Personnel

Sh. Jatinder Singh Promoter & Chairman

Sh . Subhash Chander Garg Promoter & Co-Chairman

Sh. Umesh Chander Garg Promoter & Managing Director

Sh J.N.Singh Executive Director

Smt Shashi Garg Promoter

Smt Parveen Garg Promoter

Smt Charanjeet Kaur Promoter

Subsidiary Company None

Companies in which Directors are Substantially interested

Sirmour Hotels ( P ) Ltd. Sh Jatinder Singh is Director in the Company

Jasmer Foods ( P ) Ltd. Sh Jatinder Singh is Director in the Company

Jasmer Pack Ltd. Sh Jatinder Singh is Director in the Company

Relative/ Enterprises of Relatives of Key Managerial Personnel

Ruchira Packaging product ( P ) Ltd. Promoted by Sh Deepan Garg, Sh Atul Garg & Sh Lucky

Garg Sons of Sh Umesh Chander Garg

Jasmer Pack. Smt Charanjit Kaur Proprietor of firm is wife of Sh Jatinder Singh.

Ruchira Printing & Packaging. Promoted by Sh Deepan Garg, Sh Atul Garg & Sh Lucky Garg Sons of Sh Umesh Chander Garg.

Jasmer Packer Sh.Jatinder Singh interested through their sons

Sh.Jagdeep Singh and Sh Daljeet Singh.

Well Pack. Promoted by Sh Deepan Garg, Sh Atul Garg & Sh Lucky Garg Sons of Sh Umesh Chander Garg.

York Cellulose (P) Ltd. Promoted by Sh Deepan Garg, Sh Atul Garg & Sh Lucky Garg Sons of Sh Umesh Chander Garg.

Garg Medical Hall Sh Naresh Garg Proprietor of the firm is the brother of Sh Subhash Chander Garg & Sh Umesh Chander Garg.

Thakur Ji Paper Sh.J.N.Singh is interested through Smt.Radhika Singh(wife) and Sh.Lalit Singh(son).

F. The Previous Year figures have been reworked, regrouped where ever necessary to confirm to this years classification.

G. The previous year figures have been reworked, regrouped where necessary to confirm to this years classification Schedule A to N form integral part of the Balance Sheet and Profit & Loss Account