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Notes to Accounts of Shree Bhawani Paper Mills Ltd.

Mar 31, 2015

NOTE 1 : Contingent liability not provided for:

Guarantees given by bank Rs. NIL (Previous Year Rs. 4.00 lacs)

Disputed demand under Sales tax Rs. 1388942/- (Previous Year Rs. NIL)

Claims against the Company not acknowledged as debt Rs. 9065872/- (Previous Year Rs. NIL)

NOTE 2: Estimated amount of capital contracts remaining to be executed and not provided for Rs.2359638/- (Previous Year Rs. 2359638/-)

NOTE 3: The Income Tax assessments of the Company have been completed upto Assessment Year 2012-13. The Income Tax authorities had disallowed certain concessions/allowances available to the Company. The Provision for Income Tax already made in the past has been considered to be adequate enough to meet the liabilities, if any.

NOTE 4 : Sundry creditors include principal amount Rs. 6131802/- (Previous Year Rs. 9295772/-) due to the suppliers covered by Micro and Small Enterprises Development Act, 2006.

There is no interest paid/payable during the year by the Company to such suppliers.

NOTE 5: In the opinion of the Board, any of the asset other than Fixed Assets and non-current investments have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

NOTE 6 : The Company has operating lease for one of its premises, which is renewable on expiry. Rental expenses for operating lease charged to Profit & Loss Account for the year is Rs. 500000/- (Previous Year Rs. 1050000/- ).

NOTE 7 : During the year, the Company has not recognised additional net Deferred Tax Asset. Net Deferred Tax Asset of Rs.14.00 Crore was recognised for the year ended 31.03.2012 based on the future profitability projections by the management. The financial statements for the year have been drawn up as per going concern assumptions.

NOTE 8 : Related Party Disclosure as per Accounting Standard 18 :

List of related parties and relationships :

A. Key Management Personnel

1. Shri Girish Tandon - Managing Director 2. Shri Alankar Tandon - Executive Director 3. Shri Roop Mani Pandey - Chief Financial Officer 4. Smt Babita Jain - Company Secretary

B. Relative of Key Management Personnel

1. Shri Badri Vishal Tandon, 2. Smt. Savita Seth 3. Smt. Meenu Tandon 4. Smt. Neera Tandon 5. Smt. Surabhi Mehra 6. Smt. Paridhi Tandon 7. Shri Gaurav Tandon 8. Shri Akshat Tandon 9. Smt. Chavi Tandon 10. Km. Damini Tandon 11. Master Aadi Tandon 12. Master Anadi Tandon

C. Enterprises over which Key Managerial Personnel are able to exercise significant influence.

1. Alankar Udyog Pvt. Ltd. 2. Sahitya Bhawan Pvt. Ltd. 3. Electra Logistics Ltd.

NOTE 9 : Employee Benefits :

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

Defined Benefit Plan

The employees' Leave Encashment Scheme is unfunded. 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.

NOTE 10 : The Company accounts for gratuity liability equivalent to the premium amount payable to Life Insurance Corporation of India every year. The company has changed current accounting year from 1st April, 2014 to 31st March, 2015 where as the previous accounting year was for fifteen months ended from 1st January, 2013 to 31st March, 2014. The Company has not received any advice of premium amount payable to Life Insurance Corporation of India for the year ended 31st March, 2015. Gratuity liability amounting to Rs. 1422439/- (Previous Year Rs. 2050666/-) has been provided for the period on estimated basis.

NOTE 11 : Segment Information :

The Company operates only in one business segment, that is, "Printing, Writing and Newsprint Paper".

NOTE 12 : The Company's current accounting year is from 1st April, 2014 to 31st March, 2015, whereas the previous accounting year was for fifteen months ended 31st March, 2014. Accordingly, the current year's figures being for twelve months ended 31st March, 2015 are not comparable with those of the previous year.

NOTE 13: Previous year's figures including those in brackets have been re-arranged/regrouped wherever considered necessary.

NOTE 14 : As at the balance sheet date, the accumulated losses of the company stands at Rs.2001489054/- ( Rs. 1446358417/-) and the shareholders' Fund amount to Rs. 381437871/-( Rs 381437871/-).

The business plan and profitability estimates have been made by the Board of directors. Theses projections reflects that the company would be in a position to generate positive cash flows and operational surplus in the near future.

Considering the strategic plans and the future profitability projections , theses financial statements have drawn up as per the going concern assumptions, which is appropriate in the opinion of the management.

NOTE 15 : Balances of some of the Trade Receivables, Trade Payables, Lenders, Loans and Advances are subject to confirmation from respective parties and consequential adjustments arising from reconciliation, if any. The management is of the view that there will be no material adjustment in this regard.

NOTE 16 : COMPANY OVERVIEW

SHREE BHAWANI PAPER MILLS LIMITED, a Public Limited Company is primarily engaged in manufacture & sale of writing and printing paper. The Company presently has manufacturing facilities at Raebareli (U.P.).

NOTE 17 : The Company became a sick industrial company within the meaning of Section 3 (1) (o) of Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) due to erosion of its entire net worth and the Company was declared a sick Industrial Company by BIFR on 26th September, 2013. The company is in the process of restructuring/revival of its business. Considering this the accounts have been prepared on a going concern basis. The Company's ability to continue as a going concern is dependent upon successful restructuring and revival of its business. The company has submitted the Draft Rehabilitation Scheme (DRS) to operating agency, Bank of Baroda. The company has provided interest on Term Loan and other Bank Loans of Indian Bank and Bank of Baroda @10.5% with effect from 1st January, 2013 instead of rate as sanctioned by the Banks.

NOTE 18 : LITIGATION

The Company is subject to legal proceedings and claims which have arisen in the ordinary course of business. The company's management does not reasonably expect that these legal actions when ultimately concluded and determined, will have a material and adverse affect on the Company's results of operations or financial position.


Mar 31, 2014

Including 326000 Equity Shares of Rs. 10/- Par value fully paid up issued to Financial Institutions on conversion of part loan.

The Company has only one class of shares issued as Equity Shares having a par value of Rs. 10/-. Each share holder of Equity shares is entitled to one vote per share.

The Company declares & pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the share holders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of Equity shares held by the share holders.

NOTE 2 : LONG TERM BORROWINGS

A. All the above secured loans are secured by a "Pari Passu" joint equitable mortgage over the Company''s immovable properties & a charge by way of hypothecation of movable assets, all current assets of the Company, both present & future, subject to prior charges created on specified movable assets in favour of Company''s bankers for working capital.

The loans are additionally secured by pledge of equity shares held by the Managing Director of the Company.

B. Installment of principal loan falling due within one year Rs. 112500000/- (Previous year Rs. 85937500/-)

C. The Company has yet to make repayment of installments of term loans to the banks aggregating Rs. 142187500/- (Previous Year Rs. 33125000/-) which fell due upto 31st March, 2014. The Company has also yet to make payment of interest on term loans from banks aggregating Rs. 211320353/- (Previous year Rs. 63202807/-) which fell due upto 31st March, 2014.

NOTE 3 : SHORT - TERM BORROWINGS

* All the above secured loans are secured by hypothecation of stock of raw materials, stores, stock in process, finished goods, book debts, both present and future and further secured by "Pari Passu" joint equitable mortgage over immovable properties of the Company.

All the above loans are further guaranteed by the Managing Director and Executive Director of the Company.

** The loan from IDBI Bank Ltd. is secured by first charge on the Carbon Credits by way of hypothecation of Company.

This loans is further secured by personal guarantee of Managing Director and Executive Director of the Company. *** Secured by hypothecation of specified assets.

NOTE 4 : OTHER CURRENT LIABILITIES

There is no amount due and outstanding as on Balance Sheet date to be credited to Investor Education & Protection Fund.

NOTE 5 : Contingent liability not provided for: -

Guarantees given by bank Rs. 4.00 lacs (Previous Year Rs. 305.25 lacs)

Outstanding Letter of Credit Rs. NIL lacs (Previous Year Rs. 783.08lacs)

NOTE 6 : Estimated amount of capital contracts remaining to be executed and not provided for Rs.2359638/- (Previous Year Rs. 21695084/-)

NOTE 7 : The Income Tax assessments of the Company have been completed upto Assessment Year 2011-12. The Income Tax authorities had disallowed certain concessions/allowances available to the Company. The Company has filed appeals against such disallowances before appropriate authorities. Pending decision, the Provision for Income Tax already made in the past has been considered to be adequate enough to meet the liabilities, if any.

NOTE 8 : Sundry creditors include principal amount Rs.9295772/- (Previous Year Rs. 10069715/-) due to the suppliers covered by Micro and Small Enterprises Development Act, 2006.

There is no interest paid/payable during the year by the Company to such suppliers.

NOTE 9 : In the opinion of the Board, any of the asset other than Fixed Assets and non-current investments have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

NOTE 10 : The Company has operating lease for one of its premises, which is renewable on expiry. Rental expenses for operating lease charged to Profit & Loss Account for the year is Rs. 1050000/- (Previous Year Rs. 720000/- ).

NOTE 11 : During the year the Company has not recognised additional net Deferred Tax Asset. Net Deferred Tax Asset of Rs.14.00 Crore was recognised for the year ended 31.03.2012 based of the future profitability projections by the management. The financial statements for the year have been drawn up as per going concern assumptions.

NOTE 12 : Earnings per share (EPS) - The numerators and denominators used to calculate Basic and Diluted Earnings per Share :

NOTE 13 : Related Party Disclosure as per Accounting Standard 18 :

List of related parties and relationships :

A. Key Management Personnel

1. Shri Girish Tandon - Managing Director

2. Shri Alankar Tandon - Executive Director

B. Relative of Key Management Personnel

1. Shri Badri Vishal Tandon, 2. Smt. Savita Seth 3. Smt. Meenu Tandon 4. Smt. Neera Tandon 5. Smt. Surabhi Mehra 6. Smt. Paridhi Tandon 7. Shri Gaurav Tandon 8. Shri Akshat Tandon 9. Smt. Chavi Tandon 10. Km. Damini Tandon 11. Master Aadi Tandon 12. Master Anadi Tandon

C. Enterprises over which Key Managerial Personnel are able to exercise significant influence.

1. Alankar Udyog Pvt. Ltd.

2. Sahitya Bhawan Pvt. Ltd.

3. Electra Logistics Pvt. Ltd.

NOTE 14 : Employee Benefits :

Defined Benefit Plan

The employees'' Leave Encashment Scheme is unfunded. 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.

NOTE 15 : The Company accounts for gratuity liability equivalent to the premium amount payable to Life Insurance Corporation of India every year. The company has changed current accounting year from 1st January, 2013 to 31st March, 2014 where as the previous accounting year was for nine months ended 31st December, 2012. The Company has not received any advice of premium amount payable to Life Insurance Corporation of India for fifteen months period ended 31st March, 2014. Gratuity liability amounting to Rs. 20,50,666/- has been provided for the period on estimated basis.

NOTE 16 : Segment Information :

The Company operates only in one business segment, that is, "Printing, Writing and Newsprint Paper".

NOTE 17 : The Company''s current accounting year is from 1st January, 2013 to 31st March, 2014, whereas the previous accounting year was for nine months ended 31st December, 2012. Accordingly, the current year''s figures being for fifteen months ended 31st March, 2014 are not comparable with those of the previous year.

NOTE 18 : Previous year''s figures including those in brackets have been re-arranged / regrouped wherever considered necessary.

NOTE 19 : As at the balance sheet date, the accumulated losses of the company stands at Rs.1446358417/- (Rs. 765412542/-) and the shareholders'' Fund amount to Rs. 381437871/-( Rs 381391909/-).

The business plan and profitability estimates have been made by the Board of directors. Theses projections reflects that the company would be in a position to generate positive cash flows and operational surplus in the near future.

Considering the strategic plans and the future profitability projections, theses financial statements have drawn up as per the going concern assumptions, which is appropriate in the opinion of the management.

NOTE 20 : Balances of some of the Trade Receivables, Trade Payables, Lenders, Loans and Advances are subject to confirmation from respective parties and consequential adjustments arising from reconciliation, if any. The management is of the view that there will be no material adjustment in this regard.

COMPANY OVERVIEW

SHREE BHAWANI PAPER MILLS LIMITED, a Public Limited Company is primarily engaged in manufacture & sale of writing and printing paper. The Company presently has manufacturing facilities at Raebareli (U.P.).

NOTE 21 : The Company became a sick industrial company within the meaning of Section 3 (1) (o) of Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) due to erosion of its entire net worth and the Company was declared a sick Industrial Company by BIFR on 26th September, 2013. The company has submitted the Draft Rehabilitaion Scheme (DRS) to operating agency, Bank of Baroda. The comapny has provided interest on Term Loan and other Bank Loans of Indian Bank and Bank of Baroda @10.5% with effect from 1st January, 2013 instead of rate as sanctioned by the Banks.


Dec 31, 2012

NOTE 1 : Contingent liability not provided for:

Guarantees given by bank Rs. 305.25 lacs (Previous Year Rs. 304.25 lacs) Outstanding Letter of Credit Rs. 783.08 lacs (Previous Year Rs. 1457.18 lacs)

Estimated amount of capital contracts remaining to be executed and not provided for Rs.21695084/- (Previous Year Rs. 19040362/- )

The Income Tax assessments of the Company have been completed upto Assessment Year 2009-10.

The Incom Tax authorities had disallowed certain concessions/ allowances available to the Company. The Company has filed appeals against such disallowances before appropriate authorities. Pending decision, the Provision for Income Tax already made in the past has been considered to be adequate enough to meet the liabilities, if any.

Sundry creditors include principal amount Rs.10069715/- (2011-2012 Rs.10224266/-) due to the suppliers covered by Micro and Small Enterprises Development Act, 2006.

There is no interest paid/payable during the year by the Company to such suppliers.

Micro and Small Enterprises to whom the Company owes dues, which are outstanding for more than 45 days as at December 31, 2012 are as under:

The disclosure is based on information available with the Company regarding the status of suppliers.

NOTE 3 : In the opinion of the Board, any of the asset other than Fixed Assets and non-current investments have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

NOTE 4 : The Company has operating lease for two of its premises, which is renewable on expiry. Rental expenses for operating lease charged to Profit & Loss Account for the year is Rs. 720000/- (Previous Year Rs. 992000/- ).

Related Party Disclosure as per Accounting Standard 18

NOTE 5 :

List of related parties and relationships :

A. Key Management Personnel

1. Shri Girish Tandon - Managing Director 2. Shri Alankar Tandon - Executive Director

B. Relative of Key Management Personnel

I. Shri Badri Vishal Tandon 2. Smt. Savita Seth 3. Smt. Meenu Tandon 4. Smt. Neera Tandon 5. Smt. Surabhi Mehra 7. Smt. Paridhi Tandon 7. Shri Gaurav Tandon 8. Shri Akshat Tandon 9. Smt. Chavi Tandon 10. Km. Damini Tandon

II. Master Aadi Tandon 12. Master Anadi Tandon

C. Enterprises over which Key Managerial Personnel are able to exercise significant influence.

1. Alankar Udyog Pvt. Ltd. 2. Sahitya Bhawan Pvt. Ltd. 3. Electra Logistics Pvt. Ltd.

NOTE 6 : Segment Information :

The Company operates only in one business segment, that is, ''Printing, Writing & Newsprint Paper''.

NOTE 7 : The Company''s current accounting year is from 1st April 2012 to 31st December 2012, whereas the previous accounting year was for twelve months ended 31st March, 2012. Accordingly, the current year''s figures being for nine months ended 31st December 2012 are not comparable with those of the previous year.

NOTE 8 : Previous year''s figures including those in brackets have been re-arranged / regrouped wherever considered necessary.

NOTE 9 : The Company accounts for gratuity liability equivalent to the premium amount payable to Life Insurance Corporation of India every year. The Company has changed current accounting year from 1st April 2012 to 31st December 2012 where as the previous accounting year was for twelve months ended 31st March 2012. The company has not received any advice of premium amount payable to Life Insurance Corporation of India for nine months period ended 31st December 2012. Gratuity liability amounting to Rs. 16,03,306/- has been provided for the period on estimated basis.

NOTE 10 : Acturial Report under (AS) 15 (revised 2005) for Compensated Absence (PL) Plan valuation for the period ended 31st December 2012 could not be obtained. Therefore, disclosure required under (AS) 15 can not be given. However, liability for leave encashment amounting to Rs. 1450000/- has been provided for the period ended 31st December 2012.

NOTE 11 : Out of Trade Receivables aggregating to Rs. 222623400/- towards sale of paper, Rs. 21851504/- are due for a long time and no recovery could be made their against inspite of follow up by the Company. Some of the dealers have raised claims on the Company towards alleged supply of defective materials and non settlement of turnover discounts etc. Although, the Company intend to take appropriate action in the matter, as a matter of prudence and abundant caution, provision of Rs. 21851504/- against the above trade receivables has been made in the accounts.

NOTE 12 : Exceptional Items of Rs. 50616504/- represents provision of Rs. 21851504/- towards doubtful debts and diminution in the value of inventory of raw material Rs. 28765000/-.

NOTE 13 : As at the balance sheet date, the accumulated losses of the Company stands at Rs. 765412542/- (Rs. 356084372/-) and the shareholders'' Fund amount to Rs. 381437871/- (Rs. 381391909/-).

The business plant and profitability estimates have been made by the Board of Directors. These projections reflects that the Company would be in a position to generate positive cash flows and operational surplus in the near future.

Considering the strategic plans and the future profitability projections, theses financial statements have drawn up as per the going concern assumptions, which is appropriate in the opinion of the management.

NOTE 14 : The management is the process of reconciling outstanding balance sheet date with respect to certain major suppliers of raw materials and chemicals etc. The management does not expect any material impact on the financial statement on account of such reconciliation.


Mar 31, 2012

A. All the above secured loans are secured by "Pari Passu" joint equitable mortgage over the company's immovable properties & a charge by way of hypothecation of movable assets, all current assets of the company, both present & future, subject to prior charges created on specified movable assets in favour of company's bankers for working capital.

The loans are additionally secured by pledge of Equity shares held by the Managing Director of the company.

B. Installment of principal loan falling due within one year Rs. 66250000/- (Previous year Rs. 108208000/-)

C. The company has made repayment of loans amounting to Rs. 21562500/- upto 14th May 2012 which fell due on 31st March 2012. However, company has made repayment of interest amounting to Rs. 4563353/- upto 18th April 2012 against aggregate amount of Rs. 11964094/- which fell due on 31st March 2012.

* All the above secured loans are secured by hypothecation of stock of raw materials, stores, stock in process, finished goods, book debts, both present and future and further secured by "Pari Passu" joint equitable mortgage over immovable properties of the company.

All the above loans are further guaranteed by the Managing Director and Executive Director of the company. ** The loan from IDBI Bank Ltd. is secured by first charge on the Carbon Credits by way of hypothecation of company.

This loans is further secured by personal guarantee of Managing Director & Executive Director of the Company. *** Secured by hypothecation of specified assets.

NOTE 1 : Contingent liability not provided for:

Guarantees given by bank Rs. 3,04,25,116 (Previous Year Rs. 51,00,000)

Outstanding Letter of Credit Rs. 14,57,18,829 (Previous Year Rs. 5,22,36,000)

NOTE 2 : Estimated amount of capital contracts remaining to be executed and not provided for Rs. 1,90,40,362 (Previous Year Rs. 4,34,94,000)

NOTE 3: The Income Tax assessments of the Company have been completed upto Assessment Year 2009-10. The Income Tax authorities had disallowed certain concessions/allowances available to the Company. The Company has filed appeals against such disallowances before appropriate authorities. Pending decision, the Provision for Income Tax already made in the past has been considered to be adequate enough to meet the liabilities, if any.

NOTE 4 : Sundry creditors include principal amount Rs. 1,02,24,266 (2010-2011 Rs. 1,17,19,612) due to the suppliers covered by Micro and Small Enterprises Development Act, 2006.

There is no interest paid/payable during the year by the Company to such suppliers.

Micro and Small Enterprises to whom the Company owes dues, which are outstanding for more than 45 days as at March 31, 2012 are as under:

NOTE 5 : In the opinion of the Board, any of the asset other than Fixed Assets and non-current investments have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

NOTE 6: The Company has operating lease for two of its premises, which is renewable on expiry. Rental expenses for operating lease charged to Profit & Loss Account for the year is Rs. 9,92,000 (Previous Year Rs. 7,44,000).

NOTE 7 : Related Party Disclosure as per Accounting Standard 18 :

List of related parties and relationships :

A. Key Management Personnel

1. Shri Girish Tandon - Managing Director

2. Shri Alankar Tandon - Executive Director

B. Relative of Key Management Personnel

1. Shri Badri Vishal Tandon

2. Smt. Savita Seth

3. Smt. Meenu Tandon

4. Smt. Neera Tandon

5. Smt. Surabhi Mehra

7. Smt. Paridhi Tandon

7. Shri Gaurav Tandon

8. Shri Akshat Tandon

9. Smt. Chavi Tandon

10. Km. Damini Tandon

11. Master Aadi Tandon

12. Master Anadi Tandon

C. Enterprises over which Key Managerial Personnel are able to exercise significant influence.

1. Alankar Udyog Pvt. Ltd.

2. Sahitya Bhawan Pvt. Ltd.

3. Electra Logistics Pvt. Ltd.

Defined Benefit Plan

The employees' Leave Encashment Scheme is unfunded. 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 estimates of rate of escalation in salary considered in acturial valuation, takes 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.

NOTE 8 : Segment Information :

The Company operates only in one business segment, that is, "Printing, Writing & Newsprint Paper".

NOTE 9 : The financial statements for the year ended 31st March, 2011 had been prepared as per then applicable, pre revised Schedule VI to the Companies Act, 1956 consequent to the notification under the Companies Act, 1956 the financial statement for the year ended 31st March, 2012 are prepared under revised Schedule VI. Accordingly, the previous year's figure have also been reclassified to conform to this year's classification.


Mar 31, 2011

1. Contingent liability not provided for:

Guarantees given by bank Rs. 51.00 lacs (Previous Year Rs. 133.11 lacs) Outstanding Letter of Credit Rs. 522.36 lacs (Previous Year Rs. 143.20 lacs )

2. Estimated amount of capital contracts remaining to be executed and not provided for Rs. 434.94 lacs (Previous Year Rs. 17.66 lacs).

3. The Income Tax assessments of the Company have been completed upto Assessment Year 2008-09 The Income Tax authorities had disallowed certain concessions/allowances available to the Company. The Company has filed appeals against such disallowances before appropriate authorities. Pending decision, the provision for Income Tax already made in the past has been considered to be adequate enough to meet the liabilities, if any.

4. Sundry creditors include principal amount Rs 117.20 lacs (2009-2010 Rs. 46.33 lacs) due to the suppliers covered by Micro and Small Enterprises Development Act, 2006.

There is no interest paid/payable during the year by the Company to such suppliers.

5. The Company has operating lease for two of its premises, which is renewable on expiry. Rental expenses for operating lease charged to Profit & Loss Account for the year is Rs. 7.44 lacs (Previous Year Rs. 5.20 lacs).

6. Related Party Disclosure as per Accounting Standard 18 : List of related parties and relationships :

A. Key Management Personnel

1. Shri Girish Tandon - Managing Director

2. Shri Alankar Tandon - Executive Director

B. Relative of Key Management Personnel

1. Shri Badri Vishal Tandon

2. Smt. Savita Seth

3. Smt. Meenu Tandon

4. Smt. Neera Tandon

5. Smt. Surabhi Mehra

6. Smt. Paridhi Tandon

7. Shri Gaurav Tandon

8. Shri Akshat Tandon

9. Smt. Chavi Tandon

10. Km. Damini Tandon

11. Master Aadi Tandon

12. Master Anadi Tandon

C. Enterprises over which Key Managerial Personnel are able to exercise significant influence.

1. Alankar Udyog Pvt. Ltd.

2. Sahitya Bhawan Pvt. Ltd.

3. Electra Logistics Pvt. Ltd.

11. Employee Benefits :

Defined Benefit Plan

The employees' Leave Encashment Scheme is unfunded. The present value of obligation is determined based on acturial 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.

7. Segment Information :

The Company operates only in one business segment, that is, 'Printing, Writing & Newsprint Paper'.

8. Previous year's figures have been regrouped wherever necessary.


Mar 31, 2010

1. Contingent liability not provided for:

Guarantees given by bank Rs. 133.11 lacs (Previous Year Rs. 88.97 lacs) Outstanding Letter of Credit Rs. 143.20 lacs (Previous Year Rs. 725.91 lacs )

2. Estimated amount of capital contracts remaining to be executed and not provided for Rs. 17.66 lacs (Previous Year Rs. 263.46 lacs).

3. The Income Tax assessments of the Company have been completed upto Assessment Year 2007-08. The Income Tax authorities had disallowed certain concessions/allowances available to the Company. The Company has filed appeals against such disallowances before appropriate authorities. Pending decision, the provision for Income Tax already made in the past has been considered to be adequate enough to meet the liabilities, if any.

4. Sundry creditors include principal amount Rs 46.33 lacs (2008-2009 Rs. 69.81 lacs) due to the suppliers covered by Micro and Small Enterprises Development Act, 2006.

There is no interest paid/payable during the year by the Company to such suppliers.

5. The Company has operating lease for one of its premises, which is renewable on expiry. Rental expenses for operating lease charged to Profit & Loss Account for the year is Rs. 5.20 lacs (Previous Year Rs. 5.54 lacs).

6. Related Party Disclosure as per Accounting Standard 18 : List of related parties and relationships :

A. Key Management Personnel

1. Shri Girish Tandon - Managing Director

2. Shri Alankar Tandon - Executive Director

B. Relative of Key Management Personnel

1. Smt. Sulochini Devi Tandon

2. Shri Badri Vishal Tandon

3. Smt. Savita Seth

4. Smt. Meenu Tandon

5. Smt. Neera Tandon

6. Smt. Surabhi Mehra

7. Smt. Paridhi Tandon

8. Shri Gaurav Tandon

9. Shri Akshat Tandon

10. Smt. Chavi Tandon

11. Km. Damini Tandon

12. Master Aadi Tandon

13. Master Anadi Tandon

C. Enterprises over which Key Managerial Personnel are able to exercise significant influence.

1. Alankar Udyog Pvt. Ltd.

2. Sahitya Bhawan Pvt. Ltd.

3. Electra Logistics Pvt. Ltd.

7. Employee Benefits :

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

Defined Benefit Plan

The employees Leave Encashment Scheme is unfunded. The present value of obligation is determined based on acturial 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.

8. Segment Information :

The Company operates only in one business segment, that is, ‘Printing, Writing & Newsprint Paper’.

9. Previous years figures have been regrouped wherever necessary.

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