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Notes to Accounts of TCPL Packaging Ltd.

Mar 31, 2022

38. COMMITMENTS AND CONTINGENCIES A. Commitments Capital Commitments Capital expenditure contracted for at the end of the reporting period but not recognisec	as liabilities is as follows: ('' Lakhs)
Particulars	March 31, 2022	March 31, 2021
Property, plant and equipment ( Net of advances)	2759.71	5394.92
Intangible assets	-	-

B. Contingent Liabilities		(? Lakhs)
Particulars	March 31, 2022	March 31, 2021
1. Disputed demand of in respect of Central Excise	76.43	76.43
2. Export obligation under EPCG scheme / Advance licences	7568.14	3414.80
3. Bank Guarantee / Letter of Credit	700.49	638.01

40. FINANCIAL RISK MANAGEMENT

The company''s activities expose it to market risk, liquidity risk and credit risk. In order to minimise any adverse effects on the financial performance of the company, derivative financial instruments, such as foreign exchange forward contracts are entered to hedge certain foreign currency risk exposures and interest rate swaps to hedge variable interest rate exposures. Derivatives are used exclusively for hedging purposes and not as trading or speculative instruments. This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the impact of hedge accounting in the financial statements.

(A) Credit risk

Credit risk is the risk that the counterparty will not meet its obligations leading to a financial loss. Credit risk arises from credit exposures to customers including outstanding receivables.

i. Credit risk management

The company assesses and manages credit risk based on internal credit rating system. Internal credit rating is performed on a group basis for each class of customers. The company assigns credit limits to each class of accounts receivables, based on the assumptions, inputs and factors specific to those customers.

The company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information.

During the period, the company has written off trade receivables to the tune of Rs. 87.98 lakhs ( PY. 69.05 lakhs), it does not expect to receive future cash flows or recoveries from collection of cash flows previously written off.

(B) Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and bank balance and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. Due to the dynamic nature of the underlying business, company maintains flexibility in funding by maintaining availability under committed credit lines.

Management monitors rolling forecasts of the company''s liquidity position (comprising the undrawn borrowing facilities) and cash and cash equivalents on the basis of expected cash flows. In addition, the company''s liquidity management policy involves projecting cash flows and considering the level of liquid assets necessary to meet these against internal and external regulatory requirements and maintaining debt financing plans.

(C) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of change in market prices. Market risk comprises three types of risk: foreign currency risk, interest rate risk and other price risk such as equity price risk and commodity risk.

(i) Foreign currency risk

The company operates internationally and is exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to the USD and EURO. Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is not the company''s functional currency (INR). The risk is measured through a forecast of highly probable foreign currency cash flows. The objective of the hedges is to minimise the volatility of the INR cash flows of highly probable forecast transactions.

The company''s risk management policy is to hedge prescribed percent of forecasted foreign currency net exposure for the subsequent six months. As per the risk management policy, foreign exchange forward contracts are taken to hedge net foreign currency exposure.

(ii) Interest rate risk

The Company''s interest rate risk arises on borrowings with variable rates, which exposes the Company ''s cash flow to interest rate risk. During March 31, 2022 and March 31, 2021 the Company''s borrowings at variable rates were mainly denominated in INR & USD.

The Company''s fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market.

41. CAPITAL MANAGEMENT

For the purpose of the company''s capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders . The primary objective of the Company''s capital management is to maximise the shareholder value.

The company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The company includes within debt, interest bearing loans and borrowings, trade and other payables, less cash and cash equivalents, excluding discontinued operations.

43. Employee Benefits:

The expenses of monthly salary, allowances and perquisite values have been charged to statement of profit and Loss for the

respective period . Further following benefit also accrue to the employees.

The company has following benefits plan for the employees:

a. Provident fund: Provident fund is a defined contribution plan in which the company contributes to the provident fund of the employee with the Government Provident Fund Trust. Apart from contributing there is no further obligation on the company.

b. Leave encashment: Every employee is entitled to earned and sick leave as per the policy of the company. These leaves may be availed or encashed at the option of the employee. The company has valued the liability on actuarial and the expense has been charged off to statement of profit and loss.

c. Gratuity: The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees

who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/ termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. The gratuity plan is a funded plan and the Company makes contributions to recognised funds in India. The following table shows the expense and liability of funded gratuity liabilities:

In the absence of detailed information regarding Plan Assets which is funded with Life Insurance Corporation of India, the composition of each major category of plan assets, the percentage or amount for each category to the total fair value plan assets has not been disclosed.

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.

44. Fair Value Measurement

The fair value of financial instruments in the table below has been classified into three categories depending on the inputs used in the valuation technique. The hierarchy gives the highest priority to quoted prices in active market for identical assets or liabilities (level 1 measurement) and lowest priority to unobservable inputs (level 3 measurements). The categories used are as follows:

Level 1: Financial instruments measured using quoted prices. This includes listed equity instruments, mutual funds, bonds and debentures, that have quoted price / NAV. The fair value of all equity instruments, mutual funds, bonds and debentures are valued using the closing price / NAV as at the reporting period. None of the financial assets or financial liabilities qualifies for Level 1 classification.

Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on company-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is considered here. Foreign exchange forward contracts are being classified as Level 2 financial assets and financial liabilities.

45. Events occurring after Balance sheet date:

The board of directors has recommended equity dividend of Rs. 10.00 per share for the financial year 2021-22 (Previous year Rs. 7.35 per share ).

46. New standards/ amendments to existing standards issued but not yet adopted

There are no new Accounting Standards / amendments to existing Accounting Standards issued but not yet effective upto the date of issuance of the Company''s Financial Statements.

47. On March 21, 2021, the Ministry of Corporate Affairs (MCA) through notification, amended schedule III of the Companies Act, 2013, applicable for financial periods commencing from April 01, 2021. Pursuant to such amendments.

a. Current maturities of non-current borrowings has been re-grouped to "Current Borrowings" from "Other Current Financial Liabilities".

b. Current/non-current lease liabilities has been re-grouped and shown as a separate line item on the face of Balance Sheet as item of current/noncurrent financial liabilities from other financial liabilities. Amount as at March 31,2021 have also been re-grouped in accordance with the above amendments.

Amounts as at March 31,2021 have also been re-grouped in accordance with the above amendments.

48. Subsidiary Company

Creative Offset Printers Private Limited (COPPL):

The Company acquired 123600 equity shares of Rs.10/- each on December 04, 2021 from existing shareholders of Creative Offset Printers Private Limited ("COPPL") pursuant to Share Purchase Agreement dated November 03, 2021. The Company has further invested in Rights Issue of COPPL and has been allotted 212405 partly paid-up equity shares. As at March 31, 2022, the company holds 80.31 % share capital of COPPL.

49. Additional Reporting requirement as per amendment in Schedule III of the Company''s Act 2013 :

i. ) Details of Benami Property held

No proceedings have been initiated on or are pending against the company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

ii. ) Title deeds of immovable properties not held in name of the company

There are no immovable properties which are not held in name of the company.

iii. ) Valuation of Property, Plant & Equipment, intangible asset and investment property

The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets during the current or previous year.

iv. ) Borrowings from Banks or Financial institution on the basis of Security of Current Assets

The quarterly statement of current assets filed by the Company with Banks/Financial Institutions are in agreement with the books of accounts.

v. ) Wilful Defaulter

The Company has not been declared wilful defaulter by any bank or financial institutions or government or any government authority.

vi. ) Relationship with struck off Companies

The Company has no transactions with the companies struck off under the Companies Act, 2013.

vii. ) Compliance with approved scheme(s) of arrangements

The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.

viii. ) Undisclosed Income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

ix. ) Details of cypto currency of virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

x. ) Utilisation of Borrowed funds and share premium

The Company has utilised borrowed fund for the purpose as specified in the terms of sanctions.

xi. ) Registration of charges or satisfaction with Registrar of Companies

As at March 31,2022, the register of charges of the Company as available in records of the Ministry of Corporate Affairs (MCA) includes charges that were created/modified since the inception of the Company. There are certain charges which are historic in nature and it involves partical challenges in obtaining no-objection certificates (NOCs) from the charge holders of such charges, despite repayment of the underlying loans. The Company is in the continuous process of filing the charge satisfaction e-form with MCA, within the timelines, as and when it receives NOCs from the respective charge holders.

51: Previous years figures have been regrouped / rearranged wherever necessary .

Mar 31, 2018

1 Corporate Information

TCPL Packaging Limited (âThe Companyâ) is registered under the provisions of the Companies Act, 1956. The Equity Shares of the Company are listed on National Stock Exchange Limited and Bombay Stock Exchange Limited.

The Companyâs activity is in single segment of packaging printing with its registered office at Empire Mills Complex , 414, Senapati Bapat Marg , Lower Parel , Mumbai - 400013.

2 Significant Accounting Policies

2.1 Basis of preparation

The financial statements are presented in â and all values are rounded to the nearest lakhs , except when stated otherwise.

The financial statements of the company for the financial year ended 31st March ,2018 have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 ( as amended).

For all the earlier years upto and including year ended 31st March, 2017, the Company had prepared its financial statements in accordance with the Accounting Standards notified under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Indian GAAP).

The financial statements have been prepared on a historical cost basis, except for the certain assets and liabilities which have been measured at fair value:

- Derivative financial instruments,

- Defined Benefit Plans - planned assets

All assets and liabilities have been classified as current and non current as per the Companyâs normal operating cycle (twelve months) .

3 Significant Accounting Judgements, Estimates and Assumptions

The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgement in applying the companyâs accounting policies.

The estimates and judgements involves a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to estimates and assumptions turning out to be different than those originally assessed. Detailed information about each of these estimates and judgements is included in relevant notes together with information about the basis of calculation for each affected line item in the financial statements.

Critical estimates and judgements

The areas involving critical estimates or judgements are:

- Estimation of Current Tax expense and payable

- Estimated useful life of Tangible and Intangible Assets

- Estimation of Defined Benefit obligation

- Recognition of Revenue

- Recognition of Deferred Tax assets for carried forward tax losses and MAT Credit entitlement

- Impairment of Trade Receivables and other financial assets

Estimates and judgements are continually evaluated. They are based on historical experience and other factors, including expectations of future events that may have a financial impact on the company and that are believed to be reasonable under the circumstances.

During the year ended March 31, 2018, the paid-up share capital was increased by 400,000 Equity shares of Rs. 10/- each.

ii. Terms/rights attached to equity shares

The Company has only one class of equity shares having par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

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

Nature and purpose of the Reserves

1. Capital Reserve : A capital reserve is created out of capital transactions and is not available for distribution as dividend.

2. Security Premium Reserve: Securities premium account is used to record the premium on issue of shares. The reserve is utilised in accordance with the provisions of the Companies Act.

3. General Reserve: The General Reserve is used from time to time to record transfer of profit from retained earnings, for appropriation purposes. As general reserve is created by transfer from one component of equity to another and it is not an item of other comprehensive income.

1. Non Current Borrowing referred above are secured by First pari passu charge on movable and immovable fixed assets of the Company situated at Haridwar, Silvassa, Guwahati & Goa, both present & future and second pari passu charge by way of hypothecation of the Companyâs entire stock and other movables including book debts, bills, outstanding monies, receivables both present and future except Vehicle and Equipment loans which are secured against specific assets.

2. Current Borrowings ( loans and Acceptances ) are secured by first pari passu charge by way of hypothecation of raw materials, semi-finished goods, finished goods, tools & spares, packing material, book debts and assignment of actionable claims. The same are also secured by second pari passu charge on movable fixed assets and immovable fixed assets.

The weighted average number of shares takes into account the weighted average effect of changes in share transactions during the year. There have been no other transactions involving Equity shares or potential Equity shares between the reporting date and the date of authorisation of these financial statements.

4. COMMITMENTS AND CONTINGENCIES

A. Commitments

i. Capital Commitments

Capital expenditure contracted for at the end of the reporting period but not recognised as liabilities are as follows:

ii. Leases Operating lease commitments - Company as lessee

The Company takes on lease various offices and warehouses under non-cancellable operating leases. The leases have varying terms, escalation clauses and renewal rights. On renewal, the terms of the leases are renegotiated.

5. RELATED PARTY TRANSACTIONS

(i) List of related parties as per the requirements of Ind-AS 24 - Related Party Disclosures Name of Related Party

1. Enterprises on which the Company is able to exercise significant influence

i. Accura Reprotech Private Limited

ii. Narmada Fintrade Private Limited

iii. Flixit Animations Private Limited

iv. Accuraform Private Limited

v. Accura Ink Private Limited

2. Key Management Personnel

i. Mr. K. K. Kanoria, Executive Chairman

ii. Mr. Saket Kanoria, Managing Director

iii. Mr. S. G. Nanavati, Executive Director

iv. Mr. Akshay Kanoria, Executive Director

v. Mr. Vivek Poddar, Chief Financial Officer

vi. Mr. Harish Anchan, Company Secretary

3. Relative of Key Management Personnel

i. Mr. Rishav Kanoria, Director

ii. Mr.Vidur Kanoria, Executive-Business Development

4. Enterprises over which Key Management Personnel and Relatives of such personnel exercise significant influence

i. TCPL Foundation

ii. Kanoria Seva Kendra

6. FINANCIAL RISK MANAGEMENT

The Companyâs activities expose it to Credit risk, Liquidity risk and Market risk. In order to minimise any adverse effects on the financial performance of the Company, derivative financial instruments, such as foreign exchange forward contracts are entered to hedge certain foreign currency risk exposures and interest rate swaps to hedge variable interest rate exposures. Derivatives are used exclusively for hedging purposes and not as trading or speculative instruments. This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the impact of hedge accounting in the financial statements.

(A) CREDIT RISK

Credit risk is the risk that the counterparty will not meet its obligations leading to a financial loss. Credit risk arises from credit exposures to customers including outstanding receivables.

Credit risk management

The Company assesses and manages credit risk based on internal credit rating system. Internal credit rating is performed on a group basis for each class of customers. The company assigns credit limits to each class of accounts receivables, based on the assumptions, inputs and factors specific to those customers.

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information.

In general, it is presumed that credit risk has significantly increased since initial recognition if the payments are more than 360 days past due.

(b). During the period, the Company has written off trade receivables to the tune of Rs. 291.56 lakhs ( PY. Nil ), it does not expect to receive future cash flows or recoveries from collection of cash flows previously written off.

(B) LIQUIDITY RISK

Prudent liquidity risk management implies maintaining sufficient cash and bank balance and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due . Due to the dynamic nature of the underlying business, Company maintains flexibility in funding by maintaining availability under committed credit lines.

Management monitors rolling forecasts of the Companyâs liquidity position (comprising the undrawn borrowing facilities) and cash and cash equivalents on the basis of expected cash flows. In addition, the Companyâs liquidity management policy involves projecting cash flows and considering the level of liquid assets necessary to meet these against internal and external regulatory requirements and maintaining debt financing plans.

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of change in market prices. Market risk comprises two types of risk: foreign currency risk, interest rate risk.

(i) Foreign Currency Risk

The Company operates internationally and is exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to the USD and EURO. Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is not the Companyâs functional currency (INR). The risk is measured through a forecast of highly probable foreign currency cash flows. The objective of the hedges is to minimise the volatility of the INR cash flows of highly probable forecast transactions.

The Companyâs risk management policy is to hedge prescribed percent of forecasted foreign currency net exposure for the subsequent six months. As per the risk management policy, foreign exchange forward contracts are taken to hedge net foreign currency exposure.

(ii) Interest Rate Risk

The Companyâs interest rate risk arises on borrowings with variable rates, which exposes the Company âs cash flow to interest rate risk. During March 31, 2018, March 31, 2017 and April 1, 2016, the Companyâs borrowings at variable rates were mainly denominated in INR, USD.

The Companyâs fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market.

Sensitivity Analysis

Sensitivity of profit and equity on a possible change in interest rate upto 50 bps on variable rate borrowing outstanding is as under :

7. CAPITAL MANAGEMENT

For the purpose of the companyâs capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders . The primary objective of the Companyâs capital management is to maximise the shareholder value.

In order to achieve this overall objective, the Companyâs capital management, amongst other things, aims to ensure that it meets financial covenants attached to the borrowings that define capital structure requirements as follows.

- Optimal use of avaialble capital

- Leverage optimally in order to maximize shareholder returns while maintaining strength and flexibilityin cash flows.

8A. Defined Benefit Plan

The Company has a defined benefit -Gratuity plan. Every employee who has completed five years or more of service receives gratuity on leaving at 15 days salary (last drawn salary) for each completed year of service.

The following table summarises the components of net benefit expense recognised in the Statement of profit and loss account or Other Comprehensive income and amount recognised in the balance sheet.

The Company plans to contribute in next year equal amount to its Gratuity plan as per current year .

The information has been given in respect of such vendors to the extent they could be identified as âMicro and Smallâ enterprises on the basis of information available with the Company.

8B. Event occurring after Balance sheet date

The board of directors has recommended equity dividend of Rs. 3.70 per share ( Previous year Rs. 6.25 per share ) for the financial year 2017-18 .

8C. New standards/ amendments to existing standards issued but not yet adopted

The new Accounting Standards / amendments to existing Accounting Standards issued but not yet effective upto the date of issuance of the Companyâs Financial Statements, to the extent applicable to the company, are disclosed below:

1) Ind AS 115-Revenue from Contracts with Customers-

The Ministry of Corporate Affairs (MCA) on 28th March 2018 has notified new Indian Accounting Standard Ind AS 115. The new accounting standard will come into force from accounting period commencing on or after 1st April 2018. It replaces existing recognition guidance, including Ind AS 18 Revenue and Ind AS 11 Construction contracts. The Accounting standard is likely to affect the measurement, recognition and disclosure of revenue. The Company has evaluated and there is no material impact of this amendment on the financial statements of the company except for disclosures. The Company will adopt Ind AS 115 on the required effective date.

2) Amendment to Ind AS 21, The Effect of Changes in Foreign Exchange Rates -

The MCA on 28th March 2018 issued certain amendments to Ind AS 21 by incorporating the same in Appendix B to Ind AS 21. The said amendment addresses the issue of determining the date of transaction for the purpose of applying the exchange rate on initial recognition of related assets , expenses or income in a situation where the entity has received or paid advances in foreign currencies. The amendment will come into force from accounting period commencing on or after 1st April 2018. The Company has evaluated this amendment and impact of this amendment will not be material.

8D. Fair Value Measurement

Level 1: Financial instruments measured using quoted prices. This includes listed equity instruments, mutual funds, bonds and debentures, that have quoted price / NAV The fair value of all equity instruments, mutual funds, bonds and debentures are valued using the closing price / NAV as at the reporting period. None of the financial assets or financial liabilities qualifies for Level 1 classification.

Level 3: The fair value of financial instruments that are measured on the basis of company specific valuations using inputs that are not based on observable market data (unobservable inputs). Financial assets and financial liabilities like security deposits, trade receivables, cash and bank balances, loans given, borrowings, trade payables and other financial liabilities are classified as Level 3 financial assets and financial liabilities.

9. FIRST TIME ADOPTION OF IND AS

These financial statement of the Company for the year ended 31st March 2018 have been prepared in accordance with IND AS. For the purpose of transition to IND AS, the Company followed the guidance prescribed in the IND AS 101 - First Time adoption of IND AS, with 1st April 2016 as the transition date. The transition to IND AS has resulted in the change in presentation of financial statement, disclosures in the notes thereto and accounting policies and principles. The accounting policies set out in Note No. 2 have been applied in preparing the standalone Financial Statements for the year ended 31st March 2018 and comparative information. An explanation of how the transition from previous GAAP to IND AS has affected the Companyâs Balance Sheet, Statement of Profit and Loss alonw with Exemption availed in first time adoption of IND AS in accordance with IND AS 101 have been set out below.

Notes to the first-time adoption of IND- AS.

1. Recognition of gain/loss on actuarial valuation in Other Comprehensive income

Under the previous GAAP, remeasurements i.e. actuarial gains and losses on the net defined benefit obligation were recognised in the statement of profit and loss. Under Ind AS, these remeasurements are recognised in other comprehensive income (OCI) instead of the statement of profit and loss. As a result of this change, the profit for the year ended 31 March 2017 increased by 4.72 lakhs (net of deferred tax of 2.51 lakhs). There is no impact on the total equity as at 31 March 2017.

2. Recognition of MTM of forward contracts

Under the previous GAAP, the premium or discount arising at the inception of foreign exchange forward contracts entered into to hedge an existing asset / liability, were amortised as expense or income over the life of the contract. Exchange differences on such contracts were recognized in the statement of profit and loss in the reporting period in which the exchange rate changes. Under the IND AS 109. foreign exchange forward contracts are carried at fair value and the resultant gain/(loss) is recorded in the statement of profit and loss, except effective portion of cashflow hedges, which is recorded in other comprehensive income. As a result of this change, the profit for the year ended 31 March 2017 decreased by 78.84 lakhs (net of deferred tax of 36.41 lakhs). It resulted an increase in equity by 60.16 lakhs as at 31 March 2017 (increase of Rs. 111.93 lakhs as at 1 April 2016).

3. Provision for doubtful debts

In Ind- AS, to provide for doubtful accounts receivables, Expected Credit Loss ( ECM) method is to be followed. The company has made ECL matrix and thus Rs. 10 lakhs have been provided out of reserves as on 1st April 2016 and Rs. 5 lakhs have been provided for bad and doubtful debts in the profit and loss account.

4. Proposed dividend

Under the previous GAAP, proposed dividend including tax thereon was recognized as a liability in the period to which they relate, irrespective of when they are declared. In the Ind AS, proposed dividend is recognized as a liability in the period in which it is declared by the Company i.e. as & when approved by the shareholders. Therefore, the proposed dividend and tax thereon amounting to Rs. 639.45 and Rs. 130.18 respectively, for the year ended 31 March 2017 has been credited to other equity.

5. Property, Plant & Equipments

Mark to Market loss/ gain on the forward contracts , taken to hedge foreign currency Term loans have been capitalised . Exemptions availed

i) Fair value as deemed cost exemption: The Company has elected to measure items of property, plant and equipment and intangible assets at its carrying value at the transition date.

ii) Long Term Foreign Currency Monetary Items: The Company continues the policy of capitalising exchange differences arising on translation of long term foreign currency monetary items.

iii) Previous year figures are rearranged and regrouped to make them comaparable.

Mar 31, 2017

Terms attached to equity shares

"The Company has only one class of equity shares having par value of Rs.10/- per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting."*(Refer Note No. 3)

* No provision is made for proposed dividend of Rs.6.25 per Equity Share with Tax thereon. Payout of Rs.654.45 lacs will be accounted in the year 2017-18 in accordance with Accounting Standard-4 (Revised)

[1] The loans from banks are secured by First pari passu charge on movable and immovable assets of the Company situated at Haridwar, Silvassa, Guwahati & Goa both present & future and Second pari passu charge by way of hypothecation of the Company''s entire stock and other movables including books debts, bills, outstanding monies, receivables both present and future.

The loans from others are secured by hypothecation of specific machinery / assets for which loans are availed.

[2] Rupee Currency Loan from banks carries interest in the range of 10.10% to 11.75% p.a. and Foreign Currency Loans from banks carries interest at LIBOR ranging from 100 to 200 basis points. The loans are repayable in monthly/quarterly installments.

Rupee Currency loan from others carries interest in the range of 9% to 13.50% and is repayable in monthly installments.

1. Borrowing cost adjusted in the carrying cost of fixed assets during the year is Rs.305.45 lacs {including Rs.234.75 lacs considered as pre-operative expenses in Note 4 below}(Previous Year Rs.1 68.1 9 lacs)

2. Foreign exchange gain capitalized Rs.266.18 lacs (Previous year loss of Rs. 456.74 lacs)

3. Loss on Forward Contract capitalized Rs. Nil (Previous year Rs.63.21 lacs)

4. Pre-Operative expenses/Trial run expenses capitalized during the year Rs.994.29 lac (Previous year Rs. Nil) {Refer note 25(1 1)}

NOTES TO ACCOUNTS

(2) Contingent Liabilities:

i) Counter Guarantees given to the banks in respect of:

Bank Guarantees of Rs.630.39 given to the Electricity Departments / Various Government Authorities (Previous year 279.44 lacs)

ii) Disputed demands of Rs.119.98 Lacs in respect of various orders passed by Central Excise /Income Tax authorities (Previous year 267.04 Lacs) for which appeals are made.

(3) Estimates amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs.1166.24 Lacs (Previous year Rs.3150.01 lacs )

(4) Other Commitments

The Company has imported capital goods under the export promotion capital goods scheme to utilize the benefit of a zero or concessional customs duty rate. These benefits are subject to future exports. Such export obligations at year end aggregate to Rs.10526.41 Lacs (Previous year Rs.4432.98 lacs)

(5) In the opinion of the Board, Current Assets, Loans and Advances (including Capital Advances) have a value on realization in the ordinary course of business, at least equal to the amount at which they are stated.

The accounts of certain Sundry Debtors, Sundry Creditors, Advances and Lenders are subject to confirmation / reconciliation and adjustments, if any, the management does not expect any material difference affecting the current year''s financial statements.

(6) The Board of Directors has proposed a dividend of ''6.25 per share which has not been appropriated from Reserves & Surplus in compliance with Accounting Standard-4

(7) Corporate Social Responsibility expenditure:

a) Amount required to be spent by the Company during the year ''100.46 lacs including short fall carried from previous year Rs.21.80 lacs (previous year Rs.55.41 Lacs)

(8) Disclosure on Specified Bank Notes (SBNs)

During the year, the Company had specified bank notes as well as other denomination notes on November 8, 2016 as defined in the notification no. S.O. 3407(E) dated November 8, 2016 issued by Government of India, the Ministry of Finance, Department of Economic Affairs. The details of Specified Bank Notes (SBN) and other denomination notes held on November 8, 2016 and transacted during the period from November 8, 2016 to December 30, 2016, as per notification G.S.R. 308(E) issued by the Government of India, Ministry of Corporate Affairs, dated March 30, 2017 is given below:

*The amount includes cash in hand at eight manufacturing units, head office and a branch office

(9) Disclosure regarding Derivative Instruments

a) The Company has entered into foreign currency forward contracts to hedge risks associated with foreign currency fluctuations relating to certain firm commitment and highly probable forecast transactions.

Details of outstanding Forward Exchange Contracts entered into by the Company:

(10) Employment benefits: i) Defined Contribution Plan

Company''s contribution to Provident Fund Rs.240.33 (Previous Year 196.30 lacs)

ii. Defined Benefit Plan:

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service receives gratuity on leaving at 15 days salary (last drawn salary) for each completed year of service.

The following table summarizes the components of net benefit expense recognized in the profit and loss account and the funded status and amount recognized in the balance sheet.

The Company budgets to contribute Rs.50.00 lacs (Previous year Rs.50.00 lacs) to its Gratuity plan for the next year.

Other disclosures Experience Adjustments

(11) The Company is engaged in the segment packaging and there are no reportable segments as per Accounting Standard 17.

(12) a) Current Year Tax

The Computation of tax in the current year has been arrived after considering Investment Allowance under Section 32AC of The Income Tax Act, 1961 to the extent of Rs.1317.85 lacs (Previous Year Rs.696.11 lacs)

(b) Deferred Tax

For the year ended 31st March, 2017, the Company has accounted for Deferred Tax Liability of Rs..842.38 lacs (Previous Year Rs..594.25 lacs).

Note: The information has been given in respect of such vendors to the extent they could be identified as "Micro, Small and Medium Enterprises on the basis of information available with the Company.

(13) Previous year''s figures have been re-arranged and regrouped wherever considered necessary.

Mar 31, 2016

Note - 1NOTES ON ACCOUNTS

(1) Contingent Liabilities:

i. Counter Guarantees given to the banks in respect of:

Bank Guarantees of Rs. 279.44 lacs given to the Electricity Departments / Various Government Authorities (Previous year Rs.101.71 lacs)

ii. Disputed demands of Rs.267.04 lacs respect of various orders passed by Central Excise /Income Tax authorities (Previous year Rs. 294.68 lacs) for which appeals are made.

(2) estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs.3150.01 lacs (Previous year Rs.2535.69)

(3) Other Commitments:

(4) In the opinion of the Board, Current Assets, Loans and Advances (including Capital Advances) have a value on realization in the ordinary course of business, at least equal to the amount at which they are stated.

(7) Disclosure regarding Derivative Instruments

Details of outstanding Forward Exchange Contracts entered into by the Company:

(8) Employment benefits:

i. Defined Contribution Plan:

Company''s contribution to Provident Fund Rs. 196.30 lacs (Previous Year Rs.155.88 lacs)

ii. Defined Benefit Plan:

The following table summarizes the components of net benefit expense recognized in the profit and loss account and the funded status and amount recognized in the balance sheet.

(9) The Company is engaged in the segment packaging and there are no reportable segments as per Accounting Standard 17.

(10) List of Related Parties with whom the Company has entered into transactions during the year in ordinary course of business.

a. List of Related Parties

1) Enterprises in which control / Significant influence exist

a. Accura Reprotech Private Limited

b. Narmada Fintrade Private Limited

c. Flixit Animations Private Limited

d. Accuraform Private Limited

2) Key Management Personnel & Relatives

i. Mr. K. K. Kanoria, Executive Chairman

ii. Mr. Saket Kanoria, Managing Director

iii. Mr. S. G. Nanavati, Executive Director

iv. Mr. Rishav Kanoria, Director

3) Enterprises over which Key Management Personnel and Relatives of such personnel exercise significant influence

i. TCPL Foundation

ii. Kanoria Seva Kendra

(13) (a) Current Year Tax

The Computation of tax in the current year has been arrived after considering Investment Allowance under Section 32AC of The Income Tax Act, 1961 to the extent of Rs. 696.11 lacs (Previous Year Rs. 635.69 lacs)

(b) Deferred Tax

For the year ended 31st March, 2016, the Company has accounted for Deferred Tax Liability of Rs. 594.25 lacs (Previous Year Rs. 125.00 lacs)

Mar 31, 2015

1. [1] The loans from banks are secured by First pari passu charge on movable and immovable assets of the Company situated at Haridwar, Silvassa, Guwahati & Goa both present & future and Second pari passu charge by way of hypothecation of the Company's entire stock and other movables including books debts, bills, outstanding monies, receivables both present and future.

The loans from others are secured by hypothecation of specific machinery / assets for which loans are availed.

[2] Rupee Term Loan from banks carries interest in the range of 13% to 13.50% p.a. and Foreign Currency Loans from banks carries interest at LIBOR 100 to 200 basis points. The loans are repayable in monthly/ quarterly instalments.

Rupee loans from others carries interest in the range of 13% to 15% p.a. and are repayable in monthly instalments.

2. Contingent Liabilities:

i. Counter Guarantees given to the banks in respect of:

Bank Guarantees of Rs. 101.71 lacs given to the Electricity Departments/Various Government Authorities (Previous year Rs. 66.71 lacs)

ii. Disputed demands of Rs. 294.68 lacs in respect of various orders passed by Central Excise and Income Tax authorities (Previous year Rs. 410.35 lacs) for which appeals are made.

3. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. 2535.69 lacs (Previous year Rs. 1155.78 lacs)

4. Other Commitments:

The Company has imported capital goods under the export promotion capital goods scheme to utilize the benefit of a zero or concessional customs duty rate. These benefits are subject to future exports. Such export obligations at year end aggregate to Rs. 4834.14 lacs (Previous year Rs. 2784.37 lacs)

5. In the opinion of the Board, Current Assets, Loans and Advances (including Capital Advances) have a value on realisation in the ordinary course of business, at least equal to the amount at which they are stated.

The accounts of certain Sundry Debtors, Sundry Creditors, Advances and Lenders are subject to confirmation / reconciliation and adjustments, if any, the management does not expect any material difference affecting the current year's financial statements.

6. Disclosure regarding Derivative Instruments

a) The Company has entered into foreign currency forward contracts to hedge risks associated with foreign currency fluctuations relating to certain firm commitment and highly probable forecast transactions.

7. Effective April 1,2014, the Company has changed the estimated useful life of assets in accordance with Part C of Schedule II to the Companies Act, 2013. Pursuant to such provisions, the carrying amount of fixed assets amounting to Rs. 59.74 lacs, where the remaining estimated useful life as on the effective date is 'Nil' has been charged to Profit and Loss account instead of adjusting in General Reserve. Had this not been changed the profit for the current year would have been higher by Rs. 59.74 lacs.

Further, during the current financial year the Company has re-assessed useful life of asset based on technical evaluation. Accordingly, the depreciation provided for the current year is lower by Rs. 401.01 lacs

8. Employment benefits:

i. Defined Contribution Plan:

Company's contribution to Provident Fund is Rs. 155.88 lacs (Previous Year Rs. 146.06 lacs)

ii. Defined Benefit Plan:

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service receives gratuity on leaving at the rate of 15 days salary (last drawn salary) for each completed year of service.

The following table summarises the components of net benefit expense recognised in the profit and loss account and the funded status and amount recognised in the balance sheet.

The Company expects to contribute Rs. 36.00 lacs (Previous year Rs. 36.00 lacs) to its Gratuity plan for the next year.

9. In the absence of detailed information regarding Plan Assets which is funded with Life Insurance Corporation of India, the composition of each major category of plan assets, the percentage or amount for each category to the total fair value plan assets has not been disclosed.

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market. The above information is certified by the actuary and relied upon by the Auditors.

10. (a) Current Year Tax

The Computation of tax in the current year has been arrived after considering Investment Allowance under Section 32AC of The Income Tax Act, 1961 to the extent of Rs. 635.69 lacs.

(b) Deferred Tax

For the year ended 31st March, 2015, the Company has accounted for Deferred Tax Liability of Rs. 125.00 lacs (Previous Year Rs. 197.77 lacs).

11. The Company is engaged in the segment of packaging and there are no reportable segments as per Accounting Standard 17.

12. Previous year's figures have been re-arranged and regrouped wherever considered necessary.

Mar 31, 2014

(1) Contingent Liabilities

a) Counter Guarantees given to the banks in respect of:

i) Bank Guarantee of Rs.66.71lacs given to the Electricity Departments / Various Government Authorities (Previous year Rs.71.71 lacs)

ii) The Bonds given to Customs and Excise Authorities Â Rs.8260.53lacs towards export obligation fulfllment of Rs 21830.74lacs (since fulflled Rs.19046.37) for licences issued under Export Promotion Capital Goods Scheme (Previous Years Rs.6638.74 lacs) and for other matters Rs.1757.18 (Previous Year Rs.1612.58 lacs)

b) Disputed demands of Rs.410.35lacs in respect of various orders passed by Central Excise / Income Tax authorities (Previous year Rs.116.66 lacs) for which appeals are made.

(2) Estimates amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. 1155.78 lacs (Previous year Rs.2090.72 lacs)

(3) In the opinion of the Board, Current Assets, Loans and Advances (including Capital Advances) have a value on realisation in the ordinary course of business, at least equal to the amount at which they are stated.

The accounts of certain Sundry Debtors, Sundry Creditors, Advances and Lenders are subject to confirmation / reconciliation and adjustments, if any, the management does not expect any material difference affecting the current year''s financial statements.

(4) The Central Government vide notifcation dated 31st March, 2009 has amended Accounting Standard 11 "The Effects, changes in Foreign Exchange Rates". In view of this, Effect on account of exchange differences loss of Rs.710.92 lacs (net) (Previous year Rs.91.60 lacs) has been adjusted in the cost of Assets relating to various outstanding Foreign Currency Loans.

(5) The Company is engaged in the segment packaging and there are no reportable segments as per Accounting Standard 17.

(6) List of Related Parties with whom the Company has entered into transactions during the year in ordinary course of business. List of Related Parties :

1) Enterprises in which control / significant infuence exist: Accura Reprotech Pvt Ltd

Narmada Fintrade Pvt Ltd Flixit Animations Pvt Ltd

2) Key Management Personnel

(a) Mr. Saket Kanoria, Managing Director

(b) Mr. K. K. Kanoria, Whole-time Director

(c) Mr. Rishav Kanoria, Executive Director

(7) Disclosure regarding Derivative Instruments

a) The Company has used foreign currency forward contracts to hedge its risks associated with foreign currency fuctuations relating to certain firm commitment and highly probable forecast transactions.

(8) Employment benefits:

a) Defined Contribution Plan:

Company''s contribution to Provident Fund Rs.146.06lacs (PreviousYear Rs.119.13 lacs)

b) Defined benefit Plan:

The Company has a Defined benefit gratuity plan. Every employee who has completed five years or more of service receives gratuity on leaving at 15 days salary (last drawn salary) for each completed year of service.

The following tables summarise the components of net benefit expense recognised in the profit and loss account and the funded status and amount recognised in the balance sheet.

In the absence of detailed information regarding Plan Assets which is funded with Life Insurance Corporation of India, the composition of each major category of plan assets, the percentage or amount for each category to the total fair value plan assets has not been disclosed.

The details of experience adjustments arising on account of plan assets and plan liabilities as required by paragraph 120(n)(ii) of AS 15 (Revised) on "Employee benefits" are not readily available in the valuation statement from LIC and hence, are not furnished.

The estimates of future salary increases, considered in actuarial valuation, take account of infation, seniority, promotion and other relevant factors such as supply and demand in the employment market. The above information is certified by the actuary and relied upon by the Auditors.

(9) Previous year''s figures have been re-arranged and regrouped wherever considered necessary.

Mar 31, 2013

(1) Contingent Liabilities

a) Counter Guarantees given to the banks in respect of :

i) Bank Guarantee of Rs. 71.71 lacs given to the Electricity Departments / Various Government Authorities (Previous year Rs. 58.02 lacs)

ii) The Bonds given to Customs and Excise Authorities - Rs. 6638.74 lacs towards export obligation fulfillment of Rs. 17420.70 lacs (since fulfilled Rs. 14360.76 lacs) for licences issued under Export Promotion Capital Goods Scheme (Previous Years Rs. 5911.43 lacs) and for other matters Rs. 1612.58 lacs (Previous Year Rs. 788.80 lacs)

b) Disputed demands of Rs. 116.66 lacs in respect of various orders passed by Central Excise / Income Tax authorities (Previous year Rs. 119.41 lacs) for which appeals are made.

(2) Estimates amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. 2090.72 lacs (Previous year Rs. 345.17 lacs)

(3) In the opinion of the Board, Current Assets, Loans and Advances (including Capital Advances) have a value on realisation in the ordinary course of business, at least equal to the amount at which they are stated.

The accounts of certain Sundry Debtors, Sundry Creditors, Advances and Lenders are subject to confirmation / reconciliation and adjustments, if any, the management does not expect any material difference affecting the current year''s financial statements.

(4) The Central Government vide notification dated 31st March, 2009 has amended Accounting Standard 11 "The Effects, changes in Foreign Exchange Rates". In view of this, Effect on account of exchange differences loss of Rs. 91.60 lacs (net) (Previous year Rs. 160.27 lacs) has been adjusted in the cost of Assets and loss of Rs. Nil (Previous Year 0.07) has been adjusted under Capital work in progress relating to various outstanding Foreign Currency Loans.

(5) The Company has received capital grant of Rs. Nil (Previous year Rs. 30 lacs) for its plant at Haridwar towards fixed capital investment

Note : The information has been given in respect of such vendors to the extent they could be identified as " Micro, Small and Medium Enterprises" on the basis of information available with the Company.

(6) The Company is primarily engaged in the segment of printing & packaging and there are no reportable segments as per Accounting Standard 17.

(7) List of Related Parties with whom the Company has entered into transactions during the year in ordinary course of business. List of Related Parties :

1) Enterprises in which control / Significant influence exist :

Accura Reprotech Pvt Limited Narmada Fintrade Pvt Limited

Flixit Animations Pvt Ltd (Formely known as TCPL Helios India Pvt Ltd)

2) Key Management Personnel

(a) Mr. Saket Kanoria, Managing Director

(b) Mr. K. K. Kanoria, Whole-time Director

Note: Under the loan agreements, some of the lenders have at their option, a right to convert certain percentage of outstanding amount into fully paid equity shares, in the event of default by the Company in payment of principal and / or interest. As the Company is not in default of any payment obligations to such lenders as on 31st March, 2013, the same are not considered as potential equity shares for the purpose of calculating diluted earnings per share.

(8) Employment benefits :

a) Defined Contribution Plan:

Company''s contribution to Provident Fund Rs. 131.45 lacs (Previous Year Rs.102.85 lacs)

b) Defined Benefit Plan:

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service receives gratuity on leaving at 15 days salary (last drawn salary) for each completed year of service.

The following tables summarise the components of net benefit expense recognised in the profit and loss account and the funded status and amount recognised in the balance sheet.

Gratuity premium is paid to LIC of India under Gratuity Scheme of LIC

In the absence of detailed information regarding Plan Assets which is funded with Life Insurance Corporation of India, the composition of each major category of plan assets, the percentage or amount for each category to the total fair value plan assets has not been disclosed.

The details of experience adjustments arising on account of plan assets and plan liabilities as required by paragraph 120(n)(ii) of AS 15 (Revised) on "Employee Benefits" are not readily available in the valuation statement from LIC and hence, are not furnished.

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market. The above information is certified by the actuary and relied upon by the Auditors.

The agreements are executed for a period of 11 to 96 months with a renewable clause and also provide for termination by either party giving a prior notice period of 1 to 3 months.

(9) Previous year''s figures have been re-arranged and regrouped wherever considered necessary.

Mar 31, 2012

(1) Contingent Liabilities

a) Counter Guarantees given to the banks in respect of :

The Bonds given to Customs and Excise Authorities - Rs5911.43 lakhs towards export obligation fulfillment of Rs1 5632.36 lakhs (since fulfilled Rs9287.24 lakhs for licenses issued under Export Promotion Capital Goods Scheme (Previous Year Rs3626.64 lakhs) and for other matters Rs788.80 lakhs (Previous Year Rs371.25 lakhs)

b) Disputed demands of 19.41 lakhs in respect of various orders passed by Central Excise / Income Tax authorities (Previous year Rs119.41 lakhs) for which appeals are made.

(2) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances ) Rs345.1 7 lakhs (Previous Year Rs 2808.49 lakhs)

(3) In the opinion of the Board, Current Assets, Loans and Advances (including Capital Advances) have a value on realization in the ordinary course of business, at least equal to the amount at which they are stated.

The accounts of certain Sundry Debtors, Sundry Creditors, Advances and Lenders are subject to confirmation / reconciliation and adjustments, if any, the management does not expect any material difference affecting the current year's financial statements.

(4) The Central Government vide notification dated 31st March, 2009 has amended Accounting Standard (AS-II) "The Effects, changes in Foreign Exchange Rates" In view of this, Effect on account of exchange differences loss of Rs1 60.27 lakhs (Previous year Rs 76.61 lakhs) has been adjusted in the cost of Assets and loss of Rs0.07 lakhs. (Previous Year Nil) has been adjusted under Capital work in progress relating to various outstanding Foreign Currency Loans.

(5) During the year the Company has received capital grant of Rs30 lakhs for its plant at Hardwar towards fixed capital investment and the same has been credited to Capital Reserve

(6) The Company is primarily engaged in the segment of printing & packaging and there are no reportable segments as per Accounting Standard 1 7.

(7) List of Related Parties with whom the Company has entered into transactions during the year in ordinary course of business. List of Related Parties :

1) Enterprises in which control / Significant influence exist :

Accura Reprotech Private Limited

Narmada Fin trade Limited

Genus Trading & Mercantile Private Limited

pTCPL Helios India Private Limited

2) Key Management Personnel

(a) Mr. Saket Kanoria, Managing Director

(b) Mr. K. K. Kanoria, Whole-time Director

(13) Employment benefits :

a) Defined Contribution Plan:

Company's contribution to Providend Fund Rs102.85 lakhs. (Previous Year 69.13 lakhs)

b) Defined Benefit Plan:

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service receives gratuity on leaving at 15 days salary (last drawn salary) for each completed year of service.

The following tables summarize the components of net benefit expense recognized in the profit and loss account and the funded status and amount recognized in the balance sheet.

Gratuity premium is paid to LIC of India under Gratuity Scheme of LIC

In the absence of detailed information regarding Plan Assets which is funded with Life Insurance Corporation of India, the composition of each major category of plan assets, the percentage or amount for each category to the total fair value plan assets has not been disclosed.

The details of experience adjustments arising on account of plan assets and plan liabilities as required by paragraph 120(n)(ii) of AS 15 (Revised) on "Employee Benefits" are not readily available in the valuation statement from LIC and hence, are not furnished.

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market. The above information is certified by the actuary and relied upon by the Auditors.

(8) The financial statement for the year ended 31st March, 2011 as per then applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification of revised Schedule VI under the Companies Act, 1956, the financial statements for the year 31st March, 2012 are prepared in compliance with revised Schedule VI. Accordingly, the previous year's figures have also been reclassified / regrouped to conform to current year's classification. The adoption of revised Schedule VI for the previous year figures does not impact recognition and measurement principles followed for the preparation of financial statements.

(9) Previous year's figures have been re-arranged and regrouped wherever considered necessary.

Mar 31, 2011

(1) Contingent Liabilities

a) Counter Guarantees given to the banks in respect of :

i) Bank Guarantees of Rs. 53.28 lakhs given to the Electricity Department/various Government Authorities (Previous Year Rs. 48.08 lakhs)

ii) The Bonds given to Customs and Excise Authorities - Rs. 3997.89 lakhs towards export obligation fulfillment of Rs. 11450.17 lakhs (since fulfilled Rs. 8384.48 lakhs for licences issued under Export Promotion Capital Goods Scheme (Previous Year Rs. 3728.03 lakhs) and for other matters Rs. 371.25 lakhs (Previous Year Rs. 853.51 lakhs)

b) Disputed demands of Rs. 119.41 lakhs in respect of various orders passed by Central Excise / Income Tax authorities (Previous year Rs. 1 29.98 lakhs) for which appeals are made.

(2) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances ) Rs. 2808.49 lakhs (Previous Year Rs.1117.91 lakhs )

(3) In the opinion of the Board Current Assets, Loans and Advances (including Capital Advances) have a value on realisation in the ordinary course of business, at least equal to the amount at which they are stated.

The accounts of certain Sundry Debtors, Sundry Creditors, Advances and Lenders are subject to confirmation / reconciliation and adjustments, if any. The management does not expect any material difference affecting the current years financial statements.

(4) (a) Borrowing cost adjusted in the carrying cost of fixed assets during the year is Rs. 95.32 lakhs (Previous year Rs. 47.85 lakhs)

(b) Foreign exchange loss capitalised Rs. 42.34 lakhs (Previous Year Rs. 131.95 lakhs gain)

(5) The Central Government vide notification dated 31st March, 2009 has amended Accounting Standard (AS - 11) "The Effects, Changes in Foreign Exchange Rates". In view of this, loss on account of Exchange differences of Rs. 42.34 lakhs (Previous year Rs. 131.95 lakhs gain ) relating to various outstanding Foreign Currency Letter of Credit Liability / Buyers Credit for the year 2010-11 has been adjusted in the cost of Assets.

(6) Micro, Small and Medium Enterprises :

Note: The information has been given in respect of such vendors to the extent they could be identified as " Micro,Small and Medium Enterprises on the basis of information available with the Company.

(7) The Company is primarily engaged in the segment of printing & packaging and there are no reportable segments as per Accounting Standard 17.

(8) List of Related Parties with whom the Company has entered into transactions during the year in ordinary course of business.

List of Related Parties :

1) Enterprises in which control / Significant influence exist :

Accura ReproTech Private Limited

Narmada Fintrade Limited

Genus Trading & Mercantile Pvt. Ltd

TCPL Helios India Pvt Ltd

2) Key Management Personnel

a) Mr. Saket Kanoria, Managing Director

b) Mr. K. K. Kanoria, Wholetime Director

(9) Calculation of Basic & Diluted Earnings Per Share :

Note :Under the loan agreements, some of the lenders have at their option, a right to convert certain percentage of outstanding amount into fully paid equity shares, in the event of default by the Company in payment of principal and / or interest. As the Company is not in default of any payment obligations to such lenders as on 31st March,2011, the same are not considered as potential equity shares for the purpose of calculating diluted earnings per share.

(11) Tax provision for earlier years of Rs. Nil (Previous Year Rs. 93.50 lakhs) is on account of tax liability arising on account of short provision, disallowances at the time of assessments.

(12) (a) Capital Work-in-Progress includes Capital Advances of Rs. 953.23 lakhs (Previous Year Rs. 144.37 lakhs)

(b) During the year, pre-operative expenses incurred for expansion that have been capitalised are Rs. 63.48 lakhs (Previous Year Rs. 58.54 lakhs)

(15) Employment benefits:

a) Defined Contribution Plan:

Companys contribution to Providend Fund Rs. 69.13 lakhs. (Previous Year 56.30 lakhs)

b) Defined Benefit Plan:

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service receives gratuity on departure at 15 days salary (last drawn salary) for each completed year of service.

The following tables summarise the components of net benefit expense recognised in the profit and loss account and the funded status and amount recognised in the balance sheet.

Gratuity premium is paid to LIC of India under Gratuity Scheme of LIC

In the absence of detailed information regarding Plan Assets which is funded with Life Insurance Corporation of India, the composition of each major category of plan assets, the percentage or amount for each category to the total fair value plan assets has not been disclosed.

The details of experience adjustments arising on account of plan assets and plan liabilities as required by paragraph 120(n)(ii) of AS 15 (Revised) on "Employee Benefits" are not readily available in the valuation statement from LIC and hence, are not furnished.

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market. The above information is certified by the actuary and relied upon by the Auditors.

(17) Finance Lease

The agreements are executed for a period of 11 to 96 months with a renewable clause and also provide for termination by either party giving a prior notice period of 1 to 3 months

(18) The Ministry of Corporate affairs, Government of India vide its General Notification No.S.O301 (E) Dated 8th February, 2011 issued under section 211 (3) of the companies Act, 1956 has exempted certain classes of companies from disclosing certain information in their profit and loss account.

The Company being manufacturing Company is entitled to the exemption. Accordingly, disclosures mandated by paragraphs 3(i) (a). 3 (ii) (a), of Part II, Schedule VI of the companies Act, 1956 have not been provided.

(19) Previous Years figures have been re-arranged and regrouped wherever considered necessary.

Mar 31, 2010

(1) Contingent Liabilities

a) Counter Guarantees given to the banks in respect of:

i) Bank Guarantees of Rs 48.08 lakhs given to the Electricity Department/various Government Authorities (Previous Year Rs.25.70 lakhs)

ii) The Bonds given(to Customs and Excise Authorities) Rs3728.03 lakhs towards export obligation fulfillment of Rs 11080.12 lakhs(since fulfilled Rs 6830.50 lakhsjfor licences issued under Export Promotion Capital goods scheme (Previous year Rs.3744.53 lakhs) and other matters Rs 853.51 lakhs. (Previous Year Rs. 853.51 lakhs)

b) Disputed demands of Rs 129.98 lakhs in respect of various orders passed by Central Excise / Income Tax authorities (Previous year Rs. 144.31 lakhs) for which appeals are made.

(2) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs 1117.91 lakhs (Previous Year Rs. 1646.34 lakhs)

(3) In the opinion of the Board, Current Assets, Loans and Advances (including Capital Advances) have a value on realisation in the ordinary course of business, at least equal to the amount at which they are stated.

The accounts of certain Sundry Debtors, Sundry Creditors, Advances and Lenders are subject to confirmation / reconciliation and adjustments, if any, the management does not expect any material difference affecting the current years financial statements.

(4) Borrowing cost adjusted in the carrying cost of fixed assets during the year is Rs 47.85 lakhs (Previous year Rs.Nil)

(5) Consequent upon the adoption of the Companies (Accounting Standards) Rules 2006 with effect from 1 st April,2007 the following changes in accounting policy/ estimate have been made during the year:

The Central Government vide notification dated 31st March 2009 has amended Accounting Standard (AS - 11) "The Effects, Changes in Foreign Exchange Rates". In view of this, gain on account of Exchange differences of Rs. 131.95 lakhs ( Previous year Rs 290.76 lakhs Loss ) relating to various outstanding Foreign Currency Letter of Credit Liability / Buyers Credit for the year 2009-10 has been adjusted in the cost of Assets.

(6) The Company is primarily engaged in the segment of printing & packaging and there are no reportable segments as per Accounting Standard 1 7.

(7) List of Related Parties with whom the Company has entered into transactions during the year in ordinary course of business. List of Related Parties :

1) Associates :

Accura ReproTech Pvt. Ltd.

2) Enterprises in which control / Significant influence exist: Narmada Fintrade Limited Genus Trading & Mercantile Pvt. Ltd TCPL Helios India Pvt Ltd

3) Key Management Personnel

(a) Mr. Saket Kanoria, Managing Direc

(b) Mr. K. K. Kanoria, Whole-time Dire.

(14) Employment benefits:

a) Defined Contribution Plan:

Companys contribution to Providend Fund Rs 56.30 lakhs. (Previous Year 49.79 lakhs)

b) Defined Benefit Plan:

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service receives gratuity on departure at 15 days salary (last drawn salary) for each completed year of service.

The following tables summarise the components of net benefit expense recognised in the profit and loss account and the funded status and amount recognised in the balance sheet.

(8) Previous Years figures have been re-arranged and regrouped wherever considered necessary.

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