| 1. Terms/rights attached to the equity shares
The Company has one class of equity shares having a par value of '
10/- per share. Each holder of equity shares is entitled to one vote.
In the event of liquidation of the Company, the holders of the equity
shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts, in proportion to their
shareholding.
2. Contingent Liabilities :
Claims against the Company not (in Rs.)
acknowledged as debt: 31 .03.2015 31.03.2014
(a) Appeals filed in respect of
disputed demands
i) Central Excise 17,54,45,314 17,54,45,314
ii) Income Tax 1,59,280 1,59,280
(b) Other claims 87,82,210 36,46,561
3. During the year, the Company has disposed off its building and
plant and machinery at Gondia, Maharashtra as the plant was closed for
long and the equipments were of outdated technology and getting rusted
because of not in use for long time. The Company has incurred a net
loss of Rs. 6,70,30,887/- on sale of the said assets and reversed the
provision for impairment loss of Rs. 7,50,42,152/- and disclosed the
same as exceptional items. The Company is dealing in Paper and Paper
products and management is further evaluating viable possibilities of
other diversification in the same line of business and accordingly,
the accounts have been prepared on going concern basis.
4. During the year, the Company has provided depreciation as per the
provision of Schedule II to the Companies Act, 2013 ("the Act")
based on the remaining useful life of the assets and consequently, in
case of the assets which have completed their useful lives as
prescribed under Schedule II to the Act, the carrying value (net of
residual value) as at 01st April, 2014 have been adjusted net of tax,
in the opening balance of Profit and Loss Account amounting to Rs.
6,98,57,391/- and in case of other assets, the carrying value (net of
residual value) is being depreciated over the revised remaining useful
lives. As a result of the above, depreciation for the current year is
higher by Rs. 48,45,016/-.
5. The Company has not received any intimation from "suppliers"
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence disclosures, if any, relating to
amounts unpaid as at the year end together with interest paid/payable
as required under the said Act have not been given.
6. During the year, the Company has trading activity in paper
products i.e. Paper board and Craft paper.
7. The net worth of the Company has been eroded due to continuous
losses.
8. As there are no employees in the Company, the provisions relating
to Accounting Standard (AS-15) (Revised) Employee Benefits, are not
applicable.
9. Earnings per share (EPS) is calculated by dividing the
profit/(loss) attributable to the equity share holders by weighted
average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of shares outstanding during the period is
adjusted for the effects of all dilutive potential equity shares,
except when the results would be anti-dilutive.
10. The Company's activities are classified as belonging to a single
business segment of trading in paper products. The Company's
operations are largely limited to India.
11. The previous year's figures have been reclassified, wherever
necessary, to conform current year's presentation.
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