3.14 Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement are recognised when there is a legal or constructive
obligation as a result of past events and it is probable that there will be an outflow of resources and a reliable estimate can
be made of the amount of obligation. Provisions are not recognised for future operating losses. The amount recognised
as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting
period, taking into account the risks and uncertainties surrounding the obligation.
Contingent liabilities are not recognised and are disclosed by way of notes to the financial statements when there is a
possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non¬
occurrence of one or more uncertain future events not wholly within the control of the Company or when there is a present
obligation that arises from past events where it is either not probable that an outflow of resources will be required to
settle the same or a reliable estimate of the amount in this respect cannot be made.
When there is a possible obligation or a present obligation and the likelihood of outflow of resources is remote, no
provision or disclosure for contingent liability is made.
Contingent assets are not recognised but disclosed in the Financial Statements by way of notes to accounts when an
inflow of economic benefits is probable.
Provisions, Contingent liabilities, and Contingent assets are reviewed at each balance sheet date.
3.15 Employee Benefits
Employee benefits are accrued in the year in which services are rendered by the employee.
Short term Employee benefits
Short term employee benefit obligations are measured on an undiscounted basis and are expensed as the related services
are provided. Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly
within twelve months after the end of the period in which the employees render the related service are recognized in
respect of employees' services up to the end of the reporting period.
Other Long Term Employee Benefits
Leave encashment benefits are payable to employees while in service, retirement and on death while in service or on
termination of employment. With respect to accumulated leaves outstanding at the year-end, liability for leave are
accounted for on the basis of actuarial valuation at the balance sheet date. The cost of providing long term employee
benefits consisting of leave encashment that are not expected to be settled wholly within twelve months are measured as
the present value of the expected future payments to be made in respect of services provided by employees up to the end
of the reporting period using the projected unit credit method. The benefits are discounted using the government securities
(G-Sec) at the end of the reporting period that have terms approximating to the terms of related obligation. Actuarial
gains and losses and past service cost are recognised immediately in the Statement of Profit and Loss for the period in
which they occur. Long term employee benefit obligation recognised in the Balance Sheet represents the present value
of related obligation. Bifurcation of liabilities into Current and Non-current are done based on actuarial valuation report.
Post Employment Benefits
The Company operates the following post employment schemes:
- Defined Benefit Plans
The liability or asset recognized in the Balance Sheet in respect of defined benefit plans is the present value of the defined
benefit obligation at the end of the reporting period less the fair value of plan assets. The Company's net obligation in
respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that
employees have earned in the current and prior periods. The defined benefit obligation is calculated annually by Actuaries
using the projected unit credit method.
The liability recognized for defined benefit plans is the present value of the defined benefit obligation at the reporting
date less the fair value of plan assets (funded to Life Insurance Corporation of India), together with adjustments for
unrecognized actuarial gains or losses and past service costs. The net interest cost is calculated by applying the discount
rate to the net balance of the defined benefit obligation and the fair value of plan assets. The benefits are discounted
using the government securities (G-Sec) at the end of the reporting period that have terms approximating to the terms of
related obligation. Bifurcation of liabilities into Current and Non-current are done based on actuarial valuation report.
Remeasurements of the net defined benefit obligation, which comprise actuarial gains and losses, the return on plan assets
(excluding interest) and the effect of the asset ceiling, are recognized in other comprehensive income. Remeasurement
recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to
the Statement of Profit and Loss.
- Defined Contribution Plans
In accordance with the provisions of the Employee Provident Funds and Miscellaneous Provisions Act, 1952, eligible
employees of the company are entitled to receive benefits with respect to provident fund, a defined contribution plan, in
which both the company and employee contribute monthly to Provident Fund Scheme the Central Government/Trust at a
determined rate. The Company's contribution is charged off to the Statement of Profit and Loss as and when incurred.
3.16 Revenue
Revenue from contract with customer:
Revenue from Operations
Revenue from contracts with customers is accounted for only when it has commercial substance, and all the following
criteria are met:
(i) parties to the contract have approved the contract and are committed to performing their respective obligations;
(ii) each party's rights regarding the goods or services to be transferred and payment terms there against can be
identified;
(iii) consideration in exchange for the goods or service to be transferred is collectible and determinable
The revenue is recognized on satisfaction of performance obligation, when control over the goods or services has been
transferred and/ or goods/ services are delivered/ provided to the customers. Delivery occurs when the goods have been
shipped or delivered to a specific location, and the customer has either accepted the goods under the contract or the
Company has sutficient evidence that all the criteria for acceptance have been satisfied.
Revenue is measured at the amount of transaction price (consideration specified in the contract with the customers)
allocated to that performance obligation. The transaction price of goods sold is net of variable consideration on account
of rebates, claims and discounts, returns, Goods and Service Tax (GST) and such other taxes collected on behalf of third
party not being economic benefits flowing to the company are excluded from revenue. Accumulated experience is used
to estimate and provide for the discounts/ right of return, using the expected value method.
Other Operating Revenue-Export Benefits :
Export incentives are accounted for in the year of export if the entitlements and realisability thereof can be estimated with
reasonable accuracy and conditions precedent to such benefit is fulfilled.
Interest, Dividend and Claims
Dividend income is recognised when the right to receive payment is established. Interest has been accounted using
effective interest rate method. Insurance claims/ other claims are accounted as and when admitted or settled which ever
is earlier.
3.17 Borrowing Costs
Borrowing cost comprises of interest and other costs incurred in connection with the borrowing of the funds. All
borrowing costs are recognized in the Statement of Profit and Loss using the effective interest method except to the
extent attributable to qualifying Property Plant Equipment (PPE) which are capitalized to the cost of the related assets.
A qualifying PPE is an asset, that necessarily takes a substantial period of time to get ready for its intended use or sale.
Borrowing cost also includes exchange differences to the extent considered as an adjustment to the borrowing costs.
3.18 Taxes on Income
Income tax expense representing the sum of current tax expenses and the net charge of the deferred taxes is recognised
in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive
income.
Current income tax is provided on the taxable income and recognised at the amount expected to be paid to or recovered
from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the end of
the reporting period.
Deferred tax is recognised on temporary differences between the carrying amount of assets and liabilities in the Financial
Statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are
generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible
temporary differences to the extent that it is probable that taxable profits will be available against which those deductible
temporary differences can be utilized.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the
liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted
by the end of the reporting period.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that
it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be
utilized.
Deferred tax items in correlation to the underline transactions relating to Other Comprehensive Income and Equity are
recognised in Other Comprehensive Income and Equity respectively.
3.19 Earnings Per Share
Basic earnings per share are computed by dividing the net profit attributable to the equity holders of the company by
the weighted average number of equity shares outstanding during the period. Diluted earnings per share is computed by
dividing the net profit attributable to the equity holders of the company by the weighted average number of equity shares
considered for deriving basic earnings per share and also the weighted average number of equity shares that could have
been issued upon conversion of all dilutive potential equity shares.
3.20 Segment Reporting
Operating segments are identified and reported taking into account the different risk and return, organisation structure
and in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM). CODM is
responsible for allocating resources and assessing performance of the operating segments, financial results, forecasts
or plan for the segment and accordingly is identified as the chief operating decision maker.
The company operates in one business segment of Paper, Paper Board and related products being primary segment and
all other activities revolve around the main activity.
3.21 Government Grants and Subsidies/ Incentives
Grant from government are recognised when there is reasonable assurance that the condition attached to them will be
complied and grant/ subsidy will be received and their exists no significant uncertainty with regard to the collection.
Revenue grants including subsidy/rebates are credited to the Statement of Profit and Loss Account under "Other Operating
Income" or deducted from the related expenses for the period to which these are related. Grants which are meant for
purchase, construction or otherwise acquire non current assets are recognized as Deferred Income and transferred to
the Statement of Profit and Loss on a systematic basis over the useful life of the respective asset. Grants relating to
non-depreciable assets is transferred to the Statement of Profit and Loss over the periods as specified for meeting the
obligations related to such grants.
3.22 Exceptional items
Exceptional items include income or expenses that are part of ordinary activities. However, they are of such significance
and nature that separate disclosure enables the user of financial statements to understand the impact more clearly.
These items are identified by their size or nature to facilitate comparison with prior periods and assess underlying trends
in the Company's financial performance.
3.23 Statement of Cash Flows
Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of
a non-cash nature, any deferrals, or accruals of past or future operating cash receipts or payments and items of income or
expenses associated with investing or financing flows. Accordingly, the Company's cash flows from operating, investing,
and financing activities are segregated.
For reporting Statement of Cash Flows, cash and cash equivalents consist of cash on hand, cheques on hand, balance
with banks, and short term highly liquid investments, as stated above, net of outstanding book overdrafts, as they are
considered an integral part of the Company's cash management.
4. Critical accounting judgments, assumptions and key sources of estimation and uncertainty
The preparation of the financial statements in conformity with the measurement principle of Ind AS requires management
to make estimates, judgments and assumptions that affect the application of accounting policies and the reported amount
of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and
reported amount of revenues and expenses during the period. Accounting estimates could change from period to period.
Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes
aware of changes in circumstances surrounding the estimates. Differences between the actual results and estimates
are recognised in the year in which the results are known / materialised and, if material, their effects are disclosed in the
notes to the financial statements.
Application of accounting policies that require significant areas of estimation, uncertainty and critical judgments and
the use of assumptions in the financial statements that have a significant risk of causing a material adjustment to the
carrying amount of assets and liabilities within the next financial year are discussed below. The notes dealt with in 4.1 to
4.6 below provide an overview of the areas that involved a high degree of judgement or complexity and of items which
are 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 are included in the relevant notes together
with information about basis of calculation of each affected line item in the financial statements.
4.1 Depreciation / Amortization and Impairment on Property, Plant and Equipment and ROU assets
Property, Plant and Equipment (including ROU assets) are depreciated/ amortized on Straight Line Basis/Written Down
Value Basis over the estimated useful lives (or lease term, if shorter) in accordance with Schedule II to the Companies Act,
2013, taking into account the estimated residual value, wherever applicable. The Company reviews the estimated useful
lives of the assets regularly in order to determine the amount of depreciation / amortization and amount of impairment
expense to be recorded during any reporting period. This reassessment may result in change estimated in future periods.
The company reviews its carrying value of its Tangible whenever there is objective evidence that the assets are impaired.
In such situation asset's recoverable amount are estimated which are higher of asset's or cash generating units (CGU) fair
value less cost of disposal and its value in use. In assessing value in use the estimated future cash flows are discounted
using pre-tax discount rate which reflect the current assessment of time value of money. In determining fair value less
cost of disposal, recent market realisations are considered or otherwise in absence of such transactions appropriate
valuations are adopted.
4.2 Right-of-use assets and lease liability
Ind AS 116 requires lessees to determine the lease term as the non-cancellable period of a lease adjusted with any option
to extend or terminate the lease, if the use of such option is reasonably certain. The Company makes an assessment on
the expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably certain that any options
to extend or terminate the contract will be exercised. In evaluating the lease term, the Company considers factors such as
any significant leasehold improvements undertaken over the lease term, costs relating to the termination of the lease and
the importance of the underlying asset to the company's operations taking into account among other thing, the location
of the underlying asset and the availability of suitable alternatives. The lease term in future periods is reassessed to
ensure that the lease term reflects the current economic circumstances.
4.3 Impairment allowances on trade receivables
The Company evaluates whether there is any objective evidence that trade receivables are impaired and determines the
amount of impairment allowance as a result of the inability of the customers to make required payments. The Company
bases the estimates on the ageing of the trade receivables balance, credit-worthiness of the trade receivables and
historical write-off experience. In case of variation in financial condition the amount of impairment as recognised may
vary having a significant impact on the Financial Statements.
4.4 Income taxes
Significant judgment is required in determination of taxability of certain income and deductibility of certain expenses
during the estimation of the provision for income taxes. Also there are matters pending before various judicial authorities
outcome whereof are uncertain. Further, material judgement and assumptions are involved for arriving at timing
differences and consequential adjustments on account of deferred taxation.
4.5 Defined benefit obligation (DBO)
Critical estimate of the DBO involves a number of critical underlying assumptions such as standard rates of inflation,
mortality, discount rate, anticipation of future salary increases etc. as estimated by Independent Actuary appointed for
this purpose by the Management. Variation in these assumptions may significantly impact the DBO amount and the
annual defined benefit expenses.
4.6 Provisions and Contingencies
Provisions and liabilities are recognised in the period when it becomes probable that there will be a future outflow of
funds resulting from past operations or events and the amount of cash outflow can be reliably estimated. The timing of
recognition and quantification of the liability requires the application of judgement to existing facts and circumstances,
which can be subject to change.
Management judgment is required for estimating the possible outflow of resources, if any, in respect of contingencies/
claim/litigations/ against the Company as it is not possible to predict the outcome of pending matters with accuracy.
The carrying amounts of provisions and liabilities and estimation for contingencies are reviewed regularly and revised to
take account of changing facts and circumstances.
Fair Valuation Techniques
The fair values of the financial assets and liabilities are determined at the amount that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants at the measurement date.
The following methods and assumptions were used to estimate the fair values:
The fair value of cash and cash equivalents, trade receivables and payables, current financial liabilities/financial assets and
borrowings approximate their carrying amount largely due to the short-term nature of these instruments. The management
considers that the carrying amounts of financial assets and financial liabilities recognised at nominal cost/amortised cost in the
financial statements approximate their fair values.
Investments in liquid and short-term mutual funds are determined using quoted market prices at the reporting date multiplied by
the quantity held. Quoted Investments for which quotations are not available have been determined by an external independent
valuer appointed in this respect with reference to the market value of the investment held by that company, Price to Earnings
ratio of similar sector company along with premium/discount for controlling interest.
Fair value hierarchy
The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March
31,2025:
The Company categorizes assets and liabilities measured at fair value into one of three levels depending on the ability to observe
inputs employed for such measurement:
(a) Level 1: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.
(b) Level 2: Inputs other than quoted prices included within level 1 that are observable either directly or indirectly for the asset
or liability.
(c) Level 3: Inputs for the asset or liability which are not based on observable market data.
During the year ended March 31,2025 , there were no transfers between Level 1, Level 2 and Level 3.
The Inputs used in fair valuation measurement are as follows:
Inputs used in fair valuation of Financial assets and liabilities not within the operating cycle of the company is amortized based
on the borrowing rate of the company.
Equity Instruments are valued based on the market value of investments held by that company, Price to Earning ratio of similar
sector company along with premium/discount of controlling interest.
FINANCIAL RISK FACTORS
The Company's activities are exposed to variety of financial risks. The key financial risks includes market risk, credit risk and
liquidity risk. The Company's focus is to for see the unpredictability of financial markets and seek to minimize potential adverse
effects on its financial performance. The risks are governed by appropriate policies and procedures and accordingly financial
risks are identified, measured and managed with the Company's policies and risk objectives.
MARKET RISK
Market risk is the risk or uncertainty arising from possible market price fluctuations resulting in variation in the fair value of
future cash flows of a financial instrument. The major components of Market risks are foreign currency risk, interest rate risk
and other price risk. Financial instruments affected by market risk includes trade receivables, borrowings, investments and trade
and other payables.
OTHER PRICE RISK
The company's investments in mutual funds and equity instruments which are fair valued through profit and loss and other
comprehensive income respectively. The company's investment in Equity instruments are strategic and long term in nature and
these are further subject to impairment testing as per the policy followed in this respect and are not expected to be material
whereas investments in mutual funds are for short term in nature for deployment of surplus with the company which are subject
to market conditions.
CREDIT RISK
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to
a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables). To manage this,
the management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Major supplies
are through whole seller who have paid deposit to the company and the risk involved in payment default is minimum. Further,
evaluating the credit worthiness of the customers has minimised the risk of default by other segment customers. Besides,
the risk of export receivables is covered under Credit Insurance. The Company periodically assesses the financial reliability of
customers, taking into account the financial condition, current economic trends and ageing of accounts receivable. Individual
risk limits are set accordingly. Further the company obtains necessary security including letter of credits and/or bank guarantee
to mitigate its credit risk.
The carrying amount of respective financial assets recognised in the financial statements, (net of impairment losses) represents
the Company's maximum exposure to credit risk. The concentration of credit risk is limited due to the customer base being large
and unrelated. Of the trade receivables balance at the end of the year, there are three customers aggregating to Rs.235.32 Lakhs
which accounted for more than 10% of the accounts receivable as each case at March 31,2025.
The Company establishes an allowance for impairment that represents its estimate of incurred losses in respect of trade
and other receivables. Receivables from customers are reviewed/evaluated periodically by the management and appropriate
provisions if considered necessary are made to the extent recovery there against has been considered to be remote.
Financial assets that are neither past due nor impaired
Cash and cash equivalents, investment and deposits with banks are neither past due nor impaired. Cash and cash equivalents
with banks are held with reputed and credit worthy banking institutions.
Financial assets that are past due but not impaired
Trade receivables disclosed above includes certain amounts that are past due at the end of the reporting period but against
which no credit losses has been expected to arise.
LIQUIDITY RISK
Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable
price. The Company's objective is to maintain optimum level of liquidity to meet it's cash and collateral requirements at all times.
The company relies on internal accruals to meet its fund requirement.
Liquidity and interest risk tables
The following tables detail the Company's remaining contractual maturity for its non-derivative financial liabilities with agreed
repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the
earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows as on
March 31,2025. The Company does not have any borrowings hence there is no interest risk.
The company has current financial assets which will be realised in ordinary course of business. The Company ensures that it has
sufficient cash on demand to meet expected operational expenses.
Capital Management
The primary objective of the Company's capital management is to ensure that it maintains a healthy capital ratio in order to
support its business and maximise shareholder value. The Company's objective when managing capital is to safeguard its ability
to continue as a going concern so that it can continue to provide returns for shareholders and benefits for other stake holders.
The Company is focused on keeping strong total equity base to ensure independence, security, as well as a high financial
flexibility for potential future borrowings, if required without impacting the risk profile of the Company.
Since there is no debt outstanding as on March 31,2025 and March 31,2024, so the disclosures of Capital Gearing Ratio for the
same period has not been furnished
37. POST RETIREMENT EMPLOYEE BENEFITS
The disclosures required under Indian Accounting Standard 19 on ''Employee Benefits'' are given below:
b) Defined Benefit Plans
The company has a defined benefit Gratuity plan. Every Employee who has completed five years or more of service is entitled
to Gratuity on terms not less favorable than the provisions of The Payment of Gratuity Act, 1972. The Company makes annual
contribution of Gratuity to Life Insurance Corporation of India.
The Company also extends benefit of compensated absences to the employee, whereby they are eligible to carry forward there
entitlement of earned leave for encashment upon retirement/separation. This is an unfunded plan.
The employee's gratuity fund scheme managed by Life Insurance Corporation of India is a defined benefit plan. The present
value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each
period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up
the final obligation.
B. Capital Commitment :
Estimated amount of contracts remaining to be executed on capital account (net of advances of Rs.6.77 Lakhs) Rs.57.41
Lakhs whereas for March 31,2024 (net of advances of Rs.20.26 Lakhs) Rs.86.74 Lakhs.
40. CONTINGENT ASSETS:
A Contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the
occurance or non occurance of one or more uncertain future events not wholly within the control of the entity. During the
normal course of business, unresolved claims remains outstanding. The inflow of economic benefits,in respect of such
claims cannot be measured due to uncertainties that surround the related events and circumstances.
41.C.1 Investment in I S G Traders Limited has been shown at carrying fair value. Cost of investment in I S G Traders Limited is
Rs. 3,579.89 Lakhs (as at March 31,2024 Rs.3,579.89 Lakhs). (Refer Note No.2.2).
41. C.2 Reference is invited to Note No.50 regarding disqualification of the director and the amount of remuneration paid in
earlier years and lying unpaid as on this date.
41.1 Terms and conditions of transactions with related parties
The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm's length
transactions. Outstanding balances at the year end are unsecured and settlement occurs in cash. The Company has
not provided any guarantee to related parties towards their borrowing facilities. For the year ended March 31, 2025, the
Company has not recorded any impairment allowances in respect of receivables relating to amounts owed by related
parties (March 31, 2024 Rs. NIL). This assessment is undertaken each financial year through examining the financial
position of the related party and the market in which the related party operates.
41.2 The above related party information is as identified by the management and relied upon by the auditor.
42. SEGMENT REPORTING
a) The Company operates mainly in one business segment viz Paper , Paper Board and related products being primary
segment and all other activities revolve around the main activity. The secondary segment is geographical, information
related to which is given as under :
46. The financial risk associated to agriculture would include climate change, price fluctuation and input cost increases.
Being dependent on rainfall, any shortfall would directly impact the production. The sale of clonal plant is largely through
the farmer system, any price fluctuation would impact profitability. Increased wages also has a direct impact on the cost
of production because of labour intensive nature of the business operations.
Management is continuously monitoring all the above factors. Investment in irrigation, a planned replanting programme
to ensure higher yields and improving efficiency of labour and modernisation are some of the measures taken by the
management to mitigate the risks.
47. Trade Receivables , Trade payables and advances recoverable are subject to confirmation /reconcilation and consequential
adjustments,if any arising thereof. In the opinion of the management current assets, loans and advances will have on
realisation in the ordinary course of business atleast equal to the amount at which they are stated in the Balance Sheet.
48. DISCLOSURE REGARDING BORROWED FUNDS
No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or
kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries") with
the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by
or on behalf of the Company (Ultimate Beneficiaries). The Company has not received any fund from any party(s) (Funding
50. An erstwhile Director who had been disqualified under section 164(2) with respect to an another company in which he
was director, has filed a writ petition before the Honorable High Court Calcutta challenging the said disqualification and
the matter is pending before the said court as on this date. Pending descision of the court, remuneration of Rs.169 lakhs
as agreed upon even though provided for in earlier years has not been paid. Remuneration of Rs.555.13 lakhs paid prior
to filing of the writ petition, however, remain charged out in the accounts and recoverability thereof is subject to the
descision of the court.Consequential, adjustments depending on the decision of the court will be given effect to in the
year of determination.
51. EXCEPTIONAL ITEMS
In respect of previous year, exceptional items represent losses arising due to incidence of fire on 18th December, 2023 in
the Company's plant at Saharanpur. Losses incurred on account of destructions, damage of inventory(wood) amounting
to Rs.175.16 Lakhs and other expenses for repairs etc amounting to Rs. 4.65 Lakhs, have been aggregated and shown
under Exceptional Items in the Financial Statements of the company.
(f) The company has no any such transaction which is not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessment under Income Tax Act,1961.
53. Previous year's figures have been regrouped/reclassified to conform with current year presentation wherever considered
necessary.
54. These financial statements have been approved by the Board of Directors of the company on 29th May, 2025.
As per our report of even date
For Lodha & Co., LLP
Chartered Accountants
(Vikram Matta)
Partner Shrivardhan Goenka
Place : New Delhi Saurabh Arora Sanjeev K. Garg Madhukar Mishra Dr. R.C. Lodha
Date : 29th May, 2025 Company Secretary Chief Financial Officer Managing Director Directors
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