As per the records of the Company no calls remain and unpaid by the directors and officers of the Company,

16 OTHER NOTES ON ACCOUNTS

1 In the opinion of the Board of Directors, assets are staled at realizable value in the ordinary course of business at least equal to the amount at which they are stated.

2 The company has accumulated losses and its net worth has been fully eroded and, the Company's current liabilities exceeded its current assets as at the balance sheet date, Hence,the financial statements have been prepared after making necessary adjustments to the recoded assets and liabilities wherever necessary adjustments to the recorded assets and liabilities wherever necessary in view to inappropriateness of the fundamental accounting assumption of'Going Concern'

3 The suspension of company's shares on the Bombay Slock Exchange lias been revoked vide notice dated 26/03/2024 issued by the Bombay Stock Exchange and the said i evocation effective from 3rd April 2024.

4 Operating Segments

The Company's main business is sale/purchase of papers and boards. Ail other activities of the Company revolve around this main business. I here are no separate segments within the Company as defined by the hid AS 108 (Operating Segment) issued by the Institute of Chartered Accountants of India.

5 Forfeiture of Shares

the Company's has Forfeited 2,52,700 equity share in respect of which calls remained in arrears: The same has been approved by the Board of Director in their meeting held on

02.05.2023.

1) The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parlies, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values:

2) The fair values of the Company's interest-bearing borrowings and loans, if any, are determined by using Discounted cash flow method using discount rate that reflects the issuer's borrowing rate as at the end of the reporting period. The own non-performance risk as at 3 1st March, 2025 was assessed to be insignificant.

3) Long-term receivables/ payables are evaluated by the Company based on parameters such as interest rates, risk factors, individual creditworthiness of the counterparty and the risk characteristics of the financed project. Based on this evaluation, allowances are taken into account for the expected credit losses of these receivables.

4) "file significant unobservable inputs used in the fair value measurement categorized within Level 3 of the fair value hierarchy together with a quantitative sensitivity analysis as at 3 1 March 2025, are as shown below:

Fair value hierarchy . . .

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level !: quoted (unadjusted) prices in active markets for identical assets or liabilities

Level 2: other techniques for which all inputs that have a significant effect on the recorded fair value are observable, either directly or indirectly Level 3: techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data

The management assessed that cash and cash equivalents, trade payables, and other current liabilities approximate their carrying amounts largely due to me siiort-term mammies 01 these instruments, .

9 Financial risk management objectives and policies _r „ ,,

The Company’s principal financial liabilities, comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Company s operations. The Company's principal financial assets include loans, trade and oilier receivables, and cash and cash equivalents dial are derived directly from its operations.

Tlic Company's financial risk management is an integral part of how to plan and execute its business strategics. The Company is exposed to market risk, and liquidity risk.

The Company’s senior management oversees the management of these risks. The senior professionals working to manage the financial risks and the appropriate financial risk governance framework for Hie Company are accountable to die Board of Directors. This process provides assurance to C ompany’s senior management dial die C ompany s financia risk-taking activities are governed by appropriate policies and procedures and that financial risk are identified, measured and managed in accordance with Company policies and Company risk objective.

The Board of Directors reviews and agrees policies for managing each of these risks which arc summarized as below:

(a) Market Risk

Market Risk is the risk dial the fair value of future casli Hows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types oi risk: interest risk, currency risk and oilier price risk. 1 lowevcr, the Company docs not have currency and other price risk as at 31st March, 2025 (31st March, 2024. Nil)

(b) Credit Risk

Credit Risk is the risk that the counter parly will not meet its obligation under a financial instrument or customer contract, leading to a financial loss. I he Company is exposed to

credit risk from its operating activities and from its financing activities, including deposits with banks and other financial instruments.

(i) Financial instruments and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Company’s management in accordance with the Company s policy. Investments of suiplus funds arc made in bank deposits and other risk free securities. The limits are set to minimize die concentration of risks and therefore mitigate financial loss through counterparty’s potential failure to make payments.

The Company’s maximum exposure lo credit risk for die components of die balance sheet at 31 March 2025 is the carrying amounts. The Company’s maximum exposure relating lo financial is noted in liquidity table below. Trade Receivables and other financial assets are written off when there is no reasonable expectation of recovery, such as debtor failing to engage in the repayment plan with the Company.

(c) Liquidity risk

Liquidity risk is defined as the risk that the Company will not be able lo settle or meet ils obligations on time or at reasonable price. The Company s objective is to at all times maintain optimum levels of liquidity to meet ils casli and liquidity requirements. The Company closely monitors ils liquidity position and deploys a robust cash management system. It maintains adequate source of financing through financing from directors, Companies within the group or others. Management monitors the Company’s liquidity position tluough rolling forecasts on the basis of expected casli Hows.

Maturity profile of financial liabilities

The table below provides the details regarding the remaining contractual maturities of financial liabilities at the reporting date based on contractual undiscounted payments.

In Company this risk risk is quite high due lo inadequate sources of funding and lack of increase in operating activities

10 Capital Management

For the purposes of Company’s capital management, Capital includes equity attributable to the equity holders of the Company and all other equity reserves, r ite primary objective of the Company's capital management is to ensure that it maintains an efficient capital structure and maximize shareholder value. 1 he Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants, 'lo maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders or issue new shares. The Company is not subject to any externally imposed capital lequiiemenls.

The paid up capital of Company was reduced to 51,81,200 euily share of Rs. 1/- each from the existing 51,81,200 equity share of Rs. 1/- each pursuant to admission to of corporate action by Central Depository Services Limited and National Securities Depository Limited and subsequent cancellation of share certificate by the Registrar during the quartei ended 31st December, 2018. The Reduction of capital was effected through the order of Hon’ble High Court, pronounced on 29th August, 2016. The balance of Rs 46630.8/-(Rs. in 000 s) arising from reduction of share capital has been adjusted through Debit Balance of Retained Earning in the financial year 2018-19.

The Company monitors capital using gearing ratio, which is net debt divided by total capital plus net debt. However, since net loss exceeds loans and borrowings, Gearing ratio is not calculated.

14 The Board of Dir ectors have approved allotment of 1,41,00,000 Equity Shares of face value of Rs-1/- (Rupee One Only ) each fully paid up ("Equity Shares") to persons belonging to the Promoters & Promoter Group Category and Non Promoter Category for cash consideration, at an issue price of Rs. 1/-(Rupee One Only) pei Equity Share, fot an aggregate amount of Rs, 1,41,00,000/- on a preferential basis at Their meeting held on 22nd May 2025.