a) Disclosures relating to fair valuation of investment property

Fair value of the investment property situated at office premises at Lotus corporate park mumbai as at March 31, 2024 is ' 1714.00 Lakhs, based on external valuation. The company is in process of obtaining the valuation report from external valuer of other investment property situated at survey no. 297/1-P at Silvassa.

Fair Value Hierarchy

The fair value of investment property has been determined by external independent registered valuers as defined under rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017, having appropriate recognised professional qualification and recent experience in the location and category of the property being valued.

The fair value measurement for all of the investment property has been categorised as a level 3 fair value based on the inputs to the valuation techniques used.

Description of valuation technique used

The Company obtains independent valuations of its investment property after every three years. The fair value of the investment property have been derived using the Direct Comparison Method. The direct comparison approach involves a comparison of the investment property to similar properties that have actually been sold in arms-length distance from investment property or are offered for sale in the same region. This approach demonstrates what buyers have historically been willing to pay (and sellers willing to accept) for similar properties in an open and competitive market, and is particularly useful in estimating the value of the land and properties that are typically traded on a unit basis. This approach leads to a reasonable estimation of the prevailing price. Given that the comparable instances are located in close proximity to the investment property; these instances have been assessed for their locational comparative advantages and disadvantages while arriving at the indicative price assessment for investment property.

Investment Property :

1. The Investment Property consist of Part of Free Hold Land & Building situated at Survey No. 297/1-P ,Village Sayali, Silvassa -396240(U T of Dadra & Nagar Haveli), and office situated at Lotus Corporate Park, Mumbai.

2. Rent Income recognised in the statement of profit and loss for the above investment properties is ' 225.32 Lakhs (P.Y. ' 136.67 Lakhs) during the financial year ended March 31, 2024 and March 31, 2023 respectively.

Investment Property pledged/ mortgaged as security :

Refer Note no. 24 (1) and 29 (1) for information on Investment Property hypothecated / mortgaged as security by the Company.

The Company does not have any contractual obligations to purchase, construct or develop, for maintenance or enhancements of investment property.

b) Terms / rights attached to Equity Shares

The company has only one class of Equity Shares having a par value of ' 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 except in case of interim dividend.

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.

1) General Reserve:

Under the erstwhile Companies Act, 1956, general reserve was created through an annual transfer of net income at a specified percentage in accordance with applicable regulations. The purpose of these transfers was to ensure that if a dividend distribution in a given year is more than 10% of the paid-up capital of the Company for that year, then the total dividend distribution is less than the total distributable results for that year. Consequent to introduction of the Companies Act 2013, the requirement to mandatorily transfer a specified percentage of the net profit to general reserve has been withdrawn. However, the amount previously transferred to the general reserve can be utilised only in accordance with the specific requirements of the Companies Act, 2013..

2) Security Premium Reserve:

Securities Premium is credited when shares are issed at premium. It can be utilized in accordance with the provisions of the Companies Act, 2013.

3) Retained Earning

This Reserve represents the cumulative profits of the Company. This Reserve can be utilized in accordance with the provisions of the Companies Act, 2013.

1. Term Loan from banks comprises of :

(a) ' 252.53 Lakhs ( P.Y. ' 334.92 Lakhs) from Kotak Mahindra Bank Ltd. for acquisition of machinery and same is secured by equitable mortgage of office premise unit no. 1101, G Wing Lotus Corporate Park, off Western Express Highway, Goregaon East, Mumbai - 400063. Repayable in equated monthly installment of Rs. 9.21 Lakhs each, starting from October 10, 2022 and ending on September 10, 2026 which carries interest @ 9.40% p.a.

(b) ' Nil ( P.Y? 20.00 Lakhs) from Axis Bank Ltd. for acquisition of Plant and Machinery at its Paper board carton / Rigid boxes manufacturing unit at Silvassa and same is secured by exclusive charge on assets funded from this term loan and collaterally secured by Pari Passu second charge on the immovable fixed assets of the company located at Silvassa unit, both present and future with Indian Bank (Allahabad bank). Repayable in equal quarterly instalments of ' 10 Lakhs each, ending on July 31,2023.

(c) ' 354.77 Lakhs ( P.Y.? 354.77 Lakhs) from Indian Bank to meet the working capital requirement of the Company and same

is secured by second Pari Passu charge or assets to be created by out of these loan proceeds and second charge over current and fixed assets created out off WCTL/Term Loan along with existing security and 100 per cent guarantee cover under ECLGS of National Credit Guarantee Trustee Company (NCGTC) for the GECLS exposure. Repayable in 36 monthly instalments of ' 9.81 Lakhs each from May 31, 2024 ending on April 30,2027. Which carries interest @ 9.25% p.a.

(d) ' 16.82 Lakhs ( P.Y. ' Nil ) from Hdfc Bank Ltd. for Purchase Vehicle and same are secured by hypothecation of Motor

Vehicle and are repayable over a period of 39 months,starting from September 07, 2023 and ending on November 07, 2026 which carries interest @ 8.80% p.a.

(e) ' 17.29 Lakhs ( P.Y. ' Nil ) from Hdfc Bank Ltd. for Purchase Vehicle and same are secured by hypothecation of Motor

Vehicle and are repayable over a period of 39 months,starting from October 05, 2023 and ending on December 05, 2026

which carries interest @ 8.80% p.a.

(f) all above balances are inclusive of Interest accrued but not due.

(g) The term loans aggregating to ' 252.53 Lakhs ( P.Y. ' 354.92 Lakhs) obtained from Kotak Mahindra Bank Ltd. and Axis Bank Ltd. are personally guaranteed by the Managing Director and Executive Director.

2. Deposits from Shareholders carry interest @ 9.00 % p.a.- (P.Y.@ 9.00 % p.a./9.50%.p.a.) and are repayable after 2 to 3 years

from the respective dates of deposit.

1. Interest free Sales Tax deferral is availed from the Government of Maharashtra in accordance with the 1988 Package Scheme of Incentives / The 1993 Package Scheme of Incentives. The said deferral is repayable in 15 annual instalments of unequal amounts ranging from ' 1.67 Lakhs to ' 219 Lakhs starting from 30th June 2010 and ending on 1st April 2024. The deferral facility availed have been repaid during the year.

1. Cash Credit and Packing Credit Facility from Banks comprises of :

(a) ' 2277.95 Lakhs (P.Y. ' 2160.71 Lakhs) from Axis bank Ltd. secured by Pari passu first charge on current assets of the company both present and future and collaterally secured by (i) Pari passu first charge on the immoveable fixed assets of the Company located at of its Silvassa unit, both present & future, (ii) Pari passu second charge on the entire moveable fixed assets of the company, both present & future. Excluding those charged exclusively to other term lenders and (iii) Negative lien on immovable fixed assets other than those of its Silvassa unit and those charged exclusively to other term lenders, and also personally guaranteed by Managing Director and Executive Director.

(b) ' 1096.72 Lakhs (P.Y. ' 1174.69 Lakhs) from Indian Bank (Allahabad Bank) secured by Pari passu first charge on current assets of the Company both present and future and collaterally secured by (i) Pari passu first charge on the immovable fixed assets of the company located at its Silvassa Unit, both present & future (ii) Pari passu second charge on the entire movable fixed assets of the company, both present & future except those charged exclusively to other term lenders and (iii) Negative lien on immovable fixed assets other than those of its Silvassa unit and those charged exclusively to other term lenders, and also personally guaranteed by Managing Director and Executive Director.

Note: The above other financial liabilities includes Foreign Currency Forward and Options Contracts.Fair value measurement is done considering the Level -1 of Fair Value Hierarchy as per the Ind-AS 113.

Note: 50 Financial Risk Management Objectives and Policies :

The Company's principal financial liabilities, other than derivatives, comprise loans and borrowings, trade and other payables, and financial guarantee contracts. The main purpose of these financial liabilities is to finance the Company's operations and to provide guarantees to support its operations directly or indirectly. The Company's principal financial assets include investments, loans, trade and other receivables, cash and cash equivalents that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The below note explains the sources of risk which the entity is exposed to and how the entity manages the risk:

Credit Risk

Credit risk is the risk that counter party will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.

Trade and Other receivables

Total Trade receivables as on 31 March 2024 is ' 3836.11 Lakhs (31 March 2023 : ' 3755.43 Lakhs). The Company does not have higher concentration of credit risks to a single customer.

The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk of the industry and country in which customers operate.

The Company has established a credit policy under which each new customer is analysed individually for credit worthiness before the Company's standard payment and delivery terms and conditions are offered. The Company's review includes external ratings, if they are available, and in some cases bank references. Sale limits are established for each customer and reviewed half yearly.

As per simplified approach, the Company makes provision of expected credit losses on trade receivables in accordance of the requirement of Ind AS 109.

Financial instruments and cash deposits

Credit risk from balances/investments with banks and financial institutions is managed in accordance with the Company's treasury risk management policy. Investments of surplus funds are made only with approved counterparties and within limits assigned to each counterparty. The limits are assigned based on corpus of investable surplus and corpus of the investment avenue. The limits are set to minimize the concentration of risks and therefore mitigate financial loss through counterparty's potential failure to make payments.

The company's maximum exposure to credit risk as at 31 March 2024, and 31 March 2023 is the carrying value of each class of financial assets.

Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as and when required.

The Treasury Risk Management Policy includes an appropriate liquidity risk management framework for the management of the short-term. medium-term and long term funding and cash management requirements. The Company manages the liquidity risk by maintaining adequate cash reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. The Company invests its surplus funds in bank fixed deposit and liquid schemes of mutual funds, which carry no/negligible mark to market risks.

Market Risk

Market risk comprises two types of risk: price risk, interest rate risk and currency risk. The risks may affect income and expenses, or the value of its financial instruments of the Company. The objective of the Management of the Company for market risk is to maintain this risk within acceptable parameters, while optimising returns. The Company exposure to, and the Management of, these risks is explained below:

Price risk

Equity price risk is related to the change in market price of the investments in quoted equity securities. The value of the financial instruments is not material and accordingly any change in the value of these investments will not affect materially the profit or loss of the Company.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Since, the Company has insignificant interest bearing borrowings, the exposure to risk of changes in market interest rates is very low. The Company has not used any interest rate derivatives.

Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected, after excluding the credit exposure for which interest rate swap has been taken and hence the interest rate is fixed. With all other variables held constant, the Company's profit before tax is affected through the impact on floating rate borrowings, as follows:

Foreign Exchange Risk

Foreign exchange risk arises on future commercial transactions and on all recognised monetary assets and liabilities, which are denominated in a currency other than the functional currency of the Company. The Company's management has set policy wherein exposure is identified. benchmark is set and monitored closely, and accordingly suitable hedges are undertaken. Policy also includes mandatory initial hedging requirements for exposure above a threshold.

The Company's foreign currency exposure arises mainly from foreign exchange imports, exports and foreign currency borrowings, primarily with respect to USD, EURO & GBP.

As at the end of the reporting period, the carrying amounts of the company's foreign currency denominated monetary assets and liabilities in respect of the primary foreign currency i.e. USD, EURO, GBP and derivative to hedge the exposure, are as follows:

The Company's exposure to foreign currency changes for all other currencies is not material.

Foreign currency sensitivity analysis

The following table demonstrate the sensitivity to a reasonable possible change in USD exchange rate, with all other variables held constant. The impact on the Company's profit before tax is due to changes in the fair value of monetary assets and liabilities and derivatives is as follows:

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

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 can adjust the dividend payment to shareholders, issue new shares, etc. The Company monitors capital using a gearing ratio, which is net debt divided by total equity. The Company includes within net debt, interest bearing loans and borrowings, less cash and cash equivalents.

Information about Primary Business Segment

The company has identified Business Segment as the Primary Segment. Segments have been identified taking into account the nature of the products, differing risks and returns, organisational structure and internal reporting system. The Company is engaged in all kind of Printing, Flexible Packaging Material and Paper Board Packaging Material, consequently the Company have separate reportable business segment for the year ended March 31, 2024.

As Lessee:

The company has availed the exemption given under Ind AS 116 for the Short term lease. Correspondingly company has recognized the lease payment on straight line basis in Statement of Profit and Loss over the life of lease term. The rental expenses in respect of premises taken on operating leases was ' 3.65 Lakhs (P.Y.? 4.25 Lakhs ). In respect of long term lease, the company has recognised Right of use assets and lease liabiities, refer note no. 6, 25 & 30 to the financial statements.

As Lessor:

Operating Lease income are recognised in the Statement of Profit and Loss in respect of premises given on operating leases was ' 225.32 Lakhs (P.Y.? 136.67 Lakhs).

The company has used funds for the purpose for which they were borrowed from banks and financial institutions during the year. Note: 65 Change due to revaluation:

During the year company has not revalued its Property Plant and Equipment (PPE) and intangible assets.

Note: 66 Title Deeds of Immovable Property :

Title deed of all immovable property (other than properties where company is lessee and the lease agreements are duly executed in favour of the lessee) are in the name of the Company.

Note: 67 Valuation by registerd valuer :

During the year the company has not revalued its property, plant and equipment or intangible assets.

Note: 68 Loans and advances :

The company has not granted any loans and advances in the nature of loans to promoters, directors, Key Managerial Personnel (KMPs) and the related parties, repayable on demand or granted without specifying terms.

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

Note: 71 Borrowing Against Security of Current Assets:

The quarterly statements of current assets filed by the Company with banks are in agreement with books of accounts.

Note: 72 Wilful Defaulter:

The company has not been declared as willful defaulter by any bank or financial institution or any other lender during the year.

Note: 73 Relationship with Struck off company:

The company has no transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

Note: 74 Registration of Charges or satisfaction with Registrar of Companies (ROC):

There are no charges or satisfaction of charges pending for registration with the Registrar of Companies (ROC) beyond the statutory period.

Note: 75 Compliance with number of Layer of Companies:

The company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules 2017.

During the year there is no Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013 for the company.

Note: 78 Utilisation of Borrowed Fund and Share Premium:

a) The company has not advanced or loaned or invested any funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies, including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the intermediary shall

i) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or

ii) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;

b) The company has not received any funds from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the company shall

i) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding party (Ultimate Beneficiaries) or

ii) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries Note: 79 Undisclosed Income:

During the year the company has not disclosed any income in terms of any transaction not recorded in the books of accounts that has been surrendered or disclosed as income in the tax assessment under the Income Tax Act 1961.

Note: 80 Virtual Currency:

The Company has not traded or invested in Crypto currently or Virtual Currency during the financial year.

Note: 81 Information required under section 186(4) of Companies Act 2013 :

There are no loans, guarantee given, securities provided by the company. Further there are no investments made by the Company during the financial year.

Note: 82 Events after the reporting period :

There was no significant event after the end of the reporting period which requires any adjustment or disclosure in the Financial Statements.

Note: 83

In the opinion of Board of Directors, the assets other than fixed assets and non-current investments have value on realisation in ordinary course of business at least equal to the amount at which they are stated except as otherwise stated. Provision for all known and determined liabilities is adequate and not in excess of the amount reasonably required.

Note: 84 Approval of Financial Statements :

The Financial Statements were approved for issue by the Board of Directors on 28th May, 2024 Note: 85 Previous year regrouping:

Previous year's figures have been regrouped / reclassified, where necessary, to confirm to current year's classification. This does not impact recognition and measurement principles followed for preparation of standalone financial statements.

The accompanying notes 1 to 85 are an integral part of the financial statements