a) The company has investments in ISG Traders Ltd. (ISG) and ISG has''
in turn'' investments which from part of group''s controlling interest in
several companies. In addition'' ISG has other investments in other
classes of assets. Considering the fact that the company''s investments
in ISG is of long term in nature'' revenue recognition with respect to
diminution'' if any'' in the value of investments in ISG has not been
a) In view of the inadequacy of profit'' excess remuneration of Rs.
64.51 lacs (including Rs. 44.90 lacs for current year) of Whole-time
Director and Managing Director is subject to approval of Central
Government under clause C of Section II of Part II of Schedule XIII of
Companies Act 1956. The remuneration payable to them is the minimum
remuneration'' approved by the shareholders in the event of absence or
inadequacy of profits. Application for Central Government approval has
already been made.
Note : Assumptions related to future salary increases'' attrition''
interest rate for discount and overall expected rate of return on
Assets have been considered based on relevant economic factors such as
inflation'' market growth and other factors applicable to the year over
which the obligation is expected to be settled.
b) Salary/Wages Rs. 35.50 Lacs (Previous year Rs. 38.15 Lacs) Provident
Fund and Employee State Insurance Rs. 1.97 Lacs (Previous year Rs. 1.93
Lacs)'' Stores & components and repairs Rs 196.34 Lacs (Previous year
Rs. 351.35 Lacs)'' Rent Rs. 3.15 Lacs (Previous year 4.83 Lacs)'' and
Insurance Rs. 0.05 Lacs (Previous year Rs. 55 Lacs) have been
classified functionally under other heads of accounts.
1. Foreign currency exposure outstanding as on 31.03.2012 which has
not been hedged Rs. 252.92 Lacs (Previous year Rs. 150.94 Lacs)
2. Related Party disclosures as identified by the management in
accordance with the Accounting Standard 18 :
(a) Key Management Personnel and their relatives
Mr. G. P. Goenka (Chairman)
Mr. Shrivardhan Goenka (Director & son of the Chairman)
Mr. M. Mishra (Managing Director)
Mrs. M. Mishra (Wife of Managing Director)
(b) Associates/Group Companies :
(i) With whom the Company had transactions
Duncans Industries Limited'' Duncans Tea Limited'' Gujarat Carbon and
Industries Limited'' NRC Limited'' Andhra Cements Limited (erstwhile
associate company)'' Silent Valley Investment Company Limited'' Kavita
Marketing Private Limited'' ISG Traders Limited'' Subh Shanti Services
Limited'' Sewand Investments Private Limited. Stone India Limited''
Odyssey Travels Limited'' Unimers India Limited
Albert Trading Company Private Limited'' Bargate Communications Private
Limited'' Boydell Media Private Limited'' Continuous Forms (Calcutta)
Limited'' Dail Consultants Limited'' Duncans Agro Chemicals Limited''
North India Fertilisers Ltd.'' Duncans Tea House Pvt. Limited'' Infratech
Software Services Private Limited'' Julex Commercial Company Limited''
Leyden Leasing and Financial Services Limited'' Marleybone Travels and
Resorts Private Limited'' Stone Solar Private Limited'' Octave
Technologies Private Limited'' Orchard Holdings Private Limited''
Pentonville Software Limited'' Santipara Tea Company Limited'' Skylight
Trading Company Limited'' Sprint Trading Company Limited. Stone
Intermodal Private Limited
Note : (a) In respect of the above parties'' there is no provision for
doubtful debts as on 31.03.2012 and no amount has been written off or
written back during the year in respect of debts due from/to them.
(b) The above related party information is as identified by the
management and relied upon by the auditors
3. Disclosure required vide clause 32 of the listing agreement
(a) Amount of loans/advances in the nature of loans outstanding from
Associate/Group companies as at the year'' ended 31st March 2012
Notes on Financial statements for the year ended 31st March'' 2012
(Rs. in Lacs)
4. Contingent Liabilities 31.03.2012 31.03.2011
A In respect of various demands raised which
in the opinion of the management are not
tenable and are under appeal at various
1. Sales Tax including Trade Tax 551.26 556.68
2. Entry Tax 237.50 -
3. Market Fee 176.00 -
4. Excise Duty 40.93 7.22
5. Electric Duty 2.70 2.70
6. Employees State Insurances Corp. 4.90 4.90
(On Good Work Bonus)
7. Sales Tax on Royalty 69.10 -
8. Liability for entry tax on fuel 169.83 -
9 Liability in respect of Railway Plot Rent 201.14 -
B Workers Claims 70.82 71.22
C Income Tax 370.99 -
5. Estimated amount of contracts remaining to be executed on capital
account (net of advances) Rs. 0.04 Lacs (Previous year Rs. 26.07 Lacs).
6. The company is engaged primarily in the business of Paper and
all other activities are incidental thereto. Further'' the company sells
primarily in the domestic market where its operations are governed by
the same set of risks and returns and the overseas sales are
insignificant. Accordingly the seperate primary and secondary segment
reporting disclosure as envisaged in Accounting Standards (AS-17) on
Segment Reporting is not applicable to the company.
7. Figures have been given in Rupees Lacs and have been rounded off
to the nearest thousand.
8. Previous year figures have been regrouped / reclassified to
confirm with current year presentation'' whenever considered necessary