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A Oneindia Venture

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Sensex 84,929.36 +0.53%

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Sensex 84,929.36 +0.53%

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Notes to Accounts of Bright Brothers Ltd.

Mar 31, 2025

iv Rights, preferences and restrictions attached to equity shares

The Company has one class of shares i.e. Ordinary shares having a par value of '' 10/- per share. Each holder of Equity shares is entitled to one vote per share.

Each Shareholder is eligible for one vote per share held. In the event of liquidation, Ordinary shareholders will be eligible to receive the assets of the company after distribution of all preferential amounts, in Proportion to the number of equity shares held by the shareholders.

The Company declares and pays dividend 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 the case of Interim Dividend.

v Preference Shares:

The Company has the power to issue cumulative redeemable preference shares. In the event of liquidation, the Preference shareholders of the Company have the preference over equity shares when it comes to payment of dividend and return of capital.

Nature & Purpose of the Reserve:

(a) Capital reserve: Capital reserve created at the time of acquisition. The reserve will be utilised in accordance with the provisions of the Act.

(b) Securities Premium Reserve: Securities premium reserve is credited when shares are issued at premium. The reserve will be utilised in accordance with the provisions of the Act.

(c) Capital Redemption Reserve: Capital redemption reserve is being created by transfer from Retained earnings at the time of buy back of equity shares in accordance with the Act. The reserve will be utilised in accordance with the provisions of the Act.

(d) General Reserve: The General reserve is created by way of transfer of profits from retained earnings for appropriation purposes. This reserve is utilised in accordance with the provisions of the Act.

(e) Amalgamation Reserve: The Amalgamation reserve is created for amalgamation of Brite Automotive and Plastics Limited with Bright Brothers Limited pursuant to the Scheme of amalgamation being sanctioned by the High Court. This reserve is utilised in accordance with the provisions of the Act.

(f) Retained Earnings: Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other distributions paid to shareholders.

Further, the Company generally makes payment to all its suppliers within the agreed credit period (less than 45 days) and thus, the management is confident that no liability of interest under this Act, is expected to arise.

Based on the information available with the Company, there are no dues outstanding in respect of Micro, Small and Medium enterprises at the balance sheet date under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006). The above disclosure has been determined to the extent such parties have been identified on the basis of information available with the Company.

41. Contingent Liabilities not provided for: Contingent Liabilities in respect of the following ('' in Lakhs)
	Particulars	Year ended 31 March, 202 5	Year ended 31 March, 2024
	i. i. Claims against the company not acknowledged as debt	203.40	618.02
	Sales Tax, VAT and CST (including Interest and Penalty wherever applicable.)	23.66	443.91
	Stamp Duty	12.00	36.75
	Excise Duty	89.78	89.78
	Employees Provident Fund	8.66	8.66
	GST	33.87	38.92
	Labour Law	35.43	â

Notes:

a) It is not possible to estimate the timings of outflow of the contingent liabilities.

b) The Company do not expect any reimbursement in respect of the contingent liabilities.

c) Most of the issues of litigation pertaining to Central Excise/Service Tax/Income Tax are based on interpretation of the respective Law & Rules thereunder. Management has been opined by its counsel that many of the issues raised by revenue will not be sustainable in law as they are covered by judgments of respective judicial authorities which supports its contention. As such no material impact on the financials of the Company is envisaged.

d) Sales Tax and Entry Tax related litigation/demand primarily pertains to non-submission of required declaration forms in time due to non- receipt of the same from customers and/or some interpretation related issues. However in most of the cases, required documents are being filed and minor impact if any, shall be given in the year of final outcome of respective matter in appeal.

e) Other issues are either in ordinary course of business or not of substantial nature and management is reasonably confident of their positive outcome. Management shall deal with them judiciously and provide for appropriately, if any such need arises.

42. Commitments:

Estimated amount of contracts remaining to be executed on Capital Account and not provided for (net of advances) is '' 55.02 lakhs (Previous year '' 27.34 lakhs)

44. Financial Instruments:

Fair value hierarchy

The Management assessed that fair value of cash and cash equivalents, trade receivables, investments in term deposits, loans, other financial assets (except derivative financial instruments, if any), trade payables, and other financial liabilities (except derivative financial instruments, if any) is considered to be equal to the carrying amount of these items due to their short-term nature. There were no significant changes in classification and no significant movements between the fair value hierarchy classifications of financial assets and financial liabilities during the period.

This section explains the judgments and estimates made in determining the fair values of the financial instruments that are measured at amortised cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into three levels prescribed under the Indian Accounting Standards. An explanation of each level follows underneath the table:

46. Risk Management:

Financial risk management objective and policies

The Company''s financial risk management is an integral part of how to plan and execute its business strategies. The Company''s financial risk management policy is set by the Managing Board. The risk management policies aim to mitigate the following risks arising from the financial instruments: (a) Liquidity risk ;(b) Market risk and (c) Credit risk.

A. Financial risk factors

The Company''s principal financial liabilities comprise borrowings, deposits from dealers and trade and other payables. The purpose of these financial liabilities is to finance the Company''s operations and to provide to support its operations. The Company''s principal financial assets include investments, loans, trade and other receivables, and cash and cash equivalents that derive directly from its operations. The Company is exposed to the following risk arising from the financial instruments: (a) Liquidity risk ;(b) Market risk and (c) Credit risk.

(a) Liquidity risk

The risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. Liquidity risk management implies maintaining sufficient cash including availability of funding through an adequate amount of committed credit facilities to meet the obligations as and when due.

The Company manages its liquidity risk by ensuring as far as possible that it will have sufficient liquidity to meet its short term and long term liabilities as and when due. Anticipated future cash flows, undrawn committed credit facilities are expected to be sufficient to meet the liquidity requirements of the Company.

(b) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include investment, deposits, foreign currency receivables and payables. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments.

(i) Foreign currency risk

Foreign currency risk can only arise on financial instruments that are denominated in a currency other than the functional currency in which they are measured. The Company''s functional and presentation currency is INR. The Company has not entered into any transaction, in currency other than functional currency, for purchase of raw material or capital assets nor availed any foreign currency loans, which remains outstanding as at year end.

Foreign currency risk sensitivity

The following tables demonstrate the sensitivity to a reasonably possible change in USD with all other variables held constant. The impact on the Company''s profit before tax and equity is due to changes in the fair value of monetary assets and liabilities. Foreign currency exposures recognised by the Company that have not been hedged by a derivative instrument or otherwise are as under:

(ii) Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest rates. The Company''s entire borrowings, Long term as well as short term, have fixed rate of interest and carried at amortized costs. The Company did not have any borrowings bearing variable rate of interest.

(iii) Price risk

The Company''s exposure to price risk arises from investments held by the Company and classified in the balance sheet at fair value through profit and loss. To manage its price risk arising from its investments, the Company diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Company in accordance with the guidelines provided by the Board of directors of the Company.

Investments in Equity Instruments and Mutual funds (including investment through Venture funds)

The Company''s quoted equity instruments and in mutual funds are subject to the market price risk arising from the fluctuation in the market price of those instruments. This risk arises from instruments which are classified as Fair value through P&L wherein the price fluctuations, based on the historical trends, are not very significant.

Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assess financial reliability of counter party, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. The Company considers the probability of default upon initial recognition of assets and whether there has been a significant increase in credit risks on an on-going basis throughout each reporting period.

To assess whether there is a significant change increase in credit risk the Company compares the risks of default occurring on the assets as at the reporting date with the risk of default as at the date of initial recognition. It considers the reasonable and supportive forward looking information such as;

(i) Actual or expected significant adverse changes in business

(ii) Actual or expected significant changes in the operating results of the counterparty.

(iii) Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its obligations

(iv) Significant increase in credit risk on other financial instruments of same counterparty

The company categorises financial assets based on the assumptions, inputs and factors specific to the class of financial assets into High-quality assets, negligible credit risk; Quality assets, low credit risk; Standard assets, moderate credit risk; Substandard assets, relatively high credit risk; Low quality assets, very high credit risk; Doubtful assets, credit-impaired.

The Company maintains exposure in cash and cash equivalents, investments in liquid mutual funds and Corporate deposits. Investments in liquid mutual funds and corporate deposits are fair valued on Level 1 or Level 2 inputs.

B. Commodity Risk

The Company is exposed to the risk of price fluctuation of raw materials proactively managed through forward booking, inventory management and proactive vendor development practices.

47 Capital risk management

The Company''s objectives when managing capital are to:

Safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders, and maintain an optimal capital structure to reduce the cost of capital.

The Company sets the amount of capital required on the basis of annual business and long-term operating plans which includes capital and other strategic investments. The Company''s intention is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investor, creditors and market confidence and to sustain future development and growth of its business.

54. Segment Reporting

The Company is engaged in the activities relating to manufacture and sale of process plastics and the Chief Operating Decision Maker (Board of Directors) review the operating results as a whole for the purposes of making decisions about resources to be allocated and assess its performance, the entire operations are to be classified as a single business segment, namely process plastics. The geographical segments considered for disclosure are India and Rest of the World. All the manufacturing facilities are located in India.

59. Particulars in respect of loans and advances in the nature of loans to related parties as required by the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015):

The Company has not given loans and advances in the nature of loans.

60. The unpaid dividend of ''309,098 for the year 2016-17 has been transferred to Investor Education & Protection Fund and there is no amount due as on March 31, 2025.

62. Other Statutory Information:

i) The Company do not have any benami property, and no proceeding has been initiated against the Company for holding any benami property.

ii) During the year ended March 31, 2025, the company has not revalued any property, plant and equipment and intangible assets.

iii) There are no scheme of arrangements which have been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013 during the reporting periods.

iv) The Company do not have any transactions with companies struck off.

v) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory

period.

vi) The Company have not traded or invested in crypto currency or virtual currency during the financial year.

vii) The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign

entities (Intermediaries) with the understanding that the Intermediary shall:

a) 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

b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

viii) The Company have not received any fund from any person(s) or entity(ies)_/ including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Group shall:

a) 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

b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

ix) Company have not 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 assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

x) The Company have not declared wilful defaulter by any banks or any other financial institution at any time during the financial year.

xi) The title deeds of the freehold & leasehold lands, Buildings are registered in the name of the Company. No deeds are pending for registration in this regard.

63. The previous period''s figures have been re-grouped / re-classified wherever required to conform to current year''s classification. All figures of financials have been rounded off to nearest lakhs rupees.

Mar 31, 2024

(O) Provisions, Contingent Liabilities and Contingent Assets:

Provisions:

A provision is recognized when the Company has a present obligation (legal or constructive) as a result of past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates.

Where the Company expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the statement of profit and loss net of any reimbursement.

Contingent Liabilities:

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond control of the Company or a present obligation that is not recognised because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that can''t be recognised because it can''t be measured reliably. The Company does not recognise the contingent liability but disclose its existence in its financial statements.

Contingent assets:

Contingent assets are disclosed where an inflow of economic benefits is probable.

Provisions, Contingent Liabilities and Contingent Assets are reviewed at each Balance Sheet date.

(P) Commitments:

Commitments are future liabilities for contractual expenditure, classified and disclosed as follows:

(i) estimated amount of contracts remaining to be executed on capital account and not provided for;

(ii) other non-cancellable commitments, if any, to the extent they are considered material and relevant in the opinion of management.

Other commitments related to sales/ procurements made in the normal course of business are not disclosed to avoid excessive details.

(Q) Leased Assets:

The Company''s lease asset classes primarily consist of leases for land and buildings. The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether:

(i) the contract involves the use of an identified asset;

(ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease; and

(iii) the Company has the right to direct the use of the asset.

At the date of commencement of the lease, the Company recognizes a right-of-use asset ("ROU") and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives.

They are subsequently measured at cost less accumulated depreciation and impairment losses.

Certain lease arrangements includes the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset. Right of use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right of use asset if the Company changes its assessment if whether it will exercise an extension or a termination option. Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

(R) Borrowing Costs:

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs incurred in connection with the borrowing of funds. Borrowing costs also include exchange differences to the extent regarded as an adjustment to the borrowing costs.

(S) Revenue Recognition:

Revenue from contracts with customers is recognised when a performance obligation is satisfied by transfer of promised goods or services to a customer.

For performance obligation satisfied over time, the revenue recognition is done by measuring the progress towards complete satisfaction of performance obligation. The progress is measured in terms of a proportion of actual cost incurred to-date, to the total estimated cost attributable to the performance obligation.

The Company transfers control of a good or service over time and therefore satisfies a performance obligation and recognises revenue over a period of time if one of the following criteria is met:

(a) the customer simultaneously consumes the benefit of the Company''s performance or

(b) the customer controls the asset as it is being created/ enhanced by the Company''s performance or

(c) there is no alternative use of the asset and the Company has either explicit or implicit right of payment considering legal precedents,

In all other cases, performance obligation is considered as satisfied at a point in time.

Invoices are issued according to contractual terms and are usually payable as per the credit period ranging from 60-90 days agreed with the customer. Amounts disclosed in the revenue excludes GST.

Other income:

Interest income from Fixed Deposits is recognised using the effective interest rate method.

Dividend income is recognised when the right to receive payment is established.

(T) Earnings Per Share:

Earnings per share are calculated by divided the profit attributable to the shareholders by the number of equity shares outstanding at the close of the year. The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the period. The weighted diluted earnings per equity share are computed using the weighted average number of equity shares and dilutive potential equity shares outstanding during the period.

(U) Cash and Cash Equivalents:

Cash and Cash equivalents include cash and cheque in hand, bank balances, demand deposits with banks and other short-term highly liquid investments that are readily convertible to known amounts of cash & which are subject to an insignificant risk of changes in value where original maturity is three months or less.

(V) Cash Flow Statement:

The Cash flow statement is prepared segregating the cash flows from operating, investing, and financing activities. Cash flow from operating activities is reported using indirect method. Under the indirect method, the net profit is adjusted for the effects of:

(i) transactions of a non-cash nature.

(ii) any deferrals or accruals of past or future operating cash receipts or payments and

(iii) items of income or expense associated with investing or financing cash flows.

(W) Cash Dividend:

The Company recognizes a liability to pay dividend when the distribution is authorised and the distribution is no longer at the discretion of the Company i.e. when the dividend distribution is being approved by the shareholders. A corresponding amount is recognized directly in equity.

(X) Segment Reporting:

Operating segments are reported in a manner consistent with the internal reporting provided to Chief Operating Decision Maker (CODM).

The Company has identified its Chairman & Managing Director as CODM which assesses the operational performance and position of the Company and makes strategic decisions.

(Y) Application of new and amended standards:

(A) Amendments to existing Standards (w.e.f. 1st April, 2023)

The Company has adopted, with effect from 01 April 2023, the following new and revised standards and interpretations. Their adoption has not had any significant impact on the amounts reported in the financial statements.

1. Ind AS 1- Presentation of Financials Statements - modification relating to disclosure of ''material accounting policy information'' in place of ''significant accounting policies.

2. I nd AS 8 - Accounting Policies, Change in Accounting Estimates and Errors - modification of definition of ''accounting estimate'' and application of changes in accounting estimates.

3. Ind AS 12 - Income Taxes - The amendment clarifies application of initial recognition exemption to transactions such as leases and decommissioning obligations.

(B) Standards notified but not yet effective

No new standards have been notified during the year ended 31 March 2024.

iv Rights, preferences and restrictions attached to equity shares

The Company has one class of shares i.e. Ordinary shares having a par value of '' 10/- per share. Each holder of Equity shares is entitled to one vote per share.

Each Shareholder is eligible for one vote per share held. In the event of liquidation,Ordinary shareholders will be eligible to receive the assets of the company after distribution of all preferential amounts, in Proportion to the number of equity shares held by the shareholders.

v Preference Shares:

Nature & Purpose of the Reserve:

(a) Capital reserve : Capital reserve created at the time of acquisition. The reserve will be utilised in accordance with the provisions of the Act.

(b) Securities Premium Reserve : Securities premium reserve is credited when shares are issued at premium. The reserve will be utilised in accordance with the provisions of the Act.

(c) Capital Redemption Reserve : Capital redemption reserve is being created by transfer from Retained earnings at the time of buy back of equity shares in accordance with the Act. The reserve will be utilised in accordance with the provisions of the Act.

(d) General Reserve : The General reserve is created by way of transfer of profits from retained earnings for appropriation purposes. This reserve is utilised in accordance with the provisions of the Act.

(e) Amalgamation Reserve : The Amalgamation reserve is created for amalgamation of Brite Automotive and Plastics Limited with Bright Brothers Limited pursuant to the Scheme of amalgamation being sanctioned by the High Court. This reserve is utilised in accordance with the provisions of the Act.

(f) Retained Earnings : Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other distributions paid to shareholders.

47. Risk Management:

Financial risk management objective and policies

(A) Financial risk factors

(a) Liquidity risk

(b) Market risk

(i) Foreign currency risk

(ii) Interest rate risk

(i) Actual or expected significant adverse changes in business

(ii) Actual or expected significant changes in the operating results of the counterparty.

(iii) Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its obligations

(iv) Significant increase in credit risk on other financial instruments of same counterparty

Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Company. The Company categorises a loan or receivable for write off when a debtor fails to make contractual payments greater than one year past due. Where loans or receivables have been written off, the Company continues engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized in profit or loss.

Provision for expected credit losses:

48. Disclosure Pursuant to Ind AS - 19 "Employee Benefits":

(a) Defined contribution plan

The Company has certain defined contribution plans. Contributions are made to provident fund in India for employees at the rate of 12% of basic salary and other allowances as per regulations. The obligation of the Company is limited to the amount contributed and it has no further contractual or any constructive obligation. The expenses recognised during the year towards defined contribution plan is '' 107.04 lakhs (March 31, 2023''104.81 lakhs).

(b) Defined benefit plan

(i) Gratuity:

In accordance with applicable laws, the company provides for gratuity, a defined benefit retirement plan ("The Gratuity Plan") covering eligible employees. The Gratuity Plan provides for a lump sum payment to vested employee on retirement (subject to completion of five years of continuous employment), death, incapacitation or termination of employment that are based on last drawn salary and tenure of employment. Liabilities with regard to the Gratuity Plan are determined by actuarial valuation on the reporting date and the Company makes annual contribution to the gratuity fund administered by Life Insurance Corporation of India under their respective Group Gratuity Schemes.

55. Assets provided as security

(a) Vehicle loans are taken from the banks against hypothecation of the vehicles purchased, repayable in 60 monthly instalments with interest rates ranging from 7.40% to 8.40%.

(b) (i) Working Capital Term Loan from Kotak Mahindra Bank are secured against charge on all existing and future

receivables/ current assets/ movable assets/ movable fixed assets/ Fixed Deposits lien marked in favour of Kotak Mahindra bank with the Working Capital Term Loan of 7.45 Cr carry interest rate shall be floating for the entire loan tenor. Applicable floating ROI as on date of offer is 7.50% p.a. with moratorium of 12 months. The monthly instalment payable @ 23.17 lakhs, first instalment due in February 2022 last instalment due in January 2025.

(ii) Sales Invoice Financing from Kotak Mahindra Bank are secured against on all existing and future receivables/ current assets/ movable assets/ movable fixed assets with the Sales Invoice Financing of 55.00 Cr carry interest at 0.45% p.a. over and above the 3 months MCLR.

(iii) Term loan from Yes Bank are secured against on all existing and future receivables/ current assets/ movable assets/ moveable fixed assets/Fixed Deposit lien marked in favour of YBL with the term loan of 19.39 Cr carry EBLR 2.50% P.A. payable in monthly basis. The term loan tenor 72 month(s) (6 Years including 12 months moratorium), last instalment due in January 2029.

(c) The collateral security (Applicable for all facilities) secured by way of mortgage over Puducherry and Bhimtal immovable Properties.

61. Other Statutory Information :

i) The Company do not have any benami property, and no proceeding has been initiated against the Company for holding any benami property.

ii) During the year ended March 31, 2024, the company has not revalued any property, plant and equipment and intangible assets.

iii) There are no scheme of arrangements which have been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013 during the reporting periods.

iv) The Company do not have any transactions with companies struck off.

v) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

vi) The Company have not traded or invested in crypto currency or virtual currency during the financial year.

vii) The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

a) 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

b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

viii) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Group shall:

a) 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

b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

xi) The Company have not declared willful defaulter by any banks or any other financial institution at any time during the financial year.

xii) The title deeds of the freehold & leasehold lands, Buildings are registered in the name of the Company. No deeds are pending for registration in this regard.

62. The previous period''s figures have been re-grouped / re-classified wherever required to conform to current year''s classification. All figures of financials have been rounded off to nearest lakhs rupees.

The accompanying notes referred to herein form an integral part of the financial statements

For and on behalf of the Board of Directors

As per our Report annexed Mr. Suresh Bhojwani Chairman &

For GMJ & Co DIN: 00032966 Managing Director

Firm Registration No.: 103429W Mr. Karan Bhojwani

Chartered Accountants DIN: 06423542

Whole T ime Director

Mrs. Devika Bhojwani DIN: 08355381

Mr. Chirag Shah

^CAMadh^{u Jai}n chief Financial Officer Mr. K.Viswanath

^Partner _{DIN: 00547132}

Membership No. 155537 Independent Directors

UDIN : 241555 37BKCR PX7553 Mr. Anil Kumar Bhandari

DIN: 00031194

Mrs. Sonali Pednekar

Company Secretary &

Mumbai, 13th May 2024 Compliance Officer

Mar 31, 2018

Terms/rights and restriction attached to shares :

The Company has one class of shares i.e Ordinary shares having a par value of Rs. 10/- per share. Each holder of Equity shares is entitled to one vote per share and are subject to the preferential rights as prescribed under law.

Each Shareholder is eligible for one vote per share held. In the event of liquidation, Ordinary shareholders will be eligible to receive the assets of the company after distribution of all preferential amounts, in proportion to the number of equity shares held by the shareholders.

Preference Shares:

1. First-time adoption of Ind AS:

The Company has adopted Indian Accounting Standards (Ind AS) as notified by the Ministry of Corporate Affairs with effect from April 1st, 2017, with a transition date of April 1st, 2016. The adoption of Ind AS has been carried out in accordance with Ind AS 101, First-time Adoption of Indian Accounting Standards. Ind AS 101 requires that all Ind AS standards and interpretations that are issued and effective for the first Ind AS financial statements for the year ended 31st March, 2018, be applied retrospectively and consistently for all financial years presented. However, in preparing these Ind AS financial statements, the Company has availed of certain exemptions and exceptions in accordance with Ind AS 101, as explained below. The resulting difference between the carrying values of the assets and liabilities in the financial statements as at the transition date under Ind AS and Previous GAAP have been recognised directly in equity (retained earnings or another appropriate category of equity).

Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from previous GAAP to Ind AS.

A. Optional Exemptions (i) Deemed Cost

Ind AS 101 permits to measure all its property, plant & equipments at their previous GAAP carrying value i.e. being deemed cost represented by Gross Block reduced by accumulated depreciation on April 01, 2016.

B. Mandatory Exceptions

(i) Estimates

An entity''s estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies).

Ind AS estimates as at 1 April 2016 are consistent with the estimates as at the same date made in conformity with previous GAAP. The Company made estimates for following items in accordance with Ind AS at the date of transition as these were not required under previous GAAP:

- Investment in equity instruments carried at FVTPL or FVOCI; and

- Impairment of financial assets based on expected credit loss model.

(ii) Classification and measurement of financial assets

Ind AS 101 requires an entity to assess classification and measurement of financial assets on the basis of the facts and circumstances that exist at the date of transition to Ind AS.

C. Transition to Ind AS - Reconciliations

The following reconciliations provide a quantification of the effect of significant differences arising from the transition from previous GAAP to Ind AS in accordance with Ind AS 101:

I. Reconciliation of Balance sheet as at April 1, 2016 and March 31, 2017

II. Reconciliation of Statement of Profit and Loss for the year ended March 31, 2017

III. Reconciliation of Equity as at April 1, 2016 and March 31, 2017

The presentation requirements under Previous GAAP differs from Ind AS and hence Previous GAAP information has been regrouped for ease of reconciliation with Ind AS. The Regrouped Previous GAAP information is derived from the Financial Statements of the Company prepared in accordance with Previous GAAP.

Notes to first time adoption

Note 1: Proposed Dividend

Under the previous GAAP, dividend proposed by the board of directors after the balance sheet date but before the approval of the financial statements were considered as subsequent events. Accordingly, provision for proposed dividend including dividend distribution tax was recognised as liability. Under Ind AS, such dividends are recognised when the same is approved by the shareholders in the general meeting.

Note 2: Remeasurements of post-employment benefit obligations

Under the previous GAAP, cost relating to post employment benefit obligations including actuarial gain/losses were recognised in Profit & Loss. Under Ind AS, actuarial gain/losses on the net defined benefit liability are recognised in other comprehensive income instead of profit & loss.

Note 3: Borrowings

Ind AS 109 requires transaction costs incurred towards borrowings to be deducted from the transaction value on initial recognition. These costs are recognised in profit & loss over the tenure of borrowings as a part of the interest expense by applying effective interest rate method.

Note 4: Fair Valuation of Investments

Under previous GAAP, investment in equity instruments were classified into long term and current investments. Long term investments were carried at cost less provision other than temporary in nature. Current investments were carried at lower of cost or fair value. Under Ind AS, these investments are require to be measured at fair value either through OCI (FVTOCI) or through Profit & loss (FVTPL). The company has opted to fair value these investments through Profit & loss (FVTPL). Accordingly, resulting fair value change of these investments have been recognised in retained earnings as at the date of transition and subsequently in the profit & loss account for the year ended March 31 2017.

Note 5: Discount

Under previous GAAP, the Company accounted for revenue net of trade discounts, sales taxes and excise duties. Under Ind AS, the Company will recognise revenue at fair value of consideration received or receivable. Any sales incentive, cash discounts or rebates in any form given to customers will be considered as reductions from revenue.

Note 6: Deferred taxes

Under previous GAAP, deferred taxes were recognised based on profit & loss approach i.e. tax impact on difference between the accounting income and taxable income. Under Ind AS, deferred tax is recognised by following balance sheet approach i.e. tax impact on temporary difference between the carrying value of asset and liabilities in the books and their respective tax base.

Notes:

a) Most of the issues of litigation pertaining to Central Excise/Service Tax/Income Tax are based on interpretation of the respective Law & Rules thereunder. Management has been opined by its counsel that many of the issues raised by revenue will not be sustainable in law as they are covered by judgments of respective judicial authorities which supports its contention. As such no material impact on the financials of the Company is envisaged.

b) Sales Tax and Entry Tax related litigation/demand primarily pertains to non- submission of required declaration forms in time due to non- receipt of the same from customers and/or some interpretation related issues. However in most of the cases, required documents are being filed and minor impact if any, shall be given in the year of final outcome of respective matter in appeal.

c) Other issues are either in ordinary course of business or not of substantial nature and management is reasonably confident of their positive outcome. Management shall deal with them judiciously and provide for appropriately, if any such need arises.

2. Commitments:

a) Estimated amount of contracts remaining to be executed on Capital Account and not provided for (net of advances) is Rs. 63.93 lakhs (Previous year Rs.Nil).

3. Details in respect of Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) are not available with the Company. Hence the details of the principal amounts and interest, if any, payable to the suppliers as on 31st March, 2018 have not been furnished.

4. Disclosure Pursuant to Ind AS - 19 "Employee Benefits":

i) Gratuity: In accordance with applicable laws, the company provides for gratuity, a defined benefit retirement plan ("The Gratuity Plan") covering eligible employees. The Gratuity Plan provides for a lump sum payment to vested employee on retirement (subject to completion of five years of continuous employment), death, incapacitation or termination of employment that are based on last drawn salary and tenure of employment. Liabilities with regard to the Gratuity Plan are determined by actuarial valuation on the reporting date and the Company makes annual contribution to the gratuity fund administered by Life Insurance Corporation of India under their respective Group Gratuity Schemes.

D. Assumptions

With the objective of presenting the plan assets and plan liabilities of the defined benefits plans at their fair value on the balance sheet, assumptions under Ind AS 19 are set by reference to market conditions at the valuation date.

ii) Compensated Absences: The Company permits encashment of compensated absence accumulated by their employees on retirement, separation and during the course of service. The liability in respect of the Company, for outstanding balance of leave at the balance sheet date is determined and provided on the basis of actuarial valuation as at the balance sheet date performed by an independent actuary. The Company doesn''t maintain any plan assets to fund its obligation towards compensated absences.

5. (i) The Company is operating under only one segment namely process plastics. Accordingly, disclosure as required by Ind AS-108 "Operating Segments" is not applicable. Hence; primary disclosure as required by Ind AS-108 "Operating Segments" has not been furnished.

(ii) The Company does not have any export turnover. Accordingly, the Secondary disclosure as required by Ind AS-108 "Geographical Segments" is not applicable to the Company.

6. The Company has taken various factory premises, office premises under operating lease agreement. These are generally cancellable and are renewable on mutually agreed terms. Operating lease payments are recognized as an expense proportionately during the lease or lease period respectively.

7. The Company has recognized Rs.1,11,79,900/- as at 31st March, 2018 (Previous Year Rs.1,11,79,900/-) as Minimum Alternate Tax Credit Entitlement, which represents the credit of MAT liability which would be available based on the provisions of Section 115JAA of the Income Tax Act, 1961. The Management based on the future profitability projections is confident that there would be sufficient taxable profit available in future which will enable the Company to utilize the MAT Credit Entitlement.

8. The unsold portion of Freehold land at Bhandup was revalued on 30th June, 1993 on the Market Value/Replacement basis using the standard indices as assessed by the approved valuer. The revalued amount of freehold land remains substituted for the historical cost in the gross block of property, plant and equipment amounting to Rs.150.39 lakhs. In respect of the said land, MOU entered by the company in the past had expired with the efflux of time and has become null and void. The other party to the MOU had filed a case against the Company which is contested by the Company and the matter is pending with Bombay High Court.

9. Balances of trade receivables and trade payables are subject to confirmations and reconciliations.

10. The previous period''s figures have been re-grouped/re-classified wherever required to conform to current year''s classification. All figures of financials have been rounded off to nearest lakhs rupees.

Mar 31, 2017

(Terms/Rights and Restriction attached to shares):

The Company has one class of shares i.e. Ordinary shares having a par value of Rs.10/- per share. Each holder of Equity shares is entitled to one vote per share and are subject to the preferential rights as prescribed under law.

Each Shareholder is eligible for one vote per share held. In the event of liquidation, Ordinary shareholders will be eligible to receive the assets of the company after distribution of all preferential amounts, in proportion to the number of equity shares held by the shareholders.

Preference Shares:

Reconciliation of the number of equity shares.

(1) Commitments:

The Estimated value of contracts remaining to be executed on capital account and not provided for in the accounts as at 31st March, 2017 is Rs. Nil (Previous Year Rs.50.44 lakhs).

(2) Details in respect of Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) are not available with the Company. Hence the details of the principal amounts and interest, if any, payable to the suppliers as on 31st March, 2017 have not been furnished.

(3) The Company had earlier given inter corporate loans. During the year the company has provided '' Nil (Previous Year Rs.400 lakhs) towards doubtful loans. The Company has filed legal suit for recovery of the loan in respect of the same.

(4) Values of Current Assets, Loans and Advances are stated at realizable in ordinary course of the business, as stated in balance sheet as per the opinion of the Management of the Company.

(5) As per Accounting Standard 15 "Employee Benefits", the disclosures as defined in the Accounting Standard are given below:

Defined Contribution Plans:

Contribution to Defined Contribution Plans, recognized as expense for the year is as under:

(6) (i) The Company is operating under only one segment namely process plastics. Accordingly disclosure as required by Accounting Standard "Segment Reporting" AS-17 is not applicable. Hence; primary disclosure as required by Accounting Standard "Segment Reporting" AS-17 has not been furnished.

(ii) The Company does not have any export turnover. Accordingly, the Secondary disclosure as required by Accounting Standard "Segment Reporting" AS-17 is not applicable to the Company.

(7) The disclosure as required by Accounting Standard "Related Party Disclosure", AS-18 is as follows:

(A) Names of Related parties are as under.

(a) Associate Concerns:

M/s. Quality Plastics

M/s. T. W. Bhojwani Leasing Pvt. Ltd.

(b) Key Management Personnel:

Smt. Hira Bhojwani - Whole Time Director DIN: 00032997

Mr. Suresh Bhojwani - Chairman & Managing Director DIN: 00032966

Mrs. Devika Bhojwani

Mr. Karan Bhojwani

Ms. Ruchika Bhojwani

M/s. T. W. Bhojwani HUF

(8) Trade Payables includes amount payable to related Party Rs.19.66 lakhs (Previous Year Rs.16.55 lakhs)

(9) Earnings per share as per Accounting Standard "Earnings Per Share", AS-20 is as follows:

(10) Reconciliation of Cash and Cash Equivalents:

(11) The Company has taken various factory premises, office premises under operating lease agreement. These are generally cancellable and are renewable on mutually agreed terms. Operating lease payments are recognized as an expense proportionately during the lease or lease period respectively.

(12) The Company has recognized Rs.1,11,79,900/- as at 31st March, 2017 (Previous Year Rs.1,11,79,900/-) as Minimum Alternate Tax Credit Entitlement, which represents the credit of MAT liability which would be available based on the provisions of Section 115JAA of the income Tax Act, 1961. The Management based on the future profitability projections is confident that there would be sufficient taxable profit available in future which will enable the Company to utilize the MAT Credit Entitlement.

(13) The unsold portion of Freehold land at Bhandup was revalued on 30th June, 1993 on the Market Value/Replacement basis using the standard indices as assessed by the approved valuer. The revalued amount of freehold land remains substituted for the historical cost in the gross block of property, plant and equipment amounting to Rs.150.39 lakhs. In respect of the said land, MOU entered by the company in the past had expired with the efflux of time and has become null and void. The other party to the MOU had filed a case against the Company which is contested by the Company and the matter is pending with Bombay High Court.

(14) Balances of trade receivables and trade payables are subject to confirmations and reconciliations.

(15) The Previous year figures are regrouped and reclassified to make comparable with current year classification.

Mar 31, 2016

1. Commitments:

The Estimated value of contracts remaining to be executed on capital account and not provided for in the accounts as at 31st March 2016 is Rs. 50.44 lakhs (Previous year Rs. 110.73 lakhs).

2. Details in respect of Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) are not available with the Company. Hence the details of the principal amounts and interest, if any, payable to the suppliers as on 31st March 2016 have not been furnished.

3. The Company had earlier given inter corporate loans. During the year the company has provided Rs. 400 lakhs (Previous year Rs. 100 lakhs) towards doubtful loans. The Company has filed legal suit for recovery of the loan in respect of the same.

4. Values of Current Assets, Loans and Advances are stated at realizable in ordinary course of the business, as stated in balance sheet as per the opinion of the Management of the Company.

5. Auditors Remuneration:

6. As per Accounting Standard 15 "Employee Benefits", the disclosures as defined in the Accounting Standard are given below:

Defined Contribution Plans:

Contribution to Defined Contribution Plans, recognized as expense for the year is as under:

7. The Company is operating under only one segment namely process plastics. Accordingly disclosure as required by Accounting Standard "Segment Reporting" AS-17 is not applicable. Hence; primary disclosure as required by Accounting Standard "Segment Reporting" AS-17 has not been furnished.

8. The Company does not have any export turnover. Accordingly, the Secondary disclosure as required by Accounting Standard "Segment Reporting" AS-17 is not applicable to the Company.

9. The disclosure as required by Accounting Standard "Related Party Disclosure", AS-18 is as follows:

10. Names of Related parties are as under.

11. Associate Concerns:

M/s. Quality Plastics

M/s. T. W. Bhojwani Leasing Pvt. Ltd.

12. Key Management Personnel:

Smt. Hira T. Bhojwani - Whole Time Director DIN: 00032997 Mr. Suresh Bhojwani - Managing Director DIN: 00032966

13. Relatives of Key Management Personnel Mrs. Devika S. Bhojwani

Mr. Karan Bhojwani Ms. Ruchika Bhojwani M/s. T. W. Bhojwani HUF

14. Trade Payables includes amount payable to Related Party Rs. 15.82 lakhs (Previous Year Rs. 4.14 lakhs)

15. The Company has taken various factory premises, office premises under operating lease agreement. These are generally cancellable and are renewable on mutually agreed terms. Operating lease payments are recognized as an expense proportionately during the lease or lease period respectively.

16. The Company has recognized Rs. 1,11,79,900/- as at 31st March, 2016 (Previous Year Rs. 1,11,79,900/-) as Minimum Alternate Tax Credit Entitlement, which represents the credit of MAT liability which would be available based on the provisions of Section 115JAA of the income Tax Act, 1961. The Management based on the future profitability projections is confident that there would be sufficient taxable profit available in future which will enable the Company to utilize the MAT Credit Entitlement

17. The unsold portion of Freehold land at Bhandup was revalued on 30th June, 1993 on the Market Value/Replacement basis using the standard indices as assessed by the approved valuer. The revalued amount of freehold land remains substituted for the historical cost in the gross block of fixed assets amounting to Rs. 150.39 lakhs. In respect of the said land, MOU entered by the company in the past had expired with the efflux of time and has become null and void. The other party to the MOU had filed a case against the Company which is contested by the Company and the matter is pending with Bombay High Court.

18. The Previous year figures are regrouped and reclassified to make comparable with current year classification.

Mar 31, 2015

(1) Commitments:

Estimated value of contracts remaining to be executed on capital account and not provided for in the accounts as at 31st March 2015 is Rs. 110.73 lakhs (P.Y. Rs. 110.87 lakhs).

(2) Details in respect of Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) are not available with the Company. Hence the details of the principal amounts and interest, if any, payable to the suppliers as on 31st March 2015 have not been furnished.

(3) The Company has given inter corporate loan to corporate. During the year the company has provided Rs. 100 lakhs (previous years Rs. 120 lakhs) towards doubtful loans. The Company has fled legal suit for recovery of the loan in respect of the same.

(4) Values of Current Assets, loans and Advances are stated at realisable in ordinary course of the business, as stated in balance sheet as per the opinion of the Management of the Company.

(5) As per Accounting Standard 15 "Employee Benefits", the disclosures as defined in the Accounting Standard are given below:

Defined Contribution Plans:

Contribution to Defined Contribution Plans, recognised as expense for the year is as under:

(6) (i) Company is operating under only one segment namely a process plastic. Accordingly disclosure as required by Accounting Standard "Segment Reporting" AS-17 is not applicable. Hence; primary disclosure as required by Accounting Standard "Segment Reporting" AS-17 has not been furnished.

(ii) Company do not have export turnover. Accordingly, the Secondary disclosure as required by Accounting Standard "Segment Reporting" AS-17 is not applicable to the Company.

(7) The disclosure as required by Accounting Standard "Related Party Disclosure", AS-18 is as follows:

(A) Names of Related parties are as under.

(a) Associate Concerns:

M/s. Quality Plastics M/s. T. W. Bhojwani Leasing Pvt. Ltd.

(b) Key Management Personnel:

Smt. Hira T. Bhojwani - Whole Time Director Mr. Suresh Bhojwani - Managing Director

(c) Relatives of Key Management Personnel

Mrs. Devika S. Bhojwani Mr. Karan Bhojwani Ms. Ruchika Bhojwani M/s. T.W. Bhojwani HUF

(8) Company has recognized Rs. Nil as at 31st March, 2015 as Minimum Alternate Tax Credit Entitlement (Previous Year Rs. 24.03 lakhs), which represents the credit of MAT liability which would be available based on the provisions of Section 115JAA of the income Tax Act, 1961. The Management based on the future Profitability projections is confident that there would be sufficient taxable Profit available in future which will enable the Company to utilize the MAT Credit Entitlement.

(9) The unsold portion of Freehold land at Bhandup was revalued on 30th June, 1993 on the Market Value/Replacement basis using the standard indices as assessed by the approved valuer. The revalued amount of freehold land remains substituted for the historical cost in the gross block of fixed assets amounting to Rs. 150.39 lakhs. In respect of the said land, MOU entered by the company in the past had expired with the efflux of time and has become null and void. The other party to MOU had fled a case against the company which is contested by the Company and the matter is pending with Bombay High Court.

(10) The Previous year figures are regrouped and reclassified to make comparable with current year classification.

Mar 31, 2014

(1) Contingent Liabilities not provided for:

(Rs. in Lakhs)

Sr. No. Particulars As at 31st As at 31st March, 2014 March, 2013

1. Sales tax 341.74 648.97

2. Service Tax 51.50 51.50

3. Stamp Duty 36.75 36.75

4. Excise Duty 114.92 114.92

5. Income Tax (CIT, Appeal Mumbai) 19.70 Nil (Asst. Year 2011-12)

6. Employees Provident Fund 8.66 8.66 Organization

7. Letter of Credit 10.33 Nil

8. Bank Guarantee 0.85 0.85

(2) Commitments:

Estimated value of contracts remaining to be executed on capital account and not provided for in the accounts as at 31st March, 2014 is Rs. 110.87 lakhs (P.Y. Rs. Nil).

(3) Details in respect of Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) are not available with the Company. Hence the details of the principal amounts and interest, if any, payable to the suppliers as on 31st March 2014 have not been furnished.

(4) The Company has given inter corporate loan to corporates. During the year the company has provided Rs. 120 lakhs (previous years Rs. 40 lakhs) towards doubtful loans. The Company has filed legal suit for recovery of the loan in respect of the same.

(5) Values of Current Assets, loans and Advances are stated at realisable in ordinary course of the business, as stated in balance sheet as per the opinion of the Management of the Company.

(6) (i) Company is operating under only one segment namely a process plastic. Accordingly disclosure as required by Accounting Standard "Segment Reporting" AS-17 is not applicable. Hence; primary disclosure as required by Accounting Standard "Segment Reporting" AS-17 has not been furnished.

(ii) Company do not have export turnover. Accordingly, the Secondary disclosure as required by Accounting Standard "Segment Reporting" AS-17 is not applicable to the Company.

(7) Company has taken various factory premises, office premises under operating lease agreement. These are generally cancellable and are renewable on mutually agreed terms. Operating lease payments are recognized as an expense proportionately during the lease or lease period respectively.

(8) Company has recognized Rs. Nil as at 31st March, 2014 as Minimum Alternate Tax Credit Entitlement (Previous Year Rs. 7.36 lakhs), which represents the credit of MAT liability which would be available based on the provisions of Section 115JAA of the income Tax Act, 1961. The Management based on the future profitability projections is confident that there would be sufficient taxable profit available in future which will enable the Company to utilize the above MAT Credit Entitlement.

(9) The unsold portion of Freehold land at Bhandup was revalued on 30th June, 1993 on the Market Value/Replacement basis using the standard indices as assessed by the approved valuer. The revalued amount of freehold land remains substituted for the historical cost in the gross block of fixed assets amounting to Rs. 150.39 lakhs. In respect of the said land, MOU entered by the company in the past had expired with the efflux of time and has become null and void. The other party to MOU had filed a case against the company which is contested by the Company and the matter is pending with Bombay High Court.

(10) The Previous year figures are regrouped and reclassified to make comparable with current year classification.

Mar 31, 2013

OVERVIEW:

The Company is engaged in the business of manufacturing injection of moulded plastics products for supplies to Original Equipment Manufacturers for Consumer Durable Industry and market its own products under "Brite" brand for material handling crates.

The Company has hair care division which market hair brushes under "DIVO" brand.

(1) Contingent Liabilities not provided for:

(Rs. in Lakhs) Sr. No. Particulars 2012-13 2011-12

1. Sales tax 648.97 73.60

2. Service tax 51.50 51.50

3. Stamp duty 36.75 36.75

4. Excise duty 114.92 114.92

Note: Demand notice received from sales tax department under Maharashtra VAT in respect of financial year 2005-06 and 2008-09 has been subsequently cancelled after balance sheet date.

(2) Commitments:

Estimated value of contracts remaining to be executed on capital account and not provided for in the accounts as at 31st March, 2013 is Rs. Nil (P.Y. Rs. 61.18 lakhs).

(3) The details in respect of Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) are not available with the Company. Hence the details of the principal amounts and interest, if any, payable to the suppliers as on 31st March, 2013 have not been furnished.

(4) The values of Current assets, loans and advances are stated at realisable in ordinary course of the business, as stated in balance sheet as per the opinion of the Management of the Company.

(5) As per Accounting Standard 15 "Employee Benefits", the disclosures as defined in the Accounting Standard are given below:

Defined Contribution Plans:

Contribution to Defined Contribution Plans, recognised as expense for the year is as under:

(6) (i) The business segment has been considered as the primary segment. The Company is operating under only one segment namely a process plastic perfumery chemical. Accordingly disclosure as required by Accounting Standard "Segment Reporting" AS-17 is not applicable. Hence; primary disclosure as required by Accounting Standard "Segment Reporting" AS-17 has not been furnished.

(ii) The Company do not have export turnover. Accordingly, the Secondary disclosure as required by Accounting Standard "Segment Reporting" AS-17 is not applicable to the Company.

(7) The disclosure as required by Accounting Standard "Related Party Disclosure", AS-18 is as follows:

(a) Names of Related parties are as under.

(i) Associate Concerns:

M/s. Quality Plastics

M/s. T.W. Bhojwani Leasing Pvt. Ltd.

(ii) Key Management Personnel:

Smt. Hira T. Bhojwani - Whole Time Director Mr. Suresh Bhojwani - Managing Director

(iii) Relatives of Key Management Personnel

Mrs. Devika S. Bhojwani Mr. Karan Bhojwani Ms. Ruchika Bhojwani M/s. T. W. Bhojwani HUF Late Mr. V. W. Bhojwani

(8) The Company has taken various factory premises, office premises under operating lease agreement. These are generally cancellable and are renewable on mutually agreed terms. Operating lease payments are recognized as an expense proportionately during the lease or lease period respectively.

(9) The Company has recognized Rs. 7.36 lakhs as at 31st March, 2013 as Minimum Alternate Tax Credit Entitlement (Previous Year Rs. 80.41 lakhs), which represents the credit of MAT liability which would be available based on the provisions of Section 115JAA of the income Tax Act, 1961. The Management based on the future profitability projections is confident that there would be sufficient taxable profit available in future which will enable the Company to utilize the above MAT Credit Entitlement.

(10) The unsold portion of Freehold land at Bhandup was revalued on 30th June, 1993 on the Market Value /Replacement basis using the standard indices as assessed by the approved valuer. The revalued amount of freehold land remains substituted for the historical cost in the gross block of fixed assets amounting to Rs. 150.39 lakhs. In respect of the said land, Memorandum of Understanding (MOU) entered by the company in the past had expired with the efflux of time and has become null and void. The other party to MOU had filed a case against the company which is contested by the Company and the matter is pending with Bombay High Court.

(11) The Company has made a provision of managerial remuneration as per the limit prescribed in Schedule XIII which is subject to approval by shareholders by way of special resolution in ensuing annual general meeting.

(12) Amount of Foreign Currency Differences accounted in different heads of Profit & Loss Account under different heads as under:

(13) The Previous year figures are regrouped and reclassified to make comparable with current year classification.

Mar 31, 2012

(Terms/Rights and Restriction attached to Shares):

The Company has only one class of equity shares having a par value of Rs 10/- per share. Each Shareholder is eligible for one vote per share. In the event of liquidation, equity shareholders will be eligible to receive the assets of the Company after distribution of all preferential amounts, in proportion to number of Equity shares held by the shareholders.

The Company declares and pays dividend 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 the case of Interim Dividend.

Preference Shares:

The Company has the power to issue preference shares. In the event of liquidation, the Preference shareholders of the Company have the preference over equity shares when it comes to payment of dividend and return of capital.

1. The Company is in the process of compiling relevant information from its suppliers about their coverage under the Micro, Small and Medium Enterprises Development Act, 2006. As the Company has not received any information from its suppliers as on date regarding their status under the above said Act, no disclosure has been made.

2. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provisions for all the known and determined liabilities are adequate and not in excess of the amounts reasonably required.

3. The unsold portion of Freehold land at Bhandup was revalued on 30th June, 1993 on the Market Value/Replacement basis using the standard indices as assessed by the approved valuer. The revalued amount of freehold land remains substituted for the historical cost in the gross block of fixed assets amounting to Rs 150.39 lacs. In respect of the said land, MOU entered by the company in the past had expired with the efflux of time and has become null and void. The other party to MOU had filed a case against the company which is contested by the Company and the matter is pending with Bombay High Court.

4. The Company has recognized Rs 12.88 lacs as on 31st March, 2012 as Minimum Alternate Tax Credit Entitlement (Previous Year Rs 37.90 lacs), which represents the credit of MAT liability which would be available based on the provisions of Section 115JAA of the Income Tax Act, 1961. The Management based on the future profitability projections and also on profit earned during the year is confident that there would be sufficient taxable profit available in future which will enable the Company to utilize the above MAT Credit Entitlement.

5. Previous year figures have been regrouped/rearranged wherever necessary.

Mar 31, 2011

1. BUYBACK OF EQUITY SHARES:

(a) During the year the Company bought back 126,332 shares under the buy back programme for a sum of Rs. 60.78 lacs. The buy back programme was closed on June 25, 2010 which had commenced on December 29, 2009. On completion of the buy-back programme total number of Equity shares bought back were 295,295 shares and the amount spend was Rs. 142 lacs (excluding brokerage and other charges), which represented 31.55% of the total Buy-back size of Rs. 450 lacs.

(b) Pursuant to the above transaction, the paid up Equity Share Capital of the Company reduced by Rs. 1,263,320/- during the year.

2. RESERVES & SURPLUS:

Pursuant to the above buy back programme, Capital Redemption Reserve has been created out of Share Premium for Rs. 1,263,320/- being the nominal value of shares bought back under the buy back programme in terms of Section 77AA of the Companies Act, 1956.

Note: Though production for Injection Moulded Plastics goods are expressed in tons, their opening and closing stock, turnover are shown in pieces as it is not practicable to disclose it in tons.

3. The Company is in the process of compiling relevant information from its suppliers about their coverage under the Micro, Small and Medium Enterprises Development Act, 2006. As the Company has not received any information from its suppliers as on date regarding their status under the above said Act, no disclosure has been made.

4. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provisions for all the known and determined liabilities are adequate and not in excess of the amounts reasonably required.

5. Capital work-in-progress includes capital advances of Rs. 278.12 lacs.

6. The unsold portion of Freehold land at Bhandup was revalued on 30th June, 1993 on the Market Value/Replacement basis using the standard indices as assessed by the approved valuer. The revalued amount of freehold land remains substituted for the historical cost in the gross block of fixed assets amounting to Rs. 150.39 lacs. In respect of the said land, MOU entered by the company in the past had expired with the efflux of time and has become null and void. The other party to MOU had filed a case against the company which is contested by the Company and the matter is pending with Bombay High Court.

7. The Company has recognized Rs. 28.94 lacs as on 31st March, 2011 as Minimum Alternate Tax (MAT) Credit Entitlement (Previous Year Rs. 29.61 lacs), which represents the credit of MAT liability which would be available based on the provisions of Section 115JAA of the Income Tax Act, 1961. The Management based on the future profitability projections and also on profit earned during the year is confident that there would be sufficient taxable profit available in future which will enable the Company to utilize the above MAT Credit Entitlement.

8. Under the Income tax Act, 1961 in respect of Income Tax assessment completed for A.Y. 2008-09, against demand raised by the Income tax authority of Rs. 754 lacs, the Company has made provision for Rs. 250 lacs under the head tax for earlier years against which the Company has made payment of Rs. 200 lacs. The remaining balance of Rs. 503 lacs was shown under contingent liability.

Tax for earlier years also includes wealth tax paid for Rs. 16.69 lacs.

9. Previous year figures have been regrouped/rearranged wherever necessary.

Mar 31, 2010

1. BUYBACK OF EQUITY SHARES:

(a) During the year the Company issued Public Announcement (PA) and corrigendum to PA dated on December 18, 2009 and December 25, 2009 respectively for buy back of its shares from the open market at a price not exceeding Rs. 50/- per share for an aggregate amount not exceeding Rs. 450 lakhs. Under the buy back programme, the Company has bought back 168693 equity shares till March 31, 2010. Out of the above, 133149 equity shares were extinguished before March 31, 2010 and remaining 35814 shares were extinguished in the first week of April 2010.

(b) Pursuant to the above transaction, the paid up share capital of the Company decreased by Rs. 1,686,930/- during the year.

2. RESERVES & SURPLUS:

(a) Pursuant to the above buy back programme, Capital redemption reserve has been created out of Share Premium for Rs. 1,686,930/- being the nominal value of shares bought back under the buy back programme in terms of Section 77AA of the Companies Act, 1956.

(b) Capital Reserve for Rs. 13,668,000/- has been created during the year arising on account of acquisition of Bhimtal unit under slump sale basis being the difference between revaluation of assets and the cost of acquisition paid.

3. The Company is in the process of compiling relevant information from its suppliers about their coverage under the Micro, Small and Medium Enterprises Development Act, 2006. As the Company has not received any information from its suppliers as on date regarding their status under the above said Act, no disclosure has been made.

4. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provisions for all the known and determined liabilities are adequate and not in excess of the amounts reasonably required.

5. Capital work-in-progress includes capital advances of Rs. 61.98 lacs.

6. The unsold portion of Freehold land at Bhandup was revalued on 30th June, 1993 on the Market Value /Replacement basis using the standard indices as assessed by the approved valuer. The revalued amount of freehold land remains substituted for the historical cost in the gross block of fixed assets amounting to Rs. 150.39 lacs.

7. The Company has recognized Rs. 29.61 lacs as on 31st March, 2010 as Minimum Alternate Tax (MAT) Credit Entitlement (Previous Year Rs. Nil), which represents the credit of MAT liability which would be available based on the provisions of Section 115JAA of the Income Tax Act, 1961. The Management based on the future profitability projections and also on profit earned during the year is confident that there would be sufficient taxable profit available in future which will enable the Company to utilize the above MAT Credit Entitlement.

8. Previous years figures have been regrouped/rearranged wherever necessary.

9. Figures for the current year are for 12 months and for the previous year are for 15 months hence the same are not comparable.

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