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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 Rollatainers Ltd.

Mar 31, 2024

2.2.3 Provisions and contingent liabilities

A provision is recognized when the company has a present obligation as a result of past event and it is probable than an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions (excluding retirement benefits and compensated absences) are discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date adjusted to reflect the current best estimates. Contingent liabilities are not recognized in the financial statements. A contingent asset is neither recognized nor disclosed in the financial statements, however when the realization is virtually certain then the related asset cease to be a contingent asset and therefore recognized. However, the detail of existing contingencies as on 31^st March, 2024 is provided Note no.3.17.2

2.3 Revenue Recognition

Revenue is measured at the fair value of the consideration received or receivables. Amounts disclosed as revenue are exclusive of excise duty/GST and net of returns, trade allowances, rebates, discounts, value added taxes.

The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the Company and specific criteria have been met for each of the Company''s activities as described below.

Interest Income

Revenue is recognised on a time proportion basis taking into account the amount outstanding and the rate applicable.

Revenue from Services

Revenue from services is recognised in the accounting period in which the services are rendered.

2.4 Employee benefits

â¢ Short-Term Employee Benefits

Short - term employee benefits include performance incentive, salaries & wages, bonus and leave travel allowance. The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees are recognized during the year when the employees render the services.

2.5 Borrowing costs

Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Borrowing cost also includes exchange differences to the extent regarded as an adjustment to the interest 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 are capitalized as part of the cost of the asset.

Processing fee paid for borrowings is amortized over the term of long term loan through statement of profit & loss. All other borrowing costs are expensed in the period in which they occur.

2.6 Depreciation & Amortization

The company depreciates property, plant and equipment over their estimated useful lives using the straight-line method. Depreciation methods, useful lives and residual values are reviewed at each reporting period. Depreciation on additions/deductions to property, plant and equipment is provided on pro-rata basis from the date of actual installation or up to the date of such sale or disposal, as the case may be.

Leasehold assets are amortized equally over the period of their lease.

2.7 Impairment of Assets

(i) Financial assets (other than at fair value)

The company assesses at each balance sheet date whether a financial asset or a group of financial assets is impaired. Ind AS 109 requires expected credit losses to be measured through a loss allowance. The company recognizes lifetime expected losses for all contract assets and/or all trade receivables that do not constitute a financing transaction.

(ii) Non-financial assets

Property, Plant & equipment and Intangible Assets

Property, plant and equipment and intangible assets with finite life are evaluated for recoverability whenever there is an indication that their carrying amounts may not be recoverable. If any such indication exists, the recoverable amount (i.e. 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 to which the asset belongs. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognized in the statement of profit or loss. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset''s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined,

net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of profit or loss.

2.8 Income taxes

Income tax expense comprises current and deferred income tax. Income tax expense is recognized in net profit in the statement of profit and loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in other comprehensive income.

Deferred income tax assets and liabilities are recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

The company offsets current tax assets and current tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Minimum Alternative Tax [MAT] paid in accordance with the tax laws, which gives rise to future economic benefits in the form of adjustment of future income tax liability, is considered as an asset if there is convincing evidence that the company will pay normal income tax in future periods. Accordingly, MAT is recognized as an asset in the balance sheet when it is probable that future economic benefits associated with it flow to the company and the asset can be measured reliably.

2.9 Property, plant and equipment

Property, plant and equipment are stated at cost, less accumulated depreciation /amortization and impairment, if any. Costs directly attributable to acquisition are capitalized until the property, plant and equipment are ready for use, as intended by management. The cost of property, plant & equipment also includes initial estimates of dismantling cost and restoring the site to its original position, on which the site is located.

2.10 Financial instruments 2.10.1 Financial Assets

Initial recognition and measurement

Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss.

The classification of financial assets at initial recognition depends on the financial asset''s contractual cash flow characteristics and the Company''s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Company has applied the practical expedient, the Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Company has applied the practical expedient are measured at the transaction price determined under Ind AS 115.

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in four categories:

â¢ Financial assets at amortised cost (debt instruments)

â¢ Financial assets at fair value through other comprehensive income (FVTOCI) with recycling of cumulative gains and losses (debt instruments)

â¢ Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments)

â¢ Financial assets at fair value through profit or loss.

A ''financial asset'' is measured at the amortised cost if both the following conditions are met:

â¢ The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and

â¢ Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.

This category is the most relevant to the Company. The Company''s all financial assets fall under this category. After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income in the profit or loss. The losses arising from impairment are recognised in the profit or loss. The Company''s financial assets at amortised cost includes trade receivables, and loan & receivables.

Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a Company''s of similar financial assets) is primarily derecognised (i.e. removed from the Company''s balance sheet) when:

â¢ The rights to receive cash flows from the asset have expired, or

â¢ The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ''pass-through'' arrangementâ¢ and either (a) the company has transferred substantially all the risks and rewards of the asset, or (b) the company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Company continues to recognise the transferred asset to the extent of the Company''s continuing involvement. In that case, the Company also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained.

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the company could be required to repay.

2.10.2 Financial Liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

The Company''s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, financial guarantee contracts and derivative financial instruments.

Subsequent measurement

For purposes of subsequent measurement, financial liabilities are classified in two categories:

â¢ Financial liabilities at fair value through profit or loss

â¢ Financial liabilities at amortised cost (loans and borrowings)

Financial liabilities at amortised cost (Loans and borrowings)

This is the category most relevant to the Company. All financial liabilities fall under this category. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit and loss.

Derecognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit and loss.

2.11 Borrowings

Borrowings are initially measured at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method.

Preference shares are separated into liability and equity components based on the terms of the issue / contract. On issuance of the preference shares, the fair value of the liability component is determined using a market rate for an equivalent instrument. This amount is classified as financial liability and is measured at amortized cost (net of transaction costs) until it is extinguished on conversion or redemption. The remainder of the proceeds is recognized and included in equity. Transaction costs are deducted from equity, net of associated income tax. The carrying amount of the equity component is not re-measured in subsequent years.

2.12 Investments

a) Investment in subsidiaries

Investments in subsidiaries are valued at Cost less impairment (In conformity with IND AS 110).

b) Investment in associates / Joint Ventures

Investment held by the company in associates/joint ventures have been valued at Cost less impairment (In conformity with IND AS 110).

2.13 Earnings per equity share

Basic earnings per equity share are computed by dividing the net profit attributable to the equity holders of the company by the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the company by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented. The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for any share splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the Board of Directors.

2.14 Dividends

Final dividends on shares are recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a liability on the date of declaration by the Company''s Board of Directors.

Furthermore, unpaid/ unclaimed dividend are transferred to unpaid dividend account and on expiration of 7 years period, same are deposited in Investor Education and Protection Fund.

2.15 Leases

Leases under which the company assumes substantially all the risks and rewards of ownership are classified as finance leases. When acquired, such assets are capitalized at fair value or present value of the minimum lease payments at the inception of the lease, whichever is lower.

Lease payments under operating leases are recognized as an expense on a straight line basis in net profit in the Statement of Profit and Loss over the lease term.

2.16 Offsetting financial instruments

Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.

2.17 Fair Value Measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

In the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by the Company.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant''s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the Consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1 â Quoted (unadjusted) market prices in active markets for identical assets or liabilities

Level 2 â Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

Level 3 â Valuation techniques for which the lowest level input that is significant to the fair value measurement is Unobservable

For assets and liabilities that are recognized in the Consolidated financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period or each case.

For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.

This note summarizes accounting policy for fair value. Other fair value related disclosures are given in the relevant notes.

* Disclosures for valuation methods, significant estimates and assumptions

* Quantitative disclosures of fair value measurement hierarchy

* Investment in unquoted equity shares

* Financial instruments

2.18 Current versus non-current classification

All assets and liabilities have been classified as current or non-current as per company''s normal operating cycle and other criteria set out in the Schedule III to the Act.

Note No. 3.19 SEGMENT INFORMATION

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (CODM). The managing committee is considered to be the ''Chief Operating Decision Maker'' (CODM) as defined in IND AS 108. The Operating Segment is the level at which discrete board of directors financial information is available. The CODM allocates resources and access performance at its level. As at March 24, there was no business whose operating results were reviewed by the management of the Company separately for allocation of resources. Accordingly, the Company''s segment information was not included in the financial statement.

Fair value hierarchy

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable and consists of the following three levels:

Level 1 â Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 â Inputs are other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Note No. : 3.24 Financial risk management objectives and policies

The Company''s principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Company''s operations and to support its operations. The Company''s financial assets include investment, loans, trade and other receivables, and cash & cash equivalents that derive directly from its operations.

The company is exposed to credit risk and liquidity risk. The Company''s senior management overseas the management of these risks. The Board of Directors reviews and agrees policies for managing each risk, which are summarised as below:

(A) Market risk:

instruments affected by market risk include loans and borrowings, deposits and payables/ receivables in foreign currencies.

-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. The Company has invested in fixed interest bearing debenture which are measured at amortised cost and has no borrowings and hence not expensed to interest rate risk.

-Foreign currency risks

Foreign risk is the risk that the fair value of future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company is not dealing in foreign currency transaction therefore the Company is not exposed to foreign currency risks.

(B) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including loans to related parties, deposits with banks and other financial instruments.

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure funds are available for use as per requirements. The Company''s prime source of liquidity is cash and cash equivalents and the cash generated from operations. The Company has no outstanding bank borrowings.

Note No. : 3.25 Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the Company. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings less cash and cash equivalents.

Note No. : 3.26

Subsequent to the year end, Board of Directors of the Company in their meeting on 20th April 2024, had proposed for issue of 11,76,47,070 convertible equity warrants to certain non-promoter entities on a preferential basis at Rs 1.70/- each, aggregating to Rs. 2,000 lacs. This proposal was approved by shareholders in an extraordinary general meeting on 16th May 2024. The Company is in the process of getting regulatory approval for the same.

Note No. : 3.27

The company has accumulated losses at the end of the year and had incurred loss in the past years and accordingly management of the company has decided not to recognise any deferred tax asset on conservative basis.

Note No. : 3.28

A. No transactions to report during the current as well as previous financial year against the following disclosure requirements as notified by MCA pursuant to amended Schedule III:

(a) Crypto Currency or Virtual Currency

(b) Benami Property held under Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder

(d) Relating to borrowed funds:

i. Wilful defaulter

ii. Utilisation of borrowed funds & share premium

iii. Borrowings obtained on the basis of security of current assets

iv. Discrepancy in utilisation of borrowings

v. Current maturity of long term borrowings

(e) There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

B. The Company has complied with the number of layers prescribed under the Companies Act

C. The Company has not advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

D. The Company has not received any funds from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

Note No. : 3.29 The Company''s accumulated losses as on 31st March, 2024 stands at Rs. 12,286.93 Lacs. However, these financial results have been prepared on going concern basis as the management is confident on Company''s ablity to continue as a going concern for a foreseeable future.

Note No. : 3.30 The previous year figures have been regrouped/ reclassified, wherever considered necessary to confirm to the current year figures.

As per our report of even date attached For and on behalf of the Board

FOR CHATTERJEE & CHATTERJEE

Chartered Accountants Firm Registration No. 001109C

Sd/- Sd/- Sd/-

BD Gujrati AARTI JAIN SANJAY SHARMA

Partner Director Director

(Membership No.: 010878) DIN: 00143244 DIN: 09534294

UDIN: 24010878BKHBQO8488

Sd/- Sd/-

Place : New Delhi ADITI JAIN MANBAR RAWAT

Dated : 29th May, 2024 Company Secretary Chief Financial Officer

Mar 31, 2023

2.2.3 Provisions and contingent liabilities

2.3 Revenue Recognition

Sale of goods

Sales are recognised when substantial risk and rewards of ownership are transferred to customer as per the terms of the contract, there is no continuing managerial involvement with the goods. The Company retains no effective control of the goods transferred to a degree usually associated with ownership and no significant uncertainty exists regarding the amount of the consideration that will be derived from the sale of goods., in case of domestic customer, sales take place when goods are dispatched or delivery is handed over to transporter, in case of export customers, sales takes place when goods are shipped on board based on bill of lading.

Revenue from Services

Revenue from services is recognised in the accounting period in which the services are rendered.

2.4 Employee benefits

â¢ Short-Term Employee Benefits

2.5 Borrowing costs

Processing fee paid for borrowings is amortized over the term of long term loan through statement of profit & loss. All other borrowing costs are expensed in the period in which they occur.

2.6 Depreciation & Amortization

Leasehold assets are amortized equally over the period of their lease.

2.7 Impairment of Assets

(i) Financial assets (other than at fair value)

(ii) Non-financial assets

Property, Plant & equipment and Intangible Assets

2.8 Income taxes

2.9 Property, plant and equipment

2.10 Financial instruments 2.10.1 Financial Assets

Initial recognition and measurement

Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss.

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in four categories:

â¢ Financial assets at amortised cost (debt instruments)

â¢ Financial assets at fair value through other comprehensive income (FVTOCI) with recycling of cumulative gains and losses (debt instruments)

â¢ Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments)

â¢ Financial assets at fair value through profit or loss.

A ''financial asset'' is measured at the amortised cost if both the following conditions are met:

â¢ The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and

â¢ Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.

Derecognition

â¢ The rights to receive cash flows from the asset have expired, or

â¢ The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ''passthrough'' arrangement; and either (a) the company has transferred substantially all the risks and rewards of the asset, or (b) the company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

2.10.2 Financial Liabilities

Initial recognition and measurement

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

The Company''s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, financial guarantee contracts and derivative financial instruments.

Subsequent measurement

For purposes of subsequent measurement, financial liabilities are classified in two categories:

â¢ Financial liabilities at fair value through profit or loss

â¢ Financial liabilities at amortised cost (loans and borrowings)

Financial liabilities at amortised cost (Loans and borrowings)

Derecognition

2.11 Borrowings

2.12 Investments

a) Investment in subsidiaries

Investments in subsidiaries are valued at Cost less impairment (In conformity with IND AS 110).

b) Investment in associates / Joint Ventures

Investment held by the company in associates/joint ventures have been valued at Cost less impairment (In conformity with IND AS 110).

2.13 Earnings per equity share

2.14 Dividends

Furthermore, unpaid/ unclaimed dividend are transferred to unpaid dividend account and on expiration of 7 years period, same are deposited in Investor Education and Protection Fund.

2.15 Leases

Lease payments under operating leases are recognized as an expense on a straight line basis in net profit in the Statement of Profit and Loss over the lease term.

2.16 Offsetting financial instruments

2.17 Fair Value Measurement

In the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by the Group.

Level 1 â Quoted (unadjusted) market prices in active markets for identical assets or liabilities

Level 2 â Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

Level 3 â Valuation techniques for which the lowest level input that is significant to the fair value measurement is Unobservable

This note summarizes accounting policy for fair value. Other fair value related disclosures are given in the relevant notes.

* Disclosures for valuation methods, significant estimates and assumptions

* Quantitative disclosures of fair value measurement hierarchy

* Investment in unquoted equity shares

* Financial instruments

2.18 Current versus non-current classification

All assets and liabilities have been classified as current or non-current as per company''s normal operating cycle and other criteria set out in the Schedule III to the Act.

(A) 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 and currency risk. Financial instruments affected by market risk include loans and borrowings, deposits and payables/ receivables in foreign currencies.

-Interest rate risk

-Foreign currency risks

(B) Credit risk

Note No. : 3.30

A. No transactions to report during the current as well as previous financial year against the following disclosure requirements as notified by MCA pursuant to amended Schedule III:

(a) Crypto Currency or Virtual Currency

(b) Benami Property held under Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder

(d) Relating to borrowed funds:

i. Wilful defaulter

ii. Utilisation of borrowed funds & share premium

iii. Borrowings obtained on the basis of security of current assets

iv. Discrepancy in utilisation of borrowings

v. Current maturity of long term borrowings

B. The Company has complied with the number of layers prescribed under the Companies Act

Note No. : 3.31 The previous year figures have been regrouped/ reclassified, wherever considered necessary to conform to the current year figures.

As per our report of even date attached For and on behalf of the Board

FOR CHATTERJEE & CHATTERJEE

Chartered Accountants Firm Registration No. 001109C

Sd/- Sd/- Sd/-

BD Gujrati MANISHA GOEL AARTI JAIN

Partner Director Director

(Membership No.: 010878) DIN: 09725308 DIN: 00143244

UDIN : 23010878BGWRCI5811

Sd/- Sd/-

Place : New Delhi ADITI JAIN MANBAR RAWAT

Dated : 29th May, 2023 Company Secretary Chief Financial Officer

Mar 31, 2018

Note 1. BACKGROUND

Rollatainers Limited (The Company) operates as an integrated packaging solution organisation with business encompassing research, manufacturing and marketing Lined and mono Cartons and Packaging Machines. The companyâs equity shares are listed for trading on the National Stock Exchange of India Limited and Bombay Stock Exchange Limited.

The following explains the material adjustments made while transition from previous accounting standards to Ind AS

(i) Fair valuation of Investments

Under the previous GAAP, investments in equity instruments were classified as long-term investments based on the intended holding period and realisability. Long-term investments were carried at cost less provision for other than temporary decline in the value of such investments.

Under Ind AS all investments (other than investments in associates) to be measured at fair value at the reporting date and all changes in the fair value have been recognised in retained earnings as at the date of transition and subsequent to the transition date to be recognised in the Other Comprehensive Income.

(ii) Remeasurements of post employment benefit obligation

Under the previous GAAP, these re-measurement were forming part of the profit or loss for the year. Under Ind AS, re-measurement i.e. actuarial gain/loss on the net defined benefit liability are recognised in other comprehensive income instead of profit or loss.

(iii) Security deposits Paid

Under Previous GAAP, the security deposits are accounted at an undiscounted value. Under Ind AS, these are carried at amortized cost.the security deposits have been recognised at discounted value and the difference between undiscounted and discounted value has been recognised as âPrepaid expenseâ which has been amortised over respective term as notional expense under âother expensesâ. The discounted value of the security deposits is increased over the period of respective term by recognising the notional interest income under âother incomeâ.

(iv) Non Current-Borrowings

Under the previous GAAP, transaction costs were charged to the profit and loss as and when incurred. As required under the Ind AS 109 transactions costs incurred towards origination of borrowings have been deducted from the carrying amount of borrowings on initial recognition. These costs are recognised in the profit and loss over the tenure of the borrowing as interest expense, computed using the effective interest rate method corresponding effect being in Long term borrowings.

(v) Current Borrowings

Under previous GAAP,renewal/annual charges on cash credit or overdraft facitlities need to be straight lined over the period of the facitlity.In the current practice it was charged to Profit or loss as and when charged by bank not on quarterly basis. Company has adopted the practice to amortise these facility charges over the period of facility in Ind AS and charging to Profit or loss on straight lined basis over the period of the facility.resulting by recognising in their quarterly results as well.

(vi) Deferred taxes

Indian GAAP requires deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. Ind AS 12 requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. The application of Ind AS 12 approach has resulted in recognition of deferred tax on new temporary differences which was not required under Indian GAAP. In addition, the various transitional adjustments lead to temporary differences. According to the accounting policies, the Company has to account for such differences. Deferred tax adjustments are recognised in correlation to the underlying transaction either in retained earnings or a separate component of equity.

(vii) Zero Coupon Redeemable preference shares

Under Ind AS investments in preference shares are measured at amortised cost and have been recognised at discounted values.the difference between undiscounted and discounted value has been recognised as âDeferred

Power purchase costâ which has been amortised over respective term as power purchase cost under âPower and fuel Expensesâ. The discounted carrying value of the preference shares is increased over the term by recognising the notional income under âother income.

(viii) Security deposits Received

Under Previous GAAP, the security deposits are accounted at transaction value. Under Ind AS, these are carried at amortized cost.the security deposits have been recognised at discounted value and the difference between undiscounted and discounted value has been recognised as âDeferred Incomeâ which has been amortised over respective term as notional interest income under âother incomeâ. The discounted value of the security deposits is increased over the period of lease term by recognising the notional interest expense under âFinance cost.

(ix) Other comprehensive income

Under Ind AS, all items of income and expense recognised in a period should be included in profit or loss for the period, unless a standard requires or permits otherwise. Item of income and expense that are not recognised in profit or loss but are shown in the Statement of profit and loss as âother comprehensive incomeâ includes fair value gain / loss on FVOCI equity instruments and re-measurement of defined benefit plans. The concept of other comprehensive income did not exist under previous GAAP.

(x) Retained earnings

Retained earnings as at 1st April, 2016 has been adjusted consequent to the above Ind AS transition adjustments.

(xi) Leases

(a) Under previous GAAP, Leasehold Land were classified as Fixed Assets as the standard on leases(AS-19) excluded Land. Under Ind AS 17, where the substantial risks and rewards incidental to ownership of an asset has not been transferred in the name of Company, the Company has classified such land under Operating Leases. The amount paid towards such leases has been shown as Prepayments under Other noncurrent assets and other current assets. amortisation on lease hold land is charged as Rent Expense in statement of profit and loss.

(b) Under previous GAAP ,as per AS-19(Leases) where the substantial risks and rewards incidental to ownership of an asset has been transferred in the name of Company and Company has classified such land under finance leases and amortised over a tenure of lease staright line basis. In current practice no amortisation of leases are recognised. Company has adopted the practice to amortise the leasehold land over a tenure of lease on staright line basis.

(xii) Investment properties

Under previous GAAP, Land & Building given on lease has been shown as Investment property and disclosed under the head fixed assets. Under Ind AS, Land & Building given on lease are disclosed separately as Investment property on the face of the Balance sheet.

(xiii) Discounts and incentives to customers

Under previous GAAP, discounts and incentives to the customers were shown as a part of other expense. Under Ind AS, revenue from sale of products are recognised at net of discounts and incentives to the customers.

(xiv) MAT Credit Entitlement

Under previous GAAP, MAT credit entitlement was shown as other current assets. Under Ind AS, MAT credit entitlement is recorded and classified as deferred tax assets/liabilities(net).

(xv) The transition from previous GAAP to Ind AS has not made a material impact on the statement of cash flows.

(xvi) Regrouping and restatement

The Ind AS adjustments are either non cash adjustments or are regrouping among the cash flows from operating, investing and financing activities. Consequently, Ind AS adoption has no impact on the net cash flow for the year ended 31st March, 2017 as compared with the previous GAAP.

2. Contingent Liabilities in respect of :

(a) Bank Guarantee issued Rs 6.32 Lacs (Previous Year 6.32 Lacs).

(b) Excise matters: Rs. 6.47 lacs (previous year Rs 6.47lacs).

3. In the matterof interest and damages livied by Regional Provident Fund Commissioner, Faridabad, the company has filed an appeal with Provident Fund Tribunal in Delhi involving a demand of Rs.142.68 lakhs. The company has already deposited a sum of Rs.62.26 lakhs against the above demand.

4. Earning per share:

âEarning per shareâ is calculated in accordance with Accounting Standard-20, issued by the Institute of Chartered Accountants of India:

5. a) Previous year figures have been regrouped / rearranged, wherever considered necessary to conform to current yearsâ classification.

c) All figures or amount, including those in the notes to accounts have been upto the rearest lakhs plus thaousands in decimal.

Mar 31, 2016

For the purpose of calculating diluted earnings per share, the net profit and loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year as adjusted for the effects of all dilutive potential equity shares, except where the results are anti-dilutive.

c. i) Equity Shares held by Holding Company

93730200 Equity shares (Previous Year 93730200) are held by WLD Investments Pvt Ltd., the holding Company.

ii) Preference Shares held by Holding Company

a) 10% Non-Convertible Redeemable Cumulative Preference Share

1,40,000 Preference shares (Previous year 1,40,000) are held by WLD Investments Pvt Ltd., the holding Company.

b) 2% Redeemable, Non Cumulative, Non Convertible Preference shares

10,00,000 Preference shares (Previous year 10,00,000) are held by WLD Investments Pvt Ltd., the holding Company.

d. i) Terms/right attached to Equity Shares

The Company has only one class of equity shares having a par value of Rs 2/- per share. Each holder of equity share is entitled to one vote per share. 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 shareholder.

ii) Terms/right attached to Preference Shares

The Preference Shareholders enjoy a preferential right in the payment of dividend during the life time of the Company. The claim of Preference shareholders is prior to the claim of equity shareholders. In the event of winding up of the Company, the redemption of preference shares shall have priority over equity shareholders.

Cash and cash Equillants as on March, 31 2016 and June 30, 2015 include restricted cash balance of Rs. 7.43 Lacs and Rs. 7.07 Lacs, respectively deposited with bank against Margin Money for issuance of Bank Guarantee.

1. Contingent Liabilities in respect of :

(a) Bank Guarantee issued Rs 6.32 Lacs (Previous Year 6.32 Lacs).

(b) Excise matters: Rs. 8.63 lacs (previous year Rs 8.13 lacs).

2. In the opinion of the Board of Directors, the current assets and loans & advances, if realized in the ordinary course of business, would be realized at least equal to the amounts at which these have been stated in the balance sheet. Further, provision for all known liabilities has been made in the books of accounts.

3. In the matter of interest and demages levied by Regional Provident Fund Commissioner Faridabad, the company has filed an appeal with Provident Fund Tribunal in delhi involving a demand of Rs 142.68 Lacs. The company has already deposited a sum of Rs 62.26 Lacs against the above demand.

b) A general description of the lessor''s significant leasing arrangements:

Company is leasing out self manufactured fully automatic lined carton packing machines under the operating lease agreements.

4. Lease Rent

A Rent Expense includes lease rental payments towards office and factory premises as well as other facilities. Such leases are generally for a period of 11 to 60 months with the option of renewal against increased rent.

B Rent income includes lease rental received towards Packaging Machines. Such operating Lease is generally for Five years with the option of renewable with mutual consent and premature termination of agreement through agreed notice period.

5. Impairment of Fixed Assets:

In accordance with Accounting Standard (AS-28) on ''Impairment of Assets'' notified by Companies (Accounting Standards) rules 2006, the Company has reassessed its fixed assets and is of the view that no further impairment/ reversal is considered to be necessary in view of its expected realizable value.

6. a) Previous year figures have been re-grouped and/or Re-arranged, where-ever considered necessary.

b) All figures or amount, including those in the notes to accounts have been rounded up to the nearest thousands, except wherever specifically mentioned.

c) Previous year figures being for 12 months are not comparable with the figures of current period.

Jun 30, 2015

A.For the purpose of calculating diluted earnings per share, the net profit and loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year as adjusted for the effects of all dilutive potential equity shares, except where the results are anti-dilutive.

b. i) Equity Shares held by Holding Company 93730200 Equity shares (Previous Year 18746040) are held by WLD Investments Pvt Ltd., the holding Company.

ii) Preference Shares held by Holding Company

a) 10% Non-Convertible Redeemable Cumulative Preference Share 1,40,000 Preference shares (Previous year 1,40,000) are held by WLD Investments Pvt Ltd., the holding Company.

b) 2% Redeemable, Non Cumulative, Non Convertible Preference shares 10,00,000 Preference shares (Previous year 10,00,000) are held by WLD Investments Pvt Ltd., the holding Company.

c. i) Terms/right attached to Equity Shares

The Company has only one class of equity shares having a par value of Rs 2/- per share. Each holder of equity share is entitled to one vote per share. 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 shareholder.

ii) Terms/right attached to Preference Shares

The Preference Shareholders enjoy a preferential right in the payment of dividend during the life time of the Company. The claim of Preference shareholders is prior to the claim of equity shareholders. In the event of winding up of the Company, the redemption of preference shares shall have priority over equity shareholders.

*The Company holds 22499900 Equity Shares having face value of Rs. 10/- each (previous year 22499900 equity shares) of RT Packaging Ltd., Out of which 2499900 equity shares received at NIL value in pursuance to the Reworked Restructuring package dt. 21-07-2015 approved by CDR Cell.

1. Contingent Liabilities in respect of :

(a) Bank Guarantee issued Rs 6.32 Lacs (Previous Year 6.32 Lacs).

(b) Excise matters: Rs. 8.13 lacs (previous year Rs 33.74 lacs).

(c) Sales Tax Matters : RS. 40.88 Lacs ( Previous year Rs 15.57 Lacs).

2. In the opinion of the Board of Directors, the current assets and loans & advances, if realized in the ordinary course of business, would be realized at least equal to the amounts at which these have been stated in the balance sheet. Further, provision for all known liabilities has been made in the books of accounts.

3. In the matter of interest and demages levied by Regional Provident Fund Commissioner Faridabad, the company has filed an appeal with Provident Fund Tribunal in delhi involving a demand of Rs 142.68 Lacs. The company has already deposited a sum of Rs 62.26 Lacs against the above demand.

b) A general description of the lessor's significant leasing arrangements: Company is leasing out self manufactured fully automatic lined carton packing machines under the operating lease agreements.

4. SEGMENT REPORTING

The Company has disclosed business segment as the primary segment. The segment have been identified taking into account the nature of the products, the differing risks and returns, the organization structure and internal reporting system.

The company's operation predominantly relate to manufacturing of carton packaging product. Other business segment reported is Manufacturing of Packaging machines.

The Company has treated the geographical segment as secondary segment between the domestic and export sale.

Segment revenue, segment results, segment assets and segment liabilities includes the respective amounts identifiable to each of the segment as also amounts allocated on a reasonable basis.

The expenses, which are not directly attributable to the business segment, are shown as unallocated corporate cost.

Assets and liabilities that cannot be allocated between the segments are shown as a part of the unallocated corporate assets and liabilities respectively.

5. Lease Rent

A Rent Expense includes lease rental payments towards office and factory premises as well as other facilities. Such leases are generally for a period of 11 to 60 months with the option of renewal against increased rent.

B Rent income includes lease rental received towards Packaging Machines. Such operating Lease is generally for Five years with the option of renewable with mutual consent and premature termination of agreement through agreed notice period.

Jun 30, 2014

1. Contingent Liabilities in respect of :

(a) Bank Guarantee issued Rs 6.32 Lacs (Previous Year 4.33 Lacs).

(b) Excise & Service Tax matters: Rs. 33.74 lacs (previous year Rs 76.58 lacs).

(c) Sales Tax Matters : RS. 15.57 Lacs ( Previous year Rs 53.55 Lacs).

(d) Unexpired Capital Commitments Rs. Nil (Previous year Rs 369 Lacs).

2. As per Accounting Standard-21 on "Consolidated Financial Statements" issued by the Institute of Chartered Accountants of India, the Company has presented consolidated financial statements separately in this annual report.

3. In the opinion of the Board of Directors, the current assets and loans & advances, if realized in the ordinary course of business, would be realized at least equal to the amounts at which these have been stated in the balance sheet. Further, provision for all known liabilities has been made in the books of accounts.

4. Maximum amount outstanding at any time during the year due from / due to directors is Rs. Nil. (Previous Year Rs. Nil).

5. Rs. 1.43 being loss (Previous year Rs. nil) on account of exchange difference have been debited/credited and shown separately in the Profit and Loss account.

6. Assets given on lease:

b) A general description of the lessor''s significant leasing arrangements:

Company is leasing out self manufactured fully automatic lined carton packing machines under the operating lease agreements. The main lessees are Hindustan Lever Limited and Dabur India Limited.

7. RETIREMENT BENEFITS

The Company has various Schemes of retirement benefits schemes such as Provident Fund, Gratuity and Earned Leaves.

Post Employment Benefit Plans:

Effective from financial year 2007-08, the company has implemented Accounting Standard (AS)-15 (Revised -2005) dealing with Employees Benefits, issued by the Institute of Chartered Accountants of India. AS-15 (Revised-2005) deals with recognition, measurement and disclosure of short term, post employment, termination and other long term employee benefits provided by the company.

Payments to defined contribution retirement benefit schemes is charged as an expense as they fall due.

The cost of providing defined benefits is determined using Projected Unit Credit Method and accordingly, actuarial valuation has been carried out at the Balance Sheet date. Actuarial gain & losses are recognized in full in the profit & loss account for the year in which they occur. Past service cost is recognised to the extent the benefits are already vested, and otherwise is amortised on a Straight line Method over the average year until the benefits become vested.

The retirement benefit obligations recognised in the Balance Sheet represent the present value of the defined benefit obligations as adjusted for unrecognised past service cost, and as reduced by the fair value of available refunds and reductions in future contributions to the scheme.

a) Defined Benefit plan:

Gratuity Plan & Leave Encashment Plan

The Company, in accordance with AS-15 (Revised) has made the provision for Gratuity and Leave Encashment on projected unit credit method.

8 SEGMENT REPORTING

The Company has disclosed business segment as the primary segment. The segment have been identified taking into account the nature of the products, the differing risks and returns, the organisation structure and internal reporting system.

The company''s operation predominantly relate to manufacturing of carton packaging product. Other business segment reported is Manufacturing of Packaging machines.

The Company has treated the geographical segment as secondary segment between the domestic and export sale.

Segment revenue, segment results, segment assets and segment liabilities includes the respective amounts identifiable to each of the segment as also amounts allocated on a reasonable basis.

The expenses, which are not directly attributable to the business segment, are shown as unallocated corporate cost.

Assets and liabilities that can not be allocated between the segments are shown as a part of the unallocated corporate assets and liabilities respectively.

9. Related Party Disclosures for the year ended 30th June 2014 in accordance with AS - 18 issued by The ICAI

a) List of related parties & relationships, where control exists.

S. No. Nature of Relationship Name of Party

1 Holding Company WLD INVESTMENTS PVT LTD

2 Key Management Personnel & their Relatives Mr Sagato Mukerji

3 Subsidiary RT Packaging Ltd

10 Lease Rent

A Rent Expense includes lease rental payments towards office and factory premises as well as other facilities. Such leases are generally for a period of 11 to 60 months with the option of renewal against increased rent.

B Rent income includes lease rental received towards Packaging Machines. Such operating Lease is generally for Five years with the option of renewable with mutual consent and premature termination of agreement through agreed notice period.

11 Impairment of Fixed Assets:

In accordance with Accounting Standard (AS-28) on ''Impairment of Assets'' notified by Companies (Accounting Standards) rules 2006, the Company has reassessed its fixed assets and is of the view that no further impairment/ reversal is considered to be necessary in view of its expected realisable value.

12 a) The financial statements for the year ended 30-06-2014 are not comparable with previous period figures which are for nine months.

b) Previous period figures have been re-grouped and/or Re-arranged, where-ever cosidered necessary.

c) All figures or amount, including those in the notes to accounts have been rounded upto the nearest thousand, except wherever specifically mentioned.

Jun 30, 2013

1 Contingent Liabilities in respect of :

(a) Bank Guarantee issued Rs 4.33 Lacs (Previous Year 34.41 Lacs).

(b) Excise & Service Tax matters: Rs. 76.58 lacs (previous year Rs 3.24 lacs).

(c) Sales Tax Matters : RS. 53.55 Lacs ( Previous year Rs 54.40 Lacs).

(d) Unexpired Capital Commitments Rs. 369 Lacs (Previous year Rs 843.75.

2. Preference share capital issued to National Insurance Company Limited in earlier years has been redeemed out of the proceeds of fresh issue of Non-Convertible Redeemable Cumulative Preference shares.

3. In the opinion of the Board of Directors, the current assets and loans & advances, if realized in the ordinary course of business, would be realized at least equal to the amounts at which these have been stated in the balance sheet. Further, provision for all known liabilities has been made in the books of accounts.

4. Maximum amount outstanding at any time during the period due from / due to directors is Rs. Nil. (Previous Year Rs. Nil).

5. Rs. Nil (Previous year Gain of Rs. 0.75 Lacs) on account of exchange difference have been debited/credited and shown separately in the Profit and Loss account.

6. Assets given on lease:

b) A general description of the lessor''s significant leasing arrangements:

Company is leasing out self manufactured fully automatic lined carton packing machines under the operating lease agreements. The main lessees are Hindustan Lever Limited and Dabur India Limited.

7. RETIREMENT BENEFITS

The Company has various Schemes of retirement benefits schemes such as Provident Fund, Gratuity and Earned Leaves.

Post Employment Benefit Plans:

Effective from financial year 2007-08, the Company has implemented Accounting Standard (AS)-15 (Revised -2005) dealing with Employees Benefits, issued by the Institute of Chartered Accountants of India. AS-15 (Revised-2005) deals with recognition, measurement and disclosure of short term, post employment, termination and other long term employee benefits provided by the Company.

Payments to defined contribution retirement benefit schemes is charged as an expense as they fall due.

The cost of providing defined benefits is determined using Projected Unit Credit Method and accordingly, actuarial valuation has been carried out at the Balance Sheet date. Actuarial gain & losses are recognized in full in the profit & loss account for the period in which they occur. Past service cost is recognised to the extent the benefits are already vested, and otherwise is amortised on a Straight line Method over the average period until the benefits become vested.

The retirement benefit obligations recognised in the Balance Sheet represent the present value of the defined benefit obligations as adjusted for unrecognised past service cost, and as reduced by the fair value of available refunds and reductions in future contributions to the scheme.

a) Defined Benefit plan:

Gratuity Plan & Leave Encashment Plan

The Company, in accordance with AS-15 (Revised) has made the provision for Gratuity and Leave Encashment on projected unit credit method.

8 SEGMENT REPORTING

The Company has disclosed business segment as the primary segment. The segment have been identified taking into account the nature of the products, the differing risks and returns, the organisation structure and internal reporting system.

The Company''s operation predominantly relate to manufacturing of carton packaging product. Other business segment reported is Manufacturing of Packaging machines.

The Company has treated the geographical segment as secondary segment between the domestic and export sale.

Segment revenue, segment results, segment assets and segment liabilities includes the respective amounts identifiable to each of the segment as also amounts allocated on a reasonable basis.

The expenses, which are not directly attributable to the business segment, are shown as unallocated corporate cost.

Assets and liabilities that can not be allocated between the segments are shown as a part of the unallocated corporate assets and liabilities respectively.

B Rent income includes lease rental received towards Packaging Machines. Such operating Lease is generally for Five years with the option of renewable with mutual consent and premature termination of agreement through agreed notice period.

9 Impairment of Fixed Assets:

In accordance with Accounting Standard (AS-28) on ''Impairment of Assets'' notified by Companies (Accounting Standards) rules 2006, the Company has reassessed its fixed assets and is of the view that no further impairment/reversal is considered to be necessary in view of its expected realisable value.

10 a) The financial statements for the period ended 30.06.2013 has been prepared for Nine months. So the previous year figures which are for twelve months are not comparable.

b) All figures or amount, including those in the notes to accounts have been rounded up to the nearest thousands, except wherever specifically mentioned.

Sep 30, 2012

1. Contingent Liabilities in respect of :

(a) Bank Guarantee issued Rs 34.41 Lacs (Previous Year 34.41 Lacs).

(b) Excise matters: Rs. 3.24 lacs (previous year Rs 3.24 lacs).

(c) Sales Tax Matters : RS. 54.40 Lacs ( Previous year Rs 54.40 Lacs)

(D) Unexpired Capital Commitments Rs. 843.75 Lacs (Previous year Rs Nil)

2. Company had accepted Preference Share application money of Rs. 100 Crore from unsecured lenders by converting their outstanding unsecured loans. The company has allotted 10,00,000 (Ten Lacs) 2% Non- Cumulative, Non-Convertible Redeemable Preference Shares of Rs 100/- at a premium of Rs 900/- each to the promoters of the company on preferential basis on 14-08-2012.

3. Preference share capital issued to Oriental Insurance Company Limited in earlier years has been redeemed out of the proceeds of fresh issue of Non-Convertible Redeemable Cumulative Preference shares.

Company has also redeemed Preference Shares issued to National Insurance Company on October 17, 2012 after the Balance Sheet date.

4. In the opinion of the Board of Directors, the current assets and loans & advances, if realized in the ordinary course of business, would be realized at least equal to the amounts at which these have been stated in the balance sheet. Further, provision for all known liabilities has been made in the books of accounts.

5. Maximum amount outstanding at any time during the year due from / due to directors is Rs. Nil. (Previous Year Rs. Nil).

6. Rs. 0.85 Lacs being net Loss (Previous year Gain of Rs. 0.75 Lacs) on account of exchange difference have been debited and shown separately in the Profit and Loss account.

b) A general description of the lessor''s significant leasing arrangements:

Company is leasing out self manufactured fully automatic lined carton packing machines under the operating lease agreements. The main lessees are Hindustan Lever Limited and Dabur India Limited.

7. Earning per share:

"Earning per share" is calculated in accordance with Accounting Standard-20, issued by the Institute of Chartered Accountants of India:

8. RETIREMENT BENEFITS

The Company has various Schemes of retirement benefits schemes such as Provident Fund, Gratuity and Earned Leaves.

Post Employment Benefit Plans:

Effective from financial year 2007-08, the company has implemented Accounting Standard (AS)-15 (Revised - 2005) dealing with Employees Benefits, issued by the Institute of Chartered Accountants of India. AS-15 (Revised-2005) deals with recognition, measurement and disclosure of short term, post employment, termination and other long term employee benefits provided by the company.

Payments to defined contribution retirement benefit schemes is charged as an expense as they fall due.

The cost of providing defined benefits is determined using Projected Unit Credit Method and accordingly, actuarial valuation has been carried out at the Balance Sheet date. Actuarial gain & losses are recognized in full in the profit & loss account for the period in which they occur. Past service cost is recognised to the extent the benefits are already vested, and otherwise is amortised on a Straight line Method over the average period until the benefits become vested.

The retirement benefit obligations recognised in the Balance Sheet represent the present value of the defined benefit obligations as adjusted for unrecognised past service cost, and as reduced by the fair value of available refunds and reductions in future contributions to the scheme.

a) Defined Benefit plan:

Gratuity Plan & Leave Encashment Plan

The company, in accordance with AS-15 (Revised) has made the provision for Gratuity and Leave Encashment on projected unit credit method.

Disclosure in respect of "Employees Benefit plans"

9. SEGMENT REPORTING

The Company has disclosed business segment as the primary segment. The segment have been identified taking into account the nature of the products, the differing risks and returns, the organisation structure and internal reporting system.

The company''s operation predominantly relate to manufacturing of carton packaging product. Other business segment reported is Manufacturing of Packaging machines.

The Company has treated the geographical segment as secondary segment between the domestic and export sale. Segment revenue, segment results, segment assets and segment liabilities includes the respective amounts identifiable to each of the segment as also amounts allocated on a reasonable basis.

The expenses, which are not directly attributable to the business segment, are shown as unallocated corporate cost.

Assets and liabilities that cannot be allocated between the segments are shown as a part of the unallocated corporate assets and liabilities respectively.

B. Rent income includes lease rental received towards Packaging Machines. Such operating Lease is generally for Five years with the option of renewable with mutual consent and premature termination of agreement through agreed notice period.

C. Rent income also includes Lease Rental received towards factory Building. Such operating lease is generally for 36 Months.

10 : Impairment of Fixed Assets:

In accordance with Accounting Standard (AS-28) on ''Impairment of Assets'' notified by Companies (Accounting Standards) rules 2006, the Company has reassessed its fixed assets and is of the view that no further impairment/ reversal is considered to be necessary in view of its expected realisable value.

11: a) The financial statements for the year ended 30.09.2011 were prepared as per the then applicable Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended 30.09.2012 are prepared as per Revised Schedule VI. Accordingly, the Previous Year''s figures have been regrouped/reclassified/rearranged wherever necessary to conform to the current year''s classification. The adoption of revised schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements.

b) All figures or amount, including those in the notes to accounts have been rounded up to the nearest thousands, except wherever specifically mentioned.

Sep 30, 2011

1. Contingent Liabilities:

i) (a) Bank Guarantee issued Rs 34.41 Lacs (Previous Year 34.41 Lacs).

(b) Excise matters: Rs. 3.24 lacs (previous year Rs 1.74 lacs).

(c) Provident fund damages and interest : Rs. Nil (Previous Year Rs 180.81 Lacs)

(d) Sales Tax Matters : RS. 54.40 Lacs ( Previous year Rs 97.79 Lacs)

(d) Penal charges/Interest on account of utilisation unpaid TDS, Provident Fund, ESI and other statutory dues - Amount, if any, un-ascertained.

2. In respect of outstanding fixed deposits and interest thereon, the company has been sanctioned another re- schedulement by the Honorable company Law Board through its order passed on 24th Nov. 2004 which inter- alia prescribes repayment of principle in 8 half yearly installments and payment of interest @ 3.5% p.a. from the date of maturity of respective Fixed Deposits till the date of actual repayment. The above scheme was effective from 1st Jan 2005 and company is following up repayment schedule

3. Confirmation of some of accounts at year-end included under the head "sundry debtors/creditors" and loan & advances is yet to be received as at the date of Audit Report.

4. In respect of cumulative preference shares held by Oriental insurance Corporation Ltd and National Insurance corporation ltd, as stated in Schedule - 1 of share capital, which have also become due for redemption, the unprovoked liability towards the arrear of dividend amounts to Rs. 32.94 lacs (excluding Corporate Dividend Tax, if any) and Rs.179.07 lacs towards dividend for the period after the due date of redemption till the end of the current year i.e 30th September 2011.

Preference share capital issued to canara Bank has been redeemed out of the proceeds of fresh issue of Non- Convertible Redeemable Cumulative Preference shares.

5. In the opinion of the Board of Directors, the current assets and loans & advances, if realized in the ordinary course of business, would be realized at least equal to the amounts at which these have been stated in the balance sheet. Further, provision for all known liabilities have been made in the books of accounts.

6. During the year the company has disposed off surplus and redundant assets, which resulted in extra-ordinary loss of Rs 333.77 Lacs.

7. During the year the Company has sold off its entire shareholding in erstwhile subsidiary Company RT Paper Board Ltd (Shown under the head Recoverable from erstwhile subsidiary Company and others in Schedule-6), which resulted into a loss of Rs 699.92 Lacs.

8. Maximum amount outstanding at any time during the year due from / due to directors is Rs.Nil. (Previous Year Rs. Nil).

9. (a) Sundry Creditors include a Sum of Rs 15.65 Lacs (Previous Year Rs 19.38 Lacs) due to Small & Medium Enterprises.

(b) The List of SMEs to whom company owes a sum exceeding Rs.1,00,000 and which is outstanding for more than 30 days is as under:- Bhatia Machine tools, S.I. Industries, M.A. Enterprises, SAP Engineering works, etc.

(c) The Payments to SMEs have been made as per stipulated terms.

(d) The above information has been compiled in respect of parties to the extent to which they could be identified as SMEs on the basis of information available with the company.

10. Rs. 0.75 Lacs being net Profit (Previous period Rs. nil lacs) on account of exchange difference have been debited and shown separately in the Profit and Loss account.

b) A general description of the lessor''s significant leasing arrangements:

Company is leasing out self manufactured fully automatic lined carton packing machines under the operating lease agreements. The main lessees are Hindustan Lever Limited and Dabur India Limited.

11. RETIREMENT BENEFITS

The Company has various Schemes of retirement benefits schemes such as Provident Fund, Gratuity and Earned Leaves.

Post Employment Benefit Plans:

Effective from financial year 2007-08, the company has implemented Accounting Standard (AS)-15 (Revised - 2005) dealing with Employees Benefits, issued by the Institute of Chartered Accountants of India. AS-15 (Revised-2005) deals with recognition, measurement and disclosure of short term, post employment, termination and other long term employee benefits provided by the company.

Payments to defined contribution retirement benefit schemes is charged as an expense as they fall due.

The cost of providing defined benefits is determined using Projected Unit Credit Method and accordingly, actuarial valuation has been carried out at the Balance Sheet date. Actuarial gain & losses are recognized in full in the profit & loss account for the period in which they occur. Past service cost is recognised to the extent the benefits are already vested, and otherwise is amortised on a Straight line Method over the average period until the benefits become vested.

The retirement benefit obligations recognised in the Balance Sheet represent the present value of the defined benefit obligations as adjusted for unrecognised past service cost, and as reduced by the fair value of available refunds and reductions in future contributions to the scheme.

a) Defined Benefit plan:

Gratuity Plan & Leave Encashment Plan

The company, in accordance with AS-15 (Revised) has made the provision for Gratuity and Leave Encashment on projected unit credit method.

12. SEGMENT REPORTING

The Company has disclosed business segment as the primary segment. The segment have been identified taking into account the nature of the products, the differing risks and returns, the organisation structure and internal reporting system.

The company''s operation predominantly relate to manufacturing of carton packaging product. Other business segment reported is Manufacturing of Packaging machines.

The Company has treated the geographical segment as secondary segment between the domestic and export sale. Segment revenue, segment results, segment assets and segment liabilities includes the respective amounts identifiable to each of the segment as also amounts allocated on a reasonable basis.

The expenses, which are not directly attributable to the business segment, are shown as unallocated corporate cost.

Assets and liabilities that cannot be allocated between the segments are shown as a part of the unallocated corporate assets and liabilities respectively.

13. i) Previous Year figures have regrouped and/or rearranged, wherever considered necessary.

ii) All figures or amount, including those in the notes to accounts'' have been rounded up to the nearest thousand. Except wherever specifically mentioned.

Sep 30, 2010

1. Contingent Liabilities:

i) (a) Bank Guarantee issued Rs 34.41 Lacs (Previous Year 34.41 Lacs).

(b) Sales Tax Matters: Rs. 97.79 lacs (Previous Period Rs. 172.64 lacs).

(d) Excise matters: Rs. 1.74 lacs (previous year Rs 1.74 lacs).

(e) Provident fund damages and interest : Rs. 180.81Lacs (Previous Rs 180.81 Lacs)

(d) Penal charges/Interest on account of utilisation of unpaid dividend money, interest payable to SSI units, TDS, Provident Fund, ESI and other statutory dues - Amount, if any, un-ascertained.

2. In respect of outstanding fixed deposits and interest thereon, the company has been sanctioned another re- schedulement by the Honourable company Law Board through its order passed on 24th Nov. 2004 which inter- alia prescribes repayment of principle in 8 half yearly instalments and payment of interest @ 3.5% p.a. from the date of maturity of respective Fixed Deposits till the date of actual repayment. The above scheme was effective from 1" Jan 2005 and company is following up repayment schedule

3. Confirmation of some of accounts at year-end included under the head "sundry debtors/creditors" and loan & advances is yet to be received as at the date of Audit Report.

4. In respect of cumulative preference shares, as stated in Schedule -1 of share capital, which have also become due for redemption, the unprovided liability towards the arrear of dividend amounts to Rs. 45.24 lacs (excluding Corporate Dividend Tax, if any) and Rs.202.02 lacs towards dividend,for the period after the due date of redemption till the end of the current year i.e 30th September 2010.

5. In the opinion of the Board of Directors, the current assets and loans & advances, if realized in the ordinary course of business, would be realized at least equal to the amounts at which these have been stated in the balance sheet. Further, provision for all known liabilities have been made in the books of accounts

6. Maximum amount outstanding at any time during the year due from / due to directors is Rs.Nil. (Previous Year Rs. Nil).

7. (a) Sundry Creditors include a Sum of Rs 13.35 Lacs (Previous Year Rs 19.38 Lacs) due to Small & Medium Enterprises.

(b) The List of SMEs to whom company owes a sum exceeding Rs. 1,00,000 and which is outstanding for more than 30 days is as under:-

Bhatia Machine tools, S.A. Engg works, K.B.Engg works. New Age Chemicals, etc.

(c) The Payments to SMEs have been made as per stipulated terms,

(d) The above information has been compiled in respect of parties, to the extent to which they could be identified as SMEs on the basis of information available with the company.

8. Rs. nil Lacs being net toss (Previous period Rs. 0.46 lacs being net loss) on account of exchange difference have been debited and shown separately in the Profit and Loss account.

9. RETIREMENT BENEFITS

The Company has various Schemes of retirement benefits schemes such as Provident Fund, Gratuity and Earned Leaves.

Post Employment Benefit Plans:

Effective from financial year 2007-08, the company has implemented Accounting Standard (AS)-15 (Revised - 2005) dealing with Employees Benefits, issued by the Institute of Chartered Accountants of India. AS-15 (Revised-2005) deals with recognition, measurement and disclosure of short term, post employment, termination and other long term employee benefits provided by the company.

Payments to defined contribution retirement benefit schemes is charged as an expense as they fall due.

The cost of providing defined benefits is determined using Projected Unit Credit Method and accordingly, actuarial valuation has been carried out at the Balance Sheet date. Actuarial gain & losses are recognized in full in the profit & loss account for the period in which they occur. Past service cost is recognised to the extent the benefits are already vested, and otherwise is amortised on a Straight line Method over the average period until the benefits become vested.

The retirement benefit obligations recognised in the Balance Sheet represent the present value of the defined benefit obligations as adjusted for unrecognised past service cost, and as reduced by the fair value of available refunds and reductions in future contributions to the scheme.

a) Defined Benefit plan:

Gratuity Plan & Leave Encashment Plan

The company, in accordance with AS-15 (Revised) has made! the provision for Gratuity and Leave Encashment on projected unit credit method.

10. SEGMENT REBORTING

The Company has disclosed business segment as the primary segment. The segment have been identified taking into account the nature of the products, the differing risks and returns, the organisation structure and internal reporting system.

The companys operation predominantly relate to manufacturing of carton packaging product. Other business segment reported is Manufacturing of Packaging machines.

The Company has treated the geographical segment as secondary segment between the domestic arid export sale. Segment revenue, segment results, segment assets and segment liabilities includes the respective amounts identifiable to each of the segment as also amounts allocated on a reasonable basis,

The expenses, which are not directly attributable to the business segment, are shown as unallocated corporate cost,

Assets and liabilities that can not be allocated between the segments are shown as a part of the unallocated corporate assets and liabilities respectively.

11. Related Party Disclosures for the year ended 30th September, 2010 in accordance with AS-18 issued by the ICAI.

a) List of related parties & relationships, where control exists:

S. No. Nature of Relationship Name of Party

1 Holding Company WLD Investment Pvt. Ltd.

2 Key Management Personnel & their Relatives Mr. Vinod Uppal

Mr. Chandra Prakasti Nagpal

Mr. Ashish Pandit

Mr. Prakash Chandra Lohumi

12. i) Previous period figures have regrouped and/or rearranged, wherever considered necessary.

ii) All figures or amount, including those in the notes to accounts have been rounded upto the nearest thousand.

Sep 30, 2009

1. Contingent Liabilities:

i) (a) Excise matters: Rs. nil (previous year Rs 5.69 lacs).

(b) Sales Tax Matters: Rs. 172.64 lacs (Previous Period Rs. 278.68 lacs).

(c) Custom Duty including penalty: Rs. nil (Previous Period Rs. 29.82).

(d) Provident fund damages and interest: Rs. 180.81(Previous Rs 242.09 Lacs)

(e) Penal charges/Interest on account of utilisation of unpaid dividend money, interest payable to SSI units, TDS, Provident Fund, ESI and other statutory dues - Amount, if any, un-ascertained.

ii) Buyback of shares of subsidiary company from an overseas investor under contractual obligation is Rs. nil (Previous Year Rs. 2469.30 lacs).

(iii) Claims against the Company not acknowledged as debts: Legal Matters: Rs. 12.30 lacs (Previous Year Rs. 12.30 lacs).

(iv) Cases pending against the company relating to winding up petitions under Section 433/434tof the Companies Act 1956, under Section 138 of Negotiable Instruments Act, labour laws, etc- Being disputed, amount unascertained.

2. In respect of the investments made in two erstwhile subsidiary companies and doubtful recoverability of amount receivable from one wholly owned subsidiary company i.e. RT Paper Board Limited, no provision of diminution in the value of investments have been considered necessary keeping in view the reworked restructuring CDR package, fresh investments by strategic investor.

3. The creditors, debtors and other parties balances are subject to confirmations. However, in the opinion of the management and to the best of their knowledge and belief, the value on realisation of loans, advances and current assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet except in case of those considered doubtful.

4. In respect of cumulative preference shares, as stated in Schedule -1 of share capital, which have also become due for redemption, the unprovided liability towards the arrear of dividend amounts to Rs. 45.24 lacs (excluding Corporate Dividend Tax, if any) and Rs. 160.82 lacs towards dividend for the period after the due date of redemption till the end of the current year i.e 30th September 2009.

5. Maximum amount outstanding at any time during the year due from / due to directors is Rs.Nil. (Previous Year Rs. Nil).

6. Company has made full provision of gratuity due as on 30th September 2009 as per actuarial valuation, charging the full amount to Profit & Loss Account.

7. (a) Sundry Creditors include a Sum of Rs 19.38 Lacs (Previous Year Rs 26.29) due to Small & Medium Enterprises.

(b) The List of SMEs to whom company owes a sum exceeding Rs. 1,00,000 and which is outstanding for more than 30 days is as under:-

Bhatia Machine tools, S.A. Engg works, K.B.Engg works, New Age Chemicals, etc.

(c) The Payments to SMEs have been made as per stipulated terms.

(d) The above information has been compiled in respect of parties to the extent to which they could be identified as SMEs on the basis of information available with the company.

8. Previous years expenses of Rs. nil (Previous period Rs. 15.57 lacs) have been charged to Profit and Loss Account in the relevant account heads.

9. Rs. 0.46 Lacs being net loss (Previous period Rs. 0.57 lacs being net loss) on account of exchange difference have been debited and shown separately in the Profit and Loss account.

10. In view of the losses during the period, the Debenture Redemption Reserve has not been created in terms of the SEBI guidelines.

Note:

# Unabsorbed Depreciation and Unabsorbed Business Loss recognised for the purpose of Deferred Tax Assets in the earlier years on the basis of certain parameters considered by an expert in the opinion, have been suitably adjusted as per the assessment done by the management.

11. SEGMENT REPORTING

The Company has disclosed business segment as the primary segment. The segment have been identified taking into account the nature of the products, the differing risks and returns, the organisation structure and internal reporting system.

The companys operation predominantly relate to manufacturing of carton packaging product. Other business segment reported is Manufacturing of Packaging machines.

The Company has treated the geographical segment as secondary segment between the domestic and export sale. Segment revenue, segment results, segment assets and segment liabilities includes the respective amounts identifiable to each of the segment as also amounts allocated on a reasonable basis.

The expenses, which are not directly attributable to the business segment, are shown as unallocated corporate cost.

Assets and liabilities that can not be allocated between the segments are shown as a part of the unallocated corporate assets and liabilities respectively.

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