Accounting Policies of Simplex Papers Ltd. Company

Mar 31, 2025

1. MATERIAL ACCOUNTING POLICIES

(i) Basis of Preparation:

The financial statements of the Company have been prepared in accordance with the Indian Accounting
Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 (“the Act”) [Companies (Indian
Accounting Standards) Rules, 2015] and other relevant provisions of the Act. The financial statements have
been prepared on the historical cost basis except for certain financial assets and liabilities, which are
measured at fair value.

(ii) Current and Non-Current Classification:

The operating cycle is the time between the procurement of traded goods and their realization in cash and
cash equivalent. All assets and liabilities have been classified into current and non-current based on a period
of twelve months.

(iii) Fair Value Measurement:

The Company’s accounting policies and disclosures require the measurement of fair values for financial
instruments.

The Company 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 separate 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- Quoted prices (unadjusted) in active market for identical assets or liabilities.

• Level 2- Inputs other than the quoted prices included within Level 1 that are observable for the asset or
liability, either directly or indirectly.

• Level 3-Inputs based on unobservable market data.

(iv) Revenue Recognition:

Revenue is measured at the fair value of consideration received or receivable, excluding Goods and Service
Tax (GST). Revenue from sale of goods is recognized when the control over goods is transferred to the buyer
and no significant uncertainty exists regarding collectability of the amount of consideration that is derived
from the sale of goods. Payment is generally received either in cash or based on credit terms. The normal
credit term is 1-60 days which is generally in line with the industry standards.

Interest income is recognized on accrual basis at effective interest rate.

(v) Property, Plant and Equipment:

Recognition and measurement

Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment,
if any. The cost of property, plant and equipment includes purchase price, including freight, duties, taxes and
expenses incidental to acquisition and installation. If significant parts of an item of property, plant and
equipment have different useful lives, then they are accounted for as separate items (major components) of
property, plant and equipment. Property, plant and equipment are derecognized from financial statements,
either on disposal or when no economic benefits are expected from its use or disposal. The gain or losses
arising from disposal of property, plant and equipment are recognized in the Statement of Profit and Loss in
the year of occurrence.

Subsequent expenditures

Subsequent expenditures related to an item of property, plant and equipment are added to its carrying value
only when it is probable that the future economic benefits from the asset will flow to the Company and cost
can be reliably measured.

All other repair and maintenance costs are recognized in the Statement of Profit and Loss during the year in
which they are incurred.

Depreciation

Depreciation is provided on all property, plant and equipment (excluding furniture and office equipment) on
straight-line method and on furniture and office equipment’s on the written down value method on pro-rata
basis over the useful lives of the assets as prescribed in the Schedule II to the Companies Act, 2013.

(vi) Impairment of Non-FinancialAssets:

The Company assesses at each Balance Sheet date whether there is any indication that an asset may be
impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. The
recoverable amount is the higher of an asset''s or cash generating unit’s (CGU) fair value less costs of
disposal and its value in use. Value in use is the present value of estimated future cash flows expected to
arise from the continuing use of an asset and from its disposal at the end of its useful life. If such recoverable
amount of the asset or cash generating unit is less than its carrying amount, the carrying amount is reduced
to its recoverable amount. The reduction is treated as an impairment loss and is recognized in the Statement
of Profit and Loss. If at the Balance Sheet date there is any indication that any impairment loss recognized
for an asset in prior years may no longer exist or may have decreased, the recoverable amount is
reassessed and such reversal of impairment loss is recognized in the Statement of Profit and Loss, to the
extent the amount was previously charged to the Statement of Profit and Loss.

(vii) Financial Instruments:

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or
equity instrument of another entity. Financial assets and financial liabilities are recognized when the
Company becomes a party to the contractual provisions of the instruments.

Financial Assets

Initial recognition and measurement

The Company recognizes financial assets when it becomes a party to the contractual provisions of the
instrument. All financial assets are recognized initially at fair value plus transaction costs that are directly
attributable to the acquisition of the financial asset.

Subsequent measurement

For the purpose of subsequent measurement, the financial assets are classified as under:

i) Financial assets at amortised cost

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

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

• 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.

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 and fees or costs that are an integral part of the EIR. Interest income
from these financial assets is included in other income using the EIR in the Statement of Profit and
Loss. The losses arising from impairment are recognized in the Statement of Profit and Loss.

ii) Financial assets at fair value through other comprehensive income (FVTOCI)

Financial assets are classified as FVTOCI, if both the following conditions are met:

• These assets are held within a business model whose objective is achieved both by collecting
contractual cash flows and selling the financial assets; and

• 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

Fair value movements are recognised in the other comprehensive income (OCI), except for the
recognition of impairment gains or losses, interest income and foreign exchange gains or losses
which are recognised in profit and loss. When the financial asset is derecognised, the cumulative
gain or loss previously recognised in OCI is reclassified from equity to other income in the
statement of Profit and Loss.

iii) Financial assets at fair value through profit or loss (FVTPL)

Financial assets that do not meet the criteria for amortized cost or FVTOCI are measured at fair value
through profit or loss. Gain/losses are recognized in the Profit and Loss.

Impairment of financial assets

The Company applies ‘simplified approach’ of measurement and recognition of impairment loss on
financial assets that are loans, deposits and trade receivables.

The application of simplified approach does not require the company to track changes in credit risk.
Rather, it recognizes impairment loss allowance based on lifetime Expected Credit Loss at each
reporting date, right from its initial recognition.

De-recognition

A financial asset is derecognized when:

• the rights to receive cash flows from the assets have expired or

• the Company has transferred substantially all the risk and rewards of the asset, or

• the Company has neither transferred nor retained substantially all the risk and rewards of the
asset, but has transferred control of the asset.

Financial Liabilities

• Initial recognition and measurement

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

• Subsequent measurement

Financial liabilities are subsequently measured at amortised cost using the effective interest rate
method. For trade and other payables maturing within operating cycle, the carrying amounts
approximate the fair value due to short maturity of these instruments.

• Loans and borrowings

After initial recognition, interest bearing loans and borrowings are subsequently measured at
amortised cost using Effective Interest Rate (EIR) method. Gain and losses are recognized in in
the Statement of Profit and Loss when the liabilities are derecognized.

Amortised cost is calculated by taking into account any discount or premium on acquisition and
transaction costs. The EIR amortization is included as finance costs in the Statement of Profit and
Loss.

• Derecognition

The Company derecognizes financial liabilities when, and only when, the Company’s obligations
are discharged, cancelled or have expired. 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 modified, such an exchange or modification is treated as the derecognition of the original
liability and the recognition of a new liability.

• Offsetting financial instruments

Financial Assets and Liabilities are offset and the net amount is reflected in the balance sheet
when there is legally enforceable right to offset the recognized amounts and there is an intention
to settle on a net basis, to realize the assets and settle the liabilities simultaneously.

(viii) Inventories:

Traded goods are valued at cost or market rate, whichever is lower.

(ix) Taxes:

Income tax expense comprises current and deferred tax. It is recognized in the Statement of Profit and Loss
except to the extent that it relates to items recognized directly in equity or in OCI.

i. Current Tax

Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year
and any adjustment to the tax payable or receivable in respect of previous years. It is measured using
tax rates enacted or substantially enacted at the reporting date.

Current tax assets and current tax liabilities are offset when there is a legally enforceable right to set off
the recognized amounts and there is an intention to settle the asset and the liability on a net basis.

ii. Deferred Tax

Deferred tax is recognized on temporary differences between the carrying amounts of assets and
liabilities for financial reporting purpose and the amount used for taxation purposes.

Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible
differences to the extent that it is probable that future taxable profits will be available against which they
can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent
that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to
be recovered.

Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent
that it has become probable that future taxable profits will be available against which they can be used.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period
in which the liability is settled or the asset realized, based on tax rates that have been enacted or
substantively enacted by the end of the reporting period.

Deferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to set
off assets against liabilities representing current tax and where the deferred tax assets and the
deferred tax liabilities relate to taxes on income levied by the same governing taxation laws.

(x) Borrowing Costs:

Borrowing costs attributable to the acquisition or construction of qualifying assets are considered as part of
the cost of such assets. A qualifying asset is one that necessarily takes a substantial period of time to get
ready for its intended use.

All other borrowing costs are recognized as expense in the period in which these are incurred.

(xi) Cash and Cash Equivalents:

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand, demand deposit and
short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk
of changes in value.

---

Mar 31, 2024

1. MATERIAL ACCOUNTING POLICIES

(i) Basis of Preparation:

The financial statements of the Company have been prepared in accordance with the Indian Accounting
Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 (“the Act”) [Companies (Indian
Accounting Standards) Rules, 2015] and other relevant provisions of the Act. The financial statements have
been prepared on the historical cost basis except for certain financial assets and liabilities, which are
measured at fair value.

(ii) Current and Non-Current Classification:

The operating cycle is the time between the procurement of traded goods and their realization in cash and
cash equivalent. All assets and liabilities have been classified into current and non-current based on a period
of twelve months.

(iii) Fair Value Measurement:

The Company''s accounting policies and disclosures require the measurement of fair values for financial
instruments.

The Company 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 separate 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- Quoted prices (unadjusted) in active market for identical assets or liabilities.

• Level 2- Inputs other than the quoted prices included within Level 1 that are observable for the asset or
liability, either directly or indirectly.

• Level 3-Inputs based on unobservable market data.

(iv) Revenue Recognition:

Revenue is measured at the fair value of consideration received or receivable, excluding Goods and Service
Tax (GST). Revenue from sale of goods is recognized when the control over goods is transferred to the buyer
and no significant uncertainty exists regarding collectability of the amount of consideration that is derived
from the sale of goods. Payment is generally received either in cash or based on credit terms. The normal
credit term is 1-60 days which is generally in line with the industry standards.

Interest income is recognized on accrual basis at effective interest rate.

(v) Property, Plant and Equipment:

Recognition and measurement

Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment,
if any. The cost of property, plant and equipment includes purchase price, including freight, duties, taxes and
expenses incidental to acquisition and installation. If significant parts of an item of property, plant and
equipment have different useful lives, then they are accounted for as separate items (major components) of
property, plant and equipment. Property, plant and equipment are derecognized from financial statements,
either on disposal or when no economic benefits are expected from its use or disposal. The gain or losses
arising from disposal of property, plant and equipment are recognized in the Statement of Profit and Loss in
the year of occurrence.

Subsequent expenditures

Subsequent expenditures related to an item of property, plant and equipment are added to its carrying value
only when it is probable that the future economic benefits from the asset will flow to the Company and cost
can be reliably measured.

All other repair and maintenance costs are recognized in the Statement of Profit and Loss during the year in
which they are incurred.

Depreciation

Depreciation is provided on all property, plant and equipment (excluding furniture and office equipment) on
straight-line method and on furniture and office equipment''s on the written down value method on pro-rata
basis over the useful lives of the assets as prescribed in the Schedule II to the Companies Act, 2013.

(vi) Impairment of Non-FinancialAssets:

The Company assesses at each Balance Sheet date whether there is any indication that an asset may be
impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. The
recoverable amount is the higher of an asset''s or cash generating unit''s (CGU) fair value less costs of
disposal and its value in use. Value in use is the present value of estimated future cash flows expected to
arise from the continuing use of an asset and from its disposal at the end of its useful life. If such recoverable
amount of the asset or cash generating unit is less than its carrying amount, the carrying amount is reduced
to its recoverable amount. The reduction is treated as an impairment loss and is recognized in the Statement
of Profit and Loss. If at the Balance Sheet date there is any indication that any impairment loss recognized
for an asset in prior years may no longer exist or may have decreased, the recoverable amount is
reassessed and such reversal of impairment loss is recognized in the Statement of Profit and Loss, to the
extent the amount was previously charged to the Statement of Profit and Loss.

(vii) Financial Instruments:

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or
equity instrument of another entity. Financial assets and financial liabilities are recognized when the
Company becomes a party to the contractual provisions of the instruments.

Financial Assets

Initial recognition and measurement

The Company recognizes financial assets when it becomes a party to the contractual provisions of the
instrument. All financial assets are recognized initially at fair value plus transaction costs that are directly
attributable to the acquisition of the financial asset.

Subsequent measurement

For the purpose of subsequent measurement, the financial assets are classified as under:

i) Financial assets at amortised cost

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

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

• 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.

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 and fees or costs that are an integral part of the EIR. Interest income
from these financial assets is included in other income using the EIR in the Statement of Profit and
Loss. The losses arising from impairment are recognized in the Statement of Profit and Loss.

ii) Financial assets at fair value through other comprehensive income (FVTOCI)

Financial assets are classified as FVTOCI, if both the following conditions are met:

• These assets are held within a business model whose objective is achieved both by collecting
contractual cash flows and selling the financial assets; and

• 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.

Fair value movements are recognised in the other comprehensive income (OCI), except for the
recognition of impairment gains or losses, interest income and foreign exchange gains or losses which
are recognised in profit and loss. When the financial asset is derecognised, the cumulative gain or loss
previously recognised in OCI is reclassified from equity to other income in the Statement of Profit and
Loss.

iii) Financial assets at fair value through profit or loss (FVTPL)

Financial assets that do not meet the criteria for amortized cost or FVTOCI are measured at fair value
through profit or loss. Gain/losses are recognized in the Statement of Profit and Loss.

Impairment of financial assets

The Company applies ''simplified approach'' of measurement and recognition of impairment loss on
financial assets that are loans, deposits and trade receivables.

The application of simplified approach does not require the company to track changes in credit risk.
Rather, it recognizes impairment loss allowance based on lifetime Expected Credit Loss at each
reporting date, right from its initial recognition.

De-recognition

A financial asset is derecognized when:

• the rights to receive cash flows from the assets have expired or

• the Company has transferred substantially all the risk and rewards of the asset, or

• the Company has neither transferred nor retained substantially all the risk and rewards of the
asset, but has transferred control of the asset.

Financial Liabilities

• Initial recognition and measurement

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

• Subsequent measurement

Financial liabilities are subsequently measured at amortised cost using the effective interest rate
method. For trade and other payables maturing within operating cycle, the carrying amounts
approximate the fair value due to short maturity of these instruments.

• Loans and borrowings

After initial recognition, interest bearing loans and borrowings are subsequently measured at
amortised cost using Effective Interest Rate (EIR) method. Gain and losses are recognized in in
the Statement of Profit and Loss when the liabilities are derecognized.

Amortised cost is calculated by taking into account any discount or premium on acquisition and
transaction costs. The EIR amortization is included as finance costs in the Statement of Profit and
Loss.

• Derecognition

The Company derecognizes financial liabilities when, and only when, the Company''s obligations
are discharged, cancelled or have expired. 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 modified, such an exchange or modification is treated as the derecognition of the original
liability and the recognition of a new liability.

• Offsetting financial instruments

Financial Assets and Liabilities are offset and the net amount is reflected in the balance sheet
when there is legally enforceable right to offset the recognized amounts and there is an intention to
settle on a net basis, to realize the assets and settle the liabilities simultaneously.

(viii) Inventories:

T raded goods are valued at cost or market rate, whichever is lower.

(ix) Taxes:

Income tax expense comprises current and deferred tax. It is recognized in the Statement of Profit and
Loss except to the extent that it relates to items recognized directly in equity or in OCI.

i. Current Tax

Current tax comprises the expected tax payable or receivable on the taxable income or loss for the
year and any adjustment to the tax payable or receivable in respect of previous years. It is
measured using tax rates enacted or substantially enacted at the reporting date.

Current tax assets and current tax liabilities are offset when there is a legally enforceable right to
set off the recognized amounts and there is an intention to settle the asset and the liability on a net
basis.

ii. Deferred Tax

Deferred tax is recognized on temporary differences between the carrying amounts of assets and
liabilities for financial reporting purpose and the amount used for taxation purposes.

Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible
differences to the extent that it is probable that future taxable profits will be available against which
they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the
extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of
the asset to be recovered.

Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the
extent that it has become probable that future taxable profits will be available against which they
can be used.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the
period in which the liability is settled or the asset realized, based on tax rates that have been
enacted or substantively enacted by the end of the reporting period.

Deferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right
to set off assets against liabilities representing current tax and where the deferred tax assets and
the deferred tax liabilities relate to taxes on income levied by the same governing taxation laws.

(x) Borrowing Costs:

Borrowing costs attributable to the acquisition or construction of qualifying assets are considered as
part of the cost of such assets. A qualifying asset is one that necessarily takes a substantial period of
time to get ready for its intended use.

All other borrowing costs are recognized as expense in the period in which these are incurred.

(xi) Cash and Cash Equivalents:

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand, demand deposit
and short-term deposits with an original maturity of three months or less, which are subject to an
insignificant risk of changes in value.

---

Mar 31, 2015

(i) Basis of preparation:

These financial statements are prepared in accordance with the Generally Accepted Accounting Principles (GAAP) on the historical cost convention on the accrual basis. The GAAP comprises mandatory Accounting Standards notified by the Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013. The accounting policies have been consistently applied.

(ii) Revenue recognition:

Sales of goods are recognized on dispatch of goods to customers, or when substantial risks and rewards of ownership are transferred by the Company. Sales are inclusive of excise duty and exclude sales tax/VAT.

(iii) Tangible fixed assets:

All fixed assets are carried at cost. The cost of fixed assets includes expenses incidental to acquisition. Interest on specific borrowings, obtained for the purposes of acquiring fixed assets is capitalised upto the date of commissioning of the assets.

(iv) Capital work-in-progress:

Capital-work-in-progress is carried at cost. Cost comprises direct costs, related incidental expenses and interest on borrowings.

(v) Investments:

Long term investments are valued at cost less provision for permanent diminution in value of such investments.

(vi) Inventories:

Stores and spare parts are valued at cost. Process stock is valued at estimated cost. Raw materials and traded goods are valued at cost or market rate, whichever is lower. Finished product is valued at cost or market rate whichever is lower.

(vii) Borrowing costs:

Borrowing costs attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes a substantial period of time to get ready for its intended use. All other borrowing costs are charged to statement of profit and loss.

(viii) Depreciation:

Depreciation is provided on all fixed assets (excluding furniture and fixtures) on straight-line method and on furniture and fixtures on the written down value method based on the useful life of the assets as prescribed in the Schedule II to the Companies Act, 2013.

(ix) Deferred taxation:

Deferred tax on timing differences between taxable income and accounting income is accounted for, using the tax rates and the tax laws enacted or substantively enacted as on the balance sheet date. Deferred tax assets are recognized only to the extent there is a reasonable certainty of realization, except for unabsorbed depreciation and business loss, in respect of which deferred tax is recognized only if the Company is virtually certain of having sufficient taxable income in future against which the loss/depreciation can be set off.

(x) Impairment of assets:

Impairment loss, if any, is provided to the extent, the carrying amount of assets exceeds their recoverable amount. Recoverable amount is higher of an asset's net selling price and its value in use. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. Assessment is also done at each Balance Sheet date as to whether there is any indication that an impairment loss recognised for an asset in prior years may no longer exist or may have decreased.

(xi) Provisions and contingent liabilities:

Provisions are recognised in respect of probable obligations, the amount of which can be reliably estimated. Contingent liabilities are disclosed in respect of possible obligations that arise from past events but their existence is confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company.

(xii) Cash and cash equivalents:

Cash and cash equivalents include cash in hand, demand deposits with banks, other short-term highly liquid investments with original maturities of three months or less.

(xiii) Use of estimates:

The preparation of financial statements in accordance with the generally accepted accounting principles requires the Management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of financial statements and the reported amount of incomes and expenses of the year. Actual results could differ from these estimates. Any revision to such accounting estimates is recognized in the accounting period in which such revision takes place.

---

Mar 31, 2014

(i) Basis of preparation :

These financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP) on the historical cost convention on the accrual basis. GAAP comprises mandatory accounting standards as prescribed by the Companies (Accounting Standard) Rules, 2006, provisions of the Companies Act, 1956 and guidelines issued by Securities and Exchange Board of India (SEBI). Accounting polices have been consistently applied.

The Company adopts accrual basis in the preparation of the accounts except insurance claims and sales tax refunds.

(ii) Revenue recognition :

Sales of goods are recognized on dispatch of goods to customers, or when substantial risks and rewards of ownership are transferred by the Company. Sales are inclusive of excise duty and exclude sales tax/VAT.

(iii) Tangible fixed assets :

All fixed assets are carried at cost. The cost of fixed assets includes expenses incidental to acquisition. Interest on specific borrowings, obtained for the purposes of acquiring fixed assets is capitalised upto the date of commissioning of the assets.

(iv) Capital work-in-progress :

Capital-work-in-progress is carried at cost. Cost comprises direct costs, related incidental expenses and interest on borrowings.

(v) Investments :

Long term Investments are valued at cost less provision for permanent diminution in value of such investments.

(vi) Inventories :

Stores and spare parts are valued at cost. Process stock is valued at estimated cost. Raw materials and Traded goods are valued at cost or market rate, whichever is lower. Finished product is valued at cost or market rate whichever is lower. Plantations that have grown up and are in saleable conditions (i.e. ready to sale) as on the balance sheet date have been recognized as stock in trade and valued at market price.

(vii) Borrowing costs :

Borrowing costs attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes a substantial period of time to get ready for its intended use. All other borrowing costs are charged to statement of profit and loss.

(viii) Depreciation :

Depreciation has been provided on all fixed assets (excluding furniture and fixtures) on straight-line method and on furniture and fixtures on the written down value basis at rates prescribed in Schedule XIV to the Companies Act, 1956.

(ix) Retirement benefits :

The liability on account of gratuity and leave encashment is based on actuarial valuation. The Company''s contribution to provident fund, family pension fund and superannuation fund are charged to the Statement of profit and loss as incurred.

(x) Deferred taxation :

Deferred tax on timing differences between taxable income and accounting income is accounted for, using the tax rates and the tax laws enacted or substantively enacted as on the balance sheet date. Deferred tax assets are recognized only to the extent there is a reasonable certainty of realization, except for unabsorbed depreciation and business loss, in respect of which deferred tax is recognized only if the Company is virtually certain of having sufficient taxable income in future against which the loss/depreciation can be set off.

(xi) Impairment of assets :

Impairment loss, if any, is provided to the extent, the carrying amount of assets exceeds their recoverable amount. Recoverable amount is higher of an asset''s net selling price and its value in use. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life.

(xii) Provisions and contingent liabilities :

Provisions are recognised in respect of probable obligations, the amount of which can be reliably estimated. Contingent liabilities are disclosed in respect of possible obligations that arise from past events but their existence is confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company.

(xiii) Cash and Cash Equivalents :

Cash and cash equivalents include cash in hand, demand deposits with banks, other short-term highly liquid investments with original maturities of three months or less.

(xiv) Use of estimates :

The preparation of financial statements in accordance with the generally accepted accounting principles requires the Management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of financial statements and the reported amount of expenses of the year. Actual results could differ from these estimates. Any revision to such accounting estimates is recognized in the accounting period in which such revision takes place.

---

Mar 31, 2013

(i) Basis of preparation :

These financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP) on the historical cost convention on the accrual basis. GAAP comprises mandatory accounting standards as prescribed by the Companies (Accounting Standard) Rules, 2006, provisions of the Companies Act, 1956 and guidelines issued by Securities and Exchange Board of India (SEBI). Accounting polices have been consistently applied.

The Company adopts accrual basis in the preparation of the accounts except insurance claims and sales tax refunds.

(ii) Revenue recognition :

Sales of goods are recognized on dispatch of goods to customers, or when substantial risks and rewards of ownership are transferred by the Company. Sales are inclusive of excise duty and exclude sales tax / VAT.

(iii) Tangible fixed assets :

All fixed assets (including assets taken on hire purchase) are carried at cost. The cost of fixed assets includes expenses incidental to acquisition. Interest on specific borrowings, obtained for the purposes of acquiring fixed assets is capitalised upto the date of commissioning of the assets.

(iv) Capital work-in-progress :

Capital Work-in-progress is carried at cost. Cost comprises direct costs, related incidental expenses and interest on borrowings.

(v) Investments :

Long term Investments are valued at cost less provision for permanent diminution in value of such investments.

(vi) Inventories :

Stores and spare parts are valued at cost. Process stock is valued at estimated cost. Raw materials are valued at cost or market rate, whichever is lower. Finished product is valued at cost or market rate whichever is lower. Plantations that have grown up and are in saleable conditions (i.e. ready to sale) as on the balance sheet date have been recognized as stock in trade and valued at market price.

(vii) Borrowing costs :

Borrowing costs attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes a substantial period of time to get ready for its intended use. All other borrowing costs are charged to revenue.

(viii)Depreciation :

Depreciation has been provided on all fixed assets (excluding furniture and fixtures) on straight-line method and on furniture and fixtures on the written down value basis at rates prescribed in Schedule XIV to the Companies Act, 1956.

(ix) Retirement benefits :

The liability on account of gratuity and leave encashment is based on actuarial valuation. The Company''s contribution to provident fund, family pension fund and superannuation fund are charged to the Statement of profit and loss as incurred.

(x) Deferred taxation :

Deferred tax on timing differences between taxable income and accounting income is accounted for, using the tax rates and the tax laws enacted or substantively enacted as on the balance sheet date. Deferred tax assets are recognized only to the extent there is a reasonable certainty of realization, except for unabsorbed depreciation and business loss, in respect of which deferred tax is recognized only if the Company is virtually certain of having sufficient taxable income in future against which the loss/depreciation can be set off.

(xi) Impairment of assets :

Impairment loss, if any, is provided to the extent, the carrying amount of assets exceeds their recoverable amount. Recoverable amount is higher of an asset''s net selling price and its value in use. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life.

(xii) Provisions and contingent liabilities :

Provisions are recognised in respect of probable obligations, the amount of which can be reliably estimated. Contingent liabilities are disclosed in respect of possible obligations that arise from past events but their existence is confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company.

(xiii)Use of estimates :

The preparation of financial statements in accordance with the generally accepted accounting principles requires the Management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of financial statements and the reported amount of expenses of the year. Actual results could differ from these estimates. Any revision to such accounting estimates is recognized in the accounting period in which such revision takes place.

---

Mar 31, 2012

(i) Basis of preparation :

These financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP) on the historical cost convention on the accrual basis. GAAP comprises mandatory accounting standards as prescribed by the Companies (Accounting Standard) Rules, 2006, provisions of the Companies Act, 1956 and guidelines issued by Securities and Exchange Board of India (SEBI). Accounting polices have been consistently applied.

The Company adopts accrual basis in the preparation of the accounts except insurance claims and sales tax refunds.

(ii) Revenue recognition :

Sales of goods are recognized on dispatch of goods to customers, or when substantial risks and rewards of ownership are transferred by the Company. Sales are inclusive of excise duty and exclude sales tax/VAT.

(iii) Tangible fixed assets :

All fixed assets (including assets taken on hire purchase) are carried at cost. The cost of fixed assets includes expenses incidental to acquisition. Interest on specific borrowings, obtained for the purposes of acquiring fixed assets is capitalised upto the date of commissioning of the assets.

(iv) Capital work-in-progress :

Capital Work-in-progress is carried at cost. Cost comprises direct costs, related incidental expenses and interest on borrowings.

(v) Investments :

Long term Investments are valued at cost less provision for permanent diminution in value of such investments.

(vi) Inventories :

Stores and spare parts are valued at cost. Process stock is valued at estimated cost. Raw materials are valued at cost or market rate, whichever is lower. Finished product is valued at cost or market rate whichever is lower. Plantations that have grown up and are in saleable conditions (i.e. ready to sale) as on the balance sheet date have been recognized as stock in trade and valued at market price.

(vii) Borrowing costs :

Borrowing costs attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes a substantial period of time to get ready for its intended use. All other borrowing costs are charged to revenue.

(viii) Depreciation :

Depreciation has been provided on all fixed assets (excluding furniture and fixtures) on straight-line method and on furniture and fixtures on the written down value basis at rates prescribed in Schedule XIV to the Companies Act, 1956.

(ix) Retirement benefits :

The liability on account of gratuity and leave encashment is based on actuarial valuation. The Company's contribution to provident fund, family pension fund and superannuation fund are charged to the Statement of profit and loss as incurred.



(x) Deferred taxation :

Deferred tax on timing differences between taxable income and accounting income is accounted for, using the tax rates and the tax laws enacted or substantively enacted as on the balance sheet date. Deferred tax assets are recognized only to the extent there is a reasonable certainty of realization, except for unabsorbed depreciation and business loss, in respect of which deferred tax is recognized only if the Company is virtually certain of having sufficient taxable income in future against which the loss/depreciation can be set off.

(xi) Impairment of assets :

Impairment loss, if any, is provided to the extent, the carrying amount of assets exceeds their recoverable amount. Recoverable amount is higher of an asset's net selling price and its value in use. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life.

(xii) Provisions and contingent liabilities :

Provisions are recognised in respect of probable obligations, the amount of which can be reliably estimated. Contingent liabilities are disclosed in respect of possible obligations that arise from past events but their existence is confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company.

(xiii) Use of estimates :

The preparation of financial statements in accordance with the generally accepted accounting principles requires the Management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of financial statements and the reported amount of expenses of the year. Actual results could differ from these estimates. Any revision to such accounting estimates is recognized in the accounting period in which such revision takes place.

---

Mar 31, 2011

The accounts have been prepared in accordance with the accounting principles generally accepted in India and are in line with the relevant provisions of the Companies Act, 1956.

(i) Basis of Accounting:

The financial statements are prepared to comply in all material aspects with all the applicable accounting principles in India, the applicable Accounting Standards notified u/s 211(3C) of the Companies Act, 1956 and relevant provisions of the Companies Act, 1956.

The Company adopts accrual basis in the preparation of the accounts except insurance claims and sales tax refunds.

(ii) Fixed Assets:

All fixed assets are carried at cost. The cost of fixed assets includes expenses incidental to acquisition. Interest on specific borrowings, obtained for the purposes of acquiring fixed assets is capitalized upto the date of commissioning of the assets.

(iii) Capital Work-in-progress:

Capital Work-in-progress is carried at cost, comprising of direct cost, related incidental expenses and interest on borrowings there against.

(iv) Investments:

Long Term Investments are valued at cost less provision for permanent diminution (if any) in the value of such investments.

(v) Inventories:

Stores and spare parts are valued at cost. Process stock is valued at estimated cost. Raw materials are valued at cost or market rate, whichever is lower. Finished products are valued at cost or market rate whichever is lower. Plantations that have grown up and are in saleable condition (i.e. ready to sale) as on the balance sheet date have been recognized as stock in trade and valued at market rate.

(vi) Revenue Recognition:

Sales of goods are recognized on dispatch of goods to customers, or when substantial risks and rewards of ownership are transferred by the Company. Sales are inclusive of excise duty and exclude sales tax/VAT.

(vii) Borrowing Costs:

Borrowing costs attributable to the acquisition, construction or production of qualifying assets are considered as part of the cost of such assets. A qualifying asset is one that necessarily takes a substantial period of time to get ready for its intended use. All other borrowing costs are charged to revenue.

(viii)Depreciation:

Depreciation has been provided on all fixed assets (excluding Furniture, Fixtures and Equipments) on straight-line method and on Furniture, Fixtures and Equipments on the written down value basis at rates prescribed in Schedule XIV to the Companies Act, 1956. However, in respect of assets impaired, the depreciation has been provided on straight line basis based on revised carrying amount of the assets consequent upon impairment.

(ix) Retirement Benefits:

The liability on account of gratuity and leave encashment is based on actuarial valuation.

(x) Deferred Taxation:

Deferred Tax on timing differences between taxable income and accounting income is accounted for, using the tax rates and the tax laws enacted or substantively enacted as on the Balance Sheet date. Deferred Tax Assets are recognized only to the extent there is a reasonable certainty of realization, except for unabsorbed depreciation and business loss, in respect of which deferred tax asset is recognized only if the Company is virtually certain of having sufficient taxable income in future against which the loss/depreciation can be set off.

(xi) Impairment of Assets:

Impairment loss, if any, is provided to the extent, the carrying amount of assets exceeds their recoverable amount. Recoverable amount is higher of an asset's net selling price and its value in use. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life.

(xii) Provisions & Contingent Liabilities:

Provisions are recognised in respect of probable obligations, the amount of which can be reliably estimated. Contingent liabilities are disclosed in respect of possible obligations that arise from past events but their existence is confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company.

(xiii)Use of Estimates:

The preparation of financial statements in accordance with the generally accepted accounting principles requires the Management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of financial statements and the reported amount of expenses of the year. Actual results could differ from these estimates. Any revision to such accounting estimates is recognized in the accounting period in which such revision takes place.

---

Mar 31, 2010

The accounts have been prepared in accordance with the accounting principles generally accepted in India and are in line with the relevant provisions of the Companies Act, 1956.

(i) System of Accounting:

The Company adopts the accrual basis in the preparation of the accounts except insurance claims and sales tax refunds.

(ii) Fixed Assets:

All fixed assets are carried at cost. The cost of fixed assets includes expenses incidental to acquisition. Interest on specific borrowings, obtained for the purposes of acquiring fixed assets is capitalized upto the date of commissioning of the assets.

(iii) Capital Work-in-progress:

Capital Work-in-progress is carried at cost, comprising of direct cost, related incidental expenses and interest on borrowings there against.

(iv) Investments:

Long Term Investments are valued at cost less provision for permanent diminution (if any) in the value of such investments.

(v) Inventories:

Stores and spare parts are valued at cost. Process stock is valued at estimated cost. Raw materials are valued at cost or market rate, whichever is lower. Finished products are valued at cost or market rate whichever is lower. Plantations that have grown up and are in saleable condition (i.e. ready to sale) as on the balance sheet date have been recognized as stock in trade and valued at market rate.

(vi) Revenue Recognition:

Sales of goods are recognized on dispatch of goods to customers, or when substantial risks and rewards of ownership are transferred by the Company. Sales are inclusive of excise duty and exclude sales tax.

(vii) Borrowing Costs:

Borrowing costs attributable to the acquisition, construction or production of qualifying assets are considered as part of the cost of such assets. A qualifying asset is one that necessarily takes a substantial period of time to get ready for its intended use. All other borrowing costs are charged to revenue.

(viii) Depreciation:

Depreciation has been provided on all fixed assets (excluding Furniture, Fixtures and Equipments) on straight- line method and on Furniture, Fixtures and Equipments on the written down value basis at rates prescribed in Schedule XlVto the Companies Act, 1956.

(ix) Retirement Benefits:

The liability on account of gratuity and leave encashment is based on acturial valuation.

(x) Deferred Taxation:

Deferred Tax on timing differences between taxable income and accounting income is accounted for, using the tax rates and the tax laws enacted or substantively enacted as on the Balance Sheet date. Deferred Tax Assets are recognized only to the extent there is a reasonable certainty of realization, except for unabsorbed depreciation and business loss, in respect of which deferred tax asset is recognized only if the Company is virtually certain of having sufficient taxable income in future against which the loss/depreciation can be set off.

(xi) Impairment of Assets:

Impairment loss, if any, is provided to the extent, the carrying amount of assets exceeds their recoverable amount. Recoverable amount is higher of an assets net selling price and its value in use. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life.

(xii) Provisions & Contingent Liabilities:

Provisions are recognised in respect of probable obligations, the amount of which can be reliably estimated. Contingent liabilities are disclosed in respect of possible obligations that arise from past events but their existence is confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company.

(xiii) Miscellaneous Expenditure (to the extent not written off or adjusted):

Retirement Compensation paid to workers is treated as deferred revenue expenditure and amortised over a period Five Years.