Notes to Accounts of Wires and Fabriks (S.A.) Ltd.

Mar 31, 2025

12. Provisions

Provisions are recognised when there is a present obligation as a result of past events, it is probable that an
outflow of resources will be required to settle the obligation and in respect of which reliable estimate can be
made. Provisions are not discounted to its present value and are determined based on the best estimate
required to settle the obligation at each Balance Sheet date. These are reviewed at each Balance Sheet date
and adjusted to reflect the best current estimate.

13. Revenue from contract with customers

Revenue from contracts with customers is recognised when control of the goods or services are transferred to
the customer at an amount that reflects the consideration to which the Company expects to be entitled in
exchange for those goods or services. Revenue is measured at the fair value of the consideration received or
receivable, net of returns, discounts, volume rebates, and goods and service tax. The Company recognises
revenue when the amount of revenue can be reliably measured and it is probable that future economic
benefits will flow to the Company regardless of when the payment is being made.

Export Incentives are recognised on post export basis on entitlement rates. Government grants are
recognised on receipt / reasonable ascertainment of ultimate collection thereof. Interest income is recognised
using the effective interest method

14. Use of estimates

The preparation of Financial Statements requires estimates to be made that affect the reported amount of
assets and liabilities on the date of the financial statements and the reported amount of revenues and
expenses during the reporting period. Difference between the actual results and estimates are recognised in
the period in which the results are known/ materialised

15. Financial Instrument

a) Financial Assets

i. Initial Recognisation and measurement

Financial Assets and Financial Liabilities are recognized when the Company became a party to the
contractual provisions of the instrument. All Financial Assets and Liabilities are initially recognised at
fair value except for trade receivable which is initially measured at transaction price. Transaction cost
that are directly attributable to the acquisition or issue of financial assets and financial liabilities which
are not at fair value are adjusted through profit or loss to the fair value on initial recognitions. Purchase
and sale of financial assets are accounted for at trade date.

ii. Subsequent measurement

a) Financial Assets carried at amortised cost (AC)

A financial asset is subsequently measured at amortise cost, if the financial asset is held within a
business model, whose objective is to hold the asset in order to collect contractual cash flow and the
contractual term of financial asset give rise on specified date to cash flow that are solely payment of
principal and interest on principal amount outstanding.

b) Financial Assets at fair value through other comprehensive income (FVTOCI)

A financial asset is subsequently measured at fair value through other comprehensive income if
financial assets is held within a business model whose objective is achieved by both collecting
contractual cash flow and selling financial assets and the contractual term of financial assets give
rise on specified date to the cash flow that are solely payment of principal and interest on principal
amount outstanding. The Company has made irrevocable election for its investments which are not
held for trading and are classified as equity instrument to present the subsequent changes in fair
value in other comprehensive income on its business model. Such an election is made by the
Company on an instrument by instrument basis at the time of initial recognisation of each equity
investment.

c) Financial Assets at fair value through profit or loss ( FVTPL)

A financial asset which is not classified in any of the above categories is measured at fair value
through profit or loss (FVTPL).

iii. Other Equity Investments

All other equity investments are measured at fair value with value changes recognised in Statement of
Profit and Loss, except for those equity investments for which the company has elected to present the
value change in "Other Comprehensive Income".

iv. Impairment of Financial Assets

In accordance with Ind As 109 the Company uses '' Expected Credit Loss'' (ECL) model, for evaluating
impairment of financial assets other than those required at fair value through profit and loss (FVTPL).
Expected credit loss is measured through a loss allowance at an amount equal to:-

• The twelve months expected credit loss (expected credit loss that result from those default events on
the financial instruments that are possible within twelve months after the reporting date) ; or

• Full lifetime expected credit loss (expected credit loss that result from all possible default events over
the lifetime of the financial instruments).

For trade receivables company applies expected lifetime losses from initial recognisation of the
receivable. For other assets, the company uses twelve month ECL to provide for impairment loss
where there is no significant increase in credit risk since initial recognisation. If there is a significant
increase in credit risk since initial recognisation, full lifetime ECL is used.

b) Financial Liability

i. Initial Recognisation and measurement

All financial liabilities are recognised at fair value.

ii. Subsequent measurement

Financial liabilities are carried at amortised cost using the effective interest rate method. For trade and
other payables maturing within one year from the Balance Sheet date, the carrying amount is
approximate fair value due to the short maturity of these instruments.

c) Derecognition of financial instruments

The Company derecognises a financial asset when the contractual right to the cash flows from the financial
asset expire or it transfers the financial asset and the transfer qualifies for derecognition under Ind AS 109.
A financial liability (or a part of a financial liability) is derecognised from the Company''s Balance Sheet
when the obligation specified in the contract is discharged or cancelled or expires.

16. Government Grants:

The company recognise Government grants only when there is a reasonable assurance that the conditions
attached to them shall be complied with and grant will be received. Grants related to assets are treated as
deferred income and are recognised in the Statement of Profit and Loss on a systematic and rational basis
over the useful life of the assets. Grants related to income are recognised on a systematic basis over the
periods necessary to match them with the related cost which they are intended to compensate and are
deducted from the expenses in the Statement of Profit and Loss.

17. Contingent Liability and Contingent Assets

Contingent Liabilities are not provided for in the accounts and are separately shown in the Notes on Accounts.
Contingent Assets are neither recognised nor disclosed in the Financial Statements.

The fair value hierarchy categorised financial instruments into Level 1 to 3, as described below:

i) Quoted prices in an active market (Level 1) :

This level of hierarchy includes financial assets that are measured by reference to quoted prices (unadjusted) in active markets for
identical assets or liabilities. This category consist of investment in quoted equity shares.

ii) Valuation techniques with observables inputs (Level 2) :

This level of hierarchy includes financial assets and liabilities, measured using inputs other than quoted prices included within level 1 that
are observable for the assets or the liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

iii) Valuation techniques with significant unobservable inputs (Level 3) :

This level of hierarchy includes financial assets and liabilities, measured using inputs that are not based on observable market data
(unobservable inputs).

iv) Short term financial assets and financial liabilities are stated at carrying value which is approximately equals to their fair value.

NOTE 42 : Financial risk Management

In the Course of its business , the Company is exposed to a variety of financial risk, which may adversely impact the fair value of its financial
instruments. The Company has a risk management policy to monitor financial risk - Market risk, Credit risk and Liquidity risk associated
with financial assets and liabilities. The risk management policies is reviewed by Board of Director periodically and required mitigation steps
are taken.

a) Market Risk

The primary market risk to the Company is fluctuation in foreign currency exchange rates. The Company is exposed to foreign currency risk
through its sales in overseas countries (exports) and purchases from overseas suppliers (imports) in foreign currencies. The company pays
off its foreign exchange exposure within a short period of time. Presently Company''s exports broadly mitigate the risk for imports except
capital goods. However, with increase in exports, profitability may be partly affected if rupee appreciates. The Company has facilities of
derivative financial instrument- foreign exchange forward and option contracts to mitigate the risk .

b) Credit Risk

Credit risk refers to the risk of default on its obligation by the counter party resulting in a financial loss. The maximum exposure to the credit
risk at the reporting date is primarily from trade receivables amounting to Rs. 2919.99 Lakhs and Rs 2513.78 Lakhs as on 31.03.25 and as
on 31.03.24 respectively. Trade receivable are unsecured and are derived from revenues from customers. The company has a Credit
review & monitoring system which includes credit approvals, credit limits and monitoring. Doubtful debt strategies are made for recovery
and limiting future exposure. Exports are preferably through LC or advance, besides covering the risk from credit risk agency, wherever
applicable. Credit risk on cash and cash equivalent and bank balances is limited as the Company generally maintain balances / deposits
with recognised banks.

c) Liquidity Risk

Liquidity risk refer to the risk that the Company may not able to meet its financial obligations. The objective of liquidity risk management is
to maintain sufficient liquidity and ensure that funds are available for use as per the requirement. The Company has obtained adequate
fund and non fund based working capital limits from its bankers. The Company maintains its surplus funds, if any, in deposits / balances with
recognized banks which carry low risk. The Company believes that the working capital is sufficient to meet its current requirements.

The Table below provides details regarding the Company maturities of financial liabilities:

NOTE 45: No Loans or Advances in the nature of loans are granted to promoters, directors, KMPs and the related parties (as defined under
Companies Act, 2013,) either severally or jointly with any other person.

NOTE 46: The Company has been sanctioned working capital limits from banks on the basis of security of current assets and the quarterly returns or
statement of current assets filed by the company with banks are materially in agreement with books of accounts.

NOTE 47: The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

NOTE 48: There is no creation, modification or satisfaction of charges, which are pending to be registered with the Registrar of Companies beyond the
statutory period.

NOTE 49: The Company does not have any transactions with the companies struck off under Companies Act, 2013 or Companies Act, 1956.

NOTE 50: During the year, the Company has not invested in any other company and does not have any subsidiary, hence the provision of section
2(87) read with the Companies (Restriction on number of Layers) Rules, 2017 is not applicable.

NOTE 51: The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.

NOTE 52: During the year out of the borrowed funds, the Company has not advanced or loaned or invested funds to any other person(s) or entities,
including foreign entities (Intermediaries) with the understanding that the Intermediary shall:-

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

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

During the year, the Company has not received any funds from any person(s) or entity(ies), including foreign entities (Funding Party) with
the understanding (whether recorded in writing or otherwise) that the Company shall:-

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

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

NOTE 53: 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.

NOTE 54: The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

NOTE 55: The borrowing obtained by the Company from banks have been applied for the purpose it was taken.

NOTE 56: The Government of India has approved the Labour Codes and released draft rules which may impact the employees benefits and statutory
contributions by the Company. The final rules are yet to be notified. The Company will assess the impect of the same, when it comes into
effect and will give appropriate impact in its financial statements, if any.

NOTE 57: Approval of Financial Statements

The Financial statements were approved by the Board of Directors on 24th May, 2025

NOTE 58: Previous years figures have been rearranged and regrouped wherever applicable and considered necessary
NOTE 59: Figures in brackets represent figures for the previous year.

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

for JAIN SHRIMAL & CO. Bishwajit Singh Hansmukh Patel M. Khaitan K.K. Khaitan

Chartered Accountants Company Secretary CFO Managing Director Executive Chairman

Firm Reg. No. 001704C (DIN: 00459612) (DIN: 00514864)

Anshul Chittora
JAIPUR Partner

The 24th day of May, 2025 M. No. 414627

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Mar 31, 2024

11.2 Rights attached to Equity Shares

The Company has only one class of shares (issued), having face value of Rs. 10/- each. Each holder of Equity Shares is entitled to one vote per share. The Dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the Equity Shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

13.1 All Term Loans from banks are secured by joint equitable mortgage of immovable properties (present and future), hypothecation of fixed assets and second charge over the current assets, ranking pari passu among the lenders.

13.2 All Working Capital Term Loans from banks are secured by hypothecation of current assets and second charge on fixed assets and immovables of the company ranking pari passu among the lenders.

17.1 Working Capital Loans from banks are secured against hypothecation of raw materials, finished goods, work-in-process, packing materials, book debts, bills for collection and other current assets and second charge over fixed assets and immovables of the company, pari passu among the lenders, payable on demand.

Deferred Endowment represents the amount of government endowment to be amortised over the period of useful life of related asset and shown as non-current and current liabilities. During the year Rs 27.73 Lakhs (Rs. 27.73 Lakhs) has been amortised and adjusted in Depreciation & Amortisation Expenses. Interest expenses are net of Interest reimbursement received / receivable Rs. 392.32 Lakhs (Rs. 368.45 Lakhs). Interest reimbursement claims receivable Rs.251.66 Lakhs (Rs.254.45 Lakhs) is included in other current assets.

NOTE 31 : Contingent Liabilities and Commitments (to the extent not provided for) :

31.1 Contingent Liabilities :

a) Guarantees issued by banks for Rs.28.15 Lakhs (Rs.24.68 Lakhs)

b) Letters of Credits issued by banks for Rs 60.23 Lakhs (Rs Nil)

c) Claims against the Company not acknowledged as debt Rs 24.26 Lakhs (Rs. 29.01 Lakhs)

31.2 Commitments :

a) Estimated amount of Contract remaining to be executed on capital account, not provided for Rs 761.61 Lakhs (Rs. 432.73 Lakhs), advances paid Rs 67.36 Lakhs (Rs. 364.67 Lakhs).

		2023-2024	2022-2023
NOTE 32	: Earning per Share ( EPS) :
a)	Weighted average number of Equity shares of Rs.10/- each Number of shares at the beginning of the year	30,56,250	30,56,250
	Shares issued during the year	-	-
	Total Number of equity shares outstanding at the end of the year	30,56,250	30,56,250
	Weighted average number of equity shares outstanding during the year	30,56,250	30,56,250
b)	Net profit after tax available for equity share holders	148.77	134.06
c)	Basic and Diluted earning per share (Rs.)	4.87	4.39

NOTE 33 : Employees Benefits Expenses :

a) As per the Indian Accounting Standard 19 " Employee benefit" the disclosures as defined are given below :

i) Defined Contribution Plans Contribution to Defined Contribution Plans (Employers'' Contribution to Provident Fund and Employees State Insurance Corp. ) are recognised as expenses and charged to the Statement of Profit & Loss

ii) Defined Benefit Plans Employees Gratuity and Leave encashment are considered as defined benefit plans.The obligation''s are recognised in the Statement of Profit and Loss as per the actuarial valuation. The positiion of actuarial valuation performed by an

Sensitivity Analysis

Significant actuarial assumptions for the determination of the define benefit obligation are discount rate, expected salary increase and mortality. The sensitivity analysis below have determind based on reasonably possible changes of the assumptions occuring at the end of the reporting period, while holding all other assumptions constant. The result of sensitivity analysis is given below :

NOTE 37: The company is predominantly engaged in a single reportable operating segment of Paper Mill products during the year, hence segment information is not reported.

NOTE 38: Events after the Reporting Period -

The Board of Directors at its meeting held on 28.05.2024 has proposed Dividend of Rs 0.10 per equity share for the year ended on 31st March 2024, after the Balance Sheet date. The proposed Dividend on Equity Shares for the year is Rs. 3.06 Lakhs ( 3.06 Lakhs).

NOTE 39: Capital management

The company''s capital management is intended to create value for shareholders and maintain optimum capital structure to reduce the cost of capital. The Company determines the amount of capital required on the basis of annual business plan, coupled with long term and short term requirements and company''s expansion / moderisation plans, reviewed by Board of Directors. The funding needs are generally met through long term and short term bank borrowings. The Company monitors the capital structure on the basis of net debt to equity and maturity profiles of the overall debt portfolio of the company. Net debt includes interest bearing borrowings less cash and cash equivalents and current investments, if any.

The fair value hierarchy categorised financial instruments into Level 1 to 3, as described below:

i) Quoted prices in an active market (Level 1) :

This level of hierarchy includes financial assets that are measured by reference to quoted prices (unadjusted) in active markets for identical assets or liabilities. This category consist of investment in quoted equity shares.

ii) Valuation techniques with observables inputs (Level 2) :

This level of hierarchy includes financial assets and liabilities, measured using inputs other than quoted prices included within level 1 that are observable for the assets or the liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

iii) Valuation techniques with significant unobservable inputs (Level 3) :

This level of hierarchy includes financial assets and liabilities, measured using inputs that are not based on observable market data (unobservable inputs).

iv) Short term financial assets and financial liabilities are stated at carrying value which is approximately equals to their fair value.

NOTE 41 : Financial risk Management

In the Course of its business , the Company is exposed to a variety of financial risk, which may adversely impact the fair value of its financial instruments. The Company has a risk management policy to monitor financial risk - Market risk, Credit risk and Liquidity risk associated with financial assets and liabilities. The risk management policies is reviewed by Board of Director periodically and required mitigation steps are taken.

a) Market Risk

The primary market risk to the Company is fluctuation in foreign currency exchange rates. The Company is exposed to foreign currency risk through its sales in overseas countries (exports) and purchases from overseas suppliers (imports) in foreign currencies. The company pays off its foreign exchange exposure within a short period of time. Presently Company''s exports broadly mitigate the risk for imports except capital goods. However, with increase in exports, profitability may be partly affected if rupee appreciates. The Company has facilities of derivative financial instrument- foreign exchange forward and option contracts to mitigate the risk .

b) Credit Risk

Credit risk refers to the risk of default on its obligation by the counter party resulting in a financial loss. The maximum exposure to the credit risk at the reporting date is primarily from trade receivables amounting to Rs. 2513.78 Lakhs and Rs 2198.76 Lakhs as on 31.03.24 and as on 31.03.23 respectively. Trade receivable are unsecured and are derived from revenues from customers. The company has a Credit review & monitoring system which includes credit approvals, credit limits and monitoring. Doubtful debt strategies are made for recovery and limiting future exposure. Exports are preferably through LC or advance, besides covering the risk from credit risk agency, wherever applicable. Credit risk on cash and cash equivalent and bank balances is limited as the Company generally maintain balances / deposits with recognised banks.

c) Liquidity Risk

Liquidity risk refer to the risk that the Company may not able to meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per the requirement. The Company has obtained adequate fund and non fund based working capital limits from its bankers. The Company maintains its surplus funds, if any, in deposits / balances with recognized banks which carry low risk. The Company believes that the working capital is sufficient to meet its current requirements.

The Table below provides details regarding the Company maturities of financial liabilities:

NOTE 43: No proceedings have been initiated or pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 (as amended in 2016) (formerly the Benami Transactions (Prohibition) Act, 1988 (45 of 1988)) and Rules made thereunder.

NOTE 44: No Loans or Advances in the nature of loans are granted to promoters, directors, KMPs and the related parties (as defined under Companies Act, 2013,) either severally or jointly with any other person.

NOTE 45: The Company has been sanctioned working capital limits from banks on the basis of security of current assets and the quarterly returns or statement of current assets filed by the company with banks are materially in agreement with books of accounts.

NOTE 46: The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

NOTE 47: There is no creation, modification or satisfaction of charges, which are pending to be registered with the Registrar of Companies beyond the statutory period.

NOTE 48: The Company does not have any transactions with the companies struck off under Companies Act, 2013 or Companies Act, 1956.

NOTE 49: During the year, the Company has not invested in any other company and does not have any subsidiary, hence the provision of section 2(87) read with the Companies (Restriction on number of Layers) Rules, 2017 is not applicable.

NOTE 50: The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.

NOTE 51: During the year out of the borrowed funds, the Company has not advanced or loaned or invested funds to any other person(s) or entities, including foreign entities (Intermediaries) with the understanding that the Intermediary shall:-

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

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

During the year, the Company has not received any funds from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:-

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

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

NOTE 52: 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.

NOTE 53: The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

NOTE 54: The borrowing obtained by the Company from banks have been applied for the purpose it was taken.

NOTE 55: The Government of India has approved the Labour Codes and released draft rules which may impact the employees benefits and statutory contributions by the Company. The final rules are yet to be notified. The Company will assess the impect of the same, when it comes into effect and will give appropriate impact in its financial statements, if any.

NOTE 56: Approval of Financial Statements

The Financial statements were approved by the Board of Directors on 28th May, 2024

NOTE 57: Previous years figures have been rearranged and regrouped wherever applicable and considered necessary NOTE 58: Figures in brackets represent figures for the previous year.

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Mar 31, 2018

NOTE 1 : Contingent Liabilities and Commitments (to the extent not provided for)

2. Contingent Liabilities:

a) Guarantees issued by banks for Rs. 20,01,775 (Rs. 47,93,528)

b) Letters of Credits issued by banks for Rs Nil (Rs. 18,61,773)

c) Claims against the Company not acknowledged as debt Rs. 7,51,819 (Rs. 7,25,659)

d) Demands I Claims by various Government Authorities not acknowledge as debt:

i) Sales Tax of Rs. 3,91,080 (Rs. 16,51,225) pending appeals on account of non-submission of declaration forms and other matters.

3. Commitments:

a) Estimated amount of Contract remaining to be executed on capital account, not provided for Rs. 13,90,469 (Rs. 39,25,399), advances paid Rs 2,80,000 (Rs. 25,53,274).

NOTE 4: Employees Benefits Expenses

a) As per the Indian Accounting Standard 19" Employee benefit" the disclosures as defined are given below:

i) Defined Contribution Plans

Contribution to Defined Contribution Plans (Employers'' Contribution to Provident Fund and Employees State Insurance Corp.) are recognized as expenses and charged to the Statement of Profit & Loss

ii) Defined Benefit Plans

Employees Gratuity and Leave encashment are considered as defined benefit plans. The obligations are recognized in the Statement of Profit and Loss as per the actuarial valuation. The position of actuarial valuation performed by an independent actuary is as under:

NOTE 5 : As per Ind As 24, the disclosures of transactions with the related parties are given below

6. Names of the related parties with whom transactions were carried out during the year and description of relationship :

a) Enterprises over which Key Management Personnel exercises significant influence b) Key Management personnel

i) Kingsley Industries Ltd i) Mr. KK Khaitan

ii) W & F Securities Pvt Ltd (Holding Company) ii) Mr. M Khaitan

iii) Nathmall Jankilal iii) Mr. Devesh Khaitan

iv) Nathmall Jankilal Khaitan Charitable Trust iv) Mr. Rajesh Patni

iv) SMK Foundation v) Mr. Abhishek Upadhyaya

c) Relatives of Key Management personnel

i) Ms. Pranika Khaitan Rawat D/o Mr. M. Khaitan

NOTE 7. : Events after the Reporting Period

The Board of Directors at its meeting held on 30.05.2018 has proposed Dividend of Rs. 0.60 per equity share for the year ended on 31st March 2018, after the Balance Sheet date. The proposed Dividend on Equity Shares for the year is Rs. 18,33,750 (18,33,750) and dividend distribution tax on proposed dividend is Rs. 3,76,933(3,73,308)

NOTE 8.: Capital management

The company''s capital management is intended to create valueforshareholders and maintain optimum capital structure to reduce the cost of capital. The Company determinestheamountofcapitalrequiredonthebasisofannualbusinessplan,coupledwithlongtermandshortterm requirements and company''s expansion I moderisationplans,reviewedbyBoardofDirectors.Thefundingneedsaregenerallymetthrough long term and short term bank borrowings. The Company monitors the capital structure on the basis of net debt to equity and maturity profiles of the overall debt portfolio of the company. Net debt includes interest bearing borrowings less cash and cash equivalents and current investments, if any.

The fair value hierarchy categorized financial instruments into Level 1 to 3, as described below:

i) Quoted prices in an active market (Level 1):

This level of hierarchy includes financial assets that are measured by reference to quoted prices (unadjusted) in active markets for identical assets or liabilities. This category consist of investment in quoted equity shares.

ii) Valuation techniques with observables inputs (Level 2):

This level of hierarchy includes financial assets and liabilities, measured using inputs other than quoted prices included within level 1 that are observable for the assets or the liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

iii) Valuation techniques with significant unobservable inputs (Level 3):

This level of hierarchy includes financial assets and liabilities, measured using inputs that are not based on observable market data(unobservable inputs).

iv) Short term financial assets and financial liabilities are stated at carrying value which is approximately equals to their fair value.

NOTE 9. : Financial Risk Management

In the Course of its business, the Company is exposed to a variety of financial risk, which may adversely impact the fair value of its financial instruments. The Company has a risk management policy to monitor financial risk - Market risk, Credit risk and Liquidity risk associated with financial assets and liabilities. The risk management policies is reviewed by Board of Director periodically and required mitigation steps are taken.

a) Market Risk

The primary market risk to the Company is fluctuation in foreign currency exchange rates. The Company is exposed to foreign currency risk through its sales in overseas countries (exports) and purchases from overseas suppliers (imports) in foreign currencies. The company pays off its foreign exchange exposure within a short period of time. Presently Company''s exports broadly mitigate the risk for imports except capital goods. However, with increase in exports, profitability may be partly affected if rupee appreciates. The Company has facilities of derivative financial instrument- foreign exchange forward and option contracts to mitigate the risk.

b) Credit Risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The maximum exposure to the credit risk at the reporting date is primarily from trade receivables amounting to Rs. 36,47,62,713 and Rs. 38,79,29,039 as on as on 31.03.18 and as on 31.03.17 respectively. Trade receivable are unsecured and are derived from revenues from customers. The company has a Credit review & monitoring system which includes credit approvals, credit limits and monitoring. Doubtful debt strategies are made for recovery and limiting future exposure. Exports are preferably through LC or advance, besides covering the risk from credit risk agency, wherever applicable. Credit risk on cash and cash equivalent and bank balances is limited as the Company generally maintain balances I deposits with recognized banks.

c) Liquidity Risk

Liquidity risk refer to the risk that the Company may not able to meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per the requirement. The Company has obtained adequate fund and non-fund based working capital limits from its bankers. The Company maintains its surplus funds, if any, in deposits I balances which carry low risk. The Company believes that the working capital is sufficient to meet its current requirements.

NOTE 10: Approval of Financial Statements

The Financial statements were approved by the Board of Directors on 30th May, 2018.

NOTE 11: First time Ind AS Adoptions a) Fair value as deemed cost for items of Property, Plant and Equipment

The Company has elected to treatfairvalue as deemed costforall the items of its Property, Plant and Equipment.

b) Fair valuation for financial assets

The Company has valued financial assets at fair value. Impact of fair value changes as on the date of transition, is recognized in opening reserves and profit or loss changes thereafter are recognized in Statement of Profit and Loss or Other Comprehensive Income, as the case may be.

c) Others

Loan processing fees under Ind AS are considered as finance cost. The impactforthe periods subsequent to the date of transition is reflected in the Statement of Profit and Loss.

d) Transition to Ind AS - Reconciliations

The following reconciliations provide the explanation and qualification of the differences arising from the transition from Previous GAAP to Ind AS in accordance with Ind AS 101 “First-time Adoption of Indian Accounting Standards".

NOTE 12 : Previous year’s figures have been rearranged and regrouped wherever applicable and considered necessary NOTE 46 : Figures in brackets represent figures for the previous year.

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Mar 31, 2016

1. Rights attached to Equity Shares

The Company has only one class of shares ( Issued), having face value of Rs. 10/- each. Each holder of Equity Shares is entitled to one vote per share. The Dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the Equity Shareholder are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

2. The Board of Directors at its meeting held on 25.05.2016 has proposed Dividend of Rs 1.80 per equity share for the year ended on 31st March, 2016, after the Balance Sheet date. The proposed Dividend on Equity Shares for the year is Rs. 5,501,250 and dividend distribution tax on proposed dividend is Rs. 1,119,925

3. Term Loan of Rs. 13.7S crores sanctioned during the year by bank is secured by way of frist exclusive charge on entire fixed assets of the company created out of said term loan and second charge over the current assets (ranking pari passu).

4. All other Term Loans from banks are secured by joint equitable mortgage of immovable properties (present and future), hypothecation of fixed assets and second charge over the current assets (ranking pari passu) .

5. Working Capital Loans from banks are secured against hypothecation of raw materials, finished goods, work-in-process, packing materials, book debts ,bills for collection and other current assets and second pari passu charge over fixed assets of the company.

6. EMPLOYEES BENEFITS :

7. As per the Accounting Standard 15 “Employee benefit” the disclosures as defined in Accounting Standard are given below:

8. Defined Contribution Plans

Contribution to Defined Contribution Plans are recognized as expenses and charged off in Profit & Loss Account.

9. Defined Benefit Plans

Employees Gratuity Fund Scheme and Leave encashment are considered as defined benefit plans. The present value of obligation are recognized as per the actuarial valuation.

10. The Company has paid the managerial remuneration arrears as per the approval of The Central Government, Ministry of Corporate Affairs during the year.

11. Purchase of Raw Materials includes transfer from Trading Goods Rs. 1,28,8S,124 (Rs. 2,36,49,912).

12. SEGMENT INFORMATION :

13. The Company is organized into two main business segments :

14. Paper Mill Products - Comprising of Technical Textiles, Chemicals and Equipments mainly for Paper Mills.

b) Wind Power - Comprising of Wind Power

Segment has been identified and reported after taking into account the class of customers for the products & services, the differing risks & returns and the organization structure.

15. Segment revenue includes sales, income from services rendered and export incentives. Inter-segment revenue is recognized on the basis of prevailing market rates.

16. Segment revenues, results, assets and liabilities include the respective amounts identifiable to reportable segments and amounts allocated on a reasonable basis.

17.. Information regarding related parties as required by Accounting Standard 18 “ Related Party Disclosures” notified under section 133 of the Companies Act, 2013

18. Names of the related parties with whom transactions were carried out during the year and description of relationship:

19. Enterprises over which Key Management Personnel or their relatives exercises significant influence :

20. Kingsley Industries Ltd

21. WMW Metal Fabrics Ltd

22. W & F Securities Pvt Ltd ( Holding Company)

23. Nathmall Jankilal

24. Key Management personnel

25. Mr. K K Khaitan

26. Mr. M K Khaitan

27. Mr. Devesh Khaitan

28. Relatives of Key Management personnel

29. Ms. Pranika Khaitan D/o Mr. M.K. Khaitan

30. Figures in brackets represent figures for the previous year.

31. Previous year’s figures have been rearranged and regrouped wherever practicable and considered necessary.

---

Mar 31, 2015

1.1 Rights attached to Equity Shares

The Company has only one class of shares ( Issued), having face value of Rs. 10/- each. Each holder of Equity Shares is entitled to one vote per share. The Dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the Equity Shareholder are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

1.2 The Board of Directors at its meeting held on 27.05.2015 has recommended Dividend of Rs 1.80 per equity share for the year.

2.1 Term Loans from banks are secured by joint equitable mortgage of immovable properties, present and future, ranking pari passu and hypothecation of fixed assets and second charge over current assets of the company.

3.1 Working Capital Loans from banks are secured against hypothecation of raw materials, finished goods, work-in-process,packing materials, book debts, bills for collection and other current assets and second pari passu charge over fixed assets of the company.

4.1 Unclaimed Dividend does not include any amount, due and outstanding, to be credited to Investor Education & Protection Fund.

4.2 a) The Buildings and Plant & Machinery (including Electric Installations) of Jaipur Unit were revalued as on 31st March, 1994 and 1st January, 2006 respectively, as a result the Net Book Value of the respective Assets were increased and the same was credited to the Revaluation Reserve. There after Company is regularly setting off the Additional Depreciation on account of Revaluation by withdrawing the equivalent amount from Revaluation Reserve, thus having no impact on the Profits of the Company. As per the Independent Valuer's Report (considering the Inflation and Devaluation of Rupee), the Revaluation considered in 1994 and 2006 does not reflect the True Market Value of respective Assets as on 1st April, 2014. Accordingly, the amount of Revaluation made earlier is reversed. As a result an amount of Rs. 28,17,44,332 from Gross Block and Rs. 23,71,27,789 from Accumulated Depreciation as on 1st April 2014 is reversed and shown as deduction and the net amount of Rs. 4,46,16,543 has been adjusted from the Revaluation Reserve.

b) Pursuant to the enactment of Companies Act, 2013 the Company has applied the estimated useful lives as specified in Schedule II. Accordingly, the unamortised carrying value is being depreciated over the revised / remaining usefull lives. The Written Down Value of the Fixed Assets whose lives have expired as at 1st April, 2014 have been adjusted net of tax, in the opening balance of Profit & Loss Account amounting to Rs. 53,09,865.

c) Capital Work- in Progress includes Project & Pre- Operative Expenditure Rs. 33,64,064 ( Previous year Rs. 36,78,385) , pending allocation.

d) Intangible Assets under development includes Project & Pre-Operative Expenditure Rs. 4,88,758 ( Previous year Rs. 4,73,758) , pending allocation.

e) Premises purchased / acquired at New Delhi is yet to be transferred in company's name in the Revenue Records.

5.1 Balance with Banks includes Unclaimed Dividend of Rs 11,30,188 ( Previous year Rs 10,35,911)

5.2 Fixed Deposits Receipts for Rs 2,10,87,000 (Previous year Rs. 2,10,22,000) are pledged with Banks as Security and having maturity of more than 12 months.

6.1 Advance Tax shown as net of tax provisions and after adjustment of MAT credit entitlement Rs 39,57,000 ( Previous year Rs.56,93,781).

7 CONTINGENT LIABILITIES AND COMMITMENTS ( to the extent not provided for) :

7.1 Contingent Liabilities :

a) Guarantees issued by banks for Rs. 53,29,078 Rs. 24,35,721

b) Letters of Credits issued by banks Rs. 13,53,686 Rs. 70,60,879

c) Claims against the Company not acknowledged as debt Rs. 6,73,269 Rs. 6,47,109

d) Demands / Claims by various Government Authorities not acknowledge as debt :

i) Sales Tax of Rs. 49,05,193 (Rs. 75,07,914 ) pending appeals on account of non submission of declaration forms and other matters.

ii) Entry Tax Rs Nil (Rs. 23,07,141 ) pending appeals on account of non submission of declaration forms and other matters.

iii) Excise Duty Rs. S,20,230 (Rs. S,20,230 ) pending appeals.

7.2 COMMITMENTS :

a) Estimated amount of Contract remaining to be executed on capital account, not provided for Rs. 48,21,543 (Rs. 24,63,196), advances paid Rs. 5,27,922 (Rs. 5,87,S00 ).

8 Purchase of Raw Materials includes transfer from Trading Goods Rs. 2,36,49,912 (Rs. 2,21,33,927).

9 SEGMENT INFORMATION :

i) The Company is organised into two main business segments :

a) Paper Mill Products - Comprising of Technical Textiles - Finished Woven Wire Cloth, Chemicals and Equipments mainly for Paper Mills.

b) Wind Power - Comprising of Wind Power

Segment has been identified and reported after taking into account the class of customers for the products & services, the differing risks & returns and the organisation structure.

ii) Segment revenue includes sales, income from services rendered and export incentives. Inter-segment revenue is recognised on the basis of prevailing market rates.

iii) Segment revenues, results, assets and liabilities include the respective amounts identifiable to reportable segments and amounts allocated on a reasonable basis.

10 Information regarding related parties as required by Accounting Standard 18 issued by the Institute of Chartered Accountants of India are given below :

10.1 Names of the related parties with whom transactions were carried out during the year and description of relationship:

a) Enterprises over which Key Management Personnel exercises significant influence :

i) Kingsley Industries Ltd.

ii) WMW Metal Fabrics Ltd.

iii) W & F Securities Pvt Ltd. (Holding Company)

iv) Nathmall Jankilal

b) Key Management personnel

i) Mr. B K Khaitan (Resigned with effect from 31.08.2014)

ii) Mr. K K Khaitan

iii) Mr. M K Khaitan

c) Relatives of Key Management personnel

i) Mr. Devesh Khaitan S/o Mr. K.K. Khaitan

ii) Mr. Madhur Krishna Khaitan S/o Mr. B.K. Khaitan (Resigned with effect from 31.08.2014)

11 Figures in brackets represent figures for the previous year.

12 Previous year's figures have been rearranged and regrouped wherever practicable and considered necessary.

---

Mar 31, 2014

1. Rights attached to Equity Shares

The Company has only one class of shares ( Issued), having face value of Rs. 10/- each. Each holder of Equity Shares is entitled to one vote per share. The Dividend proposed by the Board of Directors is subject to the approval of the sharehold- ers in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the Equity Shareholder are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

2. The Board of Directors at its meeting held on 17.0S.2014 has recommended Dividend of Rs. 1.80 per equity share for the year.

3. Term Loans from banks are secured by joint equitable mortgage of immovable properties, present and future, ranking pari passu and hypothecation of fixed assets and second charge over current assets of the company.

4. Working Capital Loans from banks are secured against hypothecation of raw materials, finished goods, work-in-process, packing materials, book debts, bills for collection and other current assets and second pari passu charge over fixed assets of the company.

5. Unclaimed Dividend does not include any amount, due and outstanding, to be credited to Investor Education & Protection Fund.

6. Balance with Banks includes Unclaimed Dividend of Rs. 10,3S,911 (Previous year Rs. 9,50,315)

7. Fixed Deposits Receipts for Rs. 2,10,22,000 (Previous year Rs. 9,00,000) are pledged with Banks as Security and having maturity of more than 12 months.

8. Advance Tax shown as net of tax provisions and after adjustment of MAT credit entitlement Rs. 56,93,781 (Previous year Rs. 95,97,042).

9 CONTINGENT LIABILITIES AND COMMITMENTS ( to the extent not provided for) :

10. Contingent Liabilities :

a) Guarantees issued by banks for Rs. 24,3S,721 (Rs. 17,33,182)

b) Letters of Credits issued by banks for Rs. 70,60,879 (Rs. 1,19,41,083)

c) Claims against the Company not acknowledged as debt Rs. 6,47,109 (Rs. 6,20,949)

d) Demands / Claims by various Government Authorities not acknowledged as debt :

i) Sales Tax and Entry Tax Rs. 98,1S,0SS (Rs. 46,91,661) pending appeals on account of non submission of declaration forms and other matters.

ii) Excise Duty Rs. S,20,230 (Rs. S,20,230) pending appeals.

iii) Income Tax Rs. Nill (Rs. 11,21,533) pending rectification.

11. Commitments :

a) Estimated amount of Contract remaining to be executed on capital account, not provided for Rs. 24,63,196 (Rs. 25,59,456) advances paid Rs. 5,87,500 (Rs. 25,59,456).

12 EMPLOYEES BENEFITS :

a) As per the Accounting Standard IS " Employee benefit" the disclosures as defined in Accounting Standard are given below:

i) Defined Contribution Plans

Contribution to Defined Contribution Plans are recognised as expenses and charged off in Profit & Loss Account.

ii) Defined Benefit Plans

Employees Gratuity Fund Scheme and Leave encashment are considered as defined benefit plans.The present value of obligation are recognised as per the actuarial valuation.

13 Purchase of Raw Materials includes transfer from Trading Goods Rs. 2,21,33,927 (Rs. 1,86,68,378).

14 SEGMENT INFORMATION :

i) The Company is organised into two main business segments :

a) Paper Mill Products - Comprising of Technical Textiles Finished Woven Wire Cloth, Chemicals and Equipments mainly for Paper Mills.

b) Wind Power - Comprising of Wind Power

Segment has been identified and reported after taking into account the class of customers for the products & services, the differing risks & returns and the organisation structure.

ii) Segment revenue includes sales, income from services rendered and export incentives. Inter-segment revenue is recognised on the basis of prevailing market rates.

iii) Segment revenues, results, assets and liabilities include the respective amounts identifiable to reportable segments and amounts allocated on a reasonable basis.

15. Information about Secondary Business Segment :

i) The segment revenue in the geographical segment considered for disclosure are as follows :

a) Revenue within India includes sales to customers located within India and earnings in India.

b) Revenue outside India includes sales to customers located outside India and earnings outside India.

16 Figures in brackets represent figures for the previous year.

17 Previous year''s figures have been rearranged and regrouped wherever practicable and considered necessary.

---

Mar 31, 2013

1 CONTINGENT LIABILITIES AND COMMITMENTS (to the extent not provided for):

1.1 Contingent Liabilities :

a) Guarantees issued by banks for Rs. 17,33,182 (Rs. 14,39,795)

b) Letters of Credits issued by banks for Rs. 1,19,41,083 (Rs. 90,85,524)

c) Claims against the Company not acknowledged as debt Rs. 6,20,949 (Rs. 5,94,789)

d) Demands / Claims by various Government Authorities not acknowledge as debt:

i) Sales Tax Rs. 46,91,661 (Rs. 1,00,94,433) pending appeals on account of non submission of declaration forms

and other matters. ii) Excise Duty Rs. 5,20,230 (Rs. Nil) pending appeals. iii) Income Tax Rs. 11,21,533 (Rs. 5,05,532) pending rectification.

1.2 Commitments:

a) Estimated amount of Contract remaining to be executed on capital account, not provided for Rs. 25,59,456 (Rs. 25,59,456) advances paid Rs. 25,59,456 (Rs. 25,59,456).

2 EMPLOYEES BENEFITS :

a) As per the Accounting Standard 15 " Employee benefit" the disclosures as defined in Accounting Standard are given below: i) Defined Contribution Plans :

Contribution to Defined Contribution Plans are recognised as expenses and charged off in Profit & Loss Account. ii) Defined Benefit Plans :

Employees Gratuity Fund Scheme and Leave encashment are considered as defined benefit plans.The present value of obligation are recognised as per the actuarial valuation. iii) The Employee Gratuity Fund Scheme is managed by Life Insurance Corporation of India (LIC). The following figures are as per actuarial valuation report performed by LIC and recoginsed in the financial statements :

3 Purchase of Raw Materials includes transfer from Trading Goods Rs. 1,86,68,378 (Rs. 109,75,216).

4 SEGMENT INFORMATION :

i) The Company is organised into two main business segments :

a) Paper Mill Products - Comprising of Finished Woven Wire Cloth, Chemicals and Equipments mainly for Paper Industry.

b) Wind Power - Comprising of Wind Power

Segment has been identified and reported after taking into account the class of customers for the products & services, the differing risks & returns and the organisation structure.

ii) Segment revenue includes sales, income from services rendered and export incentives. Inter-segment revenue is recognised on the basis of prevailing market rates.

iii) Segment revenues, results, assets and liabilities include the respective amounts identifiable to reportable segments and amounts allocated on a reasonable basis.

5.1 a) Information about Secondary Business Segment:

i) The segment revenue in the geographical segment considered for disclosure are as follows :

a) Revenue within India includes sales to customers located within India and earnings in India.

b) Revenue outside India includes sales to customers located outside India and earnings outside India.

6 Information regarding related parties as required by Accounting Standard 18 issued by the Institute of Chartered Accountants of India are given below :

6.1 Names of the related parties with whom transactions were carried out during the year and description of relationship:

a) Enterprises over which Key Management Personnel exercises significant influence :

i) Kingsley Industries Ltd.

ii) WMW Metal Fabrics Ltd.

iii) W & F Securities Pvt. Ltd. ( Holding Company)

iv) W & F Chemicals Ltd.

v) WMW Mercantile Pvt. Ltd.

vi) Nathmall Jankilal

b) Key Management personnel i) Mr. B K Khaitan

ii) Mr. K K Khaitan iii) Mr. M K Khaitan

c) Relatives of Key Management personnel

i) Mr. Devesh Khaitan S/o. Mr. K.K. Khaitan

ii) Mr. Madhur Krishna Khaitan S/o. Mr. B.K. Khaitan

7 Figures in brackets represent figures for the previous year.

8 Previous year''s figures have been rearranged and regrouped wherever practicable and considered necessary.

---

Mar 31, 2012

1.1 Rights attached to Equity Shares

The Company has only one class of shares ( Issued), having face value of Rs. 10/- each. Each holder of Equity Shares is entitled to one vote per share. The Dividend proposed by the Board of Directors is subject to the approval of the sharehold- ers in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the Equity Share- holder are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in preperation to their shareholding.

1.2 The Board of Directors at its meeting held on 09.08.2012 has recommended Dividend of Rs. 1.80 per equity share for the year.

2.1 Term Loans from banks are secured by joint equitable mortgage of immovable properties, present and future, ranking pari passu and hypothecation of fixed assets , (save and except certain specified assets ( as indicated in 3.2 below) and second charge over current assets of the company.

2.2 Term Loans from bank - availed under specific scheme are secured by exclusive first charge by way of hypothecation of the related assets purchased .

2.3 Term Loans from banks are re-payable in quarterly installments, maturity profile are given here in under:

3.1 Working Capital Loans from banks are secured against hypothecation of raw materials, finished goods, work-in- process,packing materials, book debts ,bills for collection and other current assets and second pari passu charge over fixed assets of the company.

4.1 Unclaimed Dividend does not include any amount, due and outstanding, to be credited to Investor Education & Protection Fund,

5.1 a) The Gross Block of Fixed Assets includes Rs 207,780,730 @ Previous year Rs 207,780,730) on account of revaluation of Fixed Assets. Consequent to the said revaluation an additional charge of depreciation of Rs. 28,371,784 @ previous year Rs 28,406,401) during the year, which is set off by withdrawing the equivalent amount from Revaluation Reserve. This has no impact on profit for the year.

b) Capital Work- in Progress includes Project & Pre- Operative Expenditure Rs.1,4S7,6S2 @ Previous year Rs. 1,S97,779), pending allocation.

5.1 Balance with Banks includes Unclaimed Dividend of Rs 878179 ( Previous year Rs 818421)

5.2 Fixed Deposits are for maturity of more than 12 months and includes interest accrued Rs. 74404 ( Previous year Rs. 2S6964).

15.3 Fixed Deposits Receipts for Rs 900000 (Previous year Rs..8S8,286) are pledged with Banks as Security against Letters of Guarantee etc.

6 Contingent Liabilities and Commitments ( to the extent not provided for) :

6.1 Contingent Liabilities :

a) Guarantees issued by banks for Rs. 1,439,795 (Rs. 1,677,655 )

b) Letters of Credits issued by banks for Rs 9,085,524 (Rs. 3,821,669 )

c) Claims against the Company not acknowledged as debt Rs 594,789 (Rs. 568,629 )

d) Demands / Claims by various Government Authorities not acknowledge as debt :

i) Sales Tax Rs 10,094,433 (Rs. 1,805,516 ) pending appeals.

ii) Service Tax Rs Nil (Rs. 265,647 ) pending appeal.

iii) Excise Duty Rs Nil (Rs. 1,407,362 ) pending appeals.

iv) Income Tax Rs 505,532 (Rs. 98,304 ) pending appeal.

6.2 Commitments :

a) Estimated amount of Contract remaining to be executed on capital account, not provided for Rs 2,559,456 (Rs. 2,559,456), advances paid Rs 2,559,456 (Rs. 2,559,456 ).

7 Employees Benefits :

As per the Accounting Standard 1S " Employee benefit" the disclosures as defined in Accounting Standard are given below:

i) Contribution to Defined Contribution Plans are recognised as expenses and charged off in Profit & Loss Account.

ii) The present value of Obligation for Defined Benefit Plans (Gratuity & Leave encashment) are recognised as per the actuarial valuation.

iii) The Employee Gratuity Fund Scheme is managed by Life Insurance Corporation of India (LIC) . The following figures are as per actuarial valuation report performed by LIC and recoginsed in the financial statements :

8 Purchase of Raw Materials includes transfer from Trading Goods Rs. 10,975,216 (Rs. 24,415,027)

9 SEGMENT INFORMATION :

i) The Company is organised into two main business segments :

a) Paper Mill Products - Comprising of Finished Woven Wire Cloth, Chemicals and Equipments mainly for Paper Industry.

b) Wind Power - Comprising of Wind Power

Segment has been identified and reported after taking into account the class of customers for the products & services, the differing risks & returns and the organisation structure. Other Industrial Products, not reportable, being less than required persentage as per Accounting Standard - 17.

ii) Segment revenue includes sales, income from services rendered and export incentives. Inter-segment revenue is recognised on the basis of prevailing market rates.

iii) Segment revenues, results, assets and liabilities include the respective amounts identifiable to reportable segments and amounts allocated on a reasonable basis.

9.2 b) Information about Secondary Business Segment :

i) The segment revenue in the geographical segment considered for disclosure are as follows :

a) Revenue within India includes sales to customers located within India and earnings in India.

b) Revenue outside India includes sales to customers located outside India and earnings outside India.

10 Information regarding related parties as required by Accounting Standard 18 issued by the Institute of Chartered Accountants of India are given below :

10.1 Names of the related parties with whom transactions were carried out during the year and description of relationship:

a) Enterprises over which Key Management Personnel exercises significant influence :

i) Kingsley Industries Ltd

ii) WMW Metal Fabrics Ltd

iii) W & F Securities Pvt Ltd ( Holding Company)

iv) Nathmall Jankilal

v) WMW Mercantile Pvt. Ltd

b) Key Management personnel

i) Mr. B K Khaitan

ii) Mr. K K Khaitan

iii) Mr. M K Khaitan

c) Relatives of Key Management personnel

i) Mr. Devesh Khaitan S/o Mr. K.K. Khaitan

ii) Mr. Madhur Krishna Khaitan S/o Mr. B.K. Khaitan

11 Figures in brackets represent figures for the previous year.

12 Previous year's figures have been rearranged and regrouped wherever practicable and considered necessary.

---

Mar 31, 2011

1) Contingent Liabilities not provided for in respect of:

a) Guarantees issued by banks for Rs.1,677,655 (Rs.2,298,083)

b) Letters of Credits issued by banks for Rs.3,821,669 (Rs.530,712)

c) Claims against the Company not acknowledged as debt Rs.568,629 (Rs.542,469)

d) Demands / Claims by various Government Authorities not acknowledge as debt : i) Sales Tax Rs.1,805,516 (Rs.1,177,539) pending appeals.

ii) Service Tax Rs.265,647 (Rs.692,229) pending appeal.

iii) Excise Duty Rs.1,407,362 (Rs.1,407,632) pending appeals.

iv) Income Tax Rs.98,304 (Rs. Nil) pending appeal.

2) Estimated amount of Contract remaining to be executed on capital account, not provided for Rs.2.559,456 (Rs.3,628,956i, advances paid Rs.2,559,456 (Rs.2,687,456).

3) a) Term Loans due within succeeding one year Rs.44,584,465 (Rs.23,688,369).

b) Term Loans from banks are secured by joint mortgage by deposit of title deeds in respect of immovable properties. present and future, ranking pari passu and hypothecation of fixed assets, (save and except certain specified assets as indicated in (c) below) and second charge over current assets of the company.

c) Term Loans from bank - availed under Car Loan Scheme are secured by exclusive first charge by way of hypothecation of the related assets purchased.

d) Working Capital Loans from banks are secured against hypothecation of raw materials, finished goods, work-in- process, packing materials, book debts, bills for collection and other current assets and second charge over fixed assets of the Company.

4) Plants Machinery and Electric Installation of Jaipur Unit were revalued as on 1st January, 2006 by an independent approved valuer on the basis of market value (referred to as "Depreciated Replacement cost" in Valuers Report). The resultant increase in the net book value of such assets by Rs.20,77,80,730 was credited to Revaluation Reserve.

5) Fixed Deposits Receipts of Rs.858,286 (Rs.858,286) are pledged with Banks as Security against Letters of Guarantee etc.

6) Loans and Advances includes Balance with Central Excise Department Rs.4,936,368 (Rs.8,133,567).

7) b) Unclaimed Dividend does not include any amount, due and outstanding, to be credited to Investor Education & Protection Fund.

8) a) Purchase of Raw Materials includes transfer from Trading Goods Rs.24,415,027 (Rs.34,230,585).

b) Rebate on Sales and Compensation is net of Rs.459,633 (Rs.751,652).

c) Interest on Fixed Loans is net of Interest transfer to Pre-operative expenses Nil (Rs.3,603,972).

d) Miscellaneous Expenses include :-

a) Loss on account of foreign exchange fluctuation (net) Rs.279,210; previous year (Rs.Nil).

9) a) Export incentive included in Sales of Rs.14,543,931, (Rs. Nil) which includes relating to previous years Rs.3.570,388.

b) Miscellaneous Income includes, gain on account of foreign exchange fluctuation (net) Rs. Nil; previous year Rs.3,538,062.

c) Profit on sale of assets (net) includes profit on transfer of a portion of Lease hold Land and Buildings thereon Rs. 10,997,747 (Rs. Nil).

9) Computation of Net Profit in accordance with Section 349 of the Companies Act, 1956 is not required as remuneration has been paid as per Section II of Part II of Schedule XIII of the Companies Act, 1956 to wholetime Directors.

10) As per the Accounting Standard 15 " Employee benefit" the disclosures as defined in Accounting Standard are given below:

a) Contribution to Defined Contribution Plans are charged off in Profit & Loss Account.

b) The present value of Obligation for Defined Benefit Plans (Gratuity & leave encashment) are recognised as per the actuarial valuation.

11) a) Segment Information about Primary Business Segment

NOTES:

i) The Company is organised into two main business segments :

a) Paper Mill Products - Comprising of Finished Woven Wire Cloth, Chemicals and Equipments for Paper Industry.

b) Wind Power - Comprising of Wind Power.

Segment has been identified and reported after taking into account the class of customers for the products & services, the differing risks & returns and the organisation structure. Other Industrial Products, not reportable, being less than required percentage as per Accounting Standard - 17. shown as Unallocated.

ii) Segment revenue includes sales, income from services rendered and export incentives. Inter-segment revenue is recognised on the basis of prevailing market rates.

iii) Segment revenues, results, assets and liabilities include the respective amounts identifiable to reportable segments and amounts allocated on a reasonable basis.

b) Information about Secondary Business Segment.

NOTES:

i) The segment revenue in the geographical segment considered for disclosure are as follows :

a) Revenue within India includes sales to customers located within India and earnings in India.

b) Revenue outside India includes sales to customers located outside India and earnings outside India.

ii) The Company has no assets located outside India.

12) Information regarding related parties as required by Accounting Standard 18 issued by the Institute of Chartered Accountants of India are given below :

1 Names of the related parties with whom transactions were carried out during the year and description of relationship:

a) Enterprises over which Key Management Personnel exercises significant influence :

i) Kingsley Industries Ltd.

ii) WMW Metal Fabrics Ltd.

iii) W & F Securities Pvt Ltd (Holding Company)

iv) Nathmall Jankilal

v) WMW Mercantile Pvt. Ltd.

b) Key Management personnel

i) Mr. B K Khaitan

ii) Mr. K K Khaitan

iii) Mr. M K Khaitan

c) Relatives of Key Management personnel

i) Mr. Devesh Khaitan S/o Mr. K.K. Khaitan

ii) Mr. Madhur Krishna Khaitan S/o Mr. B.K. Khaitan

13) Figures in brackets represent figures for the previous year.

14) Previous year's figures have been rearranged and regrouped wherever practicable and considered necessary.

---

Mar 31, 2010

1) Contingent Liabilities not provided for in respect of :

a) Guarantees issued by banks for Rs. 2,298,083 (Rs. 1,749,198)

b) Letters of Credits issued by banks for Rs 530,712 (Rs. 56,814,116)

c) Claims against the Company not acknowledged as debt Rs 542,469 (Rs.730,176)

d) Demands /Claims by various Government Authorities not acknowledged as debt:

i) Sales Tax Rs 1,177,539 (Rs. 823,399) pending appeals.

ii) Service Tax Rs 692,229 (Rs. 115,545) pending appeals. Paid under protest Rs. Nil (Rs. 58,000)

iii) Excise Duty Rs 1,407,362 (Rs. 1,660,602) pending appeals.

iv) Income Tax Rs Nil (Rs. 1,665,222) pending appeals.

2) Estimated amount of Contract remaining to be executed on capital account, not provided for Rs. 3,628,956 (Rs. 47,071,424), advances paid Rs 2,687,456 (Rs. 9,633,592).

3) a) Term Loans due within succeeding one year Rs 23,688,369 (Rs.62,839,506).

b) Term Loans from banks are secured by joint mortgage by deposit of title deeds in respect of immovable properties, present and future, ranking pari passu and hypothecation of fixed assets , (save and except certain specified assets as indicated in (c) below) and second charge over current assets of the company.

c) Term Loans from bank - availed under Car Loan Scheme are secured by exclusive first charge by way of hypothecation of the related assets purchased.

d) Working Capital Loans from banks are secured against hypothecation of raw materials, finished goods, work-in- process, packing materials, book debts, bills for collection and other current assets and second charge over fixed assets of the Company.

4) Plant & Machinery and Electric Installation of Jaipur Unit were revalued as on 1st January, 2006 by an independent approved valuer on the basis of market value (referred to as "Depreciated Replacement cost" in Valuers Report). The resultant increase in the net book value of such assets by Rs.20,77,80,730 was credited to Revaluation Reserve.

5) Fixed Deposits Receipts of Rs 858,286 (Rs.858,286) are pledged with Banks as Security against Letters of Guarantee etc.

6) Loans and Advances includes Balance with Central Excise Department Rs 8,133,567 (Rs, 9,494,572).

b) Unclaimed Dividend does not include any amount, due and outstanding, to be credited to Investor Education & Protection Fund.

7) a) Purchase of Raw Materials includes transfer from Trading Goods Rs 34,230,585 (Rs 2,42,74,007).

b) Rebate on Sales and Compensation is net of Rs. 751,652 (Rs.Nil).

c) Interest on Fixed Loans is net of Interest transfer to Pre-operative expenses Rs 3,603,972 (Rs. 3,876,722).

d) Profit/Loss on sale of Investment is net of fees and expenses for the investment activities Rs.Nil (Rs.4,96,043)

e) Miscellaneous Expenses include :

i) Loss on account of foreign exchange fluctuation (net) Rs. Nil; (Rs. 2,465,439). ]

ii) Fees and out-of-pocket expenses paid/payable to Auditors.

8) Miscellaneous Income includes, gain on account of foreign exchange fluctuation (Net) Rs.3,538,062; (Rs. Nil).

9) Computation of Net Profit in accordance with Section 349 of the Companies Act, 1956 is not required as remuneration has been paid as per Section II of Part II of Schedule XIII of the Companies Act,1956.

10) As per the Accounting Stansard 15 " Employee benefit" the disclosures 9s defined in Accounting Standard are given below:

a) Contribution to Defined Contribution Plans are charged off in Profit & Loss Account.

b) The present value of Obligation for Defined Benefit Plans (Gratuity & leave encashment) are recognized as per the actuarial valuation except gratuity payable to whole time directors, which has already been provided at full extent as per the provisions of "Payment of Gratuity Act,1972 ".

11) Additional information pursuant to provisions of paragraphs 3 & 4 of Schedule VI to the Companies Act,1956

NOTES :

i) The Company is organised into two main business segments :

a) Paper Mill Products - Comprising of Finished Woven Wire Cloth, Chemicals and Equipments for Paper Industry.

b) Wind Power -Comprising of Wind Power

Segment has been identified and reported after taking into account the class of customers for the products & services, the differing risks & returns and the organisation structure. Other Industrial Products, not reportable, being less than required percentage as per Accounting Standard -17, shown as Unallocated.

ii) Segment revenue includes sales, income from services rendered and export incentives. Inter-segment revenue is recognised on the basis of prevailing market rates. iii) Segment revenues, results, assets and liabilites include the respective amounts identifiable to reportable segments and amounts allocated on a reasonable basis.

12) Information regarding related parties as required by Accounting Standard 18 issued by the Institute of Chartered Accountants of India are given below : 1. Names of the related parties with whom transcations were carried out during the year and description of relationship :

a) Enterprises over which Key Management Personnel exercises significant influence : i) Kingsley Industries Ltd

ii) WMW Metal Fabrics Ltd

iii) W & F Securities Pvt Ltd ( Holding Company)

iv) Nathmall Jankilal

b) Key Management personnel i) Mr. B. K. Khaitan

ii) Mr. K. K. Khaitan iii) Mr. M. K. Khaitan

c) Relatives of Key Management personnel

i) Mr. Devesh Khaitan S/o Mr. K. K. Khaitan

ii) Mr. Madhur Krishna Khaitan S/o Mr. B. K. Khaitan .

13) Figures in brackets represent figures for the previous year.

14) Previous years figures have been rearranged and regrouped wherever practicable and considered necessary.

Signatures to Schedule 1 to 16 annexed to and forming part of the Balance Sheet as at 31st March, 2010 and the Profit and Loss Account for the year ended on that date