Vishal Papertech (India) Ltd. के अकाउंट के लिये नोट

Mar 31, 2012

1.1 Current Assets, Loans & Advances

In the opinion of the Directors of the company the current assets, loans and advances are approx. of the value as stated if realized in the ordinary course of business and are subject to confirmation.

1.2 Related Party Disclosures

Related party disclosures as required under Accounting Standard on "Related Party Disclosures" issued by the Institute of Chartered Accountants of India are given below :-

a) Relationship

i) Subsidiary Companies

NIL

ii) Joint Ventures and Associates

NIL

iii) Key Management Personnel (Managing Director/Whole-time directors)

Mahesh Gupta Vidya Sagar Ankit Gupta Harinder Kumar Goyal Yash Pal Goyal Satya Pal Singh

iv) Relative of the Key Management Personnel*

Krishan Mohan Krishna Devi Krishan Mohan HUF Mohan Parkash Mohan Parkash HUF Mahesh Gupta HUF Ram Gopal HUF Rohini Gupta Suman Gupta Suraj Bhan Gupta Suraj Bhan & Bros Suraj Bhan Gupta HUF

Sunita Gupta Sangeeta Jain

v) Entities over which key management personnel/their relatives are able to exercise significant influence*

Babu Ram Ram Gopal Vishal Paper Industries Vishal Paper Mills Limited Vishal Coaters Limited DSG Papers Private Limited Vishal Paper & Board Mills (P)Ltd

* With whom the company had transactions.

In compliance with Accounting Standard (AS-22) relating to "Accounting on Taxes on Income" issued by the Institute of Chartered Accountants of India, Deferred Tax Liability accruing during the year aggregating to Rs 39.87 lacs has been recognized in the Statement of Profit & Loss.

From Directors and their relatives: -

The Company has received Unsecured Loans from Directors and their relatives. These loans are interest bearing and are repayable on demand.

Inter-Corporate Deposits: -

The inter-corporate deposits are also interest bearing. However, no fixed maturity period has been provided for the inter- corporate deposits.

1.3 In the opinion of the management of the Company, there are no micro, small and medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at March 31, 2012. The information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of the information available with the Company and have been relied upon by the statutory auditors of the Company.

1.4 Segment Reporting Business Segments

The Company operates only in the business segment of "Paper & Paper Board Products", and in the opinion of the management the inherent nature of activities in which it is engaged are governed by the same set of risks and reward. As such the activities are identified as single segment in accordance with the Accounting Standard (AS-17) issued under Companies (Accounting standards) Rule 2006, as amended up to date.

1.5 Previous year figures have been re-grouped and re-arranged wherever considered necessary. The figures in Balance Sheet and Profit & Loss account have been reflected in nearest rupee.

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Mar 31, 2011

1. Estimated amount of contracts remaining to be executed in capital account and not provided for is Nil.(Previous Year Nil)

2. In the opinion of the Directors of the company the current assets, loans and advances are approx. of the value as stated if realized in the ordinary course of business and are subject to confirmation.

3. Contingent Liabilities

a) Claims against the company not acknowledged as debts - Nil

b) Called liabilities on shares partly paid - Nil

c) Other money for which the company is contingently liable - Nil

d) Unpaid foreign letters of credit amounting to - Nil

4. Traveling & Conveyance Rs 22.39 lacs (Previous Year Rs. 12.59 lacs) includes

5. No provision has been made for remuneration payable to Managing Director.

6. SEGMENT REPORTING Business Segments

The Company is dealing in paper and paperboard products. As such, there are no reportable business segments.

7. RELATED PARTY DISCLOSURES

Related party disclosures as required under Accounting Standard on "Related Party Disclosures" issued by the Institute of Chartered Accountants of India are given below :-

a) Relationship

i) Subsidiary Companies

NIL

ii) Joint Ventures and Associates

NIL

iii) Key Management Personnel (Managing Director/Whole-time directors)

Mahesh Gupta Vidya Sagar Ankit Gupta Harinder Kumar Goyal Yash Paul Goyal Satya Pal Singh

iv) Relative of the Key Management Personnel*

Krishna Mohan Krishna Devi Krishan Mohan HUF Mohan Parkash

Mohan Parkash HUF Mahesh Gupta HUF Ram Gopal HUF Rohini Gupta Suman Gupta Suraj Bhan Gupta Suraj Bhan & Bros Suraj Bhan Gupta HUF Sunita Gupta

v) Entities over which key management personnel/their relatives are able to exercise significant influence*

Babu Ram Ram Gopal Vishal Paper Industries Vishal Paper Mills Limited Vishal Coaters Limited

* With whom the company had transactions.

8. Income Tax

Current Tax

Provision for Income tax has been made as per Income-tax Act, 1961.

Deferred Tax

In compliance with Accounting Standard (AS-22) relating to "Accounting on Taxes on Income" issued by the Institute of Chartered Accountants of India, Deferred Tax Liability accruing during the year aggregating to Rs 55.99 lacs has been recognized in the Profit & Loss Account.

9. Fixed assets possessed by the company are treated as corporate assets and are not Cash Generating Unit as per Accounting Standard -28 issued by the Institute of Chartered Accountants of India. In the opinion of management there is no impairment of the fixed assets of the company.

10. Unsecured Loans includes some interest bearing deposits from business associates and certain relatives of the promoters in the nature of Loans in compliance to the stipulation of the financial institutions and therefore in the opinion of the management the same does not attract the provisions of section 58-A of the Companies Act, 1956.

11. EMPLOYEE BENEFITS

Defined Contribution Plans: Contribution to Provident Fund of Rs. 5.55 lacs (Previous year Rs 3.84 lacs) is recognized as an expense and included in ''Salaries, Wages & Allowances'' in the Profit and Loss Account.

Defined Benefit Plans: The amounts recognized in respect of Gratuity - as per Actuarial valuation.

12. Earnings Per Share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.

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

13. In the opinion of the management of the Company, there are no micro, small and medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at March 31, 2011. The information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of the information available with the Company and have been relied upon by the statutory auditors of the Company.

14. Additional information pursuant to the provisions of the paragraph 3,4C & 4D of part II of schedule VI of the companies act, 1956 are as per Annexure XXI(a)

15. Balance Sheet Abstract & Company''s general business profile are as per Annexure XX(b)

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Mar 31, 2010

1. Estimated amount of contracts remaining to be executed in capital account and not provided for is Nil.(Previous Year Nil)

2. In the opinion of the Directors of the company the current assets, loans and advances are approx. of the value as stated if realized in the ordinary course of business and are subject to confirmation.

3. Contingent Liabilities

a) Claims against the company not acknowledged as debts - Nil

b) Called liabilities on shares partly paid - Nil

c) Other money for which the company is Contingently liable - Nil

d) Unpaid foreign letters of credit amounting to - Nil

6. No provision has been made for remuneration payable to Managing Director.

7. SEGMENT REPORTING Business Segments

The Company is dealing in paper and paperboard products. As such, there are no reportable business segments.

8. RELATED PARTY DISCLOSURES

Related party disclosures as required under Accounting Standard on "Related Party Disclosures" issued by the Institute of Chartered Accountants of India are given below :-

a) Relationship

i) Subsidiary Companies

NIL

ii) Joint Ventures and Associates

NIL

iii) Key Management Personnel (Managing Director/Whole-time directors)

Mahesh Gupta Vidya Sagar Ankit Gupta

iv) Relative of the Key Management Personnel*

Krishna Mohan Krishna Devi Krishan Mohan HUF Mahesh Gupta HUF Ram Gopal HUF Suraj Bhan Gupta

v) Entities over which key management personnel/their relatives are able to exercise significant influence*

Babu Ram Ram Gopal Vishal Paper Industries Vishal Paper Mills Limited Vishal Coaters Limited

* With whom the company had transactions.

b) The following transactions were carried out with related parties in the ordinary course of business.

i) Subsidiary Companies, Joint Ventures and associates

NIL

ii) Key Management Personnel and their relatives

9. Income Tax

Current Tax

Provision for Income tax and fringe benefit tax has been made as per Income-tax Act, 1961. Deferred Tax

In compliance with Accounting Standard (AS-22) relating to "Accounting on Taxes on Income" issued by the Institute of Chartered Accountants of India, Deferred Tax Liability accruing during the year aggregating to Rs 55.19 lacs has been recognized in the Profit & Loss Account.

10. Fixed assets possessed by the company are treated as corporate assets and are not Cash Generating Unit as per Accounting Standard -28 issued by the Institute of Chartered Accountants of India. In the opinion of management there is no impairment of the fixed assets of the company.

11. Unsecured Loans includes some interest bearing deposits from business associates and certain relatives of the promoters in the nature of Loans in compliance to the stipulation of the financial institutions and therefore in the opinion of the management the same does not attract the provisions of section 58-A of the Companies Act, 1956.

12. Staff Benefit Plans

No Provision has been made for accrued liability on account of gratuity or Leave Encashment payable. The same shall be accounted for on cash basis as and when paid.

13. Earnings Per Share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of equity shares outstanding during the year are adjusted for the effects of all dilutive | potential equity shares.

14. In the opinion of the management of the Company, there are no micro, small and medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at March 31, 2010. The information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of the information available with the Company and have been relied upon by the statutory auditors of the Company.

15. Additional information pursuant to the provisions of the paragraph 3,4C & 4D of part II of schedule VI of the companies act, 1956 are as per Annexure XXI(a)

16. Balance Sheet Abstract & Company''s general business profile are as per Annexure XX(b)