* 5,467 1.5 % preference shares have been issued as fully paid up by way of bonus shares without payment being received in cash to the equity shareholders of B&B Triplewall Containers Limited (formerly known as B&B Triplewall Containers Private Limited,) as at January 8, 2016 in terms of the scheme of amalgamation ('the Scheme') sanctioned by the High Court of Judicature at Karnataka vide Order dated January 8, 2016. Company may redeem these preference shares after the completion of 3 years from the date of issue at it's option. There is no any redemption during the current financial year.
** Details of securities given in respect of term loans and short term borrowings from banks:
All the term loans from banks are primarily secured by first charge of hypothecation on / mortgage of the assets financed under the respective term loans. Besides this, following assets are given as common collateral security for the term loans and short term borrowings from banks, namely, -
First and exclusive charge on movable fixed assets of the Company except the assets exclusively financed by other banks.
Freehold industrial property owned by the Company located at No. 86, KIADB Industrial Area, Bommasandra Jigani Link Road, Bangalore.
Freehold industrial property owned by the Company located at Sy. No. 263 2/3, Marsur Madival Village, Near Attibele Industrial Area, Anekal Taluk, Bangalore.
Freehold industrial property owned by the Company located at Sy No. 75 -1A2/1B1 & 73-2A Thyagarasanapalli (Shoolagiri) Hosur Taluk, Krishnagiri District, TN .
Leasehold land Plot no B-8, B-12 to B-18 Sipcot Industrial Complex Bargur, Parandapalli Village, Pochampali Taluk, Krishnagiri District Tamil Nadu 635206.
Personal Guarantee of Promoters / Directors / KMP / Shareholders (Relatives of Directors / KMPs) of the equity shareholding namely Alok Agarwal, Amit Agarwal, Manish Bothra, Nishant Bothra, Ravi Agarwal, Sidharth Agarwal, Manish Kumar Gupta.
The Rate of interest on term loans varies from 6.42% p.a to 8.6% p.a *** Terms & Conditions for Inter Corporate Borrowing
a) During the year Company has borrowed Rs.1000 Lakhs inter corporate loan from Anjaney Ferro Alloys Ltd, Which is unsecured repayable after 3 years and it bears rate of interest 11.25% p.a.
b) The remaining outstanding of Rs. 54.15 Lakhs inter corporate loan is from Amit Packs Private Limited which is unsecured and it carries rate of interest at 15% p. a
Interest is payable at the end of each financial year.
»»»» Terms & Conditions for Loans & Advances from related parties and directors
Loans and Advances from related parties and directors are repayable after 31st March 2024, These loans carries rate of interest at 15% p.a,
Interest is payable at the end of each financial year.
Note 43 Employee benefit plans 1. Defined benefit plans - Gratuity
In accordance with Indian law, the Company operates a scheme of gratuity which is a defined benefit plan. The gratuity plan provides for a lump sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount equivalent to 15 to 30 days7 salary payable for each completed year of service. Vesting occurs upon completion of five continuous years of service. The Company manages the plan through a trust. The following table sets out the details of the defined benefit retirement plans and the amounts recognised in the financial statements:
Please note that the sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occurinig solation of one another as some of the assumptions may be correlated.
The is no change in the method of valuation for the prior-period.For change in assumptions please refer to section 5 above, where assumptions for prior period, if applicable, are given.
The discount rate indicated above reflects the estimated timing and currency of benefit payments. It is based on the yields / rates available on applicable bonds as on the current valuation date.
The salary growth rate indicated above is the Company's best estimate of an increase in salary of the employees in future years, determined considering the general trend in inflation, senority, promotions, past experience and other relevant factors such as demand and supply in employment market, etc.
Attrition rate indicated above represents the Company's best estimate of employee turnover in future (other than on account of retirement, death or disablement) determined considering various factors such as nature of business, retention policy, industry factors, past experience, etc.
The Company is expected to contribute Rs. 23,75,205 to defined benefit plan obligations funds for the year ending March 31,2023.
a. Investment risk
The gratuity plan is funded with Life Insurance Corporation of India (LIC). The Company does not have any liberty to manage the fund provided to LIC.
The present value of the defined benefit plan liability is calculated using a discount rate determined by reference to Government of India bonds. If the return on plan asset is below this rate, it will create a plan deficit.
b. Interest risk
A decrease in the interest rate on plan assets will increase the plan liability.
c. Longevity ristylife expectancy
The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and at the end of the employment. An increase in the life expectancy of the plan participants will increase the plan liability.
d. Salary growth risk
The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. An increase in the salary of the plan participants will increase the plan Lability
2. Defined contribution plans:
A sum of Rs. 81,37,780 (Previous year Rs.71,97,421) has been charged to the Statement of Profit and Loss in respect of Company's contribution to provident fund and employees state insurance.
Fair value of financial assets and financial liabilities measured at amortised cost:
The management believes that the fair values of non-current financial assets (e.g. loans and others),current financial assets (e.g., cash and cash equivalents, trade receivables, loans and others excluding other derivative assets) and current financial liabilities (e.g. trade payables and other payables excluding derivative liabilities) approximate their carrying amounts.
Ind AS-108 Operating Segments
Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the chief operating officer i.e. Managing director of the company.
On review of operations, it is identified that the company has only one segment.
Information about products and services
B&B Triplewall Containers Limited manufactures and supplies paper container packaging products. The Company offers corrugated box, boards, and sheets.
Information about major customers
Above 10% sales or purchases to one person
There are two companies from which the company earns more than 10% of its revenue.
Note: 38
Contingent Liabilities and Commitments
- Contingent Liabilities -
Letter of Credit Rs 85.14 Lakhs/- (Previous Year-Rs. 512.39 Lakhs)
Bank Guarantee Rs. 0/- (Previous Year -Rs. 1.38 Lakhs)
- Commitments on capital account Rs. 3250 Lakhs . (Previous Year - 10400 Lakhs)
Reason for Difference in Inventory Value: In the bank statement the rate of Paper considered was as per March-2022 valuation. Since the fluctuation in the Paper price was in the range of 30% to 40% during the year, paper rate has been reworked by FIFO method as on 31.03.2023. Hence the difference both bank statements & actual valuation.
Reason for Difference in Debtors Value: The Debtors /Creditors has been reclassified /Regrouped during the year, Which was not considered in the statement submitted to bank.
Note: 40
Balances in parties' accounts are subject to confirmation and reconciliation.
Note: 41
Cash Flow Statement has been prepared using the In-direct Method prescribed in Indian Accounting Standard- 7 issued under Companies (Accounts) Rules, 2014.
Note: 42
There is no impairment to assets as per Indian Accounting Standard 36 issued by Companies (Accounting Standard) Rules, 2014. Consequently, there is no impairment loss debited to Profit and Loss account.
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