n Provisions, Contingent Liabilities and Contingent Assets

A Provision is recognized when there is a present obligation as a result of amount of a past event that probably requires an
outflow of resources and a reliable estimate can be made of the amount of the obligation. Disclosure for contingent liability is
made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of
resources. No provision is recognized or disclosure for contingent liability is made when there is a possible obligation or a
present obligation and the likelihood of outflow of resources is remote. Contingent Assets is neither recognized nor disclosed
in the financial statements.

In the process of applying the Company's accounting policies, management has made the following estimates, assumptions
and judgements which have significant effect on the amounts recognized in the financial statement:

a Income taxes

Judgment of the Management is required for the calculation of provision for income taxes and deferred tax assets and
liabilities. The company reviews at each balance sheet date the carrying amount of deferred tax assets. The factors used in
estimates may differ from actual outcome which could lead to significant adjustment to the amounts reported in the financial
statements.

b Contingencies

Judgment of the Management is required for estimating the possible outflow of resources, if any, in respect of
contingencies/claim/ litigations against the company as it is not possible to predict the outcome of pending matters with
accuracy

c Allowance for uncollected accounts receivable and advances

Trade receivables do not carry any interest and are stated at their normal value as reduced by appropriate allowances for
estimated irrecoverable amounts. Individual trade receivables are written off when management deems them not collectible.

d Defined Benefit Plans

The cost of the defined benefit plan and other post-employment benefits and the present value of such obligation are
determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual
developments in future. These Includes the determination of the discount rate, future salary increases, mortality rates and
attrition rate. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly
sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

36 The paper factory remains under shut down w.e.f. 6th October, 2010 to fulfil certain pollution control measures as laid down by Central Pollution Control Board. The
company has disposed off its entire plant & machinery and substantial portion of CWIP during the previous years. The management of the company is considering
various alternative business plans to utilize the remaining PPE of the company. In view of the same and on the basis of comfort letter received from a promoter
company confirming their financial support, the going concern basis is maintained. Further the management does not foresee any impairment in the remaining PPE of
the company.

37 Disclosure pursuant to Indian Accounting Standard - 19 'Employee Benefits' as notified u/s 133 of the Companies Act, 2013

37.1 Defined Contribution Plan:

The Company makes contribution towards provident fund and Employee's State Insurance Corporation (ESIC) to a defined contribution retirement benefit plan for
qualifying employees. The Provident Fund plan and ESIC are operated by concerned Government agencies created for the purpose. Under the said schemes the
company is required to contribute a specific percentage of pay roll costs in respect ofeligible employees to the Scheme to fund the benefits. The contribution payable to
these plans by the company is at the rates specified in the rules of the scheme. The contributions payable to these plans by the Company are at the rates specified in the
rules of the scheme.

42 Financial Risk Management

The Company's financial liabilities comprise long term borrowings, short term borrowings, capital creditors, trade and other payables. The Company's financial assets
include trade and other receivables, cash and cash equivalents and deposits.

The audit committee provides assurance to the Company's management that the Company's risk activities are governed by appropriate policies and procedures and
that risks are identified, measured and managed in accordance with the Company's policies and risk objectives. The Board of Directors reviews and agrees policies for
managing each of these risks, which are summarised below.

42.3 Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two
types of risk: interest rate, currency risk and other price risk, such as commodity price risk and equity price risk. Financial instruments affected by market risk include
trade payables, trade receivables, etc

42.3.1 Foreign Exchange Risk

The company does not have any exposure in foreign currency at the year end of 31st March 2024 and 31st March 2023. Hence the risk of foreign exchange fluctuation is
nil.

42.3.2 Interest Rate Risk

The company does not have any exposure to Interest Rate risk as on 31st March 2024 and 31st March 2023

44 Captial Management

For the purpose ofthe Company's capital management, capital includes issued equity capital, securities premium andall other equity reserves attributable to the equity
holders of the Company. The primary objective of the Company's capital management is to maximise the shareholder value. The Company manages its capital structure
and makes adjustments in light of changes in economic conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment to
shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net
debt.

45 Segment Reporting

The Company's business activities fall within a single primary reportable segment viz., Writing & Printing Paper. Accordingly, pursuant to Indian Accounting Standard-
108 on Segment Reporting, Segmental Information is not given.

46 Other Statutory Information

i) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers)

ii) The company do not have any Benami property, where any proceeding has been initiated or pending against the company for holding any Benami Property.

iii) The company do not have any transactions with struck off companies under Section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

iv) The company do not have any charges or satisfaction which is yet to be registered with Registrar of Companies beyond the statutory period.

v) The company has not traded or invested in Crypto currency or Virtual currency during the financial year.

vi) The Company has not advanced or loaned or invested any fund to any person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding
(whether recorded in writing or otherwise) 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 Benificiaries); or

b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries,

vii) The Company has not received any fund 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 funding party (Ultimate Benificiaries); or

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

viii) The Company do not have any such transactions which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in
the tax assessments under the Income Tax Act, 1961.

ix) The Company has not been declared a wilful defaulter by any bank or financial institution or other lender (as defined under the Companies Act, 2013) or consortium
thereof, in accordance with the guidelines on wilful defaulters issued by the Reserve Bank of India during the year.

47 The previous year figures are reclassified where considered necessary to conform to this year's classification.

The accompanying notes are an integral part of the Financial Statements

As per our Report annexed of even date

For BAID AGARWAL SINGHI & CO For and on behalf of the Board of Directors

Chartered Accountants
Firm Registration No. 328671E

M Chakrabarty Ankit Jalan

Director Executive Director

DHRUV NARAYAN AGARWAL DIN:03106149 DIN:02577501

Partner

Membership No. 306940
Kolkata

R R Debata

Date: 22nd May 2024 Chief Financial Officer