PASWARA PAPERS LIMITED

Arurual Accounts for the year ended 3 1't March 2019

SATYENDRA K. GOEL & ASSOCIATES.

CHARTERED ACCOUNTANTS
4, Dev Kunj, T.P. Nagar, Baghpat Road
Meerut - 250002

Phones : 0121-25179t4
Satyendra K. Goel & Associates 4, Dev Kunj. T.P Naeor
CHARTERED ACCOUNTANTS B8ghpat Road
MEERUT-25OOO2
Phone 25179E.1

INDEPENDENT AUDITORS' REPORT

TO THE MEMBERS OF PASWARA PAPERS LIMITED

lleDort on the Financial Statements

We have audited the accompanying financial statements of PASWARA PAPERS LIMITED ("the
company"),which comp.ise the Balance Sheet as at 3l March 2019, the Statement ofProfit and Loss , Cash Flow
Statement for the year then ended, and a summary of significant accounting policies and other
cxplanatory information.

@ents
The Company's Board ofDirectors is responsible for the matters stated in section 134(5) ofthe Companies Act,
2013 ("the Acf') with respect to the preparation of these financial statements that give a true and fair view of the
financial position, financial performance and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act
fead with Rule 7 ofCompanies (Accounts) Rule 2014.

'l his responsibility also includes the maintenance of adequate accounting records in accofdance with the provision
ol the A.ct for safeguarding the assets of the Company and for preventing and detecting the frauds and other
irrcgularities; selection and application of appropriate accounting policiesi making judgments and estimates that
are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls.
that wcre operating effectively for ensuring the accuracy zrnd completeness ofthe accounting records, relevant to
thc preparation and presentation ofthe financial statements that give a true and fair view and are free from material
nlisstatement. whether due to fraud or error.

Auditor's ResDonsibility

Our responsibility is to express an opinion on these financial statements based on our audit.

We have taken into account the provisions ofthe Act, the accounting and auditing standards and matters which are
requircd to be included in the audit repoft under the provisions ofthe Act and the Rules made there under.

We conducted our audit in accordance with the Standa.ds on Auditing specified under section 143(10) ofthe Act
l'hose Standards require that we comply with ethical requirements and plan and perform the audit to obta;n
reasonable assurance about whether the financial statements are free from material misstatement
Satyendra K. Goel & Associates 4, Dev Kunj, T P Nagar
C I I A RT E R ED AC CO U NTA NTS Baghpat Road
MEERUT-25OOO2
Phone: 2517984

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the
risks of material misstatement ofthe financial statementsJ whether due to fraud or error. In making those risk
assessments, the auditor considers internal financialcontrol relevant to the Company's preparation ofthe financial
statements that give true and fair view in order to design audit procedures that are appropriate in the
circumstances,but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate
internal financial controls system over financial reporting and the operating effectiveness of such contfols. An
audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the
accounting estimates made by Company's Directors, as well as evaluating the overall presentation of the financial
statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the financial statements.

Oninion

In our opinion and to the best of our information and according to the explanations given to us, the albresaid
flnancial statements, give the information required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in India, of the state of affairs of the
Company as at March 3 l, 2019 and its Loss and its Cash Flow for the year ended on that date.

Rcport on Other Legal and Regulatory Requirements

'1. As required by (Auditor's Report ) Order, 2016( " the Order "),as amended
the Companies
Issued by the Central Government of Ind ia in terms of sub-section ( I I ) of Section 143 of the Act, we give
in the " Annexure A" a statement on the matters specified in paragraphs 3 and 4 ofthe Order.

2 As required by section 143(3) ofthe Act, we r€port that:

a. We have sought and obtained all the information and explanations which to the best of our
knowledge and beliefwere necessary for the pu.poses ofour audit

b. In our opinion proper books ofaccount as required by law have been kept by the Company so far as
appears from our examination ofthose books

c The Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this
Report are in agreement with the books ofaccount

d. ln our opinion, the aforesaid financial statements comply with the Accounting Standards specified
undef Section 133 ofthe Act, read with Rule 7 ofthe Companies (Accounts) Rules,2014
Safyendra K. Goel & Associates 4, Dev Kunj, T.P. Nagar
CHARTERED ACCOUNTANTS Beghpai Road
MEERIJ"T'25OO02
Phone i 2517984

e. On the basis ofwritten representations received ftom the directors as on 3l March, 2019, taken on
record by the Board of Directors, none ofthe directors is disqualified as on 3l March,2019, from
being appointed as a directo. in terms ofSection 164(2) ofthe Act.

f. With respect to the adequacy of the inlemal financial controls over financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate Report
"Annexure B".

g. With respect to the other matters to be included in the Auditor's Report in accordance with Rule I l
ofthe Companies (Audit and Auditors ) Rules,2014 , in our opinion and to our best ofour
information and according to the explanations given to us :
i. The Company does not have any pending litigations which would impact its financial
poslfion.
ii. The Company did not have any long-term contracts including derivative contracts for
which there wete any material foreseeable losses.
iii. There is no requirement to transfe. any money to the Investor Education and
Protection Fund by the Company.

For Satyendra K. Goel & Associates

Chartered Ac ntants,

MEERUT{ ?'ytlV Zln

Safyendra K. Goel & Associates 4, Dev Kunj, T P Nagar
CH A R'T E R ED AC CO U NTA NTS Baghpat Road
MEERUT-25OOO2
Phon€ : 2517984

"ANNEXURX A"TO THE AUDITORS' REPORT

Rei'erredto in paragraph I under the heading Report on Other Legal & Regulatory Requirement ofour report of
even date to the financial statements ofthe Company for the year ended March 31,2019.

l.a)The Company has maintained proper records showing full paiticulars including quantitative details and
situation of fixed assets.

b) The fixed assets have been physically verified by the management on a yearly basis ,which in our opinion is
reasonable having regard to the size ofthe company and nature ofits business and no material discrepancies
between the books records and the physical fixed assets have been noticed.

c) The Title deed of immovable properties are held in the name ofcompany.

2. a) The management has conducted the physical verification ofthe invento.y at reasonable intervals

b) fhe discrepancies noticed on physical verification ofinventory as compared to book records which has been
properly dealt with in the books ofaccount were not matedal.

3. The Company has not granted Loans to the Companies, Firms or Other Parties covered in the register
maintained under Section 189 ofthe Companies Act.

4. In our opinion and according to the information and explanations given to us , the company has complied with
the pfovisions of the Section 185 and 186 ofthe Companies Act,2013 in respect of Loans , lnvestments .
Guarantees, and Security.

5. Thc company has not accepted any deposits from the public and hence the directives issued by the Reserve
Barrk of India and the provisions of Sections 73 to 76 ot any other relevant provisions of the Act and the
companies (Acceptance ofDeposit ) Rules,20l5 with regard to the deposits accepted from the public are not
applicable.

6. We have broadly reviewed the books ofaccount maintained by the Company in respect ofthe products where,
pursuant to the Rules made by the Central Government, the maintenance of cost records has been prescribed
runder of Sub-section (1) of Section 148 of the Act and are of the opinion that prima facie records have been
made and maintained

- As per directors ceftificate and Excise Notification dated the company is involved in the manufacturing of
Muiti Layer Kraft paper (Chapter heading 4804 5100) while as per applicability ofCost accounting records
rules and cost audit as per companies (cost record and audit) rules,2014 the same codes are not mandatory
ior cost accounting records and cost audit. Hence the company is not maintaining the cost accounting
records and not getting its accounts cost audited.

f::^::r
Satyendra K. Goel & Associates 4, Dev Kunj, T P Naear
CHARTERED ACCOUNTANTS Baghpat Road
MEERUT,25OO02
Phone: 2517984

7. (a) According to the information and explanations given to us and on the basis ofour examination ofthe books
of account, and records , the Company has been generally regular in depositing undisputed statutory dues
including Provident fund, Employees State Insurance, Income-Tax , Sales Tax ,Service Tax,Duty ofCustoms,
Duty ofExcise , Value added Ta{ and any other statutory dues with the appropriate authorities

(b) According to the lnformation and explanations given to us, no undisputed amounts payable in respect of
the above were in arrears as at March 3 1.2019 for a period of more than six months from the date when
they become payable.

(c) In Income Tax, the assessments ofthe company have been completed Llpto assessment year 2016-17 And
some ofthe demands ofAssessment year are pending as under:

S.No. Section Code Date ofdemand Rs

t54 2009-t0 07 /03/2012 2,0'7 ,5601-
2. t54 2009-10 07 /03/2012 8-160/-
3. l4l(3) 2010-t I 29/03/20t3 20,160/-
4. 143(3) 20t 1-r2 3110312014 t0,4'7,6s01-
5. 143(3) 20t2-13 3103/20t5
6. 250 2013-t4 t6t05/20t7 1.06,460/-
'7 143(3) 20t4-t5 t4/t2/20t6 1,48,860/-
8 143(3) 2015-16 30/12/20t'7 5.51.37.960/-
9. 143(3) 20t6-t7 3!/t2l20l8 1,51,48,090/-

Based on the decision of the Appellate Authorities and interpretations of other relevant provisions, the
company has been legally advised that company has additional demand raised is likely either to be deleted
or substantially reduced and accordingly no provision considered necessary.
The Sales Tax assessment ofthe company have been completed upto financial year20l5-16

8. ln our opinion and according to the information and explanations given to us, the company has not defaulted
in the repayment ofdues to banks. The Company has not taken any loan either from financial institutions othet
than banks or from the government and has not jssued any debentures

9. (a) The Company has obtained term loans during the year which were prima facie, applied for the Purpose
which they werc obtained.

(b) Based upon the audit procedures performed and the information and explanations given by the
management, the company has not raised moneys by way of initial public offer or further public offer
including debt instruments and term loans .Accordingly, the provisions ofClause 3(ix) ofthe Order are not
applicable to the company and hence not commented upon

8. Based upon the audit procedures performed and the information and explanations given by the management.
we repofi that no fraud by the company or on the company by its officers or employees has been noticed oI
reported dufing the Year.
Satyendra K, Goel & Associates 4, Dev Kunj, T.P. Nagar
CHARTERDD ACCOUNTANTS Baghpat Road
MEERUT-25OOO2
Pbone : 25179E4

9. Based upon the audit procedures performed and the information and explanations given by the management,
the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by
the provisions of Section 197 read with Schedule V to the Companies Act.

10. In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of Clause 4(xii) of the Order
are not applicable to the Company.

11. In our opinion, all transactions with the related parties are in compliance with Section 177 and 188 of
Comoanies Act.2013 and the details have been disclosed in the Note No. 2.l7 in the Financial Statements as
required by the applicable accounting standards.

12, Based upon the audit procedures performed and the information and explanations given by the management, it
has come to the Auditor's notice that during the year, the company has allotted 86,00,000 Equity shares of Rs
l0 each at a premium of Rs 20 each to M/s Aarshee Portfolio Pr4 Ltd by transferring their Unsecured Loan
outstanding on that date in the books N4/s Paswara Papers Limited pursuantto Section 62(l) ( c) ofcompanies
Act 2013. Other than this allotment has not made any preferential allotment or private placament of shares or
fully or partly convertible debentures during the year under review, Accordingly, the provisions for the clause
3(xiv) ofthe Order are not applicable to the Company and hence not commented upon

13. Based upon the audit procedures performed and the information and explanations given by the management,
the company has not entered into any non-cash transactions with directors or persons connected with him.
Accordingly, the provisions of Clause 3(xv) of the Order are not applicable to the Company and hence not
commented upon.

14. The Company is not requ ired to registered under the Section 4 5 -lA of the Reserve Bank of Ind ia Act, I 934

For Satyendra K. Goel &

MEERUT
Ii Z MAY 2019 Proprietor
Satvendra K. Goel & Associates 4, Dev Kunj, T.P. Nagar
CHARTERED ACCOUNTANTS Baghpar Road
MEERUT-25OOO2
Phone.2517984

"ANNEXURE B "TO THE AUDITORS' REPORT

Report on fhe Internal Financial Controls under CIause (i) of Sub-section 3 of Section 143 of the Companies
Act,2013(" the Act " )

We have audited the internal financial controls over frnancial repofting of Paswara Papers Limited ("the
Company") as ol March 31,2019 in conjunction with our audit of the Standalone financial statements of the
Company for the year ended on that date.

Management's Responsibilify for Internal Financial Controls

Thc Company's management is responsible for establishing and maintaining internal financial controls based on
Cuidance Note on Audit of Intemal Financial Controls over Financial Reporting issued by the Institute of
Chartcred Accountants of India .These responsibilities include the design, implementation and maintenance of
adequate internal financial controls that were operating effectively for ensuring the ofderly and emcient conduct of
rts business ,including adherence to company's policies , the safeguarding of its assets, the prevention and
detection offrauds and errors , the accuracy and completeness ofthe accounting records and the timely preparation
oireliable financial information , as required under the Companies Act,2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company s internal financial controls over the financial
reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal
|inancial Controls over Financial Reporting( the "Cuidance Note") and the Standards on Auditing , issued by
ICAI and deemed to be prescribed under Section 143(10) ofthe Companies Act,20l3 to the extent applicable to
an audit of internal financial controls, both applicable to an audit of Internal Financial Cont.ols and, both issued by
the Institutc of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply
with ethical fequirements and plan and perform the audit to obtain reasonable assurance about whether adequale
iniernal financial controls over financial reporting was established and maintained and ifsuch controls operated
effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial
controls over financial reporting and their operating effectiveness. Our audit of internal financial conkols over
llnancial reporting included obtaining an understanding of internal finanqial controls over financial reporting,
asscssing the risk that a material weakness exists ,and testing and evaluating the design and operating effectiveness
of internal control based on the assessed risk. The procedures selected depend on the auditor's judgement,
including the assessment ofthe risks ofmaterial misstatement ofthe financial statements, whether due to liaud or
error,
Satyendra K. Goel & Associates 4, Dev Kunj, T.P, Nagar
CHARTERED ACCOUNTANTS Baghpal Road
MEERUT.25OOO2
Phone | 2517984

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the Company's internal financial controls system over financial reporting.

Meaning of Internel Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designed to provide reasonable
assurance regarding th9 reliabiljty of flnancial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles. A company's intemal financial control over
financial reporting includes those policies and procedures that (l)pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
company;(2)provide reasonable assurance that transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted accounting principles, and that receipts and
expenditures ofthe company are being made only in accordance with authorities of management and directors of
the company; and ( 3 ) provide reasonable assurance .egarding prevention or timely detection of unauthorized
acquisition , use , or disposition of the company's assets that could have a material effect on the financial
statemenls,

Inhcrent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of the internal llnancial controls over financial reporting, including the
possibility ofcollusion or improper management override ofcontrols, material misstatements due to error or fiaud
may occur and not be detected Also, projections ofany evaluation ofthe internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control over financial reporting may
become inadequate because of the changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over
financial reporting and such intemal financial controls over financial reponing were operating effectively as at
March 31, 2019, based on Guidance Note on Audit of lntemal Financial Controls Over Financial Reporting issued
bv tbe lnstitute ofChartered Accountants oflndia.

For Satvendra K. Goel & Associates

MEERUT: Z MAY Z[lI9

Proprietor
SATYENDRA K. GOEL & ASSOCIATES 4, Dev Kunj, T P Nagar
CHARTENEDACCOUNTANTS B6ghpat Ro8d
MEERUT- 250 OO2

Phones 25l1984
PASWARA PAPERS LIMITED
Balance Sheet es qt 3lst March 2019

3lst Morch 2019 3lst March 2016

EQUITY AND LIABILITIES Rs. P. Rs. P.
Shareholders' Funds
Share Capital 667,91r,500 00 58 r,9r r,500.00
Surplus 492,464,006.36 167 ,056,623.42

Non Currcni Lirbilities

Long Term Boffowings 1 ,914,222,4t 6.78 | ,977 ,017 ,74 | .48

Cu.rcnr Liabilities
Short Tcm Bonowings 6 258,5t',] ,319.',]3 491 ,847 ,737 .73
7 555,045,30r 94 443,354,778 85
Other Cunent L;abilities E 53.105.3r9.06 42,302,44154
3.94t .265,863.87 3.703,491.223 02

ASSETS
Non-Curr€nt Asscts
Property, Planl & f,quipmedls
Tangible Assets 9 2,047,866,955.55 2,2t9,47 |,491 .82
Capilal Work In Progr€ss 9 247 ,67 |,883 00 IE5,190,9E0 E9
D€fefted Tax Assets (NeO r75,642,051.00 r45,r34,591.74
Long Term Loans and Advances t0 7,503,743 00 7,503,74140

ll 489,549.500 00 307,943,682.62
t2 724,449,230.77 588,883,832 71
Cash and Cash Equivalents 13 9,446,984.15 64,536,874 80
Short Tenn Loans and Advances t36,440,6t2.19 t20,1r5,568.44
Other Cunent Assets l5 102,694,904.00 64.510,457-00
3,941 .265,863.86 3,103 ,49 | ,223.02

c\ry/ lA
\/\
\,/-
la
l^
r\X-
DIRECTOR CHIEF FINANCIAL
OFFTCER SECRETARY
(VINOD KUMAR) (KAPIL KUMAR) (ARVIND KUMAR) AKSHEEV AGAR\ryAI (TRIPTI VATS)
(DrN- 00226177) (DrN- 00226198) (DrN- 00226161) (ANKPA765oK) (AyBPV0566F)

As per our separate.eporl ofeven dal€ annexed

Chart€red

lii3{ 2 Nnv eolq

SATYENDRA K. GOEL & ASSOCIATES 4, Dev Kunj, T.P Nase
CHARTERED ACCOANTANTS Baghpat Road
MEERUT.25O OO2

PASWARA PAPERS LIMITEI)

star€nent of Prolit and loss forllqes4lggl31sllMqsL2ql9

3rst Mnrch 2019 3lsl Mrrch 20lE

Rs. P.

Revenue f.om Ope.alions l6 3,60?.570,480 35 3,372,62t ,454 | |

l7 60.603.t 10.89 88,086,000 22
3,688,t73,59124 3,460,707,454 33

III
Con oiMateriah Corsumed I8 2,2E3,924,430.46 2.347.749,491 t4
Changes rn Inlentones offrnhh€d coods t9 26,644342 OO l3t ,725,924 00)
Workrn-Progr€s and Stock-'n-T@de
Enrployec Benefi I Expenses 20 60,606,635 33 57, r8 t.005 00
2l 2t4,594,433 64 I90,708,759 82
DeprecDtion and Amodrzation Expenses 9 15E.328,23911 t58,38t,695 69
22 E21.17t.546 63 '736,695,3216l
3,565,273,667 57 1,458,990,349 26

t22.899,923.67 1,717,105 07

(30,50'7 ,459.26) (71 ,900,414 26)

153,407 ,3E2 93 79,6t7 519 33

VII Eaming PerEquity Share

Basic t37

./
DIRECTOR MANAGING DIRECT COMPANY
SECRETARY
(VINOD KUMAR (KAPIL KUMAR) (ARVIND KUMAR) (AKSHEEV AGARWAL) (TRIPTI VATS)
(DrN-00226177) (DrN- 00226r9E) (DrN-00226r61) (ANKPA?850K) (AYBPY()566T)

As per our separab rcpon ofelen date dnexcd

For SATYENDRA K. GOEL & ASSOCIATf,Si
Charl€red Ac ntanh,

;lfi 2.MAy zole

Satyendra K Goel & Associates 4, Dev Kunj, T.P Nagar
CHARfERED ACCOUNTANTS Baghpat Road
MEERUT _ 250 OO2
Phones:2517964

NOTES FORMING PART OF FINANCIAL STATEMENTS

I. SIGNIFICANT ACCOIJNTINGPOLICIES
The Financial Statements have been prepared and presented in accordance with Indian Generally Accepted
Accounting Principles (Ind;an GAAP) under the historical cost convention on the accrual basis. Indian GAAP
comprises accounting standards notified by the Central Government of India und€r section 133 of the
Companies Act, 2013, read with rule ? of Companies (Account) Rules 2014, other pronouncements of
lnstitute ofChartered Accountants oflndia, the provisions ofCompanies Act, 2013
The Company has prepared these financial statements as per the format prescribed in Schedule III of the
Companies Act, 2013.A summary of important policies applied, are set out below:

(a) Convention I

The accounts are prepared u der historical cost convention method and on the basis ofgoing concern method

(b) Use ofEstimates :

The prepamtion of financial statements in conformity with Indian GAAP requires iudgements, estimates
and assumptions to be mad€ that affect the reported amounts of assets and liabilities, disclosure of
contingent liabilities as on the date of financial statements and the reported amounts of revenues and
expenses during the reported period. Difference between the actual results and estimates are recognized ;n
the period in which the results are known/materialized

(c) Fixed Assets:

Tangible Assets are stated at cost net of recovemble taxes, trade discount and rebates less accumulated
depr-eciation. The cost ofTangible Assets comprises its purchase price, borrowing cost and any other cost
d;rectly aftributable to the bringing ofthe asset to its working condition for its intended use

subs€quent expenditures related to an item of Tangible Assets are added to its book value only if they
increase the iuture benefits from the existing assets beyond its previously assessed standard of
oerformance
or under construction as at balance sheet date are shown as Capital work
Assets under installation in
progresstogetherwithprojectexpenses(directcost,relatedincidentalexpensesandatfributable
borrowing costs.).

(d) Depreciation:
TheDepreciationisprovidedonsfaightLineMethodovertheEstimatedusefullifeoftlreassets
consideiing the nature, estimated usage, operating conditions, past history replacement and alier taking
intoaccou-ntthesefactorthecompanyhasdecidedtoreta;ntheusefullihithertoadoptedforvarious
category of fixed assets which ari diiTerent ftom those useful life specified in Para C of schedule II of
comlpanies Act,2013. Accordingly, Depreciation has been computed.on reassessed useful life based
on
technicalevaluationoflelevantclassofassetsbythecompany'Estimatedusefullifeofassetsareas
follows:
Type of Assets Estimated Useful Life
Factory Building -l 45 years
Plant and Machin€ry l6 years
Other Assets As per Schedule Il

(e) Valuation of Inventories :

cost or net
Raw Materials, Stores and Spares are valued at cost. Finished Goods are valued at lower of the
realisable value. Excise Duty on goods manufactured by the Company and remaining in inventory
is
included as a part ofvaluation offinished goods

/*.!
Satyendra K Goel & Associates 4, Dev KunJ, T P Nagar
C H,.I RTE RE D ACC O U N TA NTS Baghpat Road
MEERUT 250 OO2
Phones : 251?9E4

(r) Revenue Recognition :

Sales comprisJs sale of goods and services. Sale of goods is recognized at the point of dispatch of the
finished goods to customers. Sales are exclusive ofExcise Dury, Sales Tax and Service Tax

Employee Benefits :
(i) Provident Fund is a defined contribution scheme and the contribution wherever required by the
statute are charged to the Statement ofProfit and Loss as incuned
(ii) Th€ liability for Gratuiry is being accounted for on estimated basis as required by the statute

(h) Borrowing Costs :

Borrowing costs that are attributable to the acquisition or construction ofqualifying assets are capitalized
as part ofthe cost ofsuch assets. A qualifying asset is one that necessarily takes substantial period of time
to get ready for its intended use. All other borrowing cost are charged to the Statement of Profit and Loss
in the period in wh'ch they are incurred
Fees iowards structuring /
arrangements and underwriting and other incidental costs incurr€d in
connection with borrowings are amortised over the period ofthe loan

(D Income Tax :
(i) The Income Tax is ascertained on the basis of assessable profits computed in acco'dance with
the provisions ofthe Income Tax Act, 196
(ii) Defeired Tax is recognized, on timing differences, being the differences behveen taxable income
and accounting income that oriSinate in one period and are capable of reversal in one or more
subsequent periods.
(iii)DeferredTaxassetsinrespectofunabsorbeddePreciationandcarryforwardsoflossesale
recognised ifthere is virtual certainty that there will be sufficient future ta-xable income available
to realise such losses

2. NOTES TO ACCOUNTS :
2.1 ContirgeDt Liabilities :
a Bilis, Cheques and Drafts discounted with Bank Rs Nll(Previous Year Rs NIL)'
NIL)
b. Claims against the Company not acknowledged as debts are Rs NIL (Previous Year Rs(Previous
c Estimate; amount of contracts remaining to be executed on capital Account Rs_ Nl[, Year
Rs. NIL)
d. Bank Guarantees given and Letters ofCredit €stablished by Banks on behalfofthe Company
_ Ttle Followin; Bank cuarantee have been issued by union Bank of India on behalf of Paswara
Paper Lirrited

2. U.P Pollution Control Board

3. lnspector General, Stamp and Registration (U P) 2122015To30112020 Rs l,01'430/-
4. lnspector General, Stamp and Registration (U.P) 0092016To 19'09 2021 Rs 4,36'E041-
e The guarantees on behalfofothers given by the company Rs 16 0o-Crores
I Totai ou tstandi'g dues of'small s;le indushial undertakings'and'other than small scale industoal
undertakings' and the nam€s of the srnall scale industrial undertakings to whom th€ Company owe a

Sheet as the suppliers have not indicate

undertaking or not on their documents and accordingly it was not possible for the Company to
b;furcate the trade creditors accordingly
Satyendra K Goel & Associates 4, Dev Kunj, T.P Nagar
CHARTERED ACCOUNTANTS Baghpat Road
MEERUT 250 OO2
Phones:2J17964

2.2 The confirmation of Balances of Parties appearing under the head unsecur€d loans, current liabilities,
Sundry debtors and Loans and Advances arc not obt ined end not shoq.Ir to Auditors

2.3 As per the MCA Circular No. 05/2015 dated 30th March 2015, As per GSR No. 695 (E) dated I 5th
Seotember 2015 and CircularNo. 09/2015 dated l5th June 2015 -Clar ion v'/ith regard to applicability
of Companies (Acceptance of Deposits ) Rules The Company shown Rs. 68933496.4/- from
Directorc, Rs. 189583823.33l- from DirectoB Relatives under the Unsecued Loans which ar€
exemot as Der the above oircular
SATYENDRA K. GOEL & ASSOCIATES 4, De! Kunj, TP Nagdr

C HA Rf ER ED ACCO UNTANT:S
MEERUT.25O OO2

issued by the Insilute ofChsrtered Accountants oflndia in

201E-2019 2011-2014
A. Profit/(Loss) After Tax Rs. r53,407,181 19.6t1,579
B. No. ofEquity Shares Nos. 66,79t,150 5E,t9t,150
C The Nominal Value Per Share Rs l0 IO

D Eaming Per Share (EPS) Rs. 230 ll7

2 5 Particulars of Salary to Directors:

20ta-2019 2017-2018
Rs

I Shri Arvind Kumar 1.200,000 00 1,000.000 00

2 Shri KapilKumar 1,200,00000 1,000 000 00

3 ShriVinod Kumar 1,200,000 00 1,000.000 00

2.6 ln Income Tax, the assessments of the company have been comPleted upio assessment y€af 2016-l7 The Sales Tax
assessmenl ofth€ company have be€n €ompleted upto financial year20l5-16.
Bas€d on rhe declsron of the Appeltate Authorities and interpretations ofoth€r relevant p.ovisions, th€ company has been
legalty rdlised that company has additional demand ra;sed is lik€ly either to be delet€d or substant;ally reduced and
accordingly no provision consrdered necessary.

21 (a) To comply with Accounting Standard 22 on,,Accounting forTaxes on Income'', The company was required to work out
Deferred Tax Assets and Lrabilities. The managenent is confident offuture ta-\abl€ profit to fealise the benefit ofs cb

(b)Majorcomponentsofdeferr€dtaxassehandliabiliti€sarisingonaccountoftimingdiffer€nceareasunderi
As on 31 03 2019
Timing Differ€nce
Difference in DePreciation
(77,2t7,14699\
Change in Plofir due Lo slock (84,22'993-1 00'08.928) 1,585,935 00
'75t,1'17.562 00
Losses Caffied forrward

TotalTiming Difference 675.546.350.01

( c) Defetred Tax Assets created during the year
Calculat€d atthe cunentrate ofTax onNet Amount 30.507,459.26

2 8 Accounling for Gov€rndent Grant, Subsidiet

(i) Thc uniiis cntiLlcd for intercst subsidy undo! infiastructu.e and industrial investn€nl poltcv,20l2 for a mdimun
oi Rs 2 Crores. Il is recognlsed on accrual bdis and it is shom ln oLher rncone
(ii)'the unil is also entilled of intercsl su bsidv on ETP l\ojcc, Tmnsforne! on accrualbasis forRs I and is
'mre
sho$n !nderother income
(iii) lhe Unit ol VAT & SGST dePosited during ihe ved
is also €nlitled lo rerrnburscDenl
(iv)TheUnitisalsoenlltlcdloleinbuEeDentof50%otEmploye/sConLdbulionofPlovidentFUnddePosiled

29 Particulars ofC Production, Tumover and Stocks:

Class of Unlt Licenced Installed Production/ Tumover Closing
Capacity Capacity Purchases Stock
Products
during the

B5,221961 t,320.5',7.
Multi Layer MT r25,000 t25,000 134.595 165

K.ail Paper
SATYENDRA K. GOEL & ASSOCIATES 4, Dev Kunj, TP Nasar
CHARTERED ACCOUNTANTS Baglpat Road
MEERUT - 250 OO2
Pnodes:2517984

2 l0 Raw Materials :
Raw Materials Consumed :

Items Unit This Year Previous Year

Quantity Value Quantity Value
Rs. P. Rs. P.

waste PapeFKraft Paper MT 5,016.32 65,708,823 r5

Waste PapeFPaper Board MT 6,918.4I 87,703,2 t8.89
Waste Paper MLKP lmported MT 95,521.t',| 1,417,802,983 85 74,861.56 r,333,019,593.83
Waste Paper MLKP Domestic MT 52,281.274 651,758,46E.60 49,129.28 722,507,663 76
waste Paper Trading MT 2l L38 2,903,670 00
Other Chemicals KG, E8l.66 30,r78,536.78 9,085.06 24,226,500.5 |
waste Paper KP(lmported) MT 13 26 t1'7,t5200
Alum(Modvatable) MT E39. t95 4,239,010 00 145.28 3,995,001.00
Soda-Caustic MT 12.59 584,210 00 t7 20 801,624 00
Rosin (Modvatable) KG 45 18 3,070,62s O0 47.18 3,648,062 00
Starch Powder M,T 5,444 67 136,t62,912 00 3,533 ?l 79,780.1ll 00
Colour (Chemicals) M,T 162.30 31,657,989 00 t22 00 2t.422,580 A0
2,275,454,19523 .),145,814,002 I4

Indigeneous Materials Consumed 31.69'/. 857,651,81I lE 43.18% 1.012.697,256 3 |

lmported Materials Consumed 62 3t% 1.417,802,983.85 56 a20/a 1.133,136,745 83

(ii) Value oflmport (On C.l.F. Basis)

Raw Materials and Fuel Rs. 1,061,570,151 l7 Rs. 9t 1,538,405 00
Machinery (Hongkong) Rs. 660,21\ 89 Rs

2.1I Expenditure in Foreign Currency :

(Except for the import ofRaw Materials) Rs. 660,21 t.89 Rs NIL

2 12 Earnings in Foreign CurrencY :

F O B. Value ofExports Rs. 417,133,108.33 Rs. NIL

the year
2-13 The Company is having Branch Ofnce at Delhi where no purchases and sales have been made during
ended 31st March 2019

2 14 ln the opinion of the Board of Directors, the current Assets and Loans and Advances are approximately of the
value stated, if realjsed in the ordinary course of busines and provisions for all known liabilities are adequate
and not in excess ofthe amount reasonably necessary.

may be impaired'
2.15 Wherever events or changes in circumstances indicate that the carrying value offixed assets
such assets are being subject to a test of recoverability based on discoLrnted cash flows expected from use or
as a difference between the
cl;sposal there of . Ifthe assets are impaired, the company recognised impaired loss
caffying value and fair value net ofcost ofsale

2l6TheaboveresultwerereviewedbytheAuditcommitteeandtakenonrecordattheBoardMeetingofthe
company,
SATYENDRA IC GOEL & ASSOCIATES 4, Dev Kuj, T.P. Nagd
CHARTERED ACCOVNTANTS Baghpd Road
MEERUT. 250 OO2

Phonls:2517984

2.17 As per the provisionsofsection l5 ofthe Micro, Small& Medium EnterPdses Developm€nt Ac1"2006 (27 of
zooe;Greriafter refened to as "Specified Companies " Every Company has b99n dirccted to pay interest at
prescribed rate to suppliers ofgoods or services ftom Micro & Small EnterPises, within 45 days ftom the date
of acceptance or the date ofdeemed acceptance ofthe goods or services so Provided
In this regard, Company had sent a draft confirmation letter to all those supplie$ whose payment was due in
order to confirm whether the respective supplier is rcgistered under the MSME act 2006 or not lt was clearly
mentioned in the confirmation letter sent by the Company "in case, if we do not receive any confimation fiom
your end, it would be presumed that your fiIm is not covered under MSME".
As per the written statement given by the Board oflvl/s Paswara Papers Limited to the auditoN, Company has
neither received any confirmation nor any MSME registration certificate fiom any of the suPPlier till 28th of
April,20I9.
Hence, in the absence of MSME registration certilicate ftom suppliers and pursuant to the witten statement of
the Board ofthe Company, it is not possible for the auditors to comment on the requirement ofthe compliances
of MSME provisions by the Company and interst thereon, if any.
SATYENDRA K. GOEL & ASSOCIATES 4, Dev KunJ, TP Nagr
CHARTERED ACCOUNTANTS BaghpatRoad
I,SERUT - 250 002
Phones 2517934

2 l8 Under Section 184(1) ofthe Companies Act,20l3: Disclosure of lnterest by the Directors ofthe Company :

lvlr. Arvind Kumsr Agsrwal - on226t6

Nrture of interest Dale on
Nrme of the Company/bodies
or concern / chaDge which
S. No. corpomte/firms/Association oI Shareholding
in int€rest or
individuals

PASWARA CHEMICALS Dir€ctor

13l7AI2OO3 3.2001
I
PASWARA IMPEX wlole Time dir€ctor ouo8l2oo3 8.05%
2
I IMIl-Ff}
3 EAGLE INFRATECH LLP Designated Panner 06losl2076 33.30%

I LOTUS REALCON LLP Designated Partner 1810612076 33.209l

S. No. Name of the ComDanv/bodies Naturc dflnterestor Shareholdlne

PASWARA CHEMICALS Director
t3llo/2oo3 3.20%

PASWARA IMPEX Director

2 ouo8l2oo3 a.06%
LIMITED
EAGLE INFRATECH LLP Desisnated Parmer 06lo5l2ot6 33 30%
LOTUS REALCON LLP Designated Partner 1810612016 33.20vo

S. No. Name of the Comoanv/bodles Nature of interost or

PASWARA CHEMICALS Director 274%
13l10l2OO3
LIMITED
PASWARA IMPEX Director
2 01/08/2003 6.1,7%
LIMITED
3 EAGLE INFRATECH LLP Designated Partner 06/os/2016 33 307.

LOTUS REALCON LLP Designated Partner 18106/2016 33.20%

2 19 The Depreciation on Fixed Assets have been chareed on Stmight Line Method (SLM) method
at the rale specified in the Schedule lll ofCompanies Act 2013
SATYENDRA K. GOEL & ASSOCIATES 4, Dev KunJ, T.P Nagar

CHARTERED ACCOUNTANTS Bashpst Road

MEERUT - 250 OO2

Phones:2517984

2 20 In accordance with Accounting standard l8 issued by the Institute ofChartered Accountants

oflndia in respect of the Related Party disclosuredl

Relationships :

(a) KMP (b) Relatives and KMP

I Shri Arvind Kumar Managing Director

2 Shri Vinod Kumar
l Shri Kapil Kumar
4 Shri Rachit Goel
5 Shri Himanshu Agarwal
6 Shri Aksheev Agarwal
6 Smt Rajni Agarwal
'7 Tripti Vals
8 Shri Aadeep Kumar Gupta
Whole Tine Director & CEO
Whole Time Director
Independent Director
Independent Director
CFO
Woman Director
CS
Non Executive Director

(b) Enterpris€s where there ar€ common Directors :

I Lotus Realcon LLP

2 Eagle Infrastructure LLP
3 Paswara Chemicals Ltd.
4 Paswara Impex Limited
5 Modern Chemicals

(c) Relstives ofKev Manaecrial Pursonnel/Promoters :

I Shri Aksheev Agarwal Son of Director - Arvind Kumar

2 Shri Arvind Kumar HUF
3 Shri Deept Agarwal
4 ShriKapilKumar HUF
5 Smt. Kavita Singhal
6 Km. Kashika Singhal
7 Snt. Magan Wati
8 Sm1. Nitasha Singhal
9 Shri Nishit Singhal
l0 Smt. Rajni Agarwal
II Shri Shobhit Agarwal
l2 Shri Vinod Kumar HUF
FIUF ofDirector - Arvind Kumar
Son ofDirector - Arvind Kumar
HUF of Director - Kapil Kumar
wife ofDirector - Vinod Kumar
Daughter ofDirector - KaPil Kumar
Mother ofDirector - KaPil Kumar
wife ofDirector - Kapil Kumar
Son ofDircctor - Kapil Kumar
Wife of Director - Arvind Kumar
Son of Director - Vinod Kumar
HUF ofDhector - Vinod Kumar
SATYENDRA IC GOEL & ASSOCIATES 4, Dev Kunj, T.P. Nagar
CI'4RTE BE D A CCO UN TA NT9 Bagbpat Road
MEERUT . 250 OO2

fhon€s:25179E4

Details of Transrction with Associat$.lg94Dg4i9qg9leegjgllEglq9g!

Sl. No. Name of Company/Concem Adount of tnnsaction

Balance as at
Pwchases Sales 3 t.o3.20t9

I Paswam Chemicals Limited 1,093,069.00

3 Modem Chemicals 6,726,052.00

Details ofExDenses
S. No. Name of K€y Managerial Perconnel Amount
I Shri Arvind Kumar Directols Salary 1,200,000.00
2 Shri Vinod Kumar Direclols Salary 1,200,000.00
3 Shri Kapil Kumar Director's Salary 1,200,000.00
3,600,000.00
Details of Expenses (Rent)
S. No. NEme Addr€ss of Property Rent Amount

I Smt. Maganwati T.P. Nagar, Lab. Quarter 24,000.00

2 Shobhit Agarwal
3 Aksheev Agarwal
4 Deept Agarwal
5 Srht. Rajni Agarwal
6 Sm1. Kavita Singhal
7 Srnt. Nitasha Singhal
8 Shri Arvind Kumar
9 Shri Vinod Kumar
l0 Shri Kapil Kulnar
Factory at Mohiuddinpur, Meerut 96,000.00
Office at Paswara House 144,000.00
Office at Paswara House ?2,000.00
Office at Poswara House 36,000.00
Ofhce at Paswara House 36,000.00
Factory at Mohiuddinpur, Meerut 276,000.00
Factory at Mohiuddinpw, Meerut 276,000.00
Factory at Mohiuddinpur, Meerut 276,000.00
Factory at Mohiuddinpur, Meerut 652,000.00
Factory at Mohiuddinpur, Meerut 652,000.00
Factory at Mohiuddinpur, Meerut 652,000.00

3,192,000.00
SATYENDRA K. GOEL & ASSOCIATES 4, Der Kunj, T.P Naea'
CIARTEXED ACCOUNTAN|S Baglpat Road
MEERUT - 250 OO2
P!@6:2517984

ofAslociate Companies. KMP snd R€latlves of KMP/Promoters

sl. No.Name amount

I shri Awind Kumar Director 9'701,959 03

2 Shri VinodKumar Director 31,998,27157
3 Shri Kapil Kurnar Director 27'233'255.40
4 Shri Aksheev Agarwal Son ofDftector - Arvind Kumar 6,851'010.00
5 Shri Deept Agaru€l Son ofDlector - Aftind Kunar 9'634'414 00
6 Stui Nishit Singhal Son ofDirector - Kapil Kumar 14,357'555.00
? Sllri Shobhit Agarual Son ofDirector-Vinod Kumar 9'369"71100
E Smt. Kavita Singhal Wife ofDftector Vinod Kumar
_ 9'608,654 08
9 Smt. Magan Wati Mother of Director - KaPil Kunar u'533,996 00
l0 Smt Nitasha Singhal Wife ofDiector - Kapil Kumar 3,594,3118 16

ll Smt. Rajni Agarwal Wife ofDirector - Awind Kumar 11'842'46'7'09

12 Snt.Kashika Singhal Daughter ofDirector - KaPil Kufirar 8,834,054 00
|3 Smt.Parvi Agarwal Daughter of Dircctor ' Kapil Kumar 5'E42'840 00
14 Srnt. Ankita Agarwal Wife ofCFO- Aksheev Agarual 6'E97'424o0
14 Arvind Kumar HUF HUF ofDirector - Awind Kumar 4,704'15100
15 KaDilKunarHUF HLIF ofDiector - KaPil Kumar 5'976'47600
16 Vinod Kumar HUF HUF ofDirector-Vinod Kumal 4,524,001 00
l? Eagle Infrate€h Pvt. Ltd. Body Corporate 46'966,915 00

18 Lotus Realcon Pvt. Ltd. Body Corpomte 5'553'920 00

I9 Aarchee Pordolio Pr4 Lt4 Dt Body Corporate 4'49 |
'825
00

ro"r^L _43;!;!f3_
- ^. The figues ofrhe previous yeats have been regrouped and recasted wherever felt
necessary,
SATYENDRAK. GOEL & ASSOCIATES 4, Dev Kunj. T.P Nasar
CHARTEREDACCOUNTlNTS Baghpat Road
MEERUT - 250 ()O2

Phon€s:2517984
As at As at
3lstMarch 2019 3lst Ma.ch 2018
Ils. P. Rs. P.
3 SHARE CAPITAL
The autho.ised, issu€d, subscribed and paid-up shlre caPital comprises of equity shares having at pat value of Rs l0 each as

700,00,000 Equity Sha.es ofRs. I0/- eacb 700,000,000.00 600,000,000.00

6,67,91,150 EqDily Shares ofRs. I0/- each 667,911,500.00 581.91I 500 00

Subscribed and Paid up:

6.67,91,150 Equity Shar€s ofRs. l0f €ach
tully called and paid up ofthe €bove 667,911,500.00 58r,911,500.00
1,97,85,000 EquiLy Sh&es ofRs. l0/- each
lirlly called and paid up of the above
667.9r1 500.00 581.911,500 00
Reconciliation o{ number of shares
As at31st Mrrch 2019 As it 31st March 2018

EQUITY SHARES
Opening Balance 58,191,t50 581,911,500.00 58,191,r50 58t,9r r,5oo 00
Changes during the yeat 8,600,000 86,000,000.00 -
closing Balance leJgr,rso 667,911,500 58,191,150 5El,9l l's00.00

Details ofshsres h€ld by shareholders hold;ng rnore lban 5% of the agg.egate shares in the coDPanv :
EQUITY SHARES :
ShriAn'nd Kurur 5,903,730 3,4?3,330
E 84% 5 970/0
5,906,330 3.488.330
Shri vinod Kumar
8 84% 5 99%
5,867,340 3.491.340
ShriKapilKuda.
8.78% 6.00%
12,000,000 t2.000.000
Eogle Intiatech LLP
17.97'/. 20 62'/.
r8,000,000 18,000.000
lntus Realcon i-LP
26.95o/o 30 93%

Aarshee PorLtblio Pvt Ltd 8,600,000

12.8E /. 0 00%

SURPLUS
Surplus consisl ofthe lollo ngI
Secunies Premium Reserue Account
10,950,000.00 10,950,000 00
As per last Balanc€ Sheet
Add: Dur;ng the y€ar 172.000.000.00
1E2,950,000.00 10,950,000.00

Invesment Allowance ReseN€

t71,518,644 E0 2r4,39E,306 00
As per last Balance sheel
Add DurinS the year
Less : Amonisation of Investment Allowance Reserve 42,879.661.20 42.E79.661.20
128,63E,983.60 171,51E,644.80

t46,500.00 r46,500 00
,^s pe. las!Balance Sheet
Add: Tmnsler from Investment Allowance R€sede
146,500 00 146,500.00
SATYENDRA K. GOEL & ASSOCIATES 4, Dev Kunj, T.P Nagar
CHARTERED ACCOUNTANTS Baghpat Road
MEERUT - 250 OO2

Phones:2Jl'7984
As rt As at
3rst March 2019 Slst Mar.h 2018
Rs. P. Rs. P.

Surplus in Stalemen! ofProfit and Loss

Opening B€lance (r5,558,521.38) (138,055,761.9r)
AddrProfrrloss for the y€ar 153,407,382 93 79,6t7,519 33
117,E48,861.56 (58,438,182 58)
Add: Incone Tax Written Off
L,ess: Inreshent A llowance Res€ru€
Add : Amonisaton of Investment Allowance R€sefl€ 42.879.66r.20 42.819.661.20
492,464,006.36 167,056,623 42

LONG TERM BORROWINGS :

Long Term bonowings consistofthe following I

Union Bank oflndia" Mee.ut

Cash Cred;t 633,095,564.30 242,412,255.02
526,786,763 30 642,354.8r4.30
225,099,404 25 239.652,086 25
BuyeB crcdit availed 289,7E4,346_95
central Bank of Ind;a. Meerut
Cash Credit 158,650,443 90
395,124.822 59
srare Bank oflndia, Meerul
Cash Credi( r58,506,668.50
364,326,E04.00
6,407 ,2t2.43 9.034,972 47
1,914,222,416.78 l-977-017.74) 48

*Cash C.cdil Lim;l from Banks €re securcd by hypothecaton ofexisting cur.ent assels of the ComPany viz stockofmw maLerials,
srock in prccess, semi-frnished 8oods, slores and spares, bills receivable and book debts includins receivable and Personal suaEntee
ol DirecloB.
*Tem loans liom banks ar€ secu red by charge in favour of the Union bank of India and Central Bank of lnd is wiLh Hypothecalio.
ofentire Plant & machin€ry and Equit€bl€ Mon8ase ofFactory l€nd and building bolh present and fulure on pati passu bash

SHORT TDRM BORROWINC :

Shod Tem borlowings cohsist of the following I

Rcpayble on d€mand
68,933,496.40 6',7,862,986.40
FromDi.ecto6 Relatives t32,57 t,163 33 r 12,812. t94 33
F.om Body Coeorate/LlP 57,0t2,660.00 311,172,557.00
258,51 ,319 73
7 49 | .847 .737 73

TRADE PAYABLES
TEde Palables consist ofLhe following:

Cleditors 1br Supplies 263,482,449.60 374,t 15.479.5E

Credilors for Capit€l Goods 195,114,151.00 44,406,106 37
Crcdito6lbr Expenses 96,44a.70t.34 24,833,192.90
555.045.301.94 4,13.354.778.85
SATYENDRA K. GOEL & ASSOCIATES 4, Dev Kunl, T P Nagar
CEARTERED ACCOVNTANTS Ba8hpal Road
MEERUT - 250 OO2
Phon6:251?984

3rst March 2019 3lst March 20lE

Rs. P. Rl. P.
OTHER CURRENT LIABILITIES
Othe. Curent Liabilities consist of the followi.g :
'|
Advance frcm Cusbmers 16,145,341.06 4,732,646 73
2,999,014.00 21,816,135.90
TDS Payabl€ 1,613,211.00 2,058,086.00
GSTPayable 24,284,183.00 3,695.7329|
E S L Payable 97,022.00
3,090,626 00
Provrdcnl Fund Payable 260,12E_00
4,615,194 00

53. t05,119.06 42,102,E4t 54

l0 LONC TERM LOAN AND ADVANCES

Long Tenn Loan and Advances consist of the following:
Security Deposr! wilb UPSEB 7,503,743 .00 7.503 743_00
7,503,743.00 7.501 743 00

ll INVENTORIf,S
Inventorics consist ofthe lollowing :
(As taken, Valu€d and Ced;fied by the Di.ecto6)
Raw Materi€ls 219,824,453.00 t99,77 | ,506.62
t5,610,050.00 42,254,$2.00
13,602,12 | .00 57.81?.8r 1.00
Packin8 Materiah, Sparcs & Consumabl€s 180.5r2.2?6.00 8.095.933.00
489,549,500.00 307,943,682.62

12 TRADE RECEIVABLES
Trade Receivables consisl ofthe following:
(Unsecured but Cohsiderd good)
Tndc Receivables 703,704,284 .71 588,E83.832 7l
T.ade Receivables lor Expon 20,744,946 0D
724,449.230.',77 5E8.883,832.71

l3 CASH AND CASH EQUIVALENTS

Cash and Cash equivalenrs consisl of the lollowinS:
Balances with Banks
In Cu'renr Accounl
Ccntral Bank oflndia -3540699238 26,472 50 60,827_00
Union Bank oflnd;a - 354E01010036233 4,913.068.74 39,980 r4
ICICI Bank -628505014724 99,770AO
Union Bank oflndia - 5a2801010050879 32.00 l1,000.00
Punjab Natio.!l Bank -2534002 I 00369298 I 1,000 00
In Fixed DepositAccount 2,009,134.00 53,067,399 00
Cash in Hand 2,4E7.277.11 11,257,a98.46
9.446.984.35 64.536.874.80
SATYENDRAK. GOEL & ASSOCIATES 4, Dev Kunj, T.P. Nagar
CHARTERED ACCOANTANTS Baghpat Road
MEERUT - 250 OO2

Phona: 25 | ?984

3lsi Ma.ch 2019 !1tt March 20rB

Il!. P. IT. P.

l4 SI{ORT - TERM LOANS AND ADVANCES

Short Term toans and Advances consisl of the following :
(Uns€curcd but Considerd good)

Advance Inmme Tax 15-16 14,000,000.00 2,500,000.00

Advance Incone Tax 16-17 600,000.00
Advance against Penalty Appe3l (Sales Tox) 150,000.00
Advanc€ against Entry App€al 1,700,000.00
Mal Credit Entitlement 400,126.00 400, r26.00
Advanc€ Income Tax 1,216,348.06 850,303.68
Advances !o Suppliers 58,O97,720.44 3,796,352.48
Advances for Capital Goods 35,441,875.50 13,749,607 .90
Advancer for Expenses 7,125,342.00 3,060,926.3E
Advancer against Land 8,100,000.00 E,r00,000.00
Advance lnsumnce (UIA CO.) 217,395.00 222,205.OO
Advance GST/ GST R€ceivable 3,2t7.7 t9.75 87,636,04?.00
Deputy Labour Conmission€r t10,769.00
Elecuonic Cash t€dger 3,524,747 .00
Ocean Freight appeal 257,719.00
MEIS License 2,280,850.00

136,440,612.19 120,315,568.44

15 OTHER CURR.ENT ASSETS

Other Cunent Ass€ts consist of the following :
Inftastructure Inleresl Subsidy Receivable 10,E35,066.00 r0,929,500.00
Intercs( & EPF Subsidy from PICUP Recaivable 50,37r,968.00 40,8E5,772.0O
VAT & SGST Claim fiom PICUP 41,4E7,870.00 12,695,185.00

102,694,904.00 64.510,457.00
SATYENDRA K. GOEL & ASSOCIATES 4, Dev Kunj, T P Nagar
CHARTERED ACCOUNTA NTS BaghpatRoad
MEERUT- 250 OO2
Phon6:2517984

ended ended
3lst March 2019 3lst March 20lE
Rs. P. Rs. P.
t6 REVENUE FROM OPERATIONS
Revenu€ f.om Operations consist of th€ following
$les:
4,026,245,954.35 3,727,2t6,874.t1
4,026,245,954,3s 3,727,216,874.rl
LessrGST Recovered on Sales 418,675,474.00 354,595,420.00
1,607,570,480.15 1.3 72.62 r ,454. ]l
'17
OTHER INCOME (NET)
Other lncome consist ofthe follwinS I

489,336.71 3,652,837 00
Inlerest on Electric;ty Security 506,503.00 654,138 00
Uncla;med Credit Balance Written off 30,000.000 00
2,269 71
Duty Drawback Income 5,103,457 00
InfmsLructurc Int€resl Subsidy 929.500 00
Interes! & EPF Subsidy f.om PICUP 10,37t,96E.00 20,885,772 00
vAT & SGST Clairn from PICUP 41,487,870.00 t2,695,1E5 00
DDcount Incohe on Purchases 30,422.48 t3E,174.45
186,912.00 273,E42 00
Cunency Exchange Rate Variation 10,859,282.00
Sale of T.ees & Grass 7,995,000.00
SeNice Tax Claim 2,52',7.400.00
Prolit on sale ofMachine.y l?,618,391.64
MEIS Claim 2,280,850.00
80,603,u0.89 88,0E6,000 22

18 MATERIAL CONSUMED
Openjng Stock ofRaw Material r99,77t,506.62 99,425,079.E1
Add: Purchases oaRaw Material/Chemicals 2,263,785,709.49 2,41E,532,70795
Iircight 40,191,667.75 29,563,210.00
2,503,748,883.86 2,547,520.997 76
Less: Closing Stock of Raw Malerial/Ch€micals 2t9.E24.453.00 t99-171.50662
Cosl of Malerial Consumed 2,283,924,430.86 2,347,749,491 14

l9 CHANGE IN INVENTORIES

Finished Goods
Finished Goods* 42,258,432.00 10,532,508.00

Closing stock:
linished Goods+r 15.610,050.00 42,254,$2.00
26,64a382.00 (31,725,924.00)
+Closing slock of F;nished goods of fte Pre operative period will b€ lreated as opening stock
*+Stock ofFi.ished Goods ;ncludes K.aft Paper and Paper Boa.d.
SATYENDRA K. GOEL & ASSOCIATES 4, Dev Kuni, T.P. Nagar
CHARTERED ACCOUNfANTS Baghpal Road
MEERUT - 250 OO2
Phones:2517984
For th€ year For the year

31st Mrrch 2019 31st Mrrch 2018

tu. P. Rs. P.
20 EMPLOYEE BENEFIT EXPENSES
Employee B€neiit Expenses consist ofthe following I

Salary to D;r€ctols 3,600,000.00 3,600,000 00

Salary to Staff 11,016,E54.00 r,307,000.00
Eslablishnent ,667,462 00
'7

32,015,19100 3E,488,497.00
EmployeCs Contribution to Provident Fund | ,744,239.00 2,224,897 00
Employe/s Con|ibution r,o ESI 649,t79.00 715, r79.00
Bonus to Enploy€es 4,6t5,t94.00 758,308 00
StaffW€lfar€ Expenses 314,534.22 130,255.00
Watch and Ward Expenses 6,651,444.1| 2,289,407.00
5?,181,005.00

21 FINANCE COST
Finance cost consist ofthe following:

C€sh Credit Accounts 77 ,323,401.00 37 ,t47 ,700.68

Te.m Loan Accounls r26,098,585.41 132,405,r80.50
Car Loan Accounts 1,321,518.00 605,314.64
6,998,607.00 12,048,230.00
Intercst Paid to Othe6 13,656.23 r,022,558.00
Inte.est Paid to Othe. Bank 2,396,7 56.00 7 ,479,776.00
lnterest Under GST 441,910.00
2 t4,594,413.64 190,708,7 59.82

OTHER EXPENSES
Other expenses consist of the following I

Manulilcturing Expenses
Boile. Ope€ting Cha.ges 46,311.80 687,451.00
Electricity Expenses 53,480,680.10 45,528,915.38
489,761.596.43 363.501,t07 6E
Fuel Handling Charges 2,4 t3,978.00 2,E59.E84 50
Direct Expenses
Raw Material handling Charges 17,351,756.00 t9,929,055 00
Selling & Dishibution Expenese
Adverlisernen! Expenses 423,344.00 1E1,362.00
Commiss;on on Sale 38,351,842.90 25,476,953 75
6,24r,979-45 4,046,289 58
Finished Goods Handling CharSes 6,219,332.00
Packing Mater;al Consumed 32,301 ,298.69 42,999,719 E8
LoadingCharges 5,634,369 t5
Oihcl Expenses
AuditoB' Remun€.ation
Statuto.y Audit Fees 500,000.00 500,000.00
Secretar;al Audil Fees 35,000.00 35,000 00
Inte.nalAudil Fees 180,000.00 180,000 00
Accounl Software Expense 197,270.00
Bank Charges & Commission 14,06't ,t t3.92 14,402,14i.58
ChanLyand Donation 51,000.00
Consultancy Exp€nses 1,084,298.00
Cedificalion Fees 32,000.00
Clea.ing & FoNarding Exp€nses Expon 38,820,092.18
CoalAuclion Expenses 2,360.00
Diiference in DoUar Exchange 16,822,58',7 .30
Dhtricl Boad tax 6,000.00 42,000 00
El.P Operation Expenses 85E,000.00 941,426,OO
'|
Bus;ness Promolion 2.413,923 -79 ,'t 56,895.22
721,0E2,801.71 529,289,7)1.57
SATYENDRAK. GOEL & ASSOCIATES 4, Dev Kunj, T.P. Nagar
CHA RTE RE D A CCO U NT,4 NTS Baghpat Road
MEERUT.25O OO2
Phonesr 251?984

3lstMarch 2019 31st March 2018

Rs. P. Rs. P.
Balance Brougbt Forwrard 721,0E2,E0t.71 529,289,737 .57
544,209.75 539,040 67
Licens€ Renewal Fees 466,520.00 21,500.00
4,t25,525.62 4,194,071 00
Le8al Expenses E50,696.00 3,503,698 00
Loss on SaleofV€hicle 290,696 53
Forwarding Expenses 46,277 ,494.00 36,t22,684-00
Membership ahd Subscription 10,000.00 1,009,723 70
Miscellaneous Expenses 98,097.50 564,171.87
Commission on Purchase I1,180.00
Motor Vehicle Expenses 395.832.81 450,831.03
OIllce Electr;cily Expenses 440,228.00 416,3E2.00
Postage & Courie. Expenses 433,069.28 325.044.78
Penalty under GST 7,950.00 I89.00
3,055,370.00
Rewinder Opefation Expenses 832,000.00 680,000.00
Unclaimed Balance W.ilten OIT reversed 30,000,000 00 137,000,000.00
1,034,598.00 21',1,200.00
Printing and Stationery 728,741.30 646,E l0 20
ROC Expenses 806,501.00
Rent 3,590,966.00 3,359,500.00

Repa;r and Maintenance 4.541,308.25 3,925,9t2.69

Spa.es Parts €nd Storcs 556,058 44
lestingCharges 6,500.00
282,351.99 385,039.07
watch & ward Expenses 3.949,037 84
liavell;ng Expenses |,444,526 42 765,91022
Sales Tax Paid Fo.Earlie.Years 76,259 00 33,660 00
5,742,35t 00
SeNice-rax Expenses (On outward Freight) 2,228,390.00
Swachha Bharat Cess Expenses t39,266.00
Krishi Kalyan Cess 139,266 00
Excisc Bal w OIT 96,446.00
Edu. Cess Bal. w.Off 63,389.00
Paper Cess Bal. W OtT 28,t35 00
82r,171,546.63 736,695,32t.61

IA t^
cy/DIRECTO
\ll,'Y'
CHIEF FINANCIAL COMPANY
OFFICER SECRETARY
(VINOD KUMAR) KAPIL KUMAR (ARVIND KUMAR) (AKSHEEV AGARWAL) (TRJPTI YATS)
(DlN- 00226177) (DIN- 00225198) (DIN" 00226r61) (ANKPA?8sOK) (AYBPVO565F)

As per ou. separate reponofeven dale annexed

For SATYENDRA K. GOEL & IATESi

PLAC'
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SATYEI\IDRA K. GOEL & ASSOCIATES 4, Dev Kunj, T.P. Nagar
CHARTERED ACCOUNTANTS Baghpal Road
MEERI,'T - 250 OO2

Phones:2517984
PASWARA PAPERS LIMITED. MEERIJT

BALANCE SIIEET AESTRACT AND COMPANY'S GENERAL BUSINESS PROTILE

L Registmtion Details
RegistEtion Numbe. 5134
Star€ Code 20
Balance Sheet Daie 3lsl Msrch 2019

2. Capital Raised'during th€ Year (Amount inRs. Thousands)

Public lssue NIL
Rightlssue NIL
Bonus Issu€ NIL
Privaae Plac€ment NIL

3. Position ofMobilhation and Deployment of Funds (Amount in Rs. Thousandt

Total Liabilifies 3,333, 5
Total Assers 3,333.115

Sou.c€s ofFunds
Paid Up Capilal 667,9t2
Reserves and Surplus 492,464
Defen€d Tax Liabilities NIL
t,9t4,222
Uns€cured Loans 258,5t7

Application ofFunds
Net Fixed Assets 2,O4',7,867
Capital Work ln Proeress 247,672
Defened Tax Assets 175,642
Long T€rm Loans and Advances '|,504
Net Curent Assets 854,431

Performanc€ ofcompany (Amount in Rs. Thousands)

Tumover (including other income) 3,68E,r74
Toral Expenditure 3,565,274
Profil Before Tax 122,900
1s3,407
Eaning per Share in Rs. NIL
Dividend Rate (%)
5_ o€neric Names of Thre€ Prinoipal Products/Sewices of Codpany
Item CodeNo.
( ITC Code ) Multi hycrKraft Paper 4804 3100
Multi Layer Kraft Paper
Description

AGING DIRECTOR
SATYENDRA K. GOEL & ASSOCIATES 4, D€v Kunj, T P Nasar
CHARTERED ACCOUNTANTS Baghpat Road
MEERUT.25O OO2

Phones:2517984

PASWARA PAPERS LIMITED. MEERUT

Cash flow Statement for the f,!!ljlg.Cdllsl-!49l9!2.q.!2
{A) Cnsh nlow From OperAtins Activities Rs
Net profit before laxation t22,899,923.6 7

Adjustment lo. Non Operating Expenditure:

Depreciation 158,328,239 ll
(995,839 .77)
2.t4,594,433 .64
Opemting profrt belore workmg capitalchanges 494,826,756 65
Decrease/ (lncreases) in Inv€ntories (181.605,817 38)
Dec.ease/ (lncreases) in Trade receivables (135,565,39E.06)
Decrease/ (lncrease$ in Loans and advances (16,t25,O4315)
Decrcase/ (lncreases) in Olher Cunent Assets (38,184,44? 00)
(Decrease)/ lncreases in Creditors Il1,690,523 09
(Decrease/lncreases rn otherCunent liabilitres 10,802,477 .52
245,839,05107
Lessr lncobe Tax Paid for Earlier Year 245,839,051-07
Net.ds h fran apet at i hg actirties
{A) Crdr Flow From Invcsling A.titities
Addrtions to Fixed Assels 13,276,29',7.)6
Addil;ons to Capital Workln-Prog.ess (62,480,902.1l)
Procceds ftom sale ofMotor vehrcle
995,840.79
Mrest ing actn'ties \48,208,764 t6)
Net ca\h [ton
(C) Ca$ Flow From Fitrancins Activities
IssueofEquiry Shares 258,000,000.00
Proc€ed from Secured loans (62,795,324.70)
Proceeds fiom Unsecured loans (233,330,418 00)
(214,594,433.64)
(252,720,1 6.34)
Net cosh wed infnoncing acti,ties 7

(55,0E9,889 43)
Net inc.case/(decreasc) ir cash and cash equivalcnts
cash and cash equivalcnls nt beginning ofperiod 64,536,8?4 80
casl and cash cquivrlenls at €nd ofperiod

-rq/
DIRECTOR
h o"g
CHIET FINANCIAL
OFFICER SECRETARY
(VINOD KUMAR) (KAPIL KUMAR) (ARVIND KUMAR) (AKSHEDV AGARWAL) (TRIPTI VATS)
(DlN- 00226177) (DIN- 00226198) (DrN- 00226161) (ANKPA785OK) (AYBPVO566F)

As per our separaie reporl ofeven dala annexed .

For SATYENDRA K. GOEL & ASSOCIATESi

l ? t4AY 20t9
PL,\CLT
D E