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THIS PLACEM ON OR SOLICIT OTHER THAN Q COMPANY PRIO ORISED TO AN OCUMENT IN A TRIBUTION CHA THIS PLACEM RESULT IN A QUITY AND EQ T ANY AMOUNT TED BY THEM CISION RELATI ONSEQUENCES ENT AND THIS tstanding Equity S d BSE on Novemb fined hereinafter) o. DCS/IPO/CS/2 r the Equity Sha ined herein. Admi y Shares. Document, which not been reviewed ting authority and the BSE and NSE m bai (the “ROC” ies) Rules, 2014, the public in India placement and is iding information es of the Equity (as defined herei to advise them w nt Document, agre See “Issue Proced d in this Placemen ompany’s website d bsites. not been and wi s and may not be s of the U.S. Secu re transactions” ( risdictions where nt Document is dat Limited (the “Com uding a premium er the Companies A te Office: 5/6 Pap 2 67602200; Fax: ON 42 OF THE RULES, 2014, A EMENTS) REGU N OF THIS PLA TIES AND EXC (THE “ICDR RE S (PROSPECTU MENT DOCUME TATION OF AN QIBs. 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[*] per EquSUNDARAM Act, 1956, as a com pa Industrial Estat +91 22 67602244 E COMPANIES AND CHAPTER ULATIONS, 2009 ACEMENT DOCU CHANGE BOAR EGULATIONS” US AND ALLO ENT IS PERSON OFFER TO THE ACEMENT DOCU G AN INVITATIO (1) DELIVER TH WHATSOEVER; GENTS TO INFO ENT IN WHOLE OF THE ICDR ED SECURITIES E UNLESS THEY E INVESTORS A SSUE. EACH PR STMENT IN TH DOCUMENT. on the NSE Lim s Rs. 4.10 and Rs Equity Shares hav 7 dated 15 th Nove ugh the Issue. NS ty Shares to tradin ures prescribed un and Exchange Bo for use by QIBs. A ith the ICDR Regu within the stipulat is Placement Docu isdiction and will the public or to h the Issue. y be made pursua ibution of this Pla ir purchase of the he foregoing restr ot complete and m t of this Placemen red under the U.S within the United applicable state se egulation S unde sales occur. For f 2016. LEAD MANAGE D & A FINANCIA Centre, East of K 26218274/2641907 gmail.com, dafspl g up to 30000000 e ity Share, aggregaM MULTI PAP LI mpany with limited te, Suren Road, A 4; Email: -info@su ACT, 2013, R R VIII OF THE 9, AS AMENDED UMENT IS BEIN RD OF INDIA ) IN RELIANCE OTMENT OF S NAL TO EACH P E PUBLIC OR T UMENT WILL B ON TO SUBSCRI HIS PLACEME OR (3) RELEA ORM THE PUB E OR IN PART REGULATIONS S INVOLVE A Y ARE PREPAR ARE ADVISED ROSPECTIVE IN HE EQUITY SH ited (the “ NS E s. 4.11 per Equity ve been received f ember, 2016. App SE and BSE assum ng on the NSE and nder Form PAS-4 ard of India (the “ A copy of the Plac ulations. Our Com ted period as requ ument has not been not constitute a pu o any other class ant to this Placem acement Documen e Equity Shares, is rictions and make may be changed. nt Document and p S. Securities Act d States except pu ecurities laws. Ac er the U.S. Secur further details, se ER TO THE PLA AL SERVICES (P Kailash, New Delh 79; Fax No. +91-1 l.investor@gmail. equity shares of fac ting up to Rs. [*] IMITED d liability having c Andheri (East), Mu undaramgroups.in READ WITH RU SECURITIES A D NG MADE TO Q (ISSUE OF CA E UPON SECTIO SECURITIES) R PROSPECTIVE TO ANY OTHER BE CIRULATED IBE TO EQUITY ENT DOCUMEN ASE ANY PUBLI BLIC AT LARGE T IS UNAUTHO S OR OTHER A HIGH DEGREE RED TO BEAR T TO CAREFULL NVESTOR IS AD HARES BEING E ”) and BSE Lim y Share respectivel from the NSE lett plications will be m me no responsibilit d BSE should not b (as defined herei “SEBI”), the Rese c ement Document mpany shall make uired under the C n and will not be r ublic offer in Indi s of investors. T ment Document to nt or the disclosur s unauthorized an e no copies of thi The information prospective investo of 1933, as amen ursuant to an exe ccordingly, the E rities Act (“Regul ee “Selling Restric ACEMENT P) LIMITED hi-110065 11-26219491 .com; Website: w ce value Re. 1/- ea (the “Issue”). Preliminar Not for Ci Serial Num Strictly Co corporate identity umbai-400093, M n site: www.sunda ULE 14 OF TH AND EXCHANGE QUALIFIED INS APITAL AND D ON 42 OF THE RULES, 2014, A INVESTOR AN R PERSON OR C D ONLY TO SU Y SHARES OFFE T TO ANY OTH IC ADVERTISM E ABOUT THE I ORISED. FAILU APPLICABLE L E OF RISK AN THE RISK OF L LY READ “RISK DVISED TO CO ISSUED PURSU mited (the “BSE”) ly. In-principle app ter no. NSE/LIST made to the NSE ty for the correctn be taken as an indi inafter), has been erve Bank of India t (which will inclu the requisite filin Companies Act, 2 registered as a pro ia or any other jur This Placement D ogether with the r re of its contents nd prohibited. Each is Placement Docu on our Company’ ors should not rely nded (the “U.S. S emption from, or Equity Shares are lation S”)) in acc ctions” and “Tran www.dnafinserv.c ach, (the “Equity S ry Placement Docu irculation mber [●] onfidential number L21098M Maharashtra, India aramgroups.in HE COMPANIE E BOARD OF I STITUTIONAL DISCLOSURE R COMPANIES A AND CHAPTER ND DOES NOT C CLASS OF INVE UCH QIBs WHO ERED IN THE IS HER PERSON; MENT OR UTILI ISSUE. ANY DIS URE TO COMP LAWS OF IND ND PROSPECTI LOSING ANY PA K FACTORS” BE ONSULT ITS AD UANT TO THE ). The closing pric provals under Reg T/93734 dated 15 and BSE for obt ness of any stateme ication of the meri delivered to the N a (the “RBI”), the ude disclosures pre ngs with the Regis 2013 and the Com spectus with the R risdiction. The Issu Document has bee r espective Applica to any person, ot h prospective inv ument or any docu ’s website or any y on such informa Securities Act”), in a trans action e being offered an cordance with R nsfer Restrictions” om Shares”) at a price ument MH1995PLC08633 a ES (PROSPECTU INDIA (ISSUE O BUYERS (“QIB REQUIREMENT ACT, 2013, REA R VIII OF TH CONSTITUTE A ESTORS WITHI OSE NAMES AR SSUE. (2) REPRODUC IZE ANY MEDIA STRIBUTION O PLY WITH THI IA AND OTHE IVE INVESTOR ART OR ALL O EFORE MAKIN DVISORS ABOU E PRELIMINAR ce of the outstandin gulation 28(1) of th th November, 201 taining final listin ents made, opinio its of the business NSE and BSE. 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ISSUE IAND ALCAPITA THE ISSAS DEFREGULWITH RICDR ROFFER OR OUTRECOR
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nce in financrchase of the Ey Shares, andr otherwise, we Equity Sharenot with a view
r the Lead Matives, agentssentations re
hares (includinwill obtain yo
r or any of iates or our Cbut not limitedassert any clafficers, directots of the Equ
y Shares for ong by each su(and you here
half of each s
der the ICDRndirectly, androup or group
lders’ agreemr a person relaBoard of Direuch acquisitiothe Promoter(
hat you have
itation undery securities oflding in our Capplicable law
y you wouldpublic announ
belief, your ader common courposes of thisSame Group”” as provided
merits and riscribing the Eqares; (ii) will
holders, emplany such lossnt in the Equ
cial and businEquity Shares(vi) have no
which may caues. You seekw for resale or
Manager ors or affiliatesgarding the
ng but not limour own indeits sharehold
Company whend to the Issueaim against tors, represent
uity Shares or
one or more much managed aeby make) thesuch account,
R Regulations)your Applica
p companies of
ment or votingated to any ‘pectors other thon has not and(s) or Promote
no right to w
applicable lawf our CompanyCompany upo
ws;
not at any stncement to a
aggregate holontrol as you, representatio shall be intein sub section
sks of the invquity Shares (not look to o
loyees, counss or losses thauity Shares; (ness matterss; (v) have noo reason to anuse or requireto purchase t
r distribution;
any of its shave not provtax consequ
mited to the Isependent tax aders, employen evaluating tand the use othe Lead Matatives, agentas a result o
managed accouaccount to acqe representatio, reading the
) of the Compation does nof the Promoter
g agreement wpromoter’, norhan the rightsd will not resuer Group or g
withdraw your
w, to apply foy held by you
on the issue a
tage result, dcquire Equity
lding together, pursuant to t
on: erpreted by an11 of section
vestment in t(i) are each abur Company sel, officers, at may be suffiv) you have so as to be c
o need for liqunticipate any any sale or di
the Equity Sha
shareholders, vided you witences of subssue and the uadvice and wiees, counselsthe tax conseqof the proceedanager or anyts or affiliatef any tax aud
unts, you reprquire the Equons, acknowle
reference to
pany or a persot directly or r(s) of our Co
with the ‘promr any veto righyou may have
ult in you beingroup compan
r Application
for and hold tu prior to the Iand Allotment
irectly or indy Shares in ac
r with other the Allotment
applying the n 372 of the C
11
the Equity ble to bear and/or the directors,
ffered; (iii) sufficient
capable of uidity with change in istribution ares in the
directors, th any tax bscription, use of the ll not rely , officers, quences in
ds from the y of their es or our dits by tax
resent and uity Shares edgements
“you” to
son related indirectly
ompany;
moter’ (as ht or right e acquired ng deemed nies of the
after the
the Equity Issue. You t shall not
directly, in ccordance
Allottees t shall not
concept of Companies
i
29. y
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ii. “Control”Takeove
you understanpassu in all rother distribuEquity Shares
you are awareRegulations, were made anthe final listinresponsible fonon-receipt;
you shall not time that the f
you understanCompany andliability for aninformation pdecision to pathis Placemenconfirm that committing yinformation bShares and yostatement madthe Lead Manin the Issue bobtained or re
you understanany part of tindirectly susincluding norepresentation
Any dispute athe laws of jurisdiction to
That each of continue to beEquity Shares
You agree to ilaims, liabilitiny breach of that the indemnhe managed ac
you understanthe truth andand undertakiCompany anacknowledgemCompany and
you have masection, name
” shall have ter Regulations.
nd that the Eqrespects with
utions declareds;
e that (i) applifor listing annd such approng and tradinor any delay o
undertake anfinal listing an
nd that the cod that neither ny informatiopreviously puarticipate in thnt Document the only inf
yourself to acbeing all that you have neithde by or on bnager nor our based on any eceived;
nd that the Lthe Equity Shstained or incn-performancns or warrantie
arising in connthe Republic
o settle any dis
the represente true and accs in the Issue;
indemnify andies and expenthe representanity set forth ccounts;
nd that our Cd accuracy of ings, which ad are irrevoments and
d the Lead Ma
ade, or been ely “Represent
the same mea
quity Shares wthe existing E
d, made or pa
ications for innd admission oval has beenng approval wor non-receipt
ny trade in thend trading app
ontents of thisthe Lead Man
on, representatublished by orhe Issue based
or otherwiseformation youcquire the Eqyou deem nec
her received nbehalf of the L
Company norother inform
Lead Managehares purchascurred by yo
ce by us ofes by us, whet
nection with tc of India ansputes that ma
tations, warranurate at all tim
d hold our Conses (includingations, warranin this section
ompany, thef the foregoinare given to tocable and it
undertakingsanager; and
deemed to hatations By Inv
ning as is ass
will, when issEquity Shares
aid in respect o
n-principle appof the Equityreceived from
will be made ot of such final
e Equity Shareproval for the E
Placement Dnager nor anytion or statemr on behalf od on any infoe. By participu are entitledquity Sharescessary to maknor relied on aLead Managerr any other peation, represe
r does not hsed by you inou for any re
any of ourther to you or
the Issue willnd the courtsay arise out of
nties, acknowmes up to and
ompany and thg legal fees an
nties, undertakn shall survive
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are no lo
ave made, asvestors”.
signed to it by
sued, be credis including thof the Equity
proval, in termy Shares andm the Stock Eonly after Alll approvals or
es credited toEquity Shares
Document arey person acting
ment containedof our Compaormation, reprpating in the
d to rely on, is containedke an investmany other infor or our Comperson will be lentation, warra
ave any oblign the Issue oeason whatso
respective ootherwise;
be governed bs at Mumbai,f or in connect
wledgements aincluding the
he Lead Mannd expenses)
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er, its respectitions, agreemnager on its othat if any oonger accurat
s applicable, t
y clause 1(e)
ited as fully phe right to rec
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ms of Regulatfor trading on
Exchange, andlotment. Ourr any loss aris
o your benefics are issued by
exclusively thg on its behal
d in this Placeany and will resentation ore Issue, you
and on whiin this Place
ment decision iormation, reprpany or any oliable for youranty or statem
gation to puror to support oever in connobligations o
by and constr, India, Indiation with the I
and agreemente Allotment, li
ager harmlessarising out ofeements in thif the Equity S
ive affiliates aents, warrantiown behalf aof such reprete, you wil
the representa
of Regulation
paid and will ceive all dividthe date of is
ion 28(1) of thn the Stock E
d (ii) the appliCompany sh
sing from such
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he responsibillf has or shallement Docume
not be liablestatement conagree to the ch you have ement Documin respect of tresentation, wother person anr decision to p
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ations set for
12
n 2 of the
rank pari dends and sue of the
he Listing Exchange, ication for
hall not be h delay or
until such xchange;
lity of our l have any ent or any e for your ntained in same and relied in
ment, such the Equity
warranty or nd neither participate may have
uire all or directly or the Issue, h of any
dance with exclusive
bove shall ding of the
nd all costs, tion with
ou agree n behalf of
ill rely on edgements lf of our
warranties, notify our
rth in this
Subject tRegulatiounregulatvirtue of derivative7, 2014),instrumensecurities(all such compensawhich areestablishmfurther isby appropto this Plincluding
In terms osame set of the toinvestmensubscribeas a singand as a of the FP
Any P-Nclaims onestablishmNotes thaCompanyP-Notes amay be isLead Mapermissib
issue of equier(s) investingmpany. As peapply to su
nstruments hare derivativevative instrum
nstruments inv
are not securitany. Our Com-Notes, or in ted by, and areLead Manageresponsibilitythe Lead Man
tes of the Lee P-Notes in r
in purchasinh P-Notes an
uthority has rurged to con
stment in P-Nons.
RIVATIVE I
n laws, rules,r than Categofied as Categoriately regulat
y 7, 2014 or wManager, mayinked notes orrecognized st
eferred to heruments. P-Noregulatory aut
ow your clieny or on behalfNotes have noocument doesgarding any ris
ity shares to ag through muler the circula
ubscribers ofaving a comminstruments. I
ments, these investments held
ties of our Cmpany has not
the preparatioe the sole oblr does not mawhatsoever innager and doead Managerrespect thereo
ng any P-Notnd the terms areviewed or ansult their owNotes, includ
INSTRUMEN
regulations, gory III FPIs, asory II FPIs (asted unless sucere registeredy issue or otr any other simtock exchangerein as “P-Nootes may be isthorities in thnt” requiremef of it, is madot been and ar
not contain ask factors relat
single FPI orltiple entities)ar issued by S
offshore dermon beneficialIn the event anvestment restd in the underl
ompany andparticipated i
on of any disclligations of, thake any recomn connectionnot constitutemay purchas
of.
tes have theand conditionapproved anywn financial, ding whether
NTS
guidelines ands defined in ths defined in thh FPIs have e
d as clients of atherwise deal milar instrume in India, sucotes”), for whssued only in
he countries oents. An FPI de only to perre not being oany informatioting thereto.
r an investor g is not permit
SEBI on Novrivative instrul owner shallan investor hatrictions shall lying company
do not constin any offer oflosure related hird parties thmmendation awith the P-N
e any obligatise, the Equity
responsibilitns of any suchy P-Notes orlegal, accoun
r P-Notes are
d approvals inhe FPI Regulahe FPI Regulentered into anan FII prior toin offshore
ments against uch as the Equ
which they man favor of thoof their incorp
shall also enrsons who areoffered or soldon concerning
group (which tted to be 10%vember 24, 20uments. Two be considered
as investmentsapply on the
y.
itute any oblif any P-Notesto the P-Note
hat are unrelaas to any inve
Notes. Any P-Nons of or claiy Shares to t
ty to obtain h P-Notes. Nany disclosurnting and taxe issued in co
13
n terms of ations, and lations) by n offshore o January derivative
underlying uity Shares ay receive se entities
poration or nsure that regulated d pursuant g P-Notes,
means the % or above 014, these
or more d together s as a FPI aggregate
igation of, s, or in the es. Any P-
ated to our estment in Notes that ims on the the extent
adequate either the re related x advisors ompliance
As requiBSE doe
1. w
D 2. w
3. t
m and it shoor approvShares magainst Nto or in cstated her
ired, a copy es not in any m
warrant, certiDocument; or
warrant that th
take any respmanagement o
ould not for anved by the N
may do so purNSE and BSEconnection wrein or for any
DISCLAI
of this Placemanner:
fy or endorser
he Equity Sha
ponsibility foor any scheme
ny reason be dNSE and BSE
suant to an inE whatsoever,
with such subsy other reason
IMER CLAU
ement Docum
e the correctn
ares will be lis
or the financie or project of
deemed or conE. Every persondependent in, by reason oscription/acquwhatsoever.
USE OF THE
ment has been
ness or comple
sted or will con
ial or other f the Company
nstrued to meon who desir
nquiry, investif any loss wh
uisition, wheth
STOCK EXC
n submitted t
eteness of any
ntinue to be li
soundness ofy;
an that this Plres to apply figation and anhich may be sher by reason
CHANGE
to the NSE an
y of the conte
isted on the N
f the Compan
lacement Docfor or otherwinalysis and shsuffered by su
n of anything
nd BSE. The
ents of this P
NSE and BSE;
ny, its Prom
ument has beeise acquire an
hall not have uch person costated or omi
14
NSE and
Placement
or
moters, its
en cleared ny Equity any claim onsequent itted to be
The tablerelevant provided
#
1. a.
b. c.
d. e. f. g.
(i) (ii) (iii) (iv) h.
2. a. b. c. d.
e. f. g. (i) (ii) (iii) (iv) (v) h. i. j.
k. 3.
i.
ii.
iii. iv.
DIS
e below sets opages in thi
d.
GENERAL IName, addreboth registereDate of incorpBusiness carrbranches or uBrief particul
Names, addreManagementDetails of dedefault and prstatutory duesdebentures andeposits and iloan from anyNames, desigcompliance process; PARTICULADate of passinDate of passinKinds of secuPrice at whicjustification oName and adAmount whicTerms of raisDuration, if aRate of dividRate of intereMode of paymRepayment; Proposed timPurposes andContribution separately in
Principle termDISCLOSURLITIGATIOAny financiapersonnel in tinterests of otDetails of aDepartment oofferee compcirculation ofor statutory disclosed. Remuneration
Related parimmediately loans made o
SCLOSURE
out the disclosis Placement
INFORMATIess, website anded office and corporation of the ried on by the
units, if any; lars of the mana
esses, DIN and ’s perception of
efault, if any, inresent status, ins; nd interest thereinterest thereony bank or financgnation, addreofficer of the
ARS OF THEng of board resng of resolutionurities offered (ch the security iof the price; ddress of the vch the companysing of securitieapplicable; end; or est; ment; and
me schedule for wd objects of the
being made byfurtherance of
ms of assets chaRES WITH R
ON ETC. al or other matethe offer and thther persons.
any litigation oof the Governmpany during thef the offer letterauthority upon
n of directors (d
rty transactionpreceding the yr, guarantees gi
REQUIREM
sure requiremDocument w
Disclosure R
ON d other contac
orporate office;company;
e company and
agement of the c
occupations off risk factors;ncluding therei
n repayment of –
eon; n; cial institution aess and phone company, i
OFFERolution;n in the generali.e. whether shais being offered
valuer who pery intends to raises:
which the offeroffer;y the promotersuch objects;
arged as securityR E G A R D TO
erial interest ofhe effect of such
or legal actionment or a statue last three yer and any direcn conclusion o
during the curre
ns entered dyear of circulativen or securitie
MENTS UNDE
ments as proviwhere these d
Requirement
ct details of the
d its subsidiarie
company;
f the directors;
in the amount–
and interest thene number, ef any, for th
l meeting, authoare or debentured including the
rformed valuatie by way of sec
r letter is valid;
rs or directors e
y, if applicableO I N T E R E S T
f the directors, ph interest in so
n pending or utory authorityars immediateltion issued by
of such litigati
ent year and las
during the lation of offer lees provided.
ER THE COM
ided in Formdisclosures, to
e company ind
es with the det
involved, dura
reon.email ID of he private pla
orizing the offere) and class of spremium, if an
ion of the secucurities;
either as part o
;T OF D I R E C
promoters or kfar as it is diff
taken by anyagainst any pr
ly preceding thsuch Ministry oon or legal ac
st three financia
ast three finetter including w
MPANIES A
PAS-4 under o the extent
dicating
tails of
ation of
the nodal /acement offer
r of securities;security;ny, along with
urity offered;
of the offer or
C T O R S ,
key managerial ferent from the
y Ministry orromoter of the he year of theor Departmentction shall be
al years).
nancial years with regard to
ACT, 2013
the PAS Ruleapplicable, h
Relevant PThis Docu
Cover P
43 45
179179
22-3Not Appli
Not AppliNot AppliNot AppliNot Appli
-
25th July, 29th Augus
Equit
Cover P
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v.
vi.
vii.
4. a.
(i)(a)
(b) (c)
(d) (ii)
b.
c.
d.
e.
f.
5. a.
b.
c.
Summary of five financialtheir impact ocorrective stereservations oDetails of anCompanies Apreceding thesubsidiaries. imposed, comyear of the ofof its subsidiaDetails of actif any, and if FINANCIALthe capital strthe authorizeddescription ansize of the prepaid up capita(A) after the(B) After co
Share premiumthe details oindicating theshares allotteconsiderationProvided thateach of the aletter separatethe details of Profits of thfinancial yearDividends decoverage ratioA summary osheets immedAudited Cashcirculation ofAny change profits and thA DECLARAthe companythereunder. the complianinterest or rGovernment. The monies rindicated in th
reservations orl years immediaon the financialeps taken and por qualification
ny inquiry, inspAct, 2013 or anye year of circulAlso if there w
mpounding of offer letter and iaries. ts of material frso, the action t
L POSITION Oructure of the cod, issued, subscnd aggregate noesent offer; al:
e offer; nversion of conm account (bef
of the existing erein with regaed, the face vn. t the issuer com
allotments wereely indicating t
f the consideratihe company, bers immediately eclared by the co for last three of the financialdiately precedinh Flow Statemef offer letter. in accounting p
he reserves of thATION BY THy has complied
ce with the Actrepayment of d
received under he Offer letter.
r qualificationsately precedingl statements anproposed to bes or adverse rem
pections or invey previous complation of offer
were any prosecoffences in theif so, section- w
rauds committedaken by the comOF THE COMompany in the fcribed and paid ominal value);
nvertible instrumfore and after th
share capital ard to each allovalue of the sh
mpany shall ale made in the lathe allotments mion in each caseefore and afterpreceding the dompany in respyears (Cash prol position of th
ng the date of cient for the thre
policies duringhe company. HE DIRECTOd with the pr
t and the rulesdebentures, if
the offer shall
s or adverse rem the year of circd financial postaken by the c
mark. estigations initipany law in theletter in the cacutions filed (wlast three year
wise details the
d against the company.
MPANYfollowing mannup capital (num
ments (if appliche offer).of the issuer ctment, the datehares allotted,
so disclose theast one year prmade for conside.r making provdate of circulatipect of the saidofit after tax pluhe company asirculation of offee years immed
the last three
ORS THATrovisions of th
does not implyapplicable, is
l be used only
marks of auditculation of offeition of the com
company for ea
iated or conduce last three yearase of companywhether pendingrs immediatelyereof for the com
ompany in the la
ner in a tabular mber of securiti
cable).
company in ae of allotment, t the price and
e number and preceding the datderations other
vision for tax, ion of offer lettethree financial
us interest paid/in the three au
fer letter. diately precedin
years and their
he Act and th
y that payment o guaranteed by
for the purpos
ors in the laster letter and of mpany and the ach of the said
cted under thers immediately y and all of its g or not) finespreceding the mpany and all
ast three years,
form-ies,
tabular form,the number of
d the form of
price at whichte of the offer than cash and
for the three er. years; interest /interest paid).udited balance
ng the date of
r effect on the
he rules made
of dividend ory the Central
ses and objects
Not App
Not Appl
50
50 50
49 50
51
86,119,1
58
85,118,
87,120
94,128,
210
210
s 210
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licable
153
152
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High, low and ahange rate on Nowing table seee and the Euro
Ended r 31, 2016 ber 30, 2016 31, 2016 , 2016 , 2016 , 2016
www.rbi.org.inHigh, low and ahange rate on N
mitations and udependently vdata. Our Co
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publications uecific date anrepare this infmay prove todecision on, an
h the markeer’s familiari
mation xchange rate ee price of threign currencyets forth, for t. dollar (in Ru
in average are bNovember 12,ets forth, for tho (in Rupees p
n average are bNovember 12,
uncertainties iverified this dompany takes
respect of suwhether from
related analy
used to prepard may no lonformation may be incorrect.ny such inform
et and indusity with and
between thehe Equity Shary of any cash dthe periods inupees per U.S.
Period End
62.5960.1061.90
66.8666.6666.9867.03 67.6267.20
based on the R, 2016 was Rshe periods indper Euro 1), fo
Period End
67.5182.5885.36
72.9174.7574.6274.2775.0174.79
based on the R, 2016 was Rs
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re the Industrynger be curreny also base the. Accordinglymation include
stry data useunderstandin
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ndicated, infor. dollar), for th
d Aver
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66.66.66.67.67.66.
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d Aver
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73.74.75.74.75.75.
RBI reference r. 73.11 per Eu
ny statistical sot make any ry for accurateion and data.
dustry associamates, so our
y section in thnt or reflect cueir informatio
y, investors shed in this Plac
ed in this Plang of the met
foreign currenock Exchanged in Rupees onrmation with rhe periods ind
rage*
155063
75749421 3090
rates S$ 1. mation with reindicated.
rage*
.47
.14
.94
618300365769
rates uro 1
survey. Neitherepresentationely reproducin
In many casations, governr Company h
his Placementurrent trends. Fon on estimatehould not placcement Docum
acement Docthodologies u
ncy will affeces. These fluctn the Equity Srespect to the dicated.
High*
63.7568.3668.36
66.8967.0667.1967.50 68.0166.91
espect to the e
High*
84.5291.4791.47
74.7275.3676.0475.0376.5476.61
er our Compan regarding acng such informses, there is nnment bodies
has relied on
t Document isFinally, the soes, projectionsce undue reliament.
cument is mused in comp
ct the foreigntuations will a
Shares. exchange rat
(Rs.Low
58.4353.7452.97
66.5366.3666.7466.9166.6366.26
exchange rate
(Rs. peLow
65.9469.5969.54
72.7974.1774.0673.8074.8874.79
18
ny nor the ccuracy or mation but no readily s or other
internally
s based on ources and s, forecasts ance on, or
meaningful iling such
n currency also affect
e between
per US$) *
3 4 7
3 6 4 1 3 6
e between
er Euro 1) *
4 9 4
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All statem‘Forwardas ‘aim’‘intend’, achieve’,statemenstatemen
All statemprospectsCompanyfinancial Documen(whetheruncertainour Comimplied brisks, uncthose conresults, plooking s
• de• flu• slo• fa• di
th• in• vo• in• ge• in• ex• ch• slo
AdditionmateriallOverviewOperatiowhat actuincome clooking sare basedavailablein such fwill provforward-lDocumenobligatioany of thincorrectthat descattributab
or operatingnt that are notr made by ounties, assumpt
mpany to be mby such forwacertainties andntemplated byperformances statements inc
ependence on uctuation in thowdown in en
ailure in impleifficulty in inthe future; nability to accuolatility in the nterruptions at eneral, politicanability to attraxchange rate flhanging laws, owdown in ec
nal factors thay include, bu
w”, “Businessons”. By their ually occurs incould materiastatements or d on the beliee to, the manaforward-lookinve to be correlooking statent or the respn to update or
hese risks and t, the actual reribed herein able to our Com
F
ned in this Pements’. Inves, ‘are likely’ ‘may’, ‘objecue’, ‘will likeibe the strategthese are not t
ng our Compd-looking statstrategy, plan
g projections ot historical fac
ur Company otions and othematerially difard-looking std assumptionsy the relevanand achievem
clude, among o
a limited numhe prices of rand-user industrementing our stegrating and
urately forecascost and avaiour manufact
al, social and eact or retain sefluctuation; rules, regulati
conomic grow
at could causut are not lim” and “Mananature, mark
n the future. Aally differ fromother projectiefs of the ma
agement of oung statements
ect. Given thesments. In anpective dates r revise any ouncertainties
esults of operas anticipated,mpany are exp
FORWARD-L
Placement Dostors can gene
‘believe’, ‘cctive’, ‘plan’,ely result’, ‘wgies, objectivthe exclusive m
any’s expectetements. Thesnned projects,or forecasts),cts. These forwor any third per factors thatfferent from atatements or os about our Co
nt forward-looments of ourothers:
mber of clientsaw materials;ries;
strategies; managing str
st demand forilability of rawturing facilitieeconomic conenior managem
ions, Governmwth in India or
se actual resumited to, thoseagement’s Disket risk disclosAs a result, actm those thations. The forwanagement, asur Company. A are reasonabse uncertainti
ny event, theindicated in
of them, whethmaterialize, o
rations or fina, believed, est
pressly qualifie
LOOKING S
ocument thaterally identifycontinue’, ‘ca
‘potential’, ‘would’, or othves, plans ormeans of iden
ed financial cose forward-lo, revenue and new businesward-looking
party), are pret may cause thany future resother projectioompany that coking statemeCompany to
s, and a loss of
rategic investm
r our productsw materials; es; nditions in Indment and key
ment policies athe other coun
ults, performae discussed unscussion andsures are onlytual future gaihave been es
ward-lookings well as theAlthough ourle at this timees, investors ase statementsthis Placeme
her as a resultor if any of ouancial condititimated or exped in their ent
TATEMENT
are not statey forward-lookan’, ‘could’, ‘project’, ‘pu
her words or pgoals of our
ntifying forwa
onditions, resuooking statemd profitabilityss and other mstatements co
edictions andhe actual resusults, performons. All forwacould cause acent. Important
be materially
f or significan
ments and all
and plan prod
dia and elsewhmanagerial pe
and legal uncentries in which
ance or achiender the sectiAnalysis of F
y estimates anins, losses or stimated, expstatements coassumptionsCompany be
e, it cannot asare cautioneds speak only ent Document of new informur Company’sion of our Copected. All sutirety by refere
TS
ements of hiking statement‘estimate’, ‘e
ursue’, ‘shall’,phrases of simCompany ar
ard-looking sta
ults of operatiments includey (including,matters discuontained in thi
involve knowults, performamance or achiard-looking stctual results tot factors thaty different fro
nt decrease in b
liances, acqui
duction schedu
here; ersonnel;
ertainties; andh we operate.
evements of oions titled “RFinancial Co
nd could be mimpact or net
pressed or impontained in thimade by, and
elieves that thessure investorsd not to place
as of the dnt, and our Cmation, futures underlying aompany couldubsequent forwence to these c
istorical fact ts by terminol
expect’, ‘expe, ‘should’, ‘wmilar import. e also forwar
atements.
ions, business statements without limit
ussed in this Pis Placement wn and unknoance or achievievements exptatements are o differ matercould cause
om any of the
business from
sitions and m
ules in advanc
d
our CompanyRisk Factors”,ondition and materially diffe
interest incomplied by suchis Placement Dd informatione expectations that such exundue relianc
date of this Company undee events or othassumptions pd differ materward-looking scautionary sta
19
constitute logy such ected to’, will’, ‘will
Similarly, rd-looking
s plans and as to our tation, any Placement Document own risks, vements of pressed or subject to
rially from the actual
e forward-
m them;
mergers in
ce;
y to differ “Industry Results of
ferent from me and net h forward- Document
n currently s reflected
xpectations ce on such Placement ertakes no herwise. If
prove to be rially from statements
atements.
Our ComDirectorsour Comservice oparties in
RecognitCivil Codas to anythey or an
(a) th(b) th(c) it
re(d) th(e) th(f) th
Under thcertified unless thjurisdicti
India is nHoweversuperior Governmproceedin44A of threspect oarbitratio
The Unita “reciprhas not benforced in India wcivil liabenforced judgmentsame maaward daunlikely damages would enin a foreiof paymeto repatraccordandisposed
mpany is a lims and key ma
mpany and sucof process upon courts outsid
tion and enforde on a statutoy matter thereny of them cla
he judgment hahe judgment ha
appears on thefusal to recoghe proceedingshe judgment hahe judgment su
he Civil Code,copy of a for
he contrary aion.
not a party to r, Section 44A court, within
ment has by nngs in executihe Civil Codeof taxes or othon awards.
ted Kingdom,rocating territobeen so declaonly by a fre
within three ybility in India
by proceedint or order. Th
anner as any oamages on thethat an Indianawarded was
nforce foreignign currency went. A party seriate outside Ince with applic
of in a timely
EN
mited liability panagerial persoch persons areon our Compade of India.
rcement of foory basis. Seceby directly aaim litigating
as not been pras not been givhe face of thegnize the law os in which the as been obtainustains a claim
, a court in Inreign judgmenappears on th
any internatioA of the Civn the meaninnotification dion as if the jue is applicableher charges o
Singapore anory” for the pared. A judgmsh suit upon t
years from the. A judgmentngs in execut
he latter suit haother suit filede same basis an court woulds excessive o
n judgments thwould be conveeking to enfoIndia any amcable laws. Oy manner or be
NFORCEMEN
public compaonnel are resie located in Inany or such p
oreign judgmection 13 of theadjudicated upunder the sam
ronounced by ven on the me
e proceedingsof India in casjudgment wa
ned by fraud; am founded on a
ndia shall presnt, that such juhe record; bu
onal treaty in rvil Code provng of that Sedeclared to budgment had be only to monef a like natur
nd Hong Kongurposes of Se
ment of a couthe judgmente date of the jut of a superiotion, and a juas to be filed
d to enforce aas a foreign cod enforce forer inconsistenthat would converted into Ruforce a foreignmount recoverur Company ce subject to co
NT OF CIVIL
any incorporatidents of Indindia. As a res
persons in Ind
ents are provide Civil Code ppon between t
me title except
a court of comerits of the cas to be founde
ses in which sus obtained areand a breach of an
sume, upon thudgment wasut such presu
relation to thevides that whection, in an
be a reciprocbeen renderedetary decreese or in respec
g, amongst otection 44A ofurt of a countand not by prudgment in th
or court of a cudgment not o
in India withicivil liabilityourt if an actiign judgmentt with publicntravene or viupees on the dn judgment inred, and anycannot prediconsiderable de
L LIABILIT
ted under theia and all or asult, it may n
dia, or to enfo
ded for underprovides that fthe same part
t where:
mpetent jurisdse; ed on an incouch law is appe opposed to n
ny law in force
he productionpronounced b
umption may
e recognition ohere a foreignny country orating territory
d by the relevanot being in t
ct of a fine or
thers have beef the Civil Codtry which is nroceedings inhe same manncountry whichof a superiorin three years
y in India. It ision were to bets if that courtpolicy, and i
iolate Indian ldate of such ju
India is requsuch amoun
t whether a suelays.
IES
laws of Indiaa substantial p
not be possibleorce judgment
r Section 13 aforeign judgmties or betwee
iction;
rrect view of plicable; natural justice;
e in India.
of any documby a court of be displaced
or enforcemenn judgment hr territory ouy, it may beant court in Inthe nature of ar other penalt
en declared byde, but the Unnot a reciprocexecution. Su
ner as any otheh is a reciprocourt, by a ffrom the date
s unlikely thate brought in It was of the vs uncertain wlaw. Further,udgment or awired to obtaint may be subuit brought in
a. All of our Cportion of thee for investorts obtained ag
and Section 4ments shall be c
en parties und
f international
;
ment purportincompetent ju
d by proving
nt of foreign jhas been rendutside India we enforced inndia. Howeverany amounts pty and does n
y the Governmnited States ocating territor
uch a suit has er suit filed to
ocating territorfresh suit resue of the judgmt a court in InIndia. Furtherview that the whether an Indany judgment
ward and not on approval frombject to incom
n an Indian cou
20
Company’s e assets of rs to affect gainst such
44A of the conclusive der whom
law or a
ng to be a urisdiction, g want of
udgments. dered by a which t he
n India by r, Section payable in
not include
ment to be of America ry may be to be filed
o enforce a ry may be ulting in a ment in the ndia would rmore, it is amount of dian court t or award on the date m the RBI me tax in urt will be
This offecurrentlyaddition other infoShares. Pand ‘Mafinancialconsider Documenevents, obusiness,of our Eq
The risksto us anAlthoughand adveattentionsome respadvisors
Unless oConsolidDocumen
INTERN Our indeour abili
Our indeconduct operation
Our indeincluding
• a sub
will gene
• our afavo
• fluct• we m
presscond
• we minabrepay
• we m There arcertain oincurringwith all comply wand/or pr
ring and an iy believe may
to any forwformation conProspective inanagement’s Dl and statisticthe risks and
nt before makior the occurre
results of opquity Shares to
s described bend some risksh we seek to ersely impact to the fact th
spects may be about the par
otherwise inddated Financint.
NAL RISK FA
ebtedness andity to conduct
ebtedness and our business
ns. We may in
ebtedness coug but not limit
bstantial portreduce the a
eral corporate ability to obta
orable to us matuations in mamay be moresures and mditions; may have diffility to complyment obligat
may be restrict
e certain restf our Compan
g any additionof the terms with all of therofitability.
investment in y materially afward-looking tained in this
king any investence of other perations, casho decline or fa
elow are not ths that we do mitigate or mt our busineshat our Comp
different fromrticular conseq
dicated, all finial Statements
ACTORS
d the conditioour business
the restrictivand grow ou
n the future inc
uld have seveted to the follo
tion of our caavailability ofrequirements;
ain additional ay be limited; arket interest re vulnerable
may have red
ficulty satisfyily with these tions and enfoted from maki
trictive covenany’s debt agrenal long-term i
of the said fe terms of the
Equity Shareaffect our bus
statements as Placement Dld read this snd Analysis oon containedes described btment decisionrisks that are
h flows, finanall significantl
he only ones rnot currently
minimize thesss, financialpany is an Indm that applicaquences of an
nancial inforts for the Fis
ons and restrand operation
ve covenants iur operationscur additional
eral importantowing:
ash flow willf cash flow; financing in t
ates will affecto economic
duced flexibil
ing payment arequirements
orcement of reing dividend p
ants in the areements, we aindebtedness.financing docue said financi
RISK FAC
es involve a hisiness and opand the cautDocument, befsection in conjof Financialin this Plac
below, in addn relating to oe not currentl
ncial conditionly and you ma
relevant to us oy believe to e risks, one ocondition and
dian companyable in otherinvestment in
rmation includscals 2014,
rictions impons
imposed upon, which woul indebtedness
t consequence
be used towato fund work
the future or r
ct the cost of o downturns,lity in respo
and other oblicould result ilated securitypayments to o
rrangement ware required to There can beuments. Anyng documents
CTORS
igh degree oferations. Youtionary statemfore making anjunction with
Condition ancement Documition to the oour Equity Shly known or an and prospecay lose all or p
or the Equitybe material cor more of ad results of
y and is subjecountries. Inv
n the Issue.
ded in this s2015 and 20
osed by our fi
n us with certald adversely in connection
es on our futu
ards servicingking capital,
renegotiate or
our borrowingmay be limi
onding to ch
igations undein an event of interests overur shareholde
we have entereo send intimae no assurance
failure to sers could have
f risk. This secu should carefments in this
any investmen the sectionsnd Results ofment. Prospecther informat
hares. The occare now deemcts to suffer anpart of your in
Shares. Additcould subsequ combinationoperations. I
ect to a legal vestors should
section has b016, included
financing agr
ain debt facilaffect our finn with our ope
ure financial
g and repaymcapital expen
r refinance our
gs; ted in our abanging busin
r our existingf default, accer our assets; an
ers under certa
ed into with ation to our le that we havervice our Coman adverse ef
ction describeefully considers Placement Dt decision rela‘Business’, ‘If Operationsctive investortion containedcurrence of an
med immateriand could caus
nvestment.
tional risks thauently turn o
n of these riskInvestors shouand regulator
d consult tax, f
been derived d elsewhere
reements coul
ities could renancial conditerations.
results and b
ment of our exnditures, acqu
r existing inde
bility to withness, regulato
g financing arreleration of ound
ain circumstan
our lenders. Uenders for cree, or will, at ampany’s indeffect on our re
es the risks thr the followinDocument anating to the EIndustry Over’ as well asrs should card in this Placeny of the folloal, could causse the market
at may be unkout to be matks could mateuld pay partiry regime whifinancial and
from our Auin this Place
ld adversely a
strict our abiltion and resu
business prosp
xisting debt, wuisitions and
ebtedness on t
hstand compeory and econ
rangements anur
nces.
Under the termeating, assumiall times, comebtedness and/esults of opera
21
hat we ng, in nd the Equity rview’ other
refully ement owing se our
price
known terial. erially icular ich in
d legal
udited ement
affect
lity to ults of
pects,
which other
terms
etitive nomic
nd an
ms of ing or
mplied /or to ations
Our Compfailure to Our futurekey emploexisting sepersons inthe loss ofof operatiomembers o The succepersonnel.professioneconomy functions business o We will co After the cbeing ableand Promointerests odelay, defconsolidatmaking a t We have These tran Our ComSubsidiarithat our transactionoperationsinvolved o There are operations There are adjudicatioextent ascfrom us anagainst usincrease efavor or thadverse efdisclosurefinancial iDocument We requirmaintain amay adver We are suto our busas minimcontract la
pany is depenattract skilled
e success depeoyees. Compeenior managen the organizaf any other mons, financialof our manage
ess of our bus. Demand fonals are highlcontinues to such as man
operating resul
ontinue to be c
completion ofe to influence oter Group m
of our minorityfer or cause a tion, takeovertender offer or
entered into nsactions or a
mpany has enes, which werCompany wins, individuals. The transacor could poten
e outstanding s and financia
certain outstaon, before var
certainable as nd other partis by appellatexpenses and chat penal or offect on our b
es including, implications at.
re certain regand renew thrsely affect ou
ubject to variosiness operatio
mum wages, abor and wor
ndent on the d personnel m
ends on the coetition for senement or attraation could se
member of our condition anement team or
siness will alor qualified ply sought aftgrow and m
nufacturing, telts and financi
controlled by
f the Issue, outhe compositay take or bloy shareholderchange of ou
r or other br otherwise at
certain transany future tra
ntered into trre conducted iill enter into lly or in the actions that thentially involve
legal proceedal condition.
anding legal prious courts aon the date o
ies. Should the courts or trcurrent liabilitother action wbusiness, resuinter alia, thand the statu
gulatory approhese approvalsur operations.
ous environmons, includingmaximum w
rk permits, as
continued effmay adversely a
ontinued servinior managemct and retain
eriously impasenior manag
nd cash flows.r other key per
so depend onprofessional per by our co
mature. If weechnical, finaial condition c
our Promote
ur Promoter aion of our Boock actions wrs. Through thur control orbusiness combttempting to ob
sactions withansactions wi
ransactions win compliance
related partaggregate, wile Company ha conflicts of in
dings against
proceedings inand tribunals.of this Placemere be any neribunals, weties. There ca
will not be takults of operathe amount inus of the proc
ovals and lices and licenses
ental, health ag laws and re
working hourss well as othe
fforts of our saffect our bus
ces and perfoment in the in
new senior mir our abilitygement or oth We do not mrsonnel.
n our ability tpersonnel is
ompetitors asfail to hire
ance, marketincould be adver
ers after the co
and Promoteroard and influeith respect to
heir influence,a change in obination involbtain control o
related partiith our related
with several re with applicabty transactionll not have anas entered intonterest.
us, which if d
nitiated againThe amounts
ment Documenew developmemay need to
an be no assurken against ustions and finanvolved, perioceedings, see
enses in the os necessary fo
and safety, emegulations govs, overtime,er local laws
senior managsiness.
rmance of thendustry is intemanagement in
to continue ther key personmaintain ‘key
to identify, athigh and thwell as othe
and retain sung, sales, opersely affected
ompletion of t
Group will coence matters rour business, our Promoterour capital stlving us, discoof us.
ies in the pasd parties coul
related partieble laws and ons in the futun adverse effeo and any fut
determined ad
st us. These ps claimed in tnt and includents, such as ao make provirance that thess. Any adversancial conditiod for whichthe section ti
e members ofense, and wen the future.to manage annnel may advey man’ life ins
ttract, hire, trhese personneer Indian comufficient numerations and.
the Issue
ontinue to exerequiring shar, which may cr and Promotetructure, delaourage or enc
st and may cold potentially
es, including on arm’s lengture. There c
fect on our finture transactio
dversely, coul
proceedings athese proceed
des the amounany change insions in ourse proceedingse decision inion. For furthh such demanitled “Legal P
se of our busiut our busine
ted and otherelationship winditions, hirinns in the coun
and the loss o
our managem may not be The loss of t
nd expand ourersely affect osurance for ou
rain, retain anel are in limmpanies, part
mbers of qualiresearch and
ercise controlreholder approconflict with oer Group mayay, defer or courage a pote
ontinue to doinvolve confl
our Promoteth basis. Furthcan be no asnancial conditons with our r
ld affect our b
are pending atdings have beents claimed jon applicable la
financial stats will be dete
n such proceedher informationds or claimProceedings”
iness, and theess, in a timely
laws and regth our employ
ng and termintries in whic
of key membe
ment team andable to retai
the services or business. Fuur business, rur promoter, s
nd motivate skmited supply.ticularly as Inified personne
d development
l over us, incloval. Our Promour interests o
y be in a positi cause a me
ential acquirer
o so in the fulicts of interes
ers, Directorshermore, it is ssurance that tion and resurelated parties
business, resu
t different leven disclosed t
ointly and sevaws or, any rutements thatermined againdings may haon, along wit
ms are outstanof this Place
e failure to obly manner or a
gulations appliyees in areasinating emploch we operate
22
ers or
other n our
of key urther, esults senior
killed . Our ndia’s el for t, our
uding moter or the ion to erger, r from
uture. st.
s and likely such
ults of s have
ults of
vels of to the erally ulings could st our
ave an th the nding, ement
btain, at all,
icable such
oyees, e. The
success ofcontingentpermits, b Although applicableresult in uprevent prequiremecosts of copotential f If we fail licenses olicenses anbusiness. successfulof our buspossible vwe are fouand criminrefund paymaintain awill be m Our resulemployees While we will not ebusiness aany settlemcosts as a may resulreputation
Change inabreast oCompany Managemability to adescriptionand moderadvances a
The businof operatiCompanyThe existinof equipmdisputes, nauthorities
The occurr Our insur Our businbreakdownfraud and
f our strategy t upon, amonguilding and zo
we believe the laws and regus incurring siroject complents or enforceompliance, or for violating th
to comply wor approvals, nd approvals Any action b
l, could causesiness. Any deviolations, of und in violational penalties, yments receiv
any of our reqmaterially and a
lts of operatios.
have not expexperience anyand operationsment with ouresult of high
lt in production, and results o
n Technologyof the latest y to compete w
ment Perceptiadapt to newen, consumer prnization projand systems.
ness of the Coions may havy. ng paper man
ment, power sunatural calams.
rrence of any o
rance coverag
ness may invons, failure or infrastructure
to modernizeg other factorsoning permits
hat we are ingulations curreignificant costetion. There ement trends that we will b
hese laws and
with any existthe relevant and/or requirebrought againe us to incur setermination tthese laws oron, we may bdamages and ved by us, an
quired licenseadversely affe
ons could be
perienced anyy strikes, wors in the futureur workers onher than anticon losses andof operations.
y and trendstrends in thwith newer g
ion: The Comer generation preferences, iject is in line
ompany is deve a material
nufacturing facupply or procemities, industr
of these risks
ge may not be
olve risks andsubstandard p
e failure. Our
e, optimize ans, receipt of as, environmen
n complianceently in force,ts in order tocan be no ain our industbe successful
d regulations m
ting laws andregulatory aue us to disconnst us for allsignificant legthat we haver regulations,be subject to a
fines, loss ofnd orders to ces and approvected.
adversely aff
y significant erk stoppages
e. In the eventn acceptable tcipated wagesd delays in de
s in the induhe Paper Indgeneration pro
mpany is in theproducts and ndustry consuwith the Com
ependent on iadverse effec
cilities of the esses, performrial accidents
could signific
sufficient to c
d hazards whicperformance or Company ca
nd expand ourall required licntal permits, an
with all envichanges in lamaintain com
assurances thry will not fuin responding
may also incre
d regulations, uthorities mayntinue our buseged violatiogal expenses aviolated, or thcould harm o
any applicablef various licencurtail or ceavals under ap
ffected by stri
employee relaor other indu
t that we are uterms, it coulds or benefits.elivery of pro
ustry may affdustry may aoducts.
e Paper busintechnology. T
umption pattempany’s cons
its manufactuct on the bus
Company aremance below e
and the nee
cantly affect th
cover all of ou
ch could adveof equipment
annot assure y
r existing opecenses, permitnd health and
ironmental, heaws or regulatimpliance withhat the legalurther changeg to such chanease.
or fail to oby impose finesiness or impons of laws oand divert ourhe public annour reputatione penalties asnses, certificatase our operapplicable law
ikes, work sto
ated issues inustrial actionsunable to mand result in strIn addition, s
oducts, which
fect Companadversely aff
ess for over 2The Companyern, competitiotant endeavor
uring facilitieiness, financi
e subject to opexpected leveled to comply
he operating re
ur potential lo
ersely affect o, third party lyou that the o
erations in thets and authorisafety permits
ealth and safeions in the cou
h such laws anframework, in a manner
nges. Moreov
btain, maintaines and penaltose restrictionor regulationsr managemen
the past, thes or that thesenage any emprikes, work stsuch industriamay adversel
ny’s ability tofect the com
25 years, and y is well awaron, regulationr to keep itsel
es to a large ial condition
perating risks,ls of output or
y with the di
esults of the C
osses.
our profitabililiability claimoperation of o
e sectors in wzations, includs.
ety, employeeuntries in whind regulationslicensing andthat does not er, as we grow
n or renew aties on us, rens on the affecs, even if our nt’s attention fhat we are beiesults and finah such violatiotions or autholose or otherwations, our b
ncreased wag
ere can be noe situations w
ployee related toppages or in
al disruptions ly affect our b
o compete. Ampetitiveness
has the requisre of the devens etc. The culf abreast of l
extent. The land results o
such as the br efficiency, orectives of re
Company.
ity, including ms, labor distuour business w
which we operding local lan
e -related and ich we operates and may deld other regulresult in incr
w our busines
any of the reqevoke our buscted portion o
defense therefrom the opering investigateancial conditions, includingorizations, ordwise are unab
business opera
ge demands by
assurance thwill not disrupissues or negncreased operor work stoppbusiness prosp
Any failure toand ability
site experiencelopment of murrent up gradlatest technolo
oss of or shuof operations
breakdown or obsolescence, elevant gover
natural calamurbances, empwill not be aff
23
rate is nd use
other e may lay or latory reased ss, the
quired siness of our eof is ration ed for ion. If g civil ders to ble to ations
y our
hat we pt our
gotiate rating pages pects,
o keep of the
ce and market dation ogical
utdown of the
failure labour
rnment
mities, ployee fected
by any suincluding If our arraaggregate substantia We face competitiv Significanresult in recost compCompany possesses.The largercompanies The Comp The Compunder:
NetCas
Our compaccepted t Our Com We have eRoad, AndThe rent apremises, paying, wh If we faioperation We are adwith requenvironmesubstancesincreasingnot foresee We are dproducts. We use thour customfuture, havcontinuing We are a better eco
uch incidents othose involvin
angements forlimitations o
l payments an
growing andve position an
nt additional coeduced pricespetitors may a
and have sig These marker competitorss.
pany has exp
pany has expe
Particula
t Change in Csh equivalents
pany has filthe request o
mpany does no
entered into Ldheri (E), Mu
agreement maywe will have hich may affe
il to comply n may be adve
dhering to envuirements of eental laws ands that may be
g in stringencye and difficult
ependent on
hird-party tranmers. Transpove an adverse g increase in tr
medium sizeonomies of sca
or hazards. Inng claims by r insurance oror exceeding nd our results
d new compend profitabili
ompetition in and thereby madversely imp
gnificantly stret participants have a much
perienced neg
erienced nega
ars
Cash and s
ed an applicof the compan
ot currently o
Leave and Licumbai-400093y be renewed to seek a new
ect our ability
with Enviroersely affecte
vironmental noenvironmentad regulations, e used in or y and it is posty to comply w
third party t
nsportation proortation strikes
effect on our ransportation
e Paper-manale with high
n addition, outhird parties
r indemnificatthe resourcesof operations
etition from ity.
the markets wmay negativelpact our reveronger markets include otheh broader por
gative cash flo
ative cash flow
2
cation beforeny and restru
own the prem
ence agreeme with Mr. Masubject to the
w premises at sto conduct ou
onmental Laed.
orms adequateal laws and r
which goverresult from i
ssible that theywith the same
transportatio
oviders for thes, by memberreceipt of supcosts may hav
nufacturing uher capacity. P
ur insurance mand is subjection are not as of the indems and financial
domestic an
where our Comly affect our r
enues. In most positions, prer small, limitrtfolio of bus
ows in some o
ws in some o
2012-13
(51.87)
e lenders foructured credit
mises at which
ent for our Reanoj Jitendra De consent of thshort notice an
ur business or
aws and Reg
ely for the exiregulations. Orn the dischargits operationsy will become.
on providers
e supply of mrs of various Ipplies and ourve an adverse
unit and will Paper indust
may not provit to certain dedequate to comnifying partl condition ma
nd internatio
mpany sells itrevenues and st of the markroduction capted-range provsiness, greater
of the previou
of the previou
2013-14
(88.73)
r restructurint facilities ava
h its Registere
egistered OfficDoshi and pay
he lessor. In thnd for a priceincrease our o
gulations or
isting operatioOur Companyge, emission, s. Environmene significantly
for the supp
most of our rawndian transpo
r ability to delieffect on our
have to comry gets low p
ide adequate eductibles, excover claims, inty, our Compay be adversel
onal players
s products maprofitability. kets, players
pacities and gviders and a r resources an
us years.
us years. The
4 2014
) (22.
ng of its creailable to the
ed Office is lo
ce located at 5y rent for the
he event that th that may be hoperating cost
face Enviro
ons. We may y is subject tstorage, hand
ntal laws andy more stringe
ply of raw ma
w materials anort union haveiver our produbusiness and
mpete with bigpriority from
coverage in sclusions and lncluding thosepany may be ly affected.
that may ad
ay erode its mCompetition fare significan
greater financinumber of fund more expe
details of the Rs. in lacs
4-15 20
.36)
edit facilities e company.
ocated.
5/6, Papa Induoccupation o
he lessor requhigher than wts.
onmental Lit
incur substanto significantdling and dispd regulations ent in the futu
aterials and d
nd for delivere had in the paucts to our cusresults of ope
ntial costs to ct national andposal of a varin India have
ure. However,
delivery of fin
ry of our prodast, and couldstomers. In aderations.
the field whors.
24
tances erage. policy make
ct our
nd may ent low han the than it panies. smaller
are as
s have
, Suren emises. cate the urrently
ults of
comply d state riety of e been we do
nished
ducts to d in the ddition,
o have
The compproducts, cwould be is not jusmanageme Past perfo Our revenTherefore, Risk in re The Paperin future dtariff, domindustry, eother generesults ma Our abilitycapital req The amoufinancial financing to the decvarious faprice of ththat we w“Dividend Any damaresults of o We are extheft. We systems athey may we may sprofitabilit Increases As our busIndia in rperiodic reright avairespectivewill be perform thAccordingresults ope Our fundihave not b Our fundinquotationsappraised bhave to reestimates,
petition is inecanalizing ourcontinued in f
st limited to ent responsibi
ormance not
nues and profi, the historical
elation to Pap
r Industry is cdepending on mestic duties effect of seasoeral economicay vary from th
ty to pay dividquirements, ca
unt of our futcondition, caarrangementsclaration and actors. Accordhe Equity Shawill be able tds”.
ages caused boperations an
xposed to opeare susceptib
and internal cnot be able t
suffer monetaty, results of o
in interest ra
siness is capitecent periodsesets of interelable to us u interest rate able to do heir obligatiogly, the increaerations and f
ing requirembeen independ
ng requiremens from supplierby any bank o
evise our expewhich may n
vitable in anyr sales throughfuture also. Inmanufacturingility from the q
an indicator
itability are dl financial res
per Industry.
yclic in natura number of and taxes, ch
onality, availabc and businesshe expectation
dends in the fapital expend
ture dividend ash flows, wos. There can b
payment of dingly, realizaares. There is to pay divide
by fraud, thefnd cash flows.
erational risk ble to fraud control proceo identify non
ary losses, whoperations and
tes may mater
tal intensive, ws. Some of ouest rates. Alth
under our finareset dates aso on com
ns, or that suase of our intfinancial cond
ents and depdently apprais
nts and the drs and our curor financial inenditure and fot be within t
y line of busih dedicated den the highly cog process buquality contro
for future pe
dependent on ults may not b
re and operatinfactors includ
hanges in relability of raw ms factors. Duens of sharehol
future will deditures and res
payments, iforking capitale no assurancdividends wiation of a gano assurance
ends in the fu
eft or other m.
arising fromor misapprop
edures are den-compliancehich may notd cash flows.
rially impact
we are exposeur current debhough we mayancing arrangand enter into
mmercially reuch agreementerest expense
dition may be a
loyment of thsed, and are n
deployment of rrent business stitution. In vifund requiremthe control of
iness and we ealers, managompetitive ind
ut also extendol department
erformance
a number of be accurate in
ng results hasding the internationship betwmaterial, chane to all or anylders, market a
epend upon fstrictive coven
f any, will del requirement
ce that we willll be at the din on sharehoe that the Equfuture. For de
misconduct by
inadequacy opriation by ouesigned to m and/or suspict be coveredSuch a result
our results of
ed to interest rbt facilities cy decide to en
gements to teo new financasonable term
nts, if enterede may have anadversely affe
he net proceenot subject to
f the proceedsplan. The fun
iew of the comments as a resu
our managem
are coping wing raw materdustry, our cods to entire oto every mem
factors and mndicator of futu
historically fnational price
ween and revenge of Governy of these factanalysts and p
future earningnants in our f
epend upon vts, capital exl be able to dediscretion ofolder investmuity Shares wietails of divid
y our employ
or failure of inur employees
monitor our ocious transactby our insur
t may also adv
f operations.
rate risks. Intearry interestngage in interrminate the e
cing arrangemms, that our
d into, will pron adverse eff
ected.
eds of the Issumonitoring b
s of the Issue nd requiremenmpetitive and ult of variatio
ment. This may
with competitrials, fuel and ompany followoperations. Ou
mber on the sh
may vary signure performan
fluctuated on aes of paper, fluenue and costnment policiestors it is possipublic.
gs, financialfinancing arra
arious factorsxpenditures aneclare dividenour Board of
ments will depill appreciatedend paid by
yees could ad
nternal process or outsidersoperations andtions in a timerance and maversely affect
rest rates for bat variable rarest rate hedgexisting debt
ments, there cr counterpartiotect us adequfect on the co
ue are based by any indepen
are based onnts and intendedynamic natu
ons including y entail resche
tions in the ptechnological
ws a competitiur company op floor.
nificantly fromnce.
a yearly basisuctuation in rt and consolid, addition of nible that in fu
condition, caangements.
s including ound restrictivends. Any futurf Directors anpend on the ain value. Weour Compan
financing arcan be no aies in hedginguately againstost of our deb
on managemndent agency.
n managemented use of procure of the Papein the cost str
eduling, revisi
ast by focusinl changes. Theive approach, extends the q
m quarter to q
s and may flucrupee value, imdation in the new machineruture, our oper
ash flows, wo
ur future earn covenants inre determinatind will depenappreciation o cannot assur
ny in the pas
ct our profitab
ms or from fragement informmpliance. Howr at all. As a rdversely affecn.
ave been volatas fixed ratesons or exercisrrangement onassurance thag transactionst interest ratebt funding an
ment estimatesy.
t estimates, cuceeds have noter industry, weructure, changng or cancelin
25
ng our e same which
quality
quarter.
ctuate mport paper
ry and rating
rking
nings, n our ion as nd on of the re you st, see
bility,
aud or mation wever, result, ct our
tile in s with se any n the
at we s will risks.
nd our
es and
urrent t been e may ges in ng the
planned explanned ex We depenrequireme
We do noinstitutionsa bottlenec
A Part of
The persoshares wiLenders w
SEBI also
SEBI had Promoter, 10 (6) of Sorder to se
The comp
Our compa
Managem EXTERN If acts of hostilities flows. India has and marketo time exand Pakistin India, ainvestmenwithin othsecurities Natural dbusiness to India has severity ofbusiness, countries in numeroThe Worlpandemic contagiousor future o
xpenditure anxpenditure at th
d on banks anents.
ot have accesss to fulfill suchck to our proje
f the shareho
ons belonginith the Lendewhich could
o levied a pena
levied a penaChairman and
SEBI (SAST) Rettle the charge
pany has expe
any has incurr
ment percep
NAL RISK F
terrorism andincrease, thi
experienced ceting activitiesxperienced instan. Hostilitieas well as ot
nts in India invher countries i
of Indian com
disasters and o suffer and t
experienced f these naturaincluding thin Southeast
ous human deld Health Orif there is su
s disease couloutbreak of av
ParticularProfit /(Lo
nd fund requirthe discretion o
nd financial i
s to any shorth fund require
ect execution c
oldings of ou
ng to Promoteers. In the evlead to insta
alty for non-c
alty of Rs 3,15d Managing dRegulations, 2es.
erienced losses
ring losses dur
ption: These
FACTORS
d other similais would adve
communal diss may be advstances of cives and tensionther acts of vvolve higher in Asia, couldmpanies, inclu
other calamthe trading pr
natural disastl disasters dete most highAsia have re
eaths. Moreovrganization a
ustained humad adversely af
vian or swine
rs oss) during th
rement and inof our Board.
institutions an
t and mediumements. In the capabilities.
ur Promoters
er and Promvent of defau
abilities in the
compliance ag
5,000/- (Rupeedirector of the 2011 and subse
s in the past y
ring past 3 yea
losses are no
ar threats to sersely affect t
sturbances, terersely affecte
vil unrest andns may occurviolence or wdegrees of ris
d influence theuding our Equ
ities could harice of our Eq
ters like earthtermine their i
hly pathogenieported casesver, certain arand other agean to human ffect the Indiainfluenza or o
he year
creasing or de
nd other sourc
m term fundinevent of any
rs is pledged
oter Group oult of paymee shares pric
gainst the pro
es Three Lac company for nequent amend
years
ars and the deta
on-operation
security, comthe Indian ec
rrorist attacksed, resulting in
hostilities amin the future
war could inflsk. Events ofe India n econouity Shares.
ave a negativquity Shares to
hquakes, flooimpact on thec strains ofof bird to h
reas of Indiaencies have transmission.
an economy another contagio
2015-(
ecreasing the
ces for meetin
ng arrangemendelay in the di
with Lender
of the compaent to the Lece of the Com
omoters.
and Fifteen Thnon- complian
dments thereto
ails of which a
nal losses
munal disturconomy, and
and riots in tn a decline in
mong neighbore and on a wifluence the Inthis nature inomy and cou
ve impact ono decline.
ods, tsunamise Indian econo
avian and shuman transm
have experieissued warninFuture outbr
nd economicus disease cou
-16 (871.76)
expenditure f
ng our short a
nts. We rely eisbursal of fun
rs.
any currentlyenders, the plmpany.
housand) agance with the p. The sum of R
are as under.
(
rbances or rioour business,
the past. If suour income.
ring countriesider scale. Mi
ndian economn the future, auld have an a
n the Indian
and droughtomy. Health eswine influen
mission of aviaenced outbreangs on a potreaks of avianactivity in theuld adversely
2014-15 (2266.84)
for a particula
and medium t
entirely upon nds from these
y had pledgedledge could
ainst Mr. Amrprovisions of RRs. 3,15,000/-
(Amount in La
ots erupt in In, results of op
uch events recThe Asian reg
s, including thilitary activity
my by creatingas well as socadverse effect
economy and
in recent yeaepidemics counza, H5N1 anan and swine aks of H5N1tential avian on or swine infe region. As aaffect our bus
2013)
ar purpose fro
term financia
banks and fine bodies there
d 36743133be invoked b
rut Premji ShaRegulation 10(
has been rem
acs)
ndia, or if regperations and
cur, our operagion has fromhose betweeny or terrorist ag a perceptiocial and civil u
on the mark
d could caus
ars. The extenuld also disrupnd H1N1. Cinfluenza res among liveor swine inflfluenza or a sa result, any psiness.
3-14 (358.77)
26
om its
al
nancial can be
equity by the
ah, Our (5) and
mitted in
gional d cash
ational m time
India attacks n that unrest
ket for
se our
nt and pt our
Certain sulting estock. luenza imilar resent
A decline could adveslowdown Flows to fRupee. Thin foreign in reducedoperations Significanwhich invcash flows Our finanin accordaDocumentfrom IFRcountries. If our finoperationsaccountingan understAny relianPlacementown exam Certain cothereof, IN Ministry oAccountinphased maforesaid econdition, IND-AS tongoing pcompetitioto prepareforming juadoption condition operations Companie Tax and ostate taxesother specthe centragovernmenmay affecbecoming Our abilitfinancial c As an Indirestriction
in India’s foersely impact in growth.
foreign exchahere can be no
exchange resd liquidity ans and cash flow
nt differencesvestors may bs and results o
ncial statemenance with Indit to any other S, U.S. GAA
nancial statems, cash flows g policies apptanding of thence by persont Document
mination of us,
ompanies in IND-AS. We m
of Corporate Ang Standards) anner. We haexemption is results of op
than under Inprocess of imon for the sme IND-AS finaudgments regof IND-AS, and any fail
s and cash flow
es operating in
other levies ims and other lecial taxes and al and state tant may in the
ct the overallpayable. Add
ty to raise focondition, cas
ian company, ns limit our fin
foreign exchant us. A rapid d
ange reserves o assurance thserves, as welnd higher intews.
s exist betweee more familof operations.
nts, includingian GAAP. Nprinciples or
AP and other
ments were toand financia
plied in the pre differences bns not familishould accord, the terms of
India, includimay be adverse
Affairs, GoveRules, 2015,
ave not deterlifted, will ha
perations, cashndian GAAP. mplementing all number ofancial stateme
garding the nif mandated ure to succews.
n India are su
mposed by the evies, incomesurcharges w
ax scheme ine future increl tax efficiencditional tax exp
foreign capitash flows and r
we are subjenancing sourc
nge reserves decrease in re
can be volatihat India’s forell as other facerest rates, wh
en Indian GAliar with and.
g the financiNo attempt has
to base it onr accounting p
o be preparedal position mreparation of obetween thesear with Indiadingly be lim
f this Issue and
ing us, may bely affected by
ernment of Ind, (the “Rules”rmined withave on our finh flows or ch In our tranand enhanci
f IFRS- experents. Further,ew system’sby law, will
essfully adopt
ubject to a var
central and se tax, value a
which are intron India is exteease the corpocy of companposure could
al may be coresults of oper
ct to exchanges and hence
may affect lieserves would
ile, and past eign exchangectors, could adhich could ad
AAP and othemay conside
ial statementss been made tany other staprinciples wi
d in accordanmay be substa
our financial accounting p
an accountingmited. In makid the financial
be required toy the transitio
dia (the “MC”) laying dowany degree o
nancial reportihanges in shansition to INing our manarienced accouthere is no siimplementati
l not adverset IND-AS co
riety of centra
state governmadded tax, turoduced on a teensive and suorate incomenies operatingadversely affe
onstrained byrations.
ge controls thacould constra
iquidity and id also create r
declines maye reserves wildversely affecdversely affec
er accountingr material to
s included into reconcile anandards. Indianith which pro
nce with suchntially differestatements, an
principles andg practices oning an investl information
o prepare finaon to IFRS or
CA”) on Februwn the road mof certainty thing. Thereforeareholders’ eq
ND-AS reportigement inform
unting personnignificant bodion and appliely affect ourould adversel
al and state go
ents in India trnover tax, seemporary or pubject to chantax it impose
g in India anect our busine
y Indian law,
at regulate borain our ability
interest rates risk of higher
have adversell not decreasect the valuatioct our busines
g principles, stheir assessm
n this Placemny of the infon GAAP diffeospective inve
h other accouent. Prospectind consult thethose with wh
n the financiatment decisioncontained in t
ancial statemr IND-AS in I
uary 16, 2015map for the imhe impact the, there can bequity will not ing, we maymation systemnel available ady of establishication. Therer reported rely affect our
overnment tax
that affect ourervice tax, stapermanent basnge from times. Any suchnd may resultess, cash flows
, which may
rrowing in fory to obtain fin
in the Indiar interest rates
ely affected the in the futureon of the Rupss, financial c
such as U.S. ment of our fi
ment Documormation giveners in certain estors may b
unting principive investors eir own profehich they may
al disclosuresn, investors mthis Placemen
ments under IFIndia.
notified the mplementationat such adopte no assurancappear mater
y encounter ms. Moreover,as more Indiahed practice oe can be no sults of oper financial co
xes and surch
r tax liability amp duty, taxsis from time
me to time. Tfuture increat in significas and results o
adversely aff
reign currenciancing on com
an economy, ws and a conse
he valuation oe. Further, a dee and could
condition, resu
GAAP and Ifinancial cond
ent, were pren in this Placesignificant ree familiar in
ples, our resushould revie
ssional advisey be more fams presented imust rely upon
t Document.
FRS or a var
Companies (In of IND-AStion IND-AS,
ce that our finrially worse difficulties i
, there is increan companies n which to drassurance tha
rations or finondition, resu
arges.
include centrax on dividendto time. Morehe central orses or amend
ant additionalof operations.
ffect our bus
es. Such regumpetitive term
27
which equent
of the decline
result ults of
IFRS, dition,
epared ement spects other
ults of w the ers for miliar. in this n their
riation
Indian S in a if the ancial under n the easing begin
raw in at our
nancial ults of
al and ds and eover, r state
dments taxes
siness,
ulatory ms and
refinance without onfinancial c Investors executive We are a personnel possible foagainst sujudgmentspolicy. Forequired toIt is uncelaw We cannExchange In accordato this Isstrading wifailure or Shares ondispose of An investostock exch The Equit12 monthsmay only these EquiFurther, alto each ofShares purEquity Sha After this The Issue with ChapShares afteof factorseconomic,India’s fisfinancial sin the estregarding In additioncould decEquity Shanot directlcan be no at which ththis Issue
existing indenerous condit
condition, cash
in the Equityofficers.
limited liabiliare residents
or investors touch parties in s if that court or details, seeo obtain appr
ertain as to w
not guaranteees in a timely m
ance with Indsue will not bill require all delay in obtai the Stock Ex
f the Equity Sh
or will not behange for a pe
ty Shares in ths from the dasell their Equ
ity Shares. Wllotments madf them respecrchased by inares purchased
Issue, the pri
Price will bepter VIII of ther this Issue i
s, including o, political andscal regime, vservices industimates of oucontracts, acq
n, if the stockline for reasoares might alsly affect us. Eassurance tha
he Equity Shaor the price a
ebtedness. In tions, if at alh flows and re
y Shares may
ity company is of India ando effect servic courts outsidwas of the v
e “Enforcemeoval from RB
whether an In
e that our manner, or at
dian law andbe granted unrelevant docuining these apxchanges. Anyhares.
e able to sell aeriod of 12 mo
his Issue are sate of the issuuity Shares oe cannot be c
de to FVCIs, Vctively, includnvestors and id by investors
ice of our Equ
e determined bhe ICDR Regis completed. our results ofd social factorsvolatility in thstry and the pur performancquisitions, stra
k markets in geons unrelated so decline in rEach of theseat an active trares have hist
at which the E
addition, well. Limitationesults of opera
y not be able
incorporated ud all of our ace of process ude of India. Fview that the aent of Civil LBI to executendian court w
Equity Shat all.
d practice, pentil after the Euments authorpprovals fromy failure or d
any of the Eqonths from th
subject to restue of Equity Sn the Stock Eertain that theVCFs and AIF
ding in relationt is uncertains.
uity Shares ma
by us in consgulations, andThe trading p
f operations as, the performhe Indian anderception in tce or recommategic partners
eneral experieto our busin
reaction to eve factors, amorading markettorically trade
Equity Shares w
cannot assurns on raisingations.
to enforce a
under the lawssets and sucupon us or suFurthermore,amount of da
Liabilities”. Asuch a judgm
would enforce
ares issued p
rmission forEquity Share
rizing the issuthe Stock Ex
delay in obtain
quity Shares she date of the
trictions on trShares in theExchanges anese restrictionFs in the Issun to lock- in
n whether thes
ay be volatile.
sultation withd it may not nprice of our Eand the perfo
mance of the Ind global secuthe market abmendations byships, joint ven
ence a loss ofness, financialvents that affecong others, cot for the Equitd will correspwill trade in th
re you that thforeign debt
judgment of
s of India. Alch persons areuch persons ou
it is unlikelyamages awardA party seekinment or to rep
foreign judgm
pursuant to
listing and trs have been
uing of the Eqchanges, whicning these ap
ubscribed inissue of the E
ransfers. PursuIssue, QIBs
nd may not ens will not hav
ue are subject trequirements
se restrictions
.
the Lead Manecessarily bequity Shares mormance of ondian and glo
urities market,out investmeny financial anntures, or capi
f investor confl condition orct other compould adverselty Shares willpond to the prhe market sub
he required apmay have an
f a foreign co
lmost all of oe located in Iutside India, oy that an Indided was excesng to enforce patriate outsidments that wo
the Issue
rading of theissued and al
quity Shares toch in turn couprovals would
this Issue othEquity Shares.
uant to the ICsubscribing tonter into anyve an impact oto the rules an
s. This may awill adversel
anager, basede indicative ofmay fluctuate
our business,obal economy , performancents in the finanalysts and aital commitme
fidence, the trr operating re
panies in our ily affect the pl be sustained rice at which
bsequent to thi
pprovals willn adverse effe
ourt against u
ur Directors andia. As a re
or to enforce jian court woussive or incon
a foreign jude India any ould contraven
will be liste
e Equity Sharllotted. Approo be submitteduld delay the lid restrict an i
her than on a.
CDR Regulatioo the Equity off market tr
on the price ofnd regulationsffect the liquly impact the
on Bids recef the market p
e after this Isscompetitive cand significa
e of our compancial serviceannouncementents.
rading price ofesults. The trindustry even price of our Eq
after this Issuthe Equity Sh
is Issue.
l be grantedect on our bus
us, our directo
and key manaesult, it may njudgments obtuld enforce fonsistent with pdgment in Inamount recov
ne or violate I
ed on the
res issued puroval for listind. There couldisting of our Einvestor’s abil
a recognized I
ons, for a periShares in the
rading in respf the Equity Ss that are appluidity of the E
market price
ived in compprice of the Eue due to a vconditions, ge
ant developmepetitors, the Is industry, chts by us or o
f our Equity Srading price o
if these evenquity Shares.ue, or that thehares are offe
28
to us siness,
ors or
agerial not be tained oreign public
ndia is vered. Indian
Stock
rsuant ng and d be a Equity lity to
Indian
iod of Issue
pect of hares. icable
Equity of the
liance Equity variety eneral ents in Indian hanges others
Shares of our nts do There
e price red in
Fluctuatiovalue of o Our Equitpaid in Rumay reducrepatriatinapprovals exchange rSingaporemay have terms, inde Any futurmay adver Any futureyour sharethrough ancould alsosignificantor Promomay signifto issue eqShares or issue Equsecurities Shares by Investors m Under curgenerally tmonths wtransactiongain realiza recognizFurther, anterm capitIndia in cwhich the result, resisale of the Foreign iforeign in Under theand residerequiremeor reportinbe requireinto foreigcertificate Governmeaffect the Equity Sha There areSharehold We are su
ons in the excur Equity Sha
ty Shares are upees. Any adce the net diving the procee
that may be rate between t
e dollar) has can adverse e
ependent of ou
re issuance ofrsely affect th
e issuance of eholding in usn issuance ofo affect the tt shareholders
oters, any futficantly affectquity or equitour major sh
uity Shares ormay also be
y our major sh
may be subjec
rrent Indian tataxable in Ind
will not be subn. STT will bzed on the salezed stock exchny gain realiztal gains tax iases where thseller is resid
idents of othee Equity Share
investors are vestors, which
foreign exchents are freelynts specified ng requiremened. Additionalgn currency afrom the inc
ent agency canliquidity and
ares.
e restrictionsder’s ability to
ubject to a da
change rate bares in those c
quoted in Rupdverse movemidend to inveseds from a sa
required for the Indian Rup
changed substaeffect on the ur operating r
f the Equity Se trading pric
Equity Shares, adversely aff our securitietrading price s or our promture issuancet the trading pty linked secuhareholders’ ar that any ma
issued at prihareholders m
ct to Indian ta
ax laws and dia. Any gain ubject to capite levied on ane of equity shhange and on zed on the salein India. Capihe exemption dent. Generaller countries mes.
subject to fh may adverse
hange regulatioy permitted (suby the RBI. Ints and does nly, shareholdeand repatriate
come tax authn be obtained d free transfer
s on daily mo sell, or the p
ily “circuit br
between the Incurrencies, in
pees on the Sment in currenstors. In additiale of Equitythe sale of Epee and otherantially in thevalue of our
results.
Shares by usce of the Equi
s by us, suchffect the tradines. In additionof our Equity
moters, any fut of Equity
price of the Equrities discussability to dispajor shareholdices below th
may also adver
axes arising o
regulations, crealized on thtal gains taxnd collected b
hares held forwhich no ST
e of listed equital gains arisi
from taxationly, Indian tax
may be liable
foreign investely impact the
ons currentlyubject to certaIf the transfernot fall underers who seeke that foreignhority. We caon any partic
rability of the
movements inprice at which
reaker” impos
Indian Rupeendependent of
Stock Exchangncy exchange rion, any adver
y Shares outsiEquity Sharesr currencies (se last two dec
Equity Share
or sales of tity Shares.
as a primaryng price of oun, any percepy Shares. Adture issuanceShares by us
quity Shares. Esed in “Placemose of their E
der will not dhe then curresely affect the
out of capital g
capital gains ahe sale of liste
in India if Sby a domesticmore than 12
TT has been puity shares heling from then in India istreaties do nofor tax in Ind
tment restricte market price
in force in Inain exceptionsr of the Equity
any of the spto convert then currency frannot assure ycular terms or
Equity Share
n the priceit can sell the
sed by the Sto
and other cuf our operatin
ges. Any dividrates during trse movemenide India, fors, may reduceuch as, the U
cades and coues and returns
the Equity Sh
offering or puur Equity Sharption by invesdditionally, th
of Equity Shs or the perceExcept for thement”, there iEquity Sharesdispose of, enent trading pe trading price
gains on the s
arising from ted equity sharSecurities Trac stock exchan months to an
paid, will be suld for a periodsale of the Eqprovided undot limit Indiadia as well as
tions under Ie of the Equity
ndia, transferss) if they comy Shares is nopecified excepe Rupee procerom India wilyou that any rat all. These
es and could r
of the Eque Equity Shar
ock Exchange
urrencies coulng results.
dends in respthe time it taknt in currency r example, bee the net proc.S. dollar, the
uld fluctuate ss from our Eq
hares by any
ursuant to a pres and could stors that such
he disposal ofhares by anyeption that sue customary los no restrictio
s, and we canncumber, or pprice of our Ee of our Equity
sale of our Eq
the sale of shres on a stock ansaction Taxnge on which n Indian resideubject to longd of 12 monthquity Shares
der a treaty be’s ability to im
s in their own
Indian law tty Shares.
s of the Equitymply with theot in complianptions, then theeds from a sall require a nrequired apprforeign investresult in an ad
ity Shares, res at a partic
es, which doe
ld have an ad
ect of our Eqkes to undertakexchange rateecause of a dceeds received
owing is a genqualified in int, including ption of Equity
ize
Price rice
f Board Resolof Sha
val Shares iss
nding imthe issue Shares iss
nding imhe issue
nd on
er Restriction
Proceeds
actors Date
g Date
and Ranking
y Codes for t
neral summaryts entirety byunder the s
y Shares”.
U
A
2
RR
lution Jareholders A
sued and mmediately
sued and mmediately
2
v
FS
ns FRN
L
E
pr
D
the Equity IBN
SUMMA
y of the terms y, the more dsections titled
Sundaram MulUp to 300000
A minimum oshall be avail27000000 Eqincluding MuRs. 4.30 per ERs. [*] per EqJuly 25, 2016August 29, 20
21,56,05,773
24,56,05,773 E
The Companvide its letteand BSE vid15th NovembFor more inShares”, “DivSee the sectioThe Equity Shfrom the dateThe Equity SFor details, sRestrictions”Net proceedsexpenses in r[*]. See the sectioconsider beforLast date spec[*]
Equity ShareCompany’s Mpassu in all rrespect of divThe Shareholcorporate benDate, in compother applicabof Equity SharISINBSE CodeNSE Symbol
ARY OF TH
of the Issue.detailed inford “Risk Fact
lti Pap Limited000 Equity Sha
of 10% of thelable for allo
quity Sharestual Funds
Equity Sharequity Share
016
Equity Shares
Equity Shares
ny has receer no. NSE/Lde its letter ber, 2016 unformation, sevidends” and
on titled “Taxahares being Ae of AllotmenShares are subsee the sectio
s of the Issueelation to the
on titled “Riskre deciding wcified in the C
es being issueMemorandum respects with
vidends. lders will benefits, if anypliance with tble laws andres”
l S
E ISSUE
This summaryrmation appetors”, “Use
dares aggregati
Issue Size, orcation to Mushall be avai
s
ived in-princLIST/93734no. DCS/IPO
nder Regulatioee the section“Taxation” ation”
Allotted shall nnt except on bject to certaions titled “Se
(after deduct Issue) are ex
k Factors” forwhether to subsCAN for paym
ed shall be and Articlesthe existing
entitled to p, declared bythe Companieregulations. S
INE108E0102533166 SUNDARAM
y should be reearing elsewh
of Proceeds
ing up to maxi
r at least 300utual Funds onilable for all
ciple approval dated 15TH O/CS/28(1)/on 28(1) of thns titled “D
not be sold fothe floor of tin selling andelling Restrict
tion of fees, cxpected to tot
r a discussionscribe to the E
ment of Bid mo
subject to thof AssociatioEquity Share
participate in y our Compaes Act, the LiSee the sectio
23
M
ead in conjunchere in this P”, “Issue Pr
imum of Rs. 1
00000 Equitynly, and the location to al
l from the NNovember,
/524/2016-1he Listing Regescription of
r a period of othe Stock Excd transfer resttions” and “T
commissionstal approximat
of factors youEquity Shares onies by the Q
he provisions on and shall raes, including r
dividends anany after the isting Regulaton titled “Des
40
ction with, Placement rocedure”,
15 Crore.
y Shares, balance ll QIBs,
NSE 2016 7 dated
gulations.f Equity
one year changes. trictions. Transfer
s and tely Rs.
u should
QIBs
of ourank pari rights in
nd other Closing
tions and scription
The total expenses Subject tproceeds business. As on damaking aproceeds.have any
proceeds ofof approxim
o compliancof the Issue
ate of this Pany contribu Further, nofinancial or
US
f the Issue wmately, Rs. [*
ce with appe for optimi
Preliminary ution either aone of the Dr other mater
SE OF PRO
will be up to*], the net pro
licable lawsizing the mi
Placementas part of th
Directors, Prorial interest
OCEEDS
o maximumoceeds of the
s and regulaix of debt a
Document, he Issue oromoters orin the Issue.
m of INR 15e Issue will b
ations, our Cand equity to
neither theseparately i
key manage.
5 Crore. Aftbe approxima
Company ino meet the n
Promoters nin furtheranerial personn
ter deductingately Rs. [*].
ntends to useneeds of its
nor the Direce of the usnel of our C
41
g the Issue
e the net growing
ectors are se of the Company
CORP
Corpora
Our ComCompanby Regicommen
Our Reg(East) M Main O 1. To c
BooEnveStati
2. To cStrawmate
PORATE IN
ate History
mpany was innies Act, 195istrar of Concement of
gistered & CMumbai-4000
bjects
carry on busik and Regielope, Cardsionery and P
carry on thew Board, Bierials used in
NFORMATI
ncorporated 56, pursuantompanies, Mbusiness vi
Corporate Of093, India.
iness of Expister, Paper s etc., Writi
Packing Mate
e business ofinding Maten the process
ION AND O
as ‘Sundarat to a certifiMaharashtride certifica
ffice is situat
orts, Import,Stationery
ing and draerial.
f Export, Imrial, Printed
s.
ORGANIZAT
am Multi Papficate of inca at Mumb
ate dated 10
ted at 5/6 Pa
, Manufactursuch as Vo
awing instru
mport, ManuMaterial. A
TIONAL ST
p Limited’, acorporation dbai. The com0th April, 19
apa Industri
re, Sales andoucher, Pad,ment and M
ufacturer, SalAll kind of a
TRUCTURE
as a Limiteddated 13th Mmpany rece
995.
ial Estate, S
d Purchase of, Receipt B
Materials, Co
le and Purcharticle made
E
d company uMarch, 1995eived certif
uren Road,
f Notebook, Book, Dairieontinuous C
hase of Pulpfrom paper
42
under the 5 issued ficate of
Andheri
Account es, Files, Computer
p, Paper, or pulp,
EXEDIR
CS
ECUTIVE RECTOR
ACCOFINA
EXEC
OUNT & ANCE
CUTIVE
ORGANIZ
MAN
ZATION ST
CHAIRMA&
AGING DIR
BANK
EXEC
TRUCTURE
AN
RECTOR
KING
CUTIVE
E
INDE
NOEXECUT
EPENDENT
PL
EXEC
43
ON TIVE & T DIRECTO
CFO
LANT
CUTIVE
OR
Subsidiar Currently 1. E-Cl Details of E-Class E ECESL wliability uConsequename. ThECESL’sMumbai
ries
y, our Compa
lass Educatio
f our Subsid
Education S
was incorpounder the Coment to a freshhe name of c registered o-400 093, M
any has only
on System L
diaries
System Limi
rated as ‘Sumpanies Act
h certificate ocompany waoffice is situMaharashtr
one Subsidia
Limited
ted
undaram Edt, 1956, pursuof incorporatas changed touated at 5/6 ra, India.
ary, namely:
dusys Privateuant to a cerion dated Deo its presentPapa Indu
e Limited’,rtificate of inecember 28, t name ‘E-Cstrial Estat
a private concorporation 2011, conseq
Class Educatite, Suren R
ompany withdated July 2quent upon cion System L
Road, Andh
44
h limited 20, 2009. change of Limited’. heri (E),
Overview We designpads, scrastationery We have popular aquality an At the stainto paperutilization With the brand am Some of
1234
In FiscalLakhs, R(871.76)respectiveconsolida Our Stren We believ
• SSa
• CsCf
• AbUS
• Iemadof
• W• T
a
w
ns, manufactap books, dry products an
over 190 vaamong the stnd durability
art of the Comr stationery, n of machine
strong brandong consum
our major cu
. Surya Mark
. Prince Pape
. Star Marke
. Partel Com
s 2016, 201Rs. 8512.65 l) lakhs, Rs.ely. As at Mated total liab
ngths
ve that our bu
SMPL believSundaram rela leader in thCompany firsurrounding Company hafield of proviAs a result o
books and paUSD 40 billSundaram is In 1996 Sundedge over pmanagement and making disclose theioperations anfrom the marWith a strongThe companyactivities.
turers and mrawing booknd printing, w
arieties of patudent comm.
mpany in thewhich was i
ery.
d and markeers today.
ustomers are
keting (Masjer (Vile-Parl
eting (Kandivmpuproducts
15 and 2014lakhs and Rs. (2266.83)March 31, 2bilities of Rs
usiness has t
ves that reslies on vario
he Stationery rmly believeenvironmen
s very consciding primaryof the presenaper segmenlion Indian Eone of them
daram went pprivate comand companresolving p
ir financial nd generatingrket at favorag brand and my has alread
BUSINE
markets paperks, graph boowriting and p
aper stationemunities and
e year 1995, increased to
et penetration
:
id Bunder) le) vali) (Byculla)
4, our conss. 15701.44 lakhs and
2016, we ha. 19010.06la
the following
search and dous new desig
market I Indes that its gnt and comciously undery and secondnt scenario ant is one of thEducation M. There is nopublic and re
mpanies as tny’s board, thprocess easie
and operatig goodwill fable terms. marketing acdy invested i
ESS
r stationery poks- for stud
packaging pa
ery products d enjoy very
we had a cap60 tons per
n we are pre
solidated netlakhs, respeRs. (358.7
ad consolidaakhs.
g key compet
developmentgns and themdia as well asgrowth and mmunity in rtaken commdary educatioand massive he fastest gr
Market. Natioo real competegistered at tthey are reqhus acquiringer and efficiional activitifor the comp
ctivities salesin the manu
products- exedents of all aper.
under the by high reputa
pacity of 5 today as of no
esent in pan
t revenue frctively. We
77) lakhs inated total as
titive strengt
t has been mes (selecteds abroad. success achwhich it op
munity develoon in and arogovernment
rowing segmonally there tition in termthe stock Excquired to hg a wider perient. These ies, thereby
pany. This al
s will increasufacturing un
ercise note boages, as we
brand “Sundation in the
ons per day oow which is
Maharashtra
rom operatiohad a conso
n Fiscals 20ssets of Rs.
ths:
the key ford by their R
hieved is alsperates and opment projeound Palghar
allocation foments compri
are only 3-ms of quality
change. Pubhave sufficierspective of companies aproviding
lso helps the
se without annit and a lot
ooks, long boll as office/
aram” whichmarket for
of conversionalso conside
a and are nu
ons was Rsolidated net l016, 2015 a
19010.06
r their huge& D Team)
so contributeto acknowl
ects particular as well as infor educationsing of appr-4 bigger pland cost. lic companieent memberany businessare also matransparency
e company ra
ny hurdle. in its brand
45
ooks, note corporate
h are very its superb
n of paper ering 75%
umber one
. 9880.24 oss of Rs. and 2014, lakhs and
e success. to remain
ed by the ledge this arly in the n Kutch
n segment, roximately layers and
es have an rs on the s dilemma andated to y in their aise funds
d building
• Tt
• Mt
Our Strat
a) Tsh
b) T
M
c) T
d) Dcoo
Herein be We have and note an attractrun variou
The biggest sthis segment Managementthis business
tegies
The managemhares and at
The managemMill situated
The company
Due to reducompany willf the compan
elow the prod
over 190 typpads. They c
tive cover paus competitio
strength of dand product
t and group e.
ment of the the same tim
ment of the cat Nagpur.
y can also sel
ction in the dl optimize itsny.
ducts that we
pes of producover the entage. We chanons and cam
dealer-distribu. experience o
company hme to reduce
company is in
ll out its land
debt of the cs business pr
e manufactur
ucts in the matire range fronge the cove
mpaigns on th
utor network
f over 29 ye
as opted forthe debt of th
n the initial d
d parcel situa
company androduction an
re:
arket which om schools ter pages eve
he back cover
k plays and im
ars in the sam
r Qualified he company.
discussion w
ated at palgha
d its interestnd that will i
range from sto colleges tory 6 monthsr of our book
mportant rol
me field is th
Institutional .
with the parti
ar to reduce t
t leverage seimpact the to
small noteboo office stati
s depending ks.
le in
he biggest st
Placement
es to sell out
the debt furt
erved to the op and the bo
ooks to drawionery. Eachon the cycle
46
trength for
of Equity
t its Paper
her.
bank, the ottom line
wing books h book has e. We also
The follow
Raw Mat There are i) Paper: We procuLtd. Etc. from 45 G ii) DuplexIt used infrom 120
Insurance We maintaincluding insurance such as firannually. Oincludes henvironme
wing diagram s
terials
e basically tw
ure paper fromPaper quality
Gsm to 80 Gs
x Board: n front and b
Gsm to 450
e
ain insurance fire, accidentpolicies for ore and other aOur operation
hazards that mental damage.
sets forth the p
wo major raw
m ‘A’ Gradey is known asm,
back side of Gsm.
cover for ourts and other our plants anancillary perilns are subjectmay cause injNot all risks
production pro
PRODU
w material use
e paper millsas GSM whi
the Exercise
r assets to covnatural disas
d machineriels. These insut to hazards ijury and lossassociated wi
Pa
C
Pas
ocess:
UCTION PR
ed in our bus
s i.e. The Wech is also ca
e Book, the
ver all normalsters. We typs and buildinurance policieinherent in ous of life, damith our busine
Rulin
aper Re
Cutti
CountinFoldin
ting &
ROCESS
siness
est Coast Papalled as the th
same is mea
l risks associapically maintangs at our maes are generalur industry an
mage and destss and operati
ng
eel
ing
ng & ngs
Pining
per Mills Ltdhickness of t
asured in GS
ated with operain standardanufacturing flly valid for and other forcetruction of prions may be i
g
d., Century Pthe paper wh
SM. The qua
rations of ourfire and specfacilities to coa year and aree majeure evroperty, equipinsurable, on
47
aper Mills hich varies
ality varies
r business, cial perils over risks e renewed ents. This
pment and
commerciaby us repraccordancecircumstan Human C Our humavaluable akey businevarious tratraining prprinciple developmeaction planproductionin workersWe also manufactuwhich 100
Health, Sa We are coother requhealth illnincluding training tohazards toprojects toOur Indianout medicaat our plan We also hSafety indcontinuousof our enpollution iupon fulfilgases emis Our Manu Our Regis400093
The follo
Entit Sundar
ally reasonablresents an ape with industnces and is sub
apital
an capital consset and core ess drivers, aainings for orograms are of in-depth
ent. We also ns for our mn, quality, coss, better workengage cont
uring facilities employees ar
afety and Env
ommitted to cuirements in rness cases and
risks and hao employees a people and t
o boost produn manufacturial checkups ofnt for workers
have implemenduction trainins activity, and
nvironment prinstead of conllment of certssions.
ufacturing Fa
tered & Corp
owing table co
ty ram Multi-Pap
le terms, or atppropriate levtry standards bject to certain
ntributes signistrength. To
and have focuour employeegoverned by identificationrecognize the
managers. We t, delivery, sa
king relationshtract labor ds. As of Octore engaged in
vironment
complying witrelation to thd hazards can
azards identifand contractothe environmeuctivity and eing plants aref all our empl.
nted a perioding for new
d this system rotection meantrol over it. Wtain ongoing r
acility
porate Office i
onsists of detai
p Ltd
t all. Althoughvel of coverag
in India, sun deductibles,
ficantly to oufurther suppoused our emps to enhancequality busin
n of develope importance
believe thatafety and morhips between sepending onber 31, 2016manufacturing
th applicablehe conduct ofn be significafication, asseors. We workent. We haveestablished oce equipped wiloyees as well
ic medical exentrants andis maintainedasures includWe have obtarequirements.
is situate at 5/
ls of our manu
Plo33-Sur942NoVPMJPP
h we believe tge required t
uch insurance, exclusions an
ur business oport that strengployee initiat their knowlness managem
pment needsof retaining cour human r
rale parametersales manager
our require, we have ovg processes.
occupational f our operatioantly reducedssment, analyproactively tformed cross
ccupational heith the first-al as our contra
xamination properiodical tr
d through conse reduction,ained environ. We have im
/6 Papa Indus
ufacturing unit
Unitot No.
37, rvey No. 2, Hissa . 1 ML and
PL
that the amouo insure ourmay not pro
nd limits on co
perations andgth, we have itives in that dedge and skiment principl
and comprecritical talentresources initirs in manufactrs and reportements from
ver 150 person
health, safetyons. We belied through theysis and contowards minims-functional teealth centersaid medical faactors’ employ
ogram to imprainings for astant consultareuse and re
nmental consenmplemented va
trial Estate, S
ts as of Octob
OPP. PIDVILLAGTHANE
VILLAG– KANH
unt of insurancbusiness and
ovide adequaoverage.
d we believe tdentified skilldirection. Weills. Our leares adopted b
ehensive strucs and have iniatives led toturing, a highees and a droptime to tim
ns engaged in
y and environeve that accid
proactive anntrol and bymizing or elimeams to implemanned by m
acilities whereyees. We also
rove occupatiall employees
ations and comecycle of wants to operatearious project
Suren Road, A
ber 31, 2016:
LocationDCO, MAHIMGE, PALGHA
– 401404
GE SEHORA,HAN – 441 40
ce currently md operations, ate coverage
that employeel set building e periodicallyrning and devy us, which cture of learntroduced dev positive tren
her level of enp in front -line
me, particularln our operatio
nmental reguladents and occnd systematic
providing apminating the ement fatigue medical staff e we periodic have meditat
ional health as and contrac
mmunication. aste and preve our plants cs to reduce gr
Andheri (East)
M AR,
, P.O 01
48
maintained and is in in certain
es are our as one of
y organize velopment include a
rning and velopment nds in the ngagement e attrition. ly at our ons out of
ations and cupational approach
ppropriate impact of reduction
operating. cally carry tion centre
and safety. ctors is a Principles
vention of onditional reenhouse
Mumbai-
The follMarch 3with theand Anacontaine
Short SecUn
Long t
SecUnTo
Share
ShaReresTo
Total ca
owing table 31, 2016 ande sections titalysis of Fined in the sect
P
term debt (Acured
nsecured#
term debt: (Bcured
nsecured tal debt [C=
holders’ fundare capital serves and Su
serve) tal Shareholdapitalization
sets forth thd as adjustedtled “Select Fnancial Contion titled “F
articulars
A)
B)
(A+B)]
ds:
urplus (Exclud
ders’ funds (D(C+D)
CAPhe Company’d to give effeFinancial In
ndition andFinancial Sta
ding revaluatio
D)
PITALIZAT’s capitalizatect to the Issnformation”,Results of O
atements”.
As of M
on
TION ion and totalsue. This tab “Risk Facto
Operations”
(I
March 31, 201
1513.60 329.13
2027.72156.194026.64
2156.06 4458.76
6614.8210641.46
l debt on a stble should beors”, “Manaand other f
In Rs. Lakhs)
16 A
tandalone bae read in conagement’s Dfinancial inf
) As Adjusted fo
Issue*
[*] [*]
[*] [*] [*]
2456.06 [*]
[*] [*]
49
asis as on njunction iscussion
formation
or the
The deta
A A
25
B Is 21
C P
30ag
D P
E
E Sh B A **The preSharehol History The hist
No of Sha
700
4803
4220
5307
600
18107
N.A
30000
ail of the Equ
Authorized Sh5,00,00,000 E
ssued, Subscr1,56,05,773 Eq
resent Issue
0000000 Equiggregating up
aid-Up EquitEquity Shares
hare PremiumBefore the IssuAfter the Issue
esent Issue halders pursuant
y of Equity S
tory of the Eq
ares DaAl
0 1
300 2
000 2
700 3
00 3
700 2
A. 2
000 0
uity Share ca
hare Capital Equity Shares o
ribed and Paiquity Shares of
ity Shares at ato Rs. [*]
ty Share Caps
m Account ue **
as been authort to their spec
Share Capita
quity Share c
ate ofllotment
13/03/1995
20/03/1995
20/03/1995
30/05/1995
30/05/1995
25/03/1995
29/09/2005
06/02/2007
CAPIT
apital as on 3
Particula
of face value
id-Up Capitaf face value of
a premium of R
pital after the
rized by the Bial resolution
al our Comp
capital of our
f Issue V(in Rs.)
10
10
10
10
10
10
N.A
16.50
TAL STRUC
31st March 20
ars
of Rs. 1/- each
al before the If Rs. 1/- each
Rs. [*] per Equ
Issue
Board vide thedated August
pany
r Company is
Value Cumof Sh
. 3
0 3
CTURE
016 of our C
h
Issue
uity Share,
eir resolution29, 2016.
s as set forth
mulative Nohares
700
481000
903000
1433700
1439700
3250400
32504000
35504000
ompany is a
A
dated 25th Ju
below:
o. Remark
Subscrip
Pr
SwappSta
Pr
Shaprel
Shar
Sub-divRs.10/- p
Prefer
s set forth be
Aggregate NoValue
(in Rs. Lakh
2500.00
2156.06
[*]
2456.06
4664.14 [*]
uly, 2016 and
s / Type of I
ption to MOA
rivate Placem
ping on takearline Indust
rivate Placem
ares issued agliminary exp
res allotted in
vision of shaper share to R
share
rential Allotm
50
elow:
minal
hs)
d by the
Issue
A & AOA
ment
eover of tries
ment
gainst enses
n IPO
ares from Re.1/- per
ment of
36364
143737
4591 0
7182 1
07/01/2008
16/04/2012
1
1
7
2
71868591
15605773
Sharesa
Issue ofshares fo
Shares
s allotted puramalgamatio
f Bonus sharefor every 1 sh
51
rsuant to on
es (2 new hare held)
A
Tc
A
S*NB
S*NBN
So
As of the date of th
The following tablclosing prices were
A. The followingand low closin
NSE
Fiscal Year
High (
2015 3.92014 20.2013 24
Source: www.nseind* Average of the daiNote: High and low pBSE
Fiscal Year
High (
2015 4.12014 20.2013 26.0
Source: www.bseind* Average of the daiNote: High and low pB. The followingNSE
ource: www.nseind
his Preliminary Pla
les set forth the repe recorded on BSE
g tables set forth thng prices were rec
(Rs.)
Date of H
95 21.01.255 03.01.2.5 26.09.2
dia.com ly closing prices prices are of the dai
(Rs.)
Date of H
13 05.02.210 02.01.200 01.10.2
dia.com ly closing prices prices are of the dai
g tables set forth th
Fiscal Year
2015 2014 2013
dia.com
acement Document
ported high, low anE during the Fiscals
he reported high, lorded on NSE and
High
NumbEquity
traded onhig
2015 69802014 9192013 7277
ily closing prices
High
NumbEquity
traded onhig
2015 40832014 12252013 554
ily closing prices he details of the Eq
MARK
t, 215,605,773 Equit
nd average closings 2013, 2014 and 2
low and average cd BSE during the F
ber of Shares n date of gh
VoluEquitytraded
of (in Rs.
061 26945 18724 17
ber of Shares n date of gh
VoluEquitytraded
of (in Rs.
321 15594 24
460 12
quity Shares trade
KET PRICE IN
ty Shares are issue
g prices of the Equ015
closing prices of thFiscal 2013, 2014
ume of y Shares d on date high . Lakhs)
Low (
6.17 1.68.27 1.37.01 16.7
ume of y Shares d on date high . Lakhs)
Low (
5.93 1.64.35 1.22.84 17.0
ed and the volume
Number of Eq
5897009210524537935058723
NFORMATION
ed, subscribed and p
uity Shares and the
he Equity Shares aand 2015
(Rs.)
Date of L
65 09.11.200 22.10.275 05.07.2
(Rs.)
Date of L
67 10.11.29 22.10.2000 05.07.2
of business transa
quity Shares traded
9
paid up.
e number of Equity
and the number of
Low Numb
Equity Straded on
low
015 1303014 1139013 796
Low Numb
Equity Straded on
low
015 1123014 3762013 2979
acted during the F
y Shares traded on
f Equity Shares tra
ber of Shares n date of w
VoluEquitytraded
of (in Rs.
374 2.852 1697 14
ber of Shares n date of w
VoluEquitytraded
of (in Rs.
368 1.234 5.966 55
Fiscals 2013, 2014
Volume of Equit(in Rs.
158567706
the days such high
aded on the days s
ume of y Shares
on date low Lakhs)
Averagthe per
.26 26.07 54.32 20
ume of y Shares
on date low Lakhs)
Averagthe per
98 237 5.20 2
and 2015
ty Shares traded Lakhs) 7.145.480.53
52
h and low
such high
e price for riod (Rs.)*
2.515.460.13
e price for riod (Rs.)*
2.535.440.15
B
S
N
S*
No
B
S*N
BSE
Source: www.bsein
C. The followingExchanges du
NSE
Month, Year
Oct 16 Sept 16 Aug 16 July 16 June 16 May 16
Source: www.nseind* Average of the dai
Note: High and low pr
BSE
Month, Year
Oct 16 Sept 16 Aug 16 July 16 June 16 May 16
Source: www.bseind* Average of the daiNote: High and low p
Month, Year Oct 16 Sept 16 Aug 16 July 16 June 16 May 16
dia.com
Month, Year Oct 16 Sept 16 Aug 16 July 16 June 16 May 16
dia.com
g table sets forth th
Hi(R
4.dia.com
Hi(R
4.dia.com
he details of the Eument
he market price on
igh Rs.)
70
igh Rs.)
68
Equity Shares trade
Nu
Nu
n the Stock Excha
Low (Rs.) 4.30
Low (Rs.) 4.31
ed and the volume
umber of Equity Sha
80528978042676
208135935407408119308077
5389245
umber of Equity Sha
2835066486493359063221435160092436243161427
anges on 26th Jul
e of business trans
ares traded
ares traded
ly 2016, the first w
Close (Rs.) 4.35
Close (Rs.) 4.34
sacted during the s
working day follow
Numb
Numb
six months immed
Volume of Equit(in Rs. L
379365946
2422627.146
Volume of Equit(in Rs.
13521926464430487
wing the approval
er of Equity Sharestraded
7,34,029
er of Equity Sharestraded
2,71,350
diately preceding th
ty Shares traded Lakhs) .36.69
6.58 2.95.42 .23
ty Shares traded Lakhs)
5.32 9.74 4.25 4.23 4.76.95
l of the Board of D
s Volume ofShares t(in Rs. L
32.9
s Volume ofShares t(in Rs. L
12.2
54
he month
Directors
f Equity traded Lakhs)96
f Equity traded Lakhs)20
T
(P((u(E(NG
Tbe
(IuRAVS
The summary sta
Category of Shareholder
(A) Promoter & Promoter Group (B) Public (C1) Shares underlying DRs (C2) Shares held bEmployee Trust (C) Non Promoter-Non Public Grand Total
he summary staelow:
Category of Shareholder
(A1) Indian Individuals/Hinduundivided FamilyRiddhi Chirag GalAmrut P Shah Vimla Amrut ShahShantilal Premji Sh
atement showing
Nos. of Sh
by
-
atement showing
Nos. of Sh
u y la
h hah
holding of speci
hareholder
Noeq
19
12,186
12205
g holding of spe
hareholder
Noeq
19
1111
M
fied securities of
o. of fully paid upquity shares held
6,94,55,58
14,61,50,18
21,56,05,77
cified securities
o. of fully paid upquity shares held
6,94,55,58
1,10,002,22,83,92
16,02,001,47,87,15
MAJOR SHAREH
f our Company as
p
Total nos. sheld
5 6,9
8 14,6
73 21,5
of the Promote
p
Total nos. sheld
85 6,9
0025 2,200 157 1,4
HOLDERS
s of September 30
shares Share% of
sharesas p195
(A
94,55,585
61,50,188
56,05,773
er and Promoter
shares Share% of
sharesas p195
(A
94,55,585
1,10,00022,83,925
6,02,00047,87,157
0, 2016, is herein
holding as a f total no. of s (calculated
per SCRR, 7) As a %
A+B+C2)
P
No
32.21 3,6
67.790.00
0.00
0.00
100.00 3,6
Group in our C
holding as a f total no. of s (calculated
per SCRR, 7) As a %
A+B+C2)
P
No
32.21 3,6
0.0510.34 70.746.86 1,0
n below:
Number of SharePledged or otherw
encumberedo.(a) As a %
total Shareheld (
67,43,133 5
67,59,633
Company as of S
Number of SharePledged or otherw
encumberedo.(a) As a %
total Shareheld (
67,43,133 5
71,49,736 3
01,38,240 6
es wise
NumberShare
demateri% of
es (b)52.90
0.000.00
0.00
0.00
September 30, 20
es wise
NumberShare
demateri% of
es (b)
52.90
0.0032.080.00
68.56
55
r of Equity s held in
ialized form
6,94,55,585
14,48,40,703
21,42,96,288
16, is herein
r of Equity s held in
ialized form
6,94,55,585
1,10,0002,22,83,925
16,02,0001,47,87,157
CGHRMGHNNHYDKS(RLA(SAA
T
(MFIASBG
Chetna Raichand SGada Hasmukh ArHUF Richa Raichand ShMeenaxi HasmukhGada Hasmukh Arjan GNayna Shantilal ShNidhi Raichand ShHardik Amrut ShaYash Raichand ShDivij Shantilal ShaKrunal Shantilal SShantilal P Shah (HUF) Raichand Premji SLaxmiben Arjan GAmrut Premji Shah(HUF) Sub Total A1 A2) Foreign A=A1+A2
he summary state
Category of Shareholder
(B1) Institutions Mutual Funds Financial Institutions/BankAny Other (specifSub Total B1 B2) Central Government/ Stat
Shah rjan
hah h
ada hah hah ah hah ah
Shah
Shah Gada h
ement showing h
Nos. of Sh
ks fy)
te
11
11
11111111
111
19
19
holding of specifi
hareholder
Noeq
011
130
10,27,0014,82,00
13,87,005,25,00
18,87,002,64,001,16,00
40,003,59,001,31,00
43,007,80,00
2,17,34,503,45,005,52,00
6,94,55,58
6,94,55,58
ied securities of p
o. of fully paid up quity shares held
010,000
1,25,000
10,00,00011,35,000
0
00 100 1
00 100
00 100000000000000
03 2,10000
85 6,9
85 6,9
public shareholde
Total nos. sha
000
0 100 110
0,27,0004,82,000
3,87,0005,25,000
8,87,0002,64,0001,16,000
40,0003,59,0001,31,000
43,0007,80,000
7,34,5033,45,0005,52,000
94,55,585
94,55,585
ers in our Compa
ares held Shareh% of
sharesas p1957
(A+
10,0001,25,000
0,00,0001,35,000
0.480.69
0.640.24
0.880.120.050.020.170.060.020.36
10.08 1,80.160.26
32.21 3,60.00
32.21 3,6
ny as of Septemb
holding as a total no. of (calculated er SCRR, 7) As a % +B+C2)
No
0.000.000.06
0.460.520.00
2,80,000 5
3,00,000 8
3,40,000 4
85,35,157 8
67,43,133 5
67,43,133 5
ber 30, 2016, is h
Voting Rights.(a) As a %
total Votinrights
10,0001,25,000
10,00,00011,35,000
0.000.00
0.0053.33
0.000.000.000.00
83.570.000.00
43.59
85.280.000.00
52.900.00
52.90
herein below
NumberShare
demateri% of
ng s (b)
0.000.000.06
0.460.520.00
56
10,27,00014,82,000
13,87,0005,25,000
18,87,0002,64,0001,16,000
40,0003,59,0001,31,000
43,0007,80,000
2,17,34,5033,45,0005,52,000
6,94,55,585
6,94,55,585
r of Equity s held in alized form
10,0001,25,000
10,00,00011,35,000
GPCSPGCSBIclIcRSBNwAGCSB
Government(s)/ President of IndiaCentral GovernmState GovernmenPresident of IndiaGeneral Insurance Corporation of IndSub Total B2 B3) Non-InstitutiIndividual share capital up to Rs.2lacs Individual Share capital in excess oRs 2 lacs Sanjay Bhai Savji Bhai Bharodia NBFCs registeredwith RBI Any Other (SpeciGanjan Trading Company Pvt Ltd Sub Total B3 B=B1+B2+B3
a ment/ nt(s)/ a
dia
ons
2
of
d
ify)
1
1
10
11742
68
1
2
3701
1218212186
90,00,000
90,00,000
90,00,0000
6,19,86,105
3,59,86,720
230313
75,206
3,79,67,1571,49,99,499
13,60,15,1814,61,50,188
0 90
0 90
0 9005 6,19
0 3,59
8 2
6
7 3,799 1,49
8 13,608 14,61
0,00,000
0,00,000
0,00,000
9,86,105
9,86,720
2303138
75,206
9,67,1579,99,499
0,15,1881,50,188
4.17
4.17
4.170.00
28.75 6,
16.69 3,
1.07
0.03
17.61 3,6.96 1,
63.09 13,67.79 14,
90,00,000
90,00,000
90,00,000
19,86,105 2
59,86,720 1
2303138
75,206
79,67,157 149,99,499
60,15,188 6,61,50,188 6
4.17
4.17
4.170.00
28.75
16.69
1.07
0.03
17.616.96
63.0967.79
57
90,00,000
90,00,000
90,00,000
6,06,76,620
3,59,86,720
2303138
75,206
3,79,67,1571,49,99,499
13,47,05,70314,48,40,703
The decapproveCompannumber overall f
The tabduring t
Face vaDividenTotal amDividen
claration anded by our Snies Act. Th
of factors, financial con
le below setthe immediat
alue of Equity nd per share* mount of dividnd rate (%)
d payment ofShareholders he recommeincluding b
ndition. The B
ts out the dettely precedin
Particulars Shares (Rs. P(in Rs.) dend (in Rs)
D
f dividends bat their dis
endation, debut not limitBoard may a
tails of the dng three Fisca
Per Equity Sha
DIVIDEND
by our Compscretion, subclaration anted to our C
also from tim
dividends deals:
Fare)
DS
pany will bebject to the
nd paymentCompany’s p
me to time pay
eclared by ou
Fiscal 20161.00N.A N.AN.A
recommend provisionsof dividend
profits, capiy interim div
ur Company
Fiscal 201.00N.A N.AN.A
ded by our Bof the Arti
ds will depetal requirem
vidends.
on its Equit
15 Fisca1.0.
21,51
58
Board and icles and end on a
ments and
ty Shares
al 2014.00 .01 56,0581%
Our statuthe stand2014, andguideline M/s BhuStatemenare also i
utory auditordalone and cod are indepe
es issued by t
uta Shah &nts included included here
rs are M/s Bonsolidated fendent auditthe ICAI.
& Co. LLP, in this Placemein.
A
Bhuta Shah financial stattors with res
Chartered Ament Docum
AUDITORS
& Co. LLPtements of o
spect to our
Accountantsment and their
S
P, Charteredour CompanyCompany in
, have alsor reports on
d Accountanty for the Fisn accordance
examined ththe Audited
ts, who havescals 2016, 2e with the ap
he Audited FFinancial St
59
e audited 2015 and pplicable
Financial tatements
60
STATEMENT OF TAX BENEFITS STATEMENT OF POSSIBLE TAX BENEFITS AVAILABLE TO THE COMPANY (INCLUDING ITS RELEVANT SUBSIDIARIES AS APPLICABLE) AND ITS SHAREHOLDERS UNDER THE APPLICABLE LAWS IN INDIA To The Board of Directors Sundaram Multi Pap Limited 5/6 Papa Industrial Estate Suren Road, Andheri (East) Mumbai-400093 Dear Sirs, Subject: Statement of Possible Tax Benefits available to the Company and its Shareholders prepared in accordance with the requirement in Schedule VIII – Part A, Clause (VII)(L) of the Securities and Exchange Board of India (Issue of Capital Disclosure Requirements) Regulations, 2009, as amended. We hereby report that the enclosed annexure, prepared by Sundaram Multi Pap Limited (CIN: L211098MH1995PLC086337) (the “Company”) states the possible tax benefits available to the Company and to the shareholders of the Company under the provisions of the Income-tax Act, 1961 (‘the Act’) as amended by the Finance Act, 2016 (i.e. applicable for financial year 2016-17, relevant to the assessment year 2017-18) presently in force in India as on the signing date. The benefits as stated are dependent on the Company or its shareholders fulfilling the conditions prescribed under the relevant provisions of the Act failing which the stated benefits may be wholly or partially denied. The benefits discussed in the enclosed Annexure are not exhaustive. Further, the presentation of this Statement of Possible Tax Benefits is the responsibility of the Management. This statement is only intended to provide general information to the investors and is neither designed nor intended to be a substitute for professional tax advice. A shareholder is advised to consult his/ her/ their own tax consultant with respect to the tax implications arising out of their participation in the proposed Qualified Institutional Placement of Equity Shares of the Company particularly in view of case specific nature of the tax consequences and the changing tax laws in India. We do not express any opinion or provide any assurance as to whether: (a) The Company or its shareholders will continue to obtain these benefits in future; or (b) The conditions prescribed for availing the benefits have been / would be met. (c) The revenue authorities / courts will concur with the views expressed herein. Our views are based on the existing provisions of law and its interpretation, which are subject to change from time to time. We do not assume responsibility to update the views consequent to such changes. We shall not be liable to the Company or any other person for any claims, liabilities or expenses whatsoever relating to this Statement. The contents of the enclosed Annexure are based on information, explanations and representations obtained from the Company and on the basis of our understanding of the business activities and operations of the Company and the provisions of the tax regulations stated above, as of date. The enclosed Annexure is intended solely for your information and for the inclusion in the Preliminary Placement Document, Placement Document and any other material issued by the Company, in connection with the proposed Qualified Institutional Placement of the Company and is not to be used, referred to or distributed for any other purpose without our prior written consent. For Bhuta Shah & Co LLP. Chartered Accountants Firm Registration No. 101474W Shailesh Bhuta Partner Membership No. 033958 Mumbai,
Date: 11.11.2016
61
ANNEXURE TO THE STATEMENT OF POSSIBLE TAX BENEFITS AVAILABLE TO THE COMPANY AND ITS SHAREHOLDERS UNDER THE APPLICABLE DIRECT TAX LAWS IN INDIA
The information provided below sets out the possible tax benefits available to the shareholders of the Company, in a summary manner only, under the direct tax laws presently in force in India (i.e. applicable for Financial Year (‘FY’) 2016-17 relevant to the assessment year (‘AY’) 2017-18). Several of these benefits are dependent on the Company or its shareholders fulfilling the conditions prescribed under the applicable regulations. Hence, the ability of the Company or its shareholders to derive the possible tax benefits is linked to the fulfillment of such conditions. This is not a complete analysis or listing of all potential tax consequences of the subscription, ownership and disposal of equity shares, under the current tax laws presently in force (as on date of this Report) in India. The following overview is not exhaustive or comprehensive and is not intended to be a substitute for professional advice. INVESTORS ARE ADVISED TO CONSULT THEIR OWN TAX CONSULTANT WITH RESPECT TO THE TAX IMPLICATIONS OF AN INVESTMENT IN THE SHARES PARTICULARLY IN VIEW OF THE FACT THAT CERTAIN RECENTLY ENACTED LEGISLATION MAY NOT HAVE A DIRECT LEGAL PRECEDENT OR MAY HAVE A DIFFERENT INTERPRETATION ON THE BENEFITS, WHICH AN INVESTOR CAN AVAIL. A. UNDER THE INCOME TAX ACT, 1961 (‘THE ACT’) 1. Levy of Income-tax Levy of income-tax and provisions under the Act are dependent on the residential status of the tax payer. The provisions relevant for determination of the residential status of a tax payer are summarized herein below: 1.1 Residential status Under the Act, “Non-Resident” means a person who is not a resident in India. 1.1.1 Residential status of an individual As per the provisions of the Act, an individual is considered to be a resident in India during any FY if he or she is present in India for: (a) a period or periods aggregating to 182 days or more in that FY; or (b) a period or periods aggregating to 60 days or more in that FY and for a period or periods aggregating to 365 days or more within the four preceding years; or In the case of a citizen of India or a person of Indian origin living outside India who comes on a visit to India in any previous year, the limit of 60 days under point (b) above shall be read as 182 days. In the case of a citizen of India who leaves India as member of the crew of an Indian ship in any previous year, the limit of 60 days under point (b) above, shall be read as 182 days. Further if an individual fulfills the conditions prescribed under Section 6(6) of the Act, he/she shall be regarded as ‘Resident but not ordinarily resident’. 1.1.2 Residential status of a Company A Company is resident in India if it is formed and incorporated under the Companies Act, 1956/2013 or the place of effective management, in that year, is situated in India. For this purpose, the place of effective management (POEM) means a place where key management and commercial decisions that are necessary for the conduct of the business of an entity as a whole are, in substance made. For this purpose, the Central Board of Direct Taxes, Government of India (CBDT), for the benefit of the taxpayers as well as tax administration, is in the process of issuing a set of guiding principles to be followed in determination of POEM. 1.1.3 Residential status of a Hindu undivided family (‘HUF’), firm or AOP – A HUF, firm or other association of persons or every other person is resident in India except where, during that year, the control and management of its affairs is situated wholly outside India.
62
1.1.4 Residential status of every other person Every other person is resident in India in a FY, in every case, except where the control and management of his affairs is situated wholly outside India. 1.2 Scope of taxation In general, a person who is "resident'' in India in a FY is subject to tax in India on its global income. In the case of a person who is "non-resident'' in India, only the income that is received or deemed to be received or that accrues or is deemed to accrue or arise to such person in India, is subject to tax in India. Income earned from the equity shares of the Company would be considered to accrue or arise in India, and would be taxable in the hands of all categories of tax payers irrespective of their residential status unless specifically exempt (e.g. Dividend). However, a relief may be available under applicable Double Taxation Avoidance Agreement (‘DTAA’) to certain non-residents/ investors. 2 Benefits available to the Company: 2.1 Taxability of Business Income: Business income of the Company shall be computed in accordance with the provisions contained in Sections 30 to 43D of the Act. Special Tax Benefit available to the Company 2.1.1 Deduction of expenditure on Scientific Research Under Section 35(1)(i) and Section 35(1)(iv) of the Act, the Company is eligible for deduction in respect of any revenue and capital expenditure (other than expenditure on the acquisition of any land) respectively incurred on scientific research related to its business. Under Section 35(2AB) of the Act, a company engaged in the business of manufacture or production of any article or thing, not being an article or thing specified in the list of the Eleventh Schedule to the Act, incurring any expenditure on scientific research (not being expenditure in the nature of cost of any land and building) on in-house research and development facility as approved by the Department of Scientific and Industrial Research (‘DSIR’), is entitled to a deduction of two times of the expenditure so incurred. General Tax Benefits available to the Company 2.1.2 Depreciation Allowance: Under Section 32(1) of the Act, the Company can claim depreciation allowance at the prescribed rates in respect of the following assets owned by it and used for the purpose of its business: • Tangible assets being building, machinery, plant or furniture; • Intangible assets being know-how, patents, copyrights, trademarks, licenses, franchises or any other business or commercial rights of similar nature acquired on or after April 1, 1998. Further, in case the assets are put to use for less than 180 days in the year of acquisition, then deprecation would be calculated at the rate of 50% of applicable rate. As per Section 32(1)(iia) of the Act, the Company is entitled to claim additional depreciation at the rate of 20% of the actual cost of any new machinery or plant acquired and installed after March 31, 2005. The first proviso to Section 32(1)(iia) of the Act entitles a company to claim additional depreciation at the rate of 35% where it sets up an undertaking for manufacture of any article or thing in any notified backward area in Andhra Pradesh or Bihar or Telangana or West Bengal, after April 1, 2015 but before April 1, 2020. However, no deduction is allowed in respect of: (a) Ships and Aircraft; (b) Any machinery or plant which, before its installation by the company, was used either within or outside India by any other person; (c) Any machinery or plant installed in any office premises or any residential accommodation, including accommodation in the nature of a guest-house;
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(d) Any office appliances or road transport vehicles; or (e) Any machinery or plant, the whole of the actual cost of which is allowed as a deduction (whether as depreciation or otherwise) in computing the income under the head ‘Profits and gains from business and profession’ of any one FY. Further, in case the assets are put to use for less than 180 days in the year of acquisition, then deprecation would be 50% of the cost of acquisition in the first year and the balance 50% would be available in the immediately succeeding previous year. 2.1.3 Investment in new plant and machinery: As per Section 32AC(1A) of the Act, the Company is entitled to a deduction of 15% of actual cost of ‘new assets’ acquired and installed in a FY subject to the fact that the aggregate amount of actual cost of such new assets should exceed Rs. 25 crores. No deduction under Section 32AC(1A) of the Act would be available from FY 2017-18 onwards. Further, in case the new asset acquired or and installed is transferred by the Company, except in connection with amalgamation/demerger, within 5 years from the date of its installation, the amount of deduction allowed under Section 32AC (1A) of the Act, would be deemed to be income under the head ‘Profits and Gains from business or profession’ of the year in which such new asset is sold or otherwise transferred. This tax treatment is in addition to the taxability of gains arising on transfer of new asset. The term ‘new asset’ means any new plant and machinery but does not include: • Ships and Aircraft; • Any machinery or plant which, before its installation by the company, was used either within or outside India by any other person; • Any machinery or plant installed in any office premises or any residential accommodation, including accommodation in the nature of a guest-house; • Any office appliances including computers or computer software • Any vehicle; or • Any machinery or plant, the whole of the actual cost of which is allowed as a deduction (whether as depreciation or otherwise) in computing the income under the head ‘Profits and gains from business and profession’ of any one FY. 2.1.4 Carry forward of unabsorbed depreciation, unabsorbed business losses Under Section 32(2) of the Act, the Company can carry forward and set off unabsorbed depreciation of one FY and adjust against any source of income of subsequent years. Under Section 72 of the Act, unabsorbed business loss (other than from speculation), if any can be carried forward and set off against business profits of subsequent years (up to 8 consecutive years) subject to prescribed conditions. However, as per Section 80 of the Act, the unabsorbed business loss can be carried forward only when the return of income has been filed within the time prescribed under Section 139(1) of the Act. Under Section 72A of the Act, pursuant to business re-organizations such as amalgamation, demerger, etc., the successor company shall be allowed to carry forward any accumulated tax losses/unabsorbed depreciation of the predecessor company subject to fulfillment of prescribed conditions. 2.1.5 Other Benefits
1. As per the provisions of Section 35D of the Act, any specified preliminary expenditure incurred by an Indian company before the commencement of its business or after commencement of its business, in connection with the extension of an undertaking or setting up of a new unit, shall be allowed a deduction of an amount equivalent to one-fifth of such expenditure for each of the five successive financial years beginning with the financial year in which the extension of the undertaking is completed or the new unit commences production or operation. However, any expenditure in excess of 5% of the cost of the project or the capital employed in the business of the Company, shall be ignored for the purpose of computing the deduction allowable under section 35D of the Act.
2. As per the explanation to Section 37 of the Act, any expenditure incurred by the Company on the activities relating to Corporate Social Responsibility (‘CSR’) referred to in section 135 of the Companies
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Act, 2013 shall not be deemed to be an expenditure incurred by the Company for the purpose of the business or profession. However, CSR expenditure which is of the nature described in provisions of Sections 30 to 36 of the Act shall be allowed as deduction under respective sections, subject to fulfillment of conditions, if any, specified therein.
2.1.6 Deduction for donations The Company is entitled to a deduction under Section 80G of the Act in respect of amounts contributed as donations to various charitable institutions and funds covered under that Section, in respect of such amounts and subject to the fulfillment of conditions prescribed therein. No deduction shall be allowed under Section 80G of the Act for any sum exceeding Rs.10,000 unless such sum is paid by any mode other than cash. 2.2 Taxability of Capital Gains 2.2.1 Capital assets may be categorized into short-term capital assets and long-term capital assets based on the period for which they are held by a tax payer. A security (other than a unit) listed in a recognized stock exchange in India or units of the Unit Trust of India established under the Unit Trust of India Act, 1963 or a unit of an equity oriented fund or a zero coupon bond are considered as long-term capital assets if they are held for a period of more than 12 months immediately preceding the date of their transfer. Consequently, capital gains arising on sale of these assets are considered as ‘long-term capital gains’ or LTCG. Capital gains arising on sale of these assets held for a period of 12 months or less are considered as 'short term capital gains' or STCG. In case of a share of a Company (not being a share listed in a recognized stock exchange in India), it shall be considered as long-term capital asset if it has been held by VEIL for more than 24 months immediately preceding the date of its transfer. 2.2.2 As per Section 10(38) of the Act, capital gains arising from transfer of a long-term capital asset being an equity share in the Company or an unit of an equity oriented fund, where the transaction of sale is chargeable to Securities Transaction Tax (‘STT’) or in case the sale is transacted through a recognized stock exchange located in any International Financial Services Center (IFSC) and where the consideration for such transaction is paid or payable in foreign currency, shall be exempt from tax in the hands of the Company. For this purpose, ‘Equity oriented fund’ means a fund – i) where the investible funds are invested by way of equity shares in the domestic companies to the extent of more than 65% of the total proceeds of such funds; and ii) which has been set up under a scheme of a Mutual fund specified under Section 10(23D) of the Act. However, the long-term capital gains arising on sale of share or units referred above shall not be reduced while calculating the book profit under the provisions of Section 115JB of the Act. In other words, such book profit shall include the long-term capital gain as referred to in Section 10(38) of the Act and the Company will be required to pay MAT @ 18.5% (9% in the case of an assesse being a unit located in an IFSC) (increased by surcharge and cesses as applicable) on such book profit. 2.2.3 Section 48 of the Act, (which prescribes the mode of computation of capital gains) provides for deduction of cost of acquisition / improvement and expenses incurred in connection with the transfer of a capital asset from the sale consideration to arrive at the amount of capital gains. However, in respect of long-term capital gains (as defined above), a deduction of indexed cost of acquisition / improvement is available. Indexed cost of acquisition means an amount which bears to the cost of acquisition the same proportion as Cost Inflation Index (CII) for the year in which the asset is transferred bears to the CII for the first year in which the asset was held by the taxpayer or for the year beginning on April 1, 1981, whichever is later. In other words, indexed cost of acquisition is computed as under: Cost of acquisition (x) CII of the FY in which the asset is transferred CII of the FY in which the asset was first held by the tax payer or for the year beginning on April 1, 1981 whichever is later.
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2.2.4 As per the provisions of Section 112 of the Act, long-term capital gains to the extent not exempt under Section 10(38) of the Act would be subject to tax in the hands of the Company at the rate of 20% (plus applicable surcharge, education cess and secondary & higher education cess). However, as per the proviso to Section 112(1) of the Act, if the tax on long-term capital gains resulting from transfer of listed securities (other than a unit) to the extent not exempt under Section 10(38) of the Act, calculated at the rate of 20% (with indexation benefit) exceeds the tax on long-term gains computed at the rate of 10% (without indexation benefit), then such gains are chargeable to tax at the concessional rate of 10% (without indexation benefit) (plus applicable surcharge, education cess and secondary & higher education cess). 2.2.5 As per the provisions of Section 111A of the Act, short-term capital gains on sale of equity shares or units of an equity oriented fund, where the transaction of sale is chargeable to STT or in case the sale is transacted through a recognized stock exchange located in any International Financial Services Center and where the consideration for such transaction is paid or payable in foreign currency, shall be subject to tax at a rate of 15% (plus applicable surcharge, education cess and secondary & higher education cess). Short-term capital gains arising from transfer of shares, other than those covered by Section 111A of the Act, would be subject to tax at the normal rate as applicable to the Company which is presently 30% (plus surcharge, education cess and secondary & higher education cess as may be applicable). 2.2.6 Under Section 54EC of the Act and subject to the conditions specified therein, long-term capital gains arising to the Company would be exempt from tax if such capital gains are invested within 6 months after the date of such transfer in long term (i.e. redeemable after 3 years) specified assets, being bonds (as presently notified) issued by: i) National Highway Authority of India constituted under Section 3 of The National Highways Authority of India Act, 1988; or ii) Rural Electrification Corporation Limited, the Company formed and registered under the Companies Act, 1956. The investment made in such bonds during any FY cannot however exceed Rs.5,000,000. If only a part of the capital gains is invested, the exemption available shall be in the same proportion as the cost of long term specified assets bears to the whole of the capital gain. However, in case the long term specified assets are transferred or converted into money within 3 years from the date of their acquisition, the amount of capital gains so exempt shall be chargeable to tax during the year of such transfer or conversion. As long term capital gains covered under Section 10(38) of the Act are exempt from tax, there is no requirement to invest under Section 54EC of the Act in such cases. 2.2.7 Under Section 54EE of the Act and subject to the conditions specified therein, long-term capital gains arising to any assessee would be exempt from tax if such capital gains are invested within 6 months after the date of such transfer in long term specified asset, which mean unit or units, issued before April 1, 2019 of such fund as may be notified by the Central Government in this behalf, subject to investment ceiling of Rs. 50 lakhs. 2.2.8 As per Section 50 of the Act, where a capital asset is forming part of a block of assets in respect of which depreciation has been allowed under the Act, capital gains shall be computed in the following manner: • where full value of consideration on account of transfer of any asset forming part of block of asset, as reduced by expenditure incurred wholly or exclusively in connection with transfer, exceeds the written down value of block of assets and actual cost of assets acquired during the year, such excess shall be deemed to be short term capital gains and taxed accordingly. • where any block of assets ceases to exist, for the reason that all the assets in that block are transferred, the difference between the consideration arising on result of transfer and the written down value of block of assets and the actual cost of assets acquired during the year, shall be deemed to be short term capital gains / (losses) and taxed accordingly. 2.2.9 Under Section 70(2) of the Act, the Company can set off short term capital loss against other short term capital gain or long term capital gain. Under Section 70(3) of the Act, the Company can set off long term capital loss against other long term capital gain alone. Under Section 74 of the Act, the unabsorbed short term capital loss can be carried forward and set off against capital gains (whether short term or long term) of subsequent years (upto 8 years). Unabsorbed long term capital loss can be carried forward and set off against long term capital gains only, of subsequent years (upto 8 years). However as per Section 80 of the Act, the unabsorbed capital loss can be carried forward only when the return of income has been filed within the time prescribed under Section 139(1) of the Act.
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2.3 Taxability of Dividends 2.3.1 As per provisions of Section 10(34) read with Section 115-O of the Act, dividend (both interim and final), if any, received by the Company on its investments in shares of another Domestic Company is exempt from tax, provided that such dividend is subject to Dividend Distribution Tax (DDT) in the hands of dividend declaring company. The dividend referred to in this context includes distribution by a Company out of accumulated profits. 2.3.2 The domestic company distributing dividends will be liable to pay DDT at the rate of 15% on gross basis on the amount of dividend payable (plus a surcharge of 12% on the dividend distribution tax and education cess and secondary and higher education cess of 2% and 1% respectively on the amount of dividend distribution tax and surcharge thereon). The amount of distribution of dividend to shareholders has to be grossed up for the purpose of DDT, so that the shareholders receive the net distributed profits, in full. Thus, the effective rate of DDT would be 20.36% of the amount of dividend declared, distributed or paid by the Company. In calculating the amount of dividend on which DDT is payable, dividends (if any, received by the Company during the assessment year and subject to fulfillment of the conditions), shall be reduced by: • dividends received by the domestic company from a subsidiary of the Company (a company shall be a subsidiary of another company, if such other company, holds more than half in nominal value of the equity shares capital of the company) & which has been subjected to DDT; or • where such subsidiary is a foreign company, the tax is payable under Section 115BBD of the Act by the domestic company. As per the proviso to this Section, the same amount of dividend would not be taken into account for reduction more than once. 2.3.3 As per provisions of Section 10(35) of the Act, income received in respect of units of a mutual fund specified under Section 10(23D) of the Act (other than income arising from transfer of such units) is exempt from tax. 2.3.4 Under Section 14A of the Act, no deduction is permitted in respect of expenditure incurred in relation to earning of income which is not chargeable to tax including dividends exempt under Section 10(34) of the Act. The expenditure relatable to ‘exempt income’ needs to be determined in accordance with the provisions specified in Section 14A of the Act read with Rule 8D of the Income-tax Rules, 1962 (‘the Rules’). 2.4 Availing the benefit of Double Taxation Avoidance Agreement (DTAA) Under the provisions of Section 90 of the Act, the Company shall be eligible for claiming credit of taxes doubly paid by it on income, both in India and in the foreign countries with which the Government of India has entered into DTAA. The tax credit shall be available as per the provisions of the Act or the relevant DTAA, whichever are more beneficial to the taxpayer. Section 91 of the Act provides for unilateral relief in respect of taxes paid on incomes in the foreign countries with which no DTAA exists. Under the provisions of said Section, the Company shall be entitled to deduction from the Indian income-tax of sum calculated on such doubly taxed income at the Indian rate of tax or rate of tax in the foreign country, whichever is lower. 2.5 Corporate Tax Rate and Minimum Alternative Tax (‘MAT’) 2.5.1 The tax rate applicable to the CFSL for the FY ended March 31, 2017 is 29% (in case turnover is upto Rs. 5 crore) or 30% (in case turnover exceeds Rs. 5 crore) on taxable income under the normal provision of the Act or 18.5% on book profits under MAT, whichever is higher. A surcharge on income tax of 7% is case of domestic company having a total income exceeding Rs. one crore, but not exceeding Rs. Ten crore and 12% in case of domestic company having a total income exceeding Rs. ten crore. Education cess of 2% and Secondary & Higher Education cess of 1% is levied on the amount of tax and surcharge. 2.5.2 As per provisions of Section 115JAA of the Act, the Company is eligible to claim credit for MAT paid in the current year against the normal income-tax payable in subsequent years. MAT credit is allowed for any assessment year to the extent of difference between the tax payable as per the normal provisions of the Act and the tax paid under Section 115JB for that assessment year. Such MAT credit is available for set-off up to 10 years succeeding the assessment year in which the MAT credit arises.
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3 Benefits available to the Shareholders: 3.1 Taxability of Dividends 3.1.1 Under Section 10(34) of the Act, income by way of dividends (whether interim or final) referred to in Section 115-O of Act received on the equity shares is exempt from income-tax in the hands of shareholders. W.e.f. FY 2016-17, income by way of dividend (in aggregate) in excess of Rs. 10 lakh shall be chargeable to tax in the case of an individual, Hindu undivided family (HUF) or a firm who is resident in India, at the rate of 10%. The taxation of dividend income in excess shall be on gross basis. 3.1.2 Under Section 115E of the Act, where the dividend income is received by a Non-Resident Indian (‘NRI’) (other than dividend exempt under Section 10(34) of the Act), then the same is taxable at the rate of 20% (increased by surcharge and cesses as applicable) provided the investment has been made in convertible foreign exchange. NRI means an individual being a Citizen of India or a Person of Indian origin who is a non-resident. The NRI may, by election, choose to be governed by this Section which provides for concessional rate of tax, else taxation would be computed by applying normal provisions. 3.1.3 Where such dividend is received by a Company, such dividend is to be excluded while computing MAT liability. However, it is pertinent to note that Section 14A of the Act restricts claims for deduction of expenses incurred in relation to exempt income. Thus, any expense incurred to earn the exempt dividend income is not allowable expenditure in accordance with Section 14A of the Act and rules thereunder. 3.1.4 As per section 94(7) of the Act, losses arising from sale/transfer of shares, where such shares are purchased within the said three months prior to the record date and sold within three months from the record date, will be disallowed to the extent such loss does not exceed the amount of dividend claimed exempt. ‘Record date’ means such date as may be fixed by a Company for the purposes of dividend distribution. 3.1.5 As per section 56(2(vii) of the Act, where an individual or Hindu Undivided Family received the shares a) without consideration where the aggregate fair market value of such shares exceeded Rs. 50,000 or b) for a consideration which was less than the aggregate fair market value of such shares by Rs. 50,000, then the fair market value of such shares shall be treated as ‘income from other sources’ in the hands of the recipient individual or Hindu Undivided Family. This provision shall not apply to any shares received from any relative (defined under the Act) or on the occasion of the marriage of the individual or under a will and so on. 3.2 Taxability of Capital Gains 3.2.1 Capital assets may be categorized into short-term capital assets and long-term capital assets based on the period for which they are held by a tax payer. A security (other than a unit) listed in a recognized stock exchange in India or units of the Unit Trust of India established under the Unit Trust of India Act, 1963 or a unit of an equity oriented fund or a zero coupon bond are considered as long-term capital assets if they are held for a period more than 12 months immediately preceding date of their transfer. Consequently, capital gains arising on sale of these assets are considered as ‘long-term capital gains’. Capital gains arising on sale of these assets held for a period of 12 months or less are considered as 'short term capital gains'. 3.2.2 As per Section 10(38) of the Act, capital gains arising from transfer of a long-term capital asset being an equity share in the Company or an unit of an equity oriented fund, where the transaction of sale is chargeable to Securities Transaction Tax (‘STT’) or in case the sale is transacted through a recognized stock exchange located in any International Financial Services Center and where the consideration for such transaction is paid or payable in foreign currency, shall be exempt from tax in the hands of the Company. For this purpose, ‘Equity oriented fund’ means a fund – i) Where the investible funds are invested by way of equity shares in the domestic companies to the extent of more than 65% of the total proceeds of such funds; and ii) Which has been set up under a scheme of a Mutual fund specified under Section 10(23D) of the Act. However, the long-term capital gains arising on sale of share or units referred above shall not be reduced while calculating the book profit under the provisions of Section 115JB of the Act. In other words, such book profit shall include the long-term capital gain as referred to in Section 10(38) of the Act and the Company will be required to pay MAT @ 18.5% (plus applicable surcharge, education cess and secondary & higher education cess) on such book profit.
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3.2.3 Section 48 of the Act, (which prescribes the mode of computation of capital gains) provides for deduction of cost of acquisition / improvement and expenses incurred in connection with the transfer of a capital asset from the sale consideration to arrive at the amount of capital gains. However, in respect of long-term capital gains (as defined above), a deduction of indexed cost of acquisition / improvement is available. Indexed cost of acquisition means an amount which bears to the cost of acquisition the same proportion as Cost Inflation Index (CII) for the year in which the asset is transferred bears to the CII for the first year in which the asset was held by the taxpayer or for the year beginning on April 1, 1981, whichever is later. In other words, indexed cost of acquisition is computed as under: Cost of acquisition (x) CII of the FY in which the asset is transferred CII of the FY in which the asset was first held by the tax payer or for the year beginning on April 1, 1981 whichever is later. 3.2.4 As per the provisions of Section 112 of the Act, long-term capital gains to the extent not exempt under Section 10(38) of the Act would be subject to tax in the hands of the Company at the rate of 20% (increased by surcharge and cesses as applicable) However, as per the proviso to Section 112(1) of the Act, if the tax on long-term capital gains resulting from transfer of listed securities (other than a unit) to the extent not exempt under Section 10(38) of the Act, calculated at the rate of 20% (with indexation benefit) exceeds the tax on long-term gains computed at the rate of 10% (without indexation benefit), then such gains are chargeable to tax at the concessional rate of 10% (without indexation benefit) (increased by surcharge and cesses as applicable). 3.2.5 As per the provisions of Section 111A of the Act, short-term capital gains on sale of equity shares or units of an equity oriented fund, where the transaction of sale is chargeable to STT or in case the sale is transacted through a recognized stock exchange located in any International Financial Services Center and where the consideration for such transaction is paid or payable in foreign currency, shall be subject to tax at a rate of 15% (increased by surcharge and cesses as applicable). Short-term capital gains arising from transfer of shares, other than those covered by Section 111A of the Act, would be subject to tax at the normal rate as applicable to the Company which is 30% (increased by surcharge and cesses as applicable). 3.2.6 In case of a NRI, any LTCG arising from transfer of shares (not exempt under Section 10(38) of the Act) shall be taxed at a concessional rate of 10% (increased by surcharge and cesses as applicable) without the indexation benefit but with protection against foreign exchange fluctuation under the first proviso to Section 48 of the act, subject to satisfaction of certain conditions. The NRI may, by election, choose to be governed by this Section which provides for concessional rate of tax, else taxation would be computed by applying normal provisions. 3.2.7 Under Section 54EC of the Act and subject to the conditions specified therein, long-term capital gains arising to the Company would be exempt from tax if such capital gains are invested within 6 months after the date of such transfer in long term (i.e. redeemable after 3 years) specified assets, being bonds issued by: i) National Highway Authority of India constituted under Section 3 of The National Highways Authority of India Act, 1988; or ii) Rural Electrification Corporation Limited, the Company formed and registered under the Companies Act, 1956. The investment made in such bonds during any FY cannot exceed Rs.5,000,000. If only a part of the capital gains is invested, the exemption available shall be in the same proportion as the cost of long term specified assets bears to the whole of the capital gain. However, in case the long term specified assets are transferred or converted into money within 3 years from the date of its acquisition, the amount of capital gains so exempt shall be chargeable to tax during the year of such transfer or conversion. As long term capital gains covered under Section 10(38) of the Act are exempt from tax, there is no requirement to invest under Section 54EC of the Act in such cases. 3.2.8 Under Section 54EE of the Act and subject to the conditions specified therein, long-term capital gains arising to any assessee would be exempt from tax if such capital gains are invested within 6 months after the date of such transfer in long term specified asset, which mean unit or units, issued before April 1, 2019 of such fund as may be notified by the Central Government in this behalf, subject to investment ceiling of Rs. 50 lakhs. 3.2.9 Under Section 54F of the Act and subject to the conditions specified therein, LTCG arising arising to an individual or HUF from transfer of shares is exempt from tax if the net consideration from such transfer is utilized
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within a period of one year before or two years after the date of transfer, for purchase of a new residential house, or for construction of residential house property, in India, within three years from the date of transfer. 3.2.10 Under Section 70(2) of the Act, the Company can set off short term capital loss against other short term capital gain or long term capital gain. Under Section 70(3) of the Act, the Company can set off long term capital loss against other long term capital gain alone. Under Section 74 of the Act, the unabsorbed short term capital loss can be carried forward and set off against capital gains (whether short term or long term) of subsequent years (upto 8 years). Unabsorbed long term capital loss can be carried forward and set off against long term capital gains only, of subsequent years (upto 8 years). However as per Section 80 of the Act, the unabsorbed capital loss can be carried forward only when the return of income has been filed within the time prescribed under Section 139(1) of the Act. 4 Benefits available to the Foreign Institutional Investors (‘FII’s): 4.1.1 Taxability of Dividends 4.1.2 Under Section 10(34) of the Act, income by way of dividends (whether interim or final) referred to in Section 115-O of Act received on the equity shares is exempt from income-tax in the hands of shareholders. 4.1.3 Where such dividend is received by a Company, such dividend is to be excluded while computing MAT liability. However, it is pertinent to note that Section 14A of the Act restricts claims for deduction of expenses incurred in relation to exempt income. Thus, any expense incurred to earn the exempt dividend income is not allowable expenditure in accordance with Section 14A of the Act and rules thereunder. 4.1.4 As per section 94(7) of the Act, losses arising from sale/transfer of shares, where such shares are purchased within the said three months prior to the record date and sold within three months from the record date, will be disallowed to the extent such loss does not exceed the amount of dividend claimed exempt. ‘Record date’ means such date as may be fixed by a Company for the purposes of dividend distribution. 4.2 Taxability of Capital Gains 4.2.1 Capital assets may be categorized into short-term capital assets and long-term capital assets based on the period for which they are held by a tax payer. A security (other than a unit) listed in a recognized stock exchange in India or units of the Unit Trust of India established under the Unit Trust of India Act, 1963 or a unit of an equity oriented fund or a zero coupon bond are considered as long-term capital assets if they are held for a period more than 12 months immediately preceding date of their transfer. Consequently, capital gains arising on sale of these assets are considered as ‘long-term capital gains’. Capital gains arising on sale of these assets held for a period of 12 months or less are considered as 'short term capital gains'. 4.2.2 Section 2(14) of the Act provides that any security including equity shares held by a FII who has invested in such securities in accordance with the regulations made under Securities & Exchange Board of India Act, 1992 would be treated as a capital asset so that any income arising from transfer of such security by the FII would be treated in the nature of capital gains and not in the nature of income from business. 4.2.3 Under Section 10(38) of the Act, LTCG arising to a shareholder on transfer of equity shares would be exempt from tax where the sale transaction has been entered into on a recognized Stock Exchange of India and is liable to STT. 4.2.4 Under Section 115AD(1)(ii) of the Act, income by way of STCG arising to the FII on transfer of shares shall be chargeable at a rate of 30%, where such transactions are not subjected to STT, and at the rate of 15% if such transaction of sale is entered on a recognized stock exchange in India and is chargeable to STT. The above rates are to be increased by surcharge at the rate of 2% where income of the FII shall be between Rs. 1 – 10 crores and at the rate of 5% for income beyond Rs. 10 crores. Education cess of 2% and Secondary & Higher Education cess of 1% is levied on the amount of tax and surcharge. 4.2.5 Under Section 115AD(1)(iii) of the Act, income by way of LTCG arising from the transfer of shares (in cases not covered under Section 10(38) of the Act) held in the Company will be taxable at the rate of 10% (increased by surcharge and cesses as applicable). The benefits of indexation of cost and of foreign currency fluctuations are not available to FIIs.
70
4.2.6 Under Section 54EC of the Act and subject to the conditions specified therein, long-term capital gains arising to the Company would be exempt from tax if such capital gains are invested within 6 months after the date of such transfer in long term (i.e. redeemable after 3 years) specified assets, being bonds issued by: i) National Highway Authority of India constituted under Section 3 of The National Highways Authority of India Act, 1988; or ii) Rural Electrification Corporation Limited, the Company formed and registered under the Companies Act, 1956. The investment made in such bonds during any FY cannot exceed Rs.5,000,000. If only a part of the capital gains is invested, the exemption available shall be in the same proportion as the cost of long term specified assets bears to the whole of the capital gain. However, in case the long term specified assets are transferred or converted into money within 3 years from the date of its acquisition, the amount of capital gains so exempt shall be chargeable to tax during the year of such transfer or conversion. As long term capital gains covered under Section 10(38) of the Act are exempt from tax, there is no requirement to invest under Section 54EC of the Act in such cases. 4.2.7 Under Section 54EE of the Act and subject to the conditions specified therein, long-term capital gains arising to any assessee would be exempt from tax if such capital gains are invested within 6 months after the date of such transfer in long term specified asset, which mean unit or units, issued before April 1, 2019 of such fund as may be notified by the Central Government in this behalf, subject to investment ceiling of Rs. 50 lakhs. 4.3 Availing the benefit of DTAA 4.3.1 In respect of FIIs, the tax rates and consequent taxation mentioned above will be further subject to any benefits, if any, available under the DTAA between India and the country of residence of the FII. As per Section 90(2) of the Act, the provisions of the Act or the DTAA, whichever are more beneficial to the taxpayer, would be applicable. Thus, FIIs can opt to be governed by the provisions of the Act or the applicable tax treaty, whichever is more beneficial. 4.3.2 As per section 90(4) of the Act, the FIIs shall not be entitled to claim relief under section 90(2) of the Act, unless a certificate of their being a resident in any country outside India, is obtained by them from the government of that country i.e. Tax Residency Certificate. As per section 90(5) of the Act, the FIIs shall be required to provide such other information, as may be notified. 4.4 Deduction of Tax At-Source As per Section 196D of the Act, no tax is to be deducted from any income, by way of capital gains (short term or long-term) arising from the transfer of securities referred to in section 115AD, payable to a FII. 5 Benefits available to Venture Capital Funds / Companies: 5.1 Under Section 10(23FB) of the Act, any income of Venture Capital Companies or Venture Capital Funds registered with the Securities and Exchange Board of India, from investment in a venture capital undertaking would be exempt from income tax, subject to conditions specified therein. ‘Venture capital undertaking’ means: • A venture capital undertaking as defined in clause (n) of the regulation 2 of Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996 or • A venture capital undertaking as defined in clause (aa) of sub regulation (1) of regulation 2 of Alternate Investment Fund Regulations. 5.2 According to Section 115U of the Act, any income accruing or arising to or received by a person from his investment in venture capital companies/ funds would be taxable in his hands in the same manner as if it were the income accruing/ arising/ received by such person had the investments been made directly in the venture capital undertaking. 5.3 Further, as per Section 115U(5) of the Act, the income accruing or arising to or received by the Venture Capital Company/ Funds from investments made in a Venture Capital Undertaking if not paid or credited to a person (who has made investments in a Venture Capital Company/ Fund) shall be deemed to have been credited to
71
the account of the said person on the last day of the previous year in the same proportion in which such person would have been entitled to receive the income had it been paid in the previous year. 6 Benefits available to Investment Funds 6.1 Under Section 10(23FBA) of the Act, any income except for income under the head "Profits and Gains of Business/ Profession" of Investment fund, registered as Category-I or category-II Alternative Investment Fund under the Securities and Exchange Board of India (Alternate Investment Fund) regulations, 2012 would be exempt from income tax, subject to conditions specified therein. 6.2 According to Section 115UB of the Act, any income accruing or arising to or received by a person from his investment in investment funds would be taxable in his hands in the same manner as if it were the income accruing/ arising/ received by such person had the investments been made directly in the company. 6.3 Further, as per Section 115UB(6) of the Act, the income accruing or arising to or received by the Investment Fund if not paid or credited to a person (who has made investments in an Investment Fund) shall be deemed to have been credited to the account of the said person on the last day of the previous year in the same proportion in which such person would have been entitled to receive the income had it been paid in the previous year. 7 Benefits available to the Mutual Funds: Under Section 10(23D) of the Act, any income of mutual funds registered under the Securities and Exchange Board of India Act, 1992 or regulations made thereunder or mutual funds set up by public sector banks or public financial institutions or mutual funds authorized by the Reserve Bank of India, is exempt from tax, subject to such conditions as the Central Government may, by notification in the Official Gazette, specify in this behalf. B. UNDER THE WEALTH TAX ACT, 1957 The Finance Act, 2015 has abolished the levy of wealth tax under the Wealth Tax Act, 1957 with effect from 1 April 2016. C. UNDER THE GIFT TAX ACT, 1958 Gift made after 1 October 1998 is not liable for any gift tax, and hence, gift of shares of the company would not be liable for any gift tax. Notes: 1. The above statement of possible direct tax benefits sets out the provisions of law in a summary manner only and is not a complete analysis or listing of all potential tax consequences of the purchase, ownership and disposal of Shares. 2. The above statement covers only certain relevant direct tax law benefits and does not cover any indirect tax law benefits or benefit under any other law. 3. The above statement states the possible tax benefits available to the Company and to the shareholders of the Company under the provisions of the Income-tax Act, 1961 (‘the Act’) as amended by the Finance Act, 2016 (i.e. applicable for financial year 2016-17, relevant to the assessment year 2017-18) presently in force in India as on the signing date. The benefits as stated are dependent on the Company or its shareholders fulfilling the conditions prescribed under the relevant provisions of the Act failing which the stated benefits may be wholly or partially denied. 4. This statement is only intended to provide general information to the investors and is neither designed nor intended to be a substitute for professional tax advice. A shareholder is advised to consult his/ her/ their own tax consultant with respect to the tax implications arising out of their participation in the proposed Qualified Institutional Placement of Equity Shares of the Company particularly in view of case specific nature of the tax consequences and the changing tax laws in India.
72
5. In respect of non-residents, the tax rates mentioned above would be further subject to specific benefits, if any, available under the relevant Double Taxation Avoidance Agreement, between India and the Country in which the non-resident has tax domicile. 6. No assurance is given that the revenue authorities/courts will concur with the views expressed herein. Our views are based on the existing provisions of law and its interpretation, which are subject to changes from time to time. We do not assume responsibility to update the views consequent to such changes.
rticulars venue from Opeher Income tal Income (I) penses: st of Materials Crchases of Stockange in InventoTrade
mployee Benefit nance Costs preciation and Aher Expenses tal Expenses (Iofit/(Loss) befo
ceptional Items ofit before tax x Expense: Current tax Deferred tax chTax for Earlier
ofit After Tax rnings per Equitsic luted
lidated Statem
erations
Consumed k-in-Trade ries of Finished
Expense
Amortization Ex
II) re extraordina
harges/credit r Year
ty Share (Rs.)
ment of Profit
d Goods, Work-i
xpense
ary items and T
t and Loss for
in-progress and
Tax (I)-(II)
r the year end
en
Stock-
ded March 31
For the year nded March 31
20169852.83
27.409880.23
6049.96191.52
1231.89373.45
1219.04398.85743.95
10208.66(328.42
(688.71(1017.13
(144.00(1.37
871.16
(0.40(0.40
1, 2016, 2015 a
(Rupees
1
For the y
ended Mar6 20153 0 3
6 2
9 5 4 5 5 6
2)
) 3)
-
0) 7) 6
0) 0)
84
85
5920
(114
165
10105(20
(3
((22
and 2014
s in lakhs)
year rch 31
For
ended5 492.13
20.53 512.66
986.55 086.37
39.02) 429.89 605.78 529.04 014.74 513.35
000.69)
40.31) 2341
- -
(74.16) 266.84)
(1.05) (1.05)
76
r the year d March 31
2014 15637.25
64.19 15701.44
6880.54 4122.48
686.44 472.12
1710.18 691.49
1739.08 16302.33(600.89)
-600.89
46.09
(273.98) (14.21)
(358.77)
(0.17) (0.17)
Summ
mary o f Cons
ParticuA Cash F
Net ProExtraoAdjustmDepreciInterestDividenPrelimin
Interest(Profit)OperatCapitalAdjustm
Trade R
InventoLoans aOther C
Trade POther LCash geDirect TNet CaActiviti
B Cash flPurchasPurchasSale of Sale of InterestDividenNet CaActiviti
C Cash F(RepaymBorrow
InterestInterest
Dividen
olidated State
ulars Flow from Opeofit /(Loss) befrdinary items
ments for: iation & Amort Income nd Income nary Expensest Paid )/Loss on sale ting Profit befl Changes ments for:
Receivables
ories and advances Current Assets
Payables Liabilities & Prenerated from OTaxes Paid (Nesh Flow Fromies low from Invese of Tangible se of IntangibleTangible FixedInvestment
t Received nd Received sh Flow Fromies
Flow from Finament) of / Proc
wings t Received t Paid nd Paid (Incl. o
ement of Cash
erating Activitfore tax and
s
rtization
s W/off
of Assets (Netfore Working
rovision Operations et)
m Operating
esting ActivitieFixed Assets (e Fixed Assets d Assets
m Investing
ancial Activiticeeds from
of Tax)
h Flow For
M3
ties
t)
es (Net) (Net)
ies
r the year ended March 31,2016
e
(1017.12)
398.85 (241.89)
- -
1460.92 (862.39)
(517.72)
2241.58 207.45 0.075
(6.97) 520.32
2183.11 (7.77)
2175.33
(21.63) (6.05)
951.71 0.5
241.89 -
1166.41
(1849.78) -
(1460.92) -
For the year ended March
31,2015
(2341.00)
529.03(131.89)(0.075)
-1967.76(834.56)
2787.57
(305.86)1302.24(0.075)
(491.37)677.18
3158.96(10.81)
3169.76
(76.66)-
1173.09--
0.075
1096.51
(2427.54)131.89
(1967.76)(25.22)
For the year ended
March 31,2014
) (600.88) 691.49
) (85.46)) (0.075)- -6 2008.26) 16.75
3180.16
) (629.95)4 84.72) 1.53
) (1718.63) 66.38
6 984.21) (100.40)
6 2913.90
) (279.95)- -9 26.68- -- - (0.075)
(253.19)
) (446.39)9 85.46) (2008.26)) (380.24)
77
d
)
9 ) ) - 6 5
6
) 2 3
) 8 1 )
0
) - 8 - - )
)
) 6 ) )
77
Net Cash Flow From Financing Activities (3310.71) (4288.63) (2749.44) Net Increase/(Decrease) in cash and cash equivalents (A+B+C) 31.04 (22.36) (88.73) Cash & cash equivalents at beginning of the year 130.53 152.88 241.61 Cash & cash equivalents at end of the year 161.57 130.53 152.88
Net Increase/ (Decrease) 31.04 (22.36) (88.73)
BC
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audit involveements. The erial misstateauditor cons
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HAH &OUNTANTS
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ompanying sse the Balane year then e
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s an opinion o
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h the Standarh ethical reqments are free
to obtain audpend on the tatements, wontrol relevagn audit procof the accoualuating the o
LLP
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e matters staten of these std cash flowsAccounting
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that were othe preparatioent, whether d
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78
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the the
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the fair ing
Act, of
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BHCHA
We bthe s OpinIn oufinanconf2016 EmpWe dNotesubjcurrein thOur Rep1.
2.
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HUTAARTERED
believe that thstandalone fin
nion ur opinion anncial statemeformity with t6 and its loss
phasis of Madraw attentioe 31 in the stect to confirment year's fina
he financial stopinion is no
port on OtherAs required bin terms of specified in tAs required ba. we have
were necb. in our op
from ourc. the Balan
agreemed. in our o
under See. on the ba
Board ofterms of
f. with respoperating
A SHAD ACCOUN
he audit evidenancial statem
nd to the bestents give the the accountinand its cash f
atters on to the followtandalone finamation and reancial statemetatements. ot modified in
r Legal and Rby the Compasub-section (the paragraphby Section 14 sought and ocessary for thepinion, proper examinationnce Sheet, th
ent with the boopinion, the aection 133 of asis of the wrf Directors, nf Section 164 pect to the adg effectivenes
AH &NTANTS
ence we havements.
t of our inforinformation r
ng principles gflows for the y
wing mattersancial statemeconciliation. ents on accou
n respect of th
Regulatory Ranies (Audito(11) of sectioh 3 and 4 of th43 (3) of the Aobtained all te purposes of
er books of acn of those boohe Statement oooks of accouaforesaid stanthe Act, read ritten represenone of the dir(2) of the Actdequacy of thss of such con
& Co L
e obtained is s
rmation and arequired by tgenerally accyear ended on
in the notes tments which in
However, thunt of such re
hese matters.
Requirementor's Report) Oon 143 of thehe Order. Act, we reportthe informatiof our audit; ccount as req
oks; of Profit and unt; ndalone finan
d with Rule 7 ntations receirectors is disqt; the internal fintrols, refer to
LLP
sufficient and
according to the Act in theepted in Indian that date.
to financial stndicate that, b
he managemeeconciliation/a
ts Order, 2016 ("e Act, we gi
rt that: on and explan
quired by law
Loss and the
ncial statemeof the Compaived from thequalified as on
financial contro our separate
d appropriate
the explanatie manner so a, of the state
tatements: balances of c
ent does not eadjustments.
"the Order") iive in the "A
nations which
w have been k
e Cash Flow S
nts comply wanies (Accoune directors as n 31 March 2
rols over finae report in "A
to provide a b
ions given torequired and of affairs of
certain trade rexpect any mAccordingly,
ssued by the Annexure A",
h to the best
kept by the C
Statement de
with the Accnts) Rules, 20on 31 March
2016 from be
ancial reportiAnnexure B";
basis for our a
o us, the afored give a true a
the Company
receivables anaterial variati, no provision
Central Gove, a statement
of our know
Company so f
alt with by th
counting Stan014; h 2016 taken oing appointed
ing of the Coand
audit opinion
esaid standaloand fair viewy as at 31 Ma
nd advances ion affecting n has been ma
ernment of Int on the matt
ledge and be
far as it appe
his Report are
ndards specif
on record by d as a director
ompany and
79
n on
one w in arch
are the ade
ndia ters
lief
ears
e in
fied
the r in
the
BHCHA
g
HUTAARTERED
g. with resp(Audit angiven to u
i. th—
ii. thm
iiian
For BHUCharterFirm Reg
CA. ShaPartner Members
Mumbai
A SHAACCOUN
pect to the othnd Auditors) us:
he Company — Refer Note
he Company material forese
. therend Protection
UTA SHAHred Accountg No.: 101474
ailesh Bhuta
ship No.: 033
i, 23 May 20
AH &TANTS
her matters toRules, 2014,
has disclosede 29 to the fin
did not have eeable losses
e has been no Fund by the C
H & Co LLP ants 4W
3958
16
& Co L
o be included in our opinio
d the impact onancial statem
any long-term: and
delay in tranCompany.
LLP
d in the Auditoon and to the
of pending litiments;
m contracts in
nsferring amou
or's Report inbest of our in
igations on its
ncluding deriv
unts, required
n accordance nformation an
s financial po
vative contrac
d to be transfe
with Rule 11nd according
osition in its fi
cts for which
erred, to the In
1 of the Compto the explan
financial statem
there were an
nvestor Educ
79
panies nations
ments
ny
cation
BHCHA
"An
to Inrefer
(
(
(
HUTAARTERED
nnexure — A
ndependent Arred to in para
(i) In re(a)
(b)
(c)
(ii) in reAs exreasonwere
(iii) The unde(a)
(b)
(c)
(iv) In ouwith given
(v) Accopublprov
(vi) We hRecoundepresc
A SHAACCOUN
A"
Auditors' Repoagraph 1 unde
espect of its The Compansituation of fThe Companover a perioCompany anverified by thno material dAccording torecords of th
espect of its ixplained to unable intervanoticed on su
Company her section 18according tothe loan; according tothe paymentthere is no ov
ur opinion anthe provisio
n any guarantording to infoic as per pro
visions of Clauhave broadlyords and er sub-sectiocribed cost re
AH &TANTS
ort of even der the heading
fixed assetsny has maintafixed assets ny has a progod of three ynd the nature the managemediscrepancieso the informa
he Company,
inventories: us, the inventls and in our
uch verificatio
has granted89 of the Acto the informat
o the informatt of interest haverdue amou
nd according ns of sectiontee or provide
ormation and ovisions of seuse (v) of Par
y reviewed thAudit)
n (1) of Seecords have be
& Co L
date on the stg of "Report o
: ained proper r
gram of verifyears which,
of its assets.ent during the
s were noticedation and expthe title deed
tories have bopinion, the f
on.
d unsecured t, tion and expla
tion and explas been stipul
unt and hence
to the informn 185 and 18ed any securitexplanations
ection 73 to 7ra 3 of the Orhe cost record
Rules, ection 148 een made and
LLP
tandalone finaon Other Lega
records show
fication of fixin our opini Pursuant to e year. Accord on such verplanations givds of immovab
been physicalfrequency of
loan to one
anations give
lanations givelated and receclause (iii) (c
mation and ex6 of the Act,ty during the given to us, t
76 of the Actrder are not apds maintained
2014 preof the Act, d maintained.
ancial statemal and Regula
wing full partic
xed assets to ion, is reasonthe programmrding to the inrification. ven to us andble properties
lly verified df verification i
e Company
en to us, there
en to us, the eipt of interesc) of Para 3 is
xplanations g, with respecyear. the Companyt and rules frpplicable to thd by the Comescribed b
and are of. We have, ho
ments for the yatory Require
culars, includ
cover all the nable havingme, certain finformation an
d on the basiss are herd in t
during the yeis reasonable.
covered in
e are no terms
loan is repayst is regular; s not applicab
given to us, thct of loan giv
y has not acceramed thereuhe Company. mpany pursuaby the f the opinioowever, not m
year ended 3ements".
ding quantitati
items in a phg regard to thixed assets wnd explanatio
s of our examthe name of th
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A SHAACCOUN
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UTA SHAHred Accountg No.: 101474
ilesh Bhuta
ship No.: 033
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For BHUCharterFirm Reg
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A SHAACCOUN
f Internal Fiy's internal finhe reliability with genera
ncludes those n to the maintsitions of the ade reasonable
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UTA SHAHred Accountg No.: 101474
ailesh Bhuta
ship No.: 033
i, 23 May 20
AH &TANT
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For BChar
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Signif
The a
Bhuta Shah & Ctered Accountan
No.: 10147- 1.\
Shailesh Bhuta
erbership No.: 033
mbai, 23rd May,
EQUITY ANDShareholders' Share Capital Reserves And S
Non-Current LLong-Term BoDeferred Tax LLong Term Pro
Current Liabil
Short-Term BoTrade PayablesOther Current LShort-Term Pro
Notes forming part of Financial Statements Note29 Contingent Liability: (Amount in Rs)
31 March 2016 31 March 2015
Excise duty matter disputed with Commissioner of 4,190,537 4,190,537
Central Excise (Appeals) - IV pertaining to FY 2012-13 (Dispute regarding demand raised on excise duty of usance charges for the financial year 2012-2013, matter disputed with Commissioner of Central Excise (Appeals) - IV) Note 30 In the opinion of the management, current assets, loans, advances and deposits are approximately of the value stated, if realized in the ordinary course of business. The provision of all known liabilities is adequate and not in excess of the amount reasonably necessary. Note 31 Balances of certain trade receivables, trade payables and loans and advances are subject to confirmations / reconciliation and consequential adjustments, if any. The management does not expect any material variation affecting the current year's financial statements on account of such reconciliation / adjustments. Note 32
Auditors Remuneration: (Amount in Rs)
Particulars Current Year Previous Year Audit fees 400,000 300,000 Tax Audit fees 75,000 75,000 Income Tax Matters 760,000 - Others - - Total 123,5000 375,000
Note 33 Disclosure under MSMED Act, 2006: The Company has not received any information from the "suppliers" regarding their status under the Micro Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to the amounts as at year end together with interest paid / payable as required under the said act have not been given. Note 34 Segment Reporting: Primary Segment (Business): The Company operates in single business segment of manufacture and sale of exercise note books and paper. Hence, further disclosure required as per Accounting Standard AS-17 "Segment Reporting" is not given.
105
Note 35
Related Party Disclosures:
a) List of related parties with whom the Company has entered into transactions during the year in the ordinary course of business:
Relationship Name Nature Wholly owned Subsidiary E Class Education System Limited Company Key Management Personnel (KMP)
Mr. Amrut P. Shah Chairman & Managing Director
Mr. Shantilal P. Shah Whole-time Director Mr. Hasmukh A. Gada
(Resigned w.e.f. 1 April Whole-time Director
Mr. Manik R. Makwana Company Secretary Enterprise over which KMP are able to exercise significant influence
Sundaram Bio-Tech. Pvt. Ltd Company
Relatives of KMP Mr. Raichand P. Shah Brother of Amrut P. Shah & Shantilal P. Shah
b) Transactions with Related Parties: (Amount in Rs) Particulars Wholly Owned
Subsidiary KMP Relatives of
KMP
100,101,800 - Loan given to E Class Education System Limited
(223,231,138) (-) (-) Repayment of loan given to E Class Education System Limited (Z100,000,000/-Repayment by issue of share)
209,130,939 - -
( - ) (-) (-)
Interest charged on loan given to E Class 22,977,991 - - Education System Limited (36,198,505) (-) (-)
Particulars Wholly Owned
Subsidiary
KMP Relatives of KMP
Loan Taken Details are as under: Mr. Amrut P. Shah Mr. Shanti P. Shah Mr. Hasmukh A. Gada
- (-) - - -
(-) -
(-)
22,791,970 (126,621,391)
7,431,200
(93,001,023) 2,860,770
(21,120368) -
(12,500,000)
- (-) -
(-) -
(-) -
(-)
106
Repayment of Loan taken - 36,933,295 - (-) (94,765,101) (-)
Details are as under: Mr. Amrut P. Shah - 31,015,200 -
(-) (-) (1,200,000) Rent Paid to - - - Mrs. Nayna S. Shah (-) (-) (189,000) Interest Paid to Mr. Hasmukh A. Gada - - -
(-) (1,413,384) (-)Figures in bracket reflects previous year's amount
c) Outstanding Balances of Related Parties: (Amount in Rs) Particulars Wholly
Owned Subsidiary
KMP Enterprise over which KMP are able to exercise significant influence
Relatives of KMP
Short term Loans and advances/Recoverable
137,179,990 (223,231,138)
- (-)
- (3000)
- (-)
Short term Borrowings/Payable
- (-)
32,912,874 - (-)
- (46,902)
Investments 250,000,000 (150,000,000)
- (-)
- (-)
- (-)
Figures in brackets reflects previous year’s amount
107
Note 36
Computation of Basic and Diluted Earnings Per Share (EPS):
Particulars Current Year Previous Year
Net Profit/(Loss) After Tax available to equity shareholders (in Z) (64,121,915) (167,465,591) Weighted average number of equity shares for Basic and Diluted EPS 215,605,773 215,605,773
Basic and diluted earnings per share (Face Value Z 1) (in Z) (0.30) (0.78)
Note 37
a) Details of Sales value of Products:
Class of Goods Sale Value
RsFor the year ended
31.03.2016For the year ended
31.03.2015Class of goods Exercise Books 831,635,417 826,807,471 Trading 128,022,189 5,317,124 Total 959,657,606 832,124,595
The above figures are net of excise duty of Rs 25,118,841(P.Y. Rs 225,558,646)
b) Details of opening & closing stock of Finished Goods:
Class of Goods Opening Stock (in Rs) Closing Stock (in Rs)
Paper 18,506,856 19,138,984 10,306,856 18,506,856 Total 105,135,306 170,975,002 110,080,633 105,135,306
108
Note 38
Value of Raw Material Consumed:
Particulars For the year ended 31.03.2016 For the year ended 31.03.2015
Amount
Rs
% Amount Rs
%
Raw Materials
(Paper & Paper Boards)
( i ) Impor ted ( i i ) Indigenous
598,510,955 -
100.00%
- -
100.00% 593,380,127
Total 598,510,955 100.00% 593,380,127 100.00%
Raw Material Purchase (Breakup) 2015-16 (Amt in Rs) Paper 494,103,371 Duplex Board 82,866,786 Others 20,507,422 Total 597,477,579
Note 39
Earnings & Expenditure in Foreign Currency: (Amount in Rs)
Particulars For the year ended 31.03.2016
For the year ended 31.03.2015
Expenditure: Traveling Expenses . - 31,375
Note 40:
Employee benefits
1. Defined contribution plans: The Company makes Provident Fund contributions which are defined contribution plans, for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. Provident fund contributions amounting to Z 6,72Lacs (31 March 2015: Z12.66Lacs) have been charged to the Statement of Profit and Loss. The contributions payable to this plan by the Company is atrates specified in the rules of the scheme.
2. Defined benefit plans The Company has a defined benefit gratuity plan. Every employee who has completed continuous service for five years or more gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded with an insurance Company in the form of a qualifying insurance policy.
109
The following table sets out the amounts recognized in the Company's financial statements as at 31 March 2016.
Particulars As at March 2016
Change in the Defined Benefit Obligation :
Opening Defined Benefit Obligation 2,492,083
Current Service Cost 2,93,880
Interest Cost 1,99,367
Actuarial Losses/(Gain) 4,55,319
Past Service Cost -
Actuarial Losses/(Gain) due to Curtailment -
Benefits Paid (550,491)
Closing Defined Benefit Obligation 2,890,158
Change in Fair Value of Assets :
Opening Fair Value of Plan Assets 1,824,275
Expected Return on Plan Assets 132,331
Actuarial Gain/(Losses) -
Contributions by Employer 297,607
Assets Acquired on Acquisition / (Distributed on Divestiture)
-
Benefits Paid (550,491)
Closing Fair Value of Plan Assets 1,703,722
Amount Recognized in Balance Sheet :
Present Value of Funded Obligation 2,890,158
Fair Value of Plan Assets 1,703,722
Unrecognized Past Service Cost -
Net Obligation recognized in Balance Sheet 1,186,436
Expenses Recognized in Statement of Profit & Loss
110
Account:
Current Service Cost 2,93,880
Interest on Defined Benefit Obligation 1,99,367
Expected Return on Plan Assets (132,331)
Net Actuarial Gain/(Loss) recognized in the year 455,319
Expenses Recognized in Statement of Profit & Loss Account
816,235
Summary of Principal Actuarial Assumptions :
Discount Rate (p.a) 8%
Expected Rate of Return on Assets (p.a)
Salary Escalation Rate (p.a) 4%
Note 41
Disclosure in respect of lease:
The Company has entered into operating lease arrangements for office premises. The leases are
Non-cancellable and are for a period of 1 November 2014 to 31 October 2017 and may be renewed for a further period of 2 years based on mutual agreement of the parties. The lease agreements provide for an increase in the lease payment by 8 to 10% every year.
(Amount in Rs)
Future minimum Tease payments 2016 2015 Not later than one year 1,085,450 1,020,000 Later than one year and not later than five years 3,013,130 4,098,580 (Up to 31" October, 2019) Later than five years Lease payments of Rs 1,020,000 (31 March 2015: 425,000) recognised in the Statement of Profit and Loss.
Note 42
On 14th November 2014, the Board of Directors announced a plan to permanently close down Nagpur Paper Unit subject to the completion of necessary formalities. This is not a separate segment as per AS 17, Segment Reporting. The disposal is consistent with the Company's long-Term strategy to focus its activities at Palghar unit. The Company is actively seeking a buyer for the plant & machineries and other fixed assets at Nagpur unit and hopes to complete the sale by the end of March 2017. At 31 March 2016, the carrying amount of the assets of the Nagpur unit was Rs. 3107.03 Lakhs (previous year 3279.31 lakhs) and its liabilities were' 415.52 lakhs (previous year Z 419.74 lakhs). In the opinion of the Board of Directors, the assets have a value on realization at least equal to the amounts at which they
are stated in the Balance Sheet.
111
Loans given by the company as at 31st March, 2016 Investments made by the company as at 31st March, 2016
Total
Particulars For the Year Ended on 31-03-2016
For the Year Ended on 31-03-2015
Revenue 380,230 370,418 Expenditure 23,265,338 2,226,218 Loss on sale of Asset (5,074,739) (13,641,745) Profit Before Tax (27,959,847) (32,153,507) Profit After Tax (27,959,847) (32,159,707) Total Assets 410,538,488 442,866,788 Total Liabilities 41,552,653 41,974,112 Cash flow(used in)/from Operating Activities (2,025,964) (6,626,544) Cash flow(used in)/from Investing Activities 2,125,000 6,425,537 Cash flow(used in)/ from Financing Activities (1,998) (92,399)
Note 43
Details of loans given, investments made and guarantee given covered u/s 186 (4) of the Companies Act,2013
(Amount in Rs)
31 March 2016
31 March 2015
137,179,990 223,231,138
250,000,000 150,000,000
387,179,990 373,231,138
112
For Bhuta Shah & Co. LLP Chartered Accountants
Regn No 101 J W100100
For and on behalf of the Board of Directors
Amrut P. Shah
Chairman & Managing- Director
− MUMBAI co* FRN —101474W
W100100 1C'QED ACC
Bhuta
Partner
Membership No. 03395
Shantilal P. Shah Whole-time Director
Manik
Note 44
Previous year figures have been re-grouped/re-classified wherever considered necessary to compare with current year figures.
As per our report of even date attached
Rajesh B. Jain Manik R. Makwana
Chief Financial Officer Company Secretary
Mumbai, 23rdMay, 2016
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p,SHA
For Bhuta Shah & Co.Chartered AccountantsFirm Reg. No.: 101474W
CA. Shailesh Bhuta
Partner Membership No.: 033958 Mumbai, 21 May, 2015
0
F.R. Na. 101414 V4),),
;415
901, Regent Chambers, 'Orman Point,
Murnbat - 400 P21.
BHUTA SHAH & CO. CHARTERED ACCOUNTANTS
Report on Other Legal and Regulatory Requirements
1) As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order.
2) As required by Section 143 (3) of the Act, we report that:
(a) we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
(b) in our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;
(c) the Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;
(d) except for the effect of matter described in the Basis for Qualified Opinion paragraph above, in our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
(e) on the basis of the written representations received from the directors as on 31 March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2015 from being appointed as a director in terms of Section 164 (2) of the Act; and
(f) with respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. Company does not have any pending litigations which wouldimpact its financial position;
ii. the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; and
iii. there has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
BCH
Ann
BHUTA HARTERED A
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ect of its Inv
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hysical verifilation to the our opinion
aintained prysical verific
ding to the incured, to comompanies Ac
Terms of ayable on dounts and intthere is no srecover overdopinion and control systee of inventoe have not ong to the infohe year. e broadly records and Au148 of Comphave been miew to deter
& CO. NTS
dent Auditor
ragraph 1 uur Report of e
ed Assets:
y has maintauation of its fy has a proga period of mpany and trified by thiven to us no
ventories:
to us, the t reasonable
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maintained. Wrmine wheth
rs' Report
under the heeven date)
ined proper fixed assets.gram of verithree years he nature of
he Managemo material di
inventoriesintervals.
ding to the inventories foCompany andding to the ids of its inv
and explanams or other prespect of su
ent does nothe absence
ot been commn the repaymdoes not aristo the inform
nsurate with tssets and formajor weak
d explanatio
cost records2014 prescri2013, and areWe have, hoher they are a
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records sho
ification of which, in o
f its assets. Pment during iscrepancies
s have been
information ollowed by td the nature oinformation ventories an
ations given parties coveruch loans: ot stipulatee of stipulatimented uponment of loanse. mation and the size of thr the sale o
kness in the ions given to u
s maintainedibed by the Ce of the opin
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owing full pa
fixed assetsour opinion,Pursuant to th
the year. were noticed
n physically
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all the itemsble having rcertain fixedto the info
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during the
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117
BHUTA SHAH & CO. CHARTERED ACCOUNTANTS
vii) According to the information and explanations given to us, in respect of statutory dues: (a) The company has generally been regular in depositing, undisputed statutory dues, including Provident
Fund, Investor and Protection Fund, Employees’ State Insurance, Income-tax,Central Sales-tax, Wealth Tax, Service Tax, Excise Duty, Value added Tax, Cess and other material statutory dues applicable to it with the appropriate authorities
(b) There were no undisputed amounts payable in respect of Provident Fund, Employees' State Insurance, Income-tax, Central Sales Tax, Wealth Tax, Service Tax, Excise Duty, Value Added Tax, Cess and other material statutory dues in arrears as at March 31, 2015 for a period of more than six months from the date they became payable.
(c) Details of dues of Excise duty which have not been deposited as on March 31, 2015 on account of disputes is given below: Name of Statute
Nature of Dues
Forum where Dispute is Pending
Period to which the Amount
Relates
Amount Involved (INR)
Central Excise Law
Excise duty Commissioner of Central Excise (Appeals) - IV
FY 2012-13 4,190,5371-
There were no dues of Income-tax, Sales Tax, Wealth Tax, Service Tax, Custom duty, Value Added Tax and Cess which have not been deposited as on March 31,2015 on account of disputes
(d) The Company has been generally regular in transferring amounts to the Investor Education and Protection Fund in accordance with the relevant provision of the Companies Act 1956 (1 of 1956) and rules made there under within time.
viii) The Company does not have any accumulated losses at the end of the financial year and the Company has incurred cash losses during the financial year covered by our audit and has not incurred cash losses in the immediately preceding financial year.
ix) Based on our audit procedures and on the information and explanations given.by the management, we are of the opinion that, there were several instances in which the Company had defaulted in repayment of dues to banks but the same were regularized in due course of time. However, total default in repayment of dues to banks and financial institutions amounting to INR 2,064,441 is not regularized as at 31 March 2015. The Company has not issued any debentures.
x) According to the information and explanations given to us and based on the documents and records produced before us, the Company has not given any guarantee for loan taken by others from bank ' and financial institutions.
xi) In our opinion and according to the information and explanations given to us, the term loans have been applied by the Company during the year for the purposes for which they were obtained.
xii) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the company has been noticed or reported during the year.
118
119
120
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122
SUNDARAM MULTI PAP LIMITED
FINANCIAL YEAR 2014 -15
ii. Use of Estimates:
Preparation of financial statements in conformity of with Indian GAAP requires that the Management
of the Company to makes estimates and assumptions that affect the reported amount of income and
expenses of the period, the reported balances of assets and liabilities and the assumptions relating to
contingent liabilities as on the date of the financial statements. Examples of such estimates include the
useful life of tangible and intangible fixed assets, provision for doubtful debts/advances, future
obligation in respect of retirement benefit plans, etc. Difference, if any, between the actual results and
estimates is recognized in the period in which the results are known and if material, their effects are
disclosed in the notes to the financial statements.
iii. Valuation of Inventories:
Raw materials, stores and packing materials are valued at lower of cost or net realizable value. Cost is
assigned on FIFO basis. Semi - finished goods are valued at raw material cost plus proportionate
manufacturing overheads. Finished goods are valued at lower of the cost or net realizable value.
Unrealized profit, if any, in inter unit transaction is eliminated to the extent possible.
iv. Cash Flow Statement:
Cash flows are reported using indirect method, whereby profit/ (loss) before extraordinary item and tax
is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or
future, cash receipts or payments. The cash flow from operating, investing and financing activities of
the company are segregated based on the available information
v. Depreciation/ Amortization:
Depreciation on tangible fixed assets is provided on the straight line method as per useful life
prescribed in Schedule II of the Act Depreciation on addition/ deletion of assets during the year.
123
SUNDARAM MULTI PAP LIMITED
FINANCIAL YEAR 2014 -15
is provided on pro-rata basis. Brand will be amortized over a period of five subsequent years on a
systematic basis as decided by the management at the rate of 20% in each year.
vi. Revenue Recognition:
The Company recognizes revenue on sale of products upon dispatch to the customer or when delivered
to the ocean carrier for export sales, which is when risks and rewards of ownership are passed to the
customer. Sales are shown net of returns, discounts, excise duty and sales tax.
a) Dividend income on investment is accounted for in the year in which the right to receive
the payment is established.
b) Interest income is recognized on the time proportion basis taking into account amount outstanding
and interest rate applicable.
c) The Company recognizes revenue on sale of products upon dispatch to the customer or when
delivered to the ocean carrier for export sales, which is when vii. Export Incentives:
Considering the uncertainty in respect of actual income realizable, which depends on the market
conditions, the benefits accruing under the Duty Entitlement Pass Book Scheme are recognized on the
basis of actual realization.
viii. Foreign Currency Transactions:
Transactions in foreign currency are recorded at the rate of exchange in force at the time transactions
are affected. Exchange differences arising on settlement of these transactions are recognized in the
Statement of Profit and Loss.
Monetary items (other than those related to acquisition of fixed assets) denominated in foreign
currency are revalued using the exchange rate prevailing at date of the Balance Sheet and resulting
exchange difference is recognized in the Statement of Profit and Loss. Non-monetary foreign currency
items are carried at cost.
ix. Investments:
124
SUNDARAM MULTI PAP LIMITED
FINANCIAL YEAR 2014 - 15
Non-Current Investments are stated at cost. Provision for diminution in the value is made only if such
a decline is other than temporary.
Current investments are carried at lower of cost or fair value/market value, determined on individual
basis.
x. Employee Benefits:
a) Short Term Employee Benefits:
All employee benefits payable wholly within twelve months of rendering the service are classified as
short-term employee benefits. Benefits such as salaries and wages, leave salary etc. and the expected
cost of ex-gratia are recognized in the period in which the employee renders the related service.
b) Post‐Employment Benefits:
i) Defined contribution plans:
A defined contribution plan is a post-employment benefit plan under which the company pays
specified contributions to the separate entity. The Company makes specified monthly contributions
towards employee provident fund. The Company's contribution paid / payable under the schemes is
recognized as an expense in the statement of profit and loss during the period in which the employee
renders the related service.
ii) Defined benefit plan:
The Company's gratuity benefit scheme is a defined benefit plan. The Company contributes to a
gratuity fund which has taken a group policy with Life Insurance Corporation of India for future
payments of gratuity to retiring employees. The premium has been so adjusted as to cover the liability
under the scheme in respect of all employees at the end of their future anticipated services with the
company.
c) Leave encashment:
Liability on account of Leave Encashment up to year and has been provided/paid during the year.
None of the employee is allowed to carry forward leave to subsequent period
125
SUNDARAM MULTI PAP LIMITED
FINANCIAL YEAR 2014 - 15
xi. Borrowing Cost: Borrowing Costs that are attributable to acquisition or construction of a qualifying asset are
capitalized as a part of the cost of such asset. A Qualifying asset is one that necessarily takes a
substantial period of time to get ready for intended use. All other borrowing costs are charged
to Statement of Profit and Loss.
Leases: Lease of assets under which all the risk and rewards of ownership are effectively retained by the
lessor are classified as operating leases. Lease payments under operating leases are recognized as
expenses on accrual basis in accordance with respective lease agreements.
xii. Earnings per share: Basic earning per share is computed by dividing the profit/ (loss) after tax by the weighted
average number of equity shares outstanding during the year. Diluted earnings per share is
computed by dividing profit/ (loss) after tax as adjusted for dividend, interest and other charges
to expense or income relating to the dilutive potential equity shares by the weighted average
number of equity shares considered for deriving basic earning per share and the weighted
average number of equity shares which could have been issued on the conversion at all dilutive
potential equity shares.
xiii. Taxes' on Income:
Current tax is the amount of tax payable on the taxable income for the year as determined in
accordance with the applicable tax rates and the provisions of the Income tax Act, 1961 and
other applicable tax laws.
Deferred tax is recognized on timing differences, being the difference between the taxable
income and accounting income that originate in one period and are capable of being reversal in
one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws
enacted or substantively enacted as at the reporting date. Deferred tax liabilities are recognized
for the timing differences. Deferred tax assets are recognized for timing difference of items other
than unabsorbed depreciation and carry forward losses only to the extent that reasonable
certainty exists that sufficient future taxable income will be available against which these can be
126
SUNDARAM MULTI PAP LIMITED
FINANCIAL YEAR 2014 - 15
realised. However if there are unabsorbed depreciation and carry forward losses and items
relating to capital losses, deferred tax assets are recognized only if there is virtual certainty
supported by convincing evidence that there will be sufficient future taxable income available to
realize the assets. Deferred tax assets and liabilities are offset if such items relate to taxes on
income levied by same governing tax laws and the company has a legally enforceable right for
such set-off. Deferred tax assets are reviewed at each balance sheet date for their reliability.
xv. Impairment of Fixed Assets: At each Balance Sheet date, the Company reviews the carrying amount of its fixed assets to
determine whether there is any indication that those assets suffered an impairment loss. If any
such indication exists, the recoverable amount of the asset is estimated in order to determine the
extent of impairment loss. Recoverable amount is the higher of an asset's net selling price and
value in use. In assessing value in use, the estimated future cash flows expected from the
continuing use of the asset and from its disposal are discounted to their present value using a
pre-discount rate that reflects the current market assessments of time value of money and the
risks specific to the asset.
xvi. Contingent Liability: The Company creates a provision when there is a present obligation as a result of past event that
probably requires an outflow of resources and a reliable estimate can be made of the amount of
obligation.
A disclosure for contingent liability is made when there is a possible obligation or a present
obligation that may, but probably will not result in outflow of resources.
When there is a possible- obligation or present obligation in respect of which the likelihood of
outflow of resources is remote, no provision or disclosure is made.
xvii. Financial Derivatives Hedging Transaction:
In respect of derivatives contract, premium paid, provision for losses on restatement and
gains/losses on settlement are recognized in statement of Profit and Loss. The company uses
Foreign Currency Hedges to manage its risks associate with foreign Currencies Fluctuation
relating to Export receivable. The company does not use hedges for speculative purpose.
127
SUNDARAM MULTI PAP LIMITED
NOTES FORMING PART OF FINANCIAL STATEMENTS
NOTE 3: SHARE CAPITAL
As at 31st March, 2015
As at 31st March, 2014
Authorized Capital 250,000,000 250,000,000 250,000,000 (P.Y.250,000,000) Equity Shares of Re 1/ - Each
Issued, Subscribed & Paid-up Capital
250,000,000 250,000,000
215,605,773 215,605,773 215,605,773 (P.Y. 215,605,773) Equity Shares of Re 1/- Each Fully Paid
Total of Issued, Subscribed And Fully Paid Up Share Capital 215,605,773 215,605,773
a) Reconciliation of the number of shares outstanding and the amount of share capital as at 31 March 2015 and 31 March 2014 is set out below:
Particulars 2014-15 2013-14
Equity Shares Equity Shares Number Amount Number Amount
Shares Outstanding At The Beginning Of The Year 215,605,773 215,605,773 215,605,773 215,605,773 Shares Issued During The Year - Shares Bought Back During The Year - Shares Outstanding At The End Of The Year 215,605,773 215,605,773 215,605,773 215,605,773
b) Rights, preferences and restrictions attached To Equity Shareholders: The Company has only one class of Equity Shares having a face value Of Re.1 /- Per Share. Each holder of Equity Shares is entitled to one vote per Equity Share. A member shall not have any Right to vote whilst any call or other sum shall be due and payable to the Company in respect of any of the shares of such member. All equity shares of the Company rank Pali Passu in all respects including the right to dividend. The dividend is proposed by the board Of directors and is subject to the approval of the members at the ensuing annual general meeting. The board of directors have a right to deduct from the dividend payable to any member any sum due from him to the Company. In the event of winding-up, subject to the rights of holders of shares issued upon special terms and conditions, the holders of equity Shares shall be entitled to receive remaining assets, If any, in proportion to the number of shares held at the time Of commencement of winding-up. The Shareholders have all other rights as available to equity shareholders as per the provisions of the Companies Act, 2013, read together with the memorandum of association and articles of association of the Company, as applicable.
c) The Company does not have any holding company or ultimate holding company. Promoter shareholding in the company including persons acting in concert with the promoters as on march 31, 2015 is 76,229,348 equity shares i.e. 35.36% of the equity share capital of the Company. Previous year march 31, 2014 is 117,718,959 equity shares i.e. 54.60 %.
d) The Details of Share Holders Holding more than 5% Shares:
Name Of Shareholder As at 31 March, 2015 As at 31 March, 2014
No. Of Shares held % of Holding No. Of Shares held % of Holding Amrut P Shah 23,288,887 10.80 35,929,325 16.66Raichand P Shah 26,898,304 12.48 34,808,304 16.14Shantilal P Shah 14,787,157 6.86 20,451,537 9.49Citigroup Global Markets Mauritius 11,825,702 5.48 11,994,157 5.56Ganjam Trading Pvt Ltd 14,999,499 6.96 14,999,499 6.96
e) The Company has allotted 143,737,182 (FV -Re 1/-) equity shares by way of Bonus issue in the Financial Year 2012-13 in the ratio 1:2.
128
NOTE 4: RESERVES & SURPLUS
As at 31st March, 2015
As at 31st March, 2014
( a ) Capital Reserve Opening Balance 700,000 700,000 Add: Additions during the year - - Capital Reserve - Closing Balance 700,000 700,000
( b ) Securities Premium Reserve Opening Balance 466,413,981 466,413,981 Add: Additions during the year - Securities Premium Reserve - Closing Balance 466,413,981 466,413,981
( c ) Revaluation Reserve Opening Balance 443,754,167 - Add/ (Less): Revaluation of Land * (38,806,813) 443,754,167 Revaluation Reserve - Closing Balance 404,947,354 443,754,167
( d ) General Reserve . Opening Balance 16,972,914 16,972,914 Add: Transfer From Statement Of Profit And Loss - - General Reserve - Closing Balance 16,972,914 16,972,914
( e ) Surplus In The Statement Of Profit And Loss Opening Balance 438,032,001 439,529,342 Less: Depreciation Adjusted Against Free Reserves (246,760,614) Add: Net Profit/ (Loss) For The Year (167,465,591) 1,025,138 Balance Available For Appropriation 23,805,796 440,554,480 Less: Appropriations Proposed Dividend 2,156,057 Dividend Distribution Tax - 366,422 Net Surplus In The Statement Of Profit And Loss 23,805,796 438,032,001 Total Of Reserves And Surplus 912,840,045 1,365,873,063
*The Company has revalued its Land at Palghar on 31st May 2013 NOTE 5: LONG TERM BORROWINGS
As at 31st March, 2015
As at 31st March, 2014
Term Loan Secured From Banks
State Bank Of India * 389,106,588 180,000,000 Industrial Development Bank of India * 39,000,000 - Yes Bank ** 20,000,000 - Vehicle Loans *** 173,440 909,516
Deposits Unsecured Deposits 745,000 798,200 Total Of Long Term Borrowings 468,470,386 197,451,667
+ In case of delay/default as on the Balance Sheet date in repayment of loans and interest with respect to above :
(1) Period of Default : Earlier Years (2) Amount : Rs 2,064,441
129
* Corporate Loan‐State Bank Of India (SBI)
Secured primarily by first charge (Hypothecation and mortgage) over the Fixed assets (immovable and movable) of the company as well as personal guarantee of three directors and collaterally secured by extension of hypothecation charge over current assets of the company. Further, additional collateral security carrying first pari-passu charge in the form of the pledge of promoters shares to the extent of 100% of E-Class Education System Ltd. has also been given. The said Loan carries floating rate of interest ranging of 3% above base rate. The repayment of the Loan shall commence from September 2015and to be fully repaid by March 2020.
Funded Interest Term Loan (FITL) and Working Capital Term Loan (WCTL) - SBI and Industrial Development Bank of India (IDBI).
Secured primarily by first pari passu charge over the entire current assets (present and future) of the company as well as personal guarantee of three directors and collaterally secured by second pari - passu charge (hypothecation and mortgage) over the fixed assets (movable and immovable) of the Company, with IDBI bank. Further, additional colleteral security carrying first pari-passu charge in the form of pledge of promoter's shares to the extent of 100% of E-Class Eduaction System Ltd. has also been given. The said Loans carries floating rate of interest ranging between 2.75% to 3% above base rate. The repayment of WCTL shall commence from September 2015 and to be fully repaid by September 2016. The repayment of FITL shall commence from December 2015 and to be fully repaid by March 2020.
** Secured by subservient charge over current and movable fixed assets of the company as well as personal guarantee of three directors and pledge of shares of the Company carrying floating rate of interest of 2% above base rate and repayable by June, 2018.
*** Secured by Hypothecation of respective vehicles purchased carrying interest ranging from 10.75% To 13.25% and repayable by May-2016.
$ Secured by Hypothecation of respective vehicles purchased carrying interest ranging from 12% and repayable by March-2021.
@ Repayment shall commence from the financial year 2015-16 up to 2024-25.
5.1 Out the above loans, three Directors of the Company have given their personal guarantee for secured loans (except vehicle loan) aggregating to Rs 448,106,588/-
NOTE 6: DEFERRED TAX LIABILITIES (NET)
As at 31st March, 2015
As at 31st
March 2014Liabilities
Depreciation
(A) Assets
Employee Benefits / Expenses Allowable on Payment Basis
Unabsorbed Depreciation *
(B)
45,739,409 37,006,966 45,739,409 37,006,966
1,100,306 8,505,329
873,192 -
9,605,635 873,192
36,133,774 33,579,292
. Net Deferred Tax Liability Charged To Statement Of Profit And Loss (D) = A-B-C (0) 2,554,482
Net Deferred Tax Liability (E )=C+D 36,133,774 36,133,774
* The Company has recognised deferred tax asset of 8,505,329/- (as at March 31,2014, NH ) on unabsorbed depreciation to the extent there is deferred tax liability on timing differences that will reverse in the future.
NOTE 7: LONG TERM PROVISIONS
As at 31st March, 2015
As at 31st March, 2014
Provision For Employees Benefit 3,391,297 2,691,297 Provision For Gratuity
Total of Long Term Provisions 3,391,297 2,691,297
130
NOTE: 8 SHORT TERM BORROWINGS
As at 31st March 2015
As at 31st March 2015
Loan Repayable on Demand From Banks Secured Cash credit from State Bank of India** Cash Credit from Industrial Development of India From Public Financial Institutions Unsecured Loan from Directors### Deposit Unsecured Inter corporate Deposits##
126,380657 25,355,622
-
59,554,200
152,370696
513,333,132 101,365,758 22,688,699
6,560,460
195,787,435 Total of Short Term Borrowings 363,661,175 879,775,519
**Secured primarily by first pari-passu charge over stock and book debts of the Company with other Working capital lender and personal guarantee of three directors and collaterally secured by pari-passu charge (hypothecation and mortgage) over the fixed assets (movable and immovable of the company. Further, additional collateral security carrying first pari-passu charge in the form of pledge of promoters shares to the extent of 100% of E-Class Education System Limited has also given. The said loan carries interest rate ranging between 2.75% to 3% above base rate.
### It consist of loan from three Directors and are interest free. Further, all the loans are provided by the director from their own funds.
## All inter corporate deposits are taken against pledge of Promoters Equity Shares held in the Company.
NOTE 9: TRADE PAYABLES
As at 31st March, 2015
As at 31st March, 2014
Micro, Small And Medium Enterprises (Refer Note 33) Others 94,370,945 140,495,914 Total Of Trade Payables 94,370,945 140,495,914
NOTE 10: OTHER CURRENT LIABILITIES
As at 31st March, 2015
As at 31st March, 2014
Current Maturities Of Long-Term Borrowings (Refer Note 5)From Banks 192,893,879 82,014,168 From other Financial Institutions - 2,361,310
Advance From Customers 11,900,791 24,722,358 Interest Accrued But Not Due On Borrowings 2,056,519 Unpaid Dividend 501,713 13,521,559 Other Payables Outstanding Expenses 11,490,088 11,927,544 Outstanding Statutory Liabilities 4,111,353 7,604,264 Total Of Other Current Liabilities 222,242,426 145,641,756
NOTE 11 : SHORT TERM PROVISIONS Rs Rs
As at 31st As at 31st March, 2015 March, 2014
Others Proposed Dividend 2,156,057 Provision For Dividend Distribution Tax 366,422 Provision For Income Tax 4,004,198 Total Of Short Term Provisions 4,004,198 2,522,479
131
NOTE 13: NON CURRENT INVESTMENTS
As at 31st March, 2015
As at 31st March, 2014
Trade Investments Others (valued at Cost)
150,000,000
50,000
150,000,000
50,000
Investment In Unquoted Equity Instruments i Subsidiary
15,000,000 Equity Shares Of Rs10/- Each Fully Paid Up Of E-Class Education System Ltd. (Previous Year 15,000,000 Shares
ii. Others
5,000 Equity Shares of 710/- Each Fully Paid Up of Abhyudaya Co-operative Bank Ltd. (Previous Year 5,000 Shares)
Total Of Non-Current Investment 150,050,000 150,050,000
Aggregate amount of quoted investments Aggregate amount of unquoted investments 150,050,000
-
150,050,000
Total Of Non-Current Investment 150,050,000 150,050,000 NOTE 14 : LONG TERM LOANS AND ADVANCES
As at 31, March 2015
As at 31,March 2014
Advance For Capital Assets Unsecured Considered Goods Security Deposits Unsecured , Considered Goods
-
4,107,629
9,284,729
4,304,334
Total of Long Term Loans and Advances 4,107,629 13,589,063
132
SUNARAM MULTI PAP LTD.
NOTES FORMING PART OF FINANCIAL STATEMENTS
NOTE 12 & 12A: FIXED ASSETS AS ON 31st March 2015
(Amount in Rs)
Particulars
GROSS BLOCK (AT COST) DEPRECIATION NET BLOCK As on 1st
10.1 Adoption of useful life of the assets as per the requirement of Schedule II of the Companies Act, 2013
Effective from 1 April, 2014 the Company has charged depreciation based on revised remaining useful life of the assets as per the requirement of Schedule II of the Companies Act 2013 as per para 7(b) of notes to part C. Based on transitional provision provided in note 7(b) to Schedule II, where the remaining useful life of an asset is nil the carrying amount of the asset should be recognised in the retained earnings. Such carrying amount as on 1 April, 2014 for the Company was Rs 246,760,6141/-
134
NOTE 16: TRADE RECEIVABLES
As at 31st March, 2015
As at 31st March, 2014
Debts Overdue Beyond 6 Months Unsecured, Considered Good 166,795,288 360,456,232
Others Unsecured, Considered Good 50,649,006 129,069,513 Total Of Trade Receivables 217,444,294 489,525,745
NOTE 17: CASH AND CASH EQUIVALENTS
As at 31st March, 2015
As at 31st March, 2014
Cash-In-Hand Cash Balance 2,103,486 3,425,008
Sub Total (A) 2,103,486 3,425,008 Bank Balance
In Current Accounts 3,290,382 1,974,513 In Deposit Accounts 118,771 153,611 In Dividend Account 552,600 556,480
Sub Total (B) 3,961,753 2,684,604
• Total Of Cash And Cash Equivalent (A) + (B) 6,065,239 6,109,612
Includes Deposit with Banks of Rs. 118,771/- (Previous Year: Rs.153,611/-) with original maturity of more than 12 months
NOTE 18: SHORT TERM LOANS AND ADVANCES
As at 31st March, 2015
As at 31st March, 2014
Loans & Advances To Related Parties . Unsecured, Considered Good Loan To Subsidiary - E-Class Education System Ltd. (Refer note-18.1) . 223,231,138 185,977,745
Others Unsecured, Considered Good Advance To Suppliers 28,063,397 87,333,454 Advance Income Tax (Net Off Provision For Tax) 12,955,052 2,615,191 Balance With Revenue Authorities 3,356,033 4,185,217 Prepaid Expenses 567,847 4,228,482 Advance To Employees 364,590 710,840 Other Advances 71,456,720 125,038,367 Total Of Short Term Loans And Advances 339,994,777 410,089,296
135
NOTE 18.1: DISCLOSURE REQUIRED BY CLAUSE 32 OF LISTING AGREEMENT
As at 31st March, 2015 As at 31st March, 2014 Balance Maximum
outstanding during the year
Balance Maximumoutstanding during
the yearLoans & Advances To Related Parties include loans to subsidiaries
Loan To Subsidiary - E-Class Education System Ltd. 223,231,138 223;231,138 185,977,745 185,977,745
NOTE 19: OTHER CURRENT ASSETS
As at March, 2015
As at March, 2014
Dividend Receivable Interest Receivable
15000 139,503
7500 139,503
Total of Current Assets 154,503 147,003
136
SUNDARAM MULTI PAP LIMITED
NOTES FORMING PART OF FINANCIAL STATEMENTS NOTE 20: REVENUE FROM OPERATIONS
857,683,242 1,571,013,176 Other Operating Revenues
900,000 2,000,000 Advertisement Income
858,583,242 2,000,000
Less: Excise Duty 25,558,646 32,151,250
Total Of Revenue From Operations 833,024,596 1,540,861,926 NOTE 21: OTHER INCOME
Year Ended 31st March, 2015
Year Ended 31st March, 2014
Dividend Income . 7,500 7,500 Rent Received - 864,000 Exchange Fluctuation On Exports 1,943,521 4,527,179 Royalty Income - 1,000,000 Miscellaneous Income - 20,640 Total Of Other Income 1,951,021 6,419,319
NOTE 22: COST OF MATERIAL CONSUMED
Year Ended 31st March, 2015
Year Ended 31st March, 2014
Raw Material Consumed Opening Stock 166,882,137 179,565,055Add: Purchases 671,546,086 664,443,337
Raw Material Sales (160,661,213) (14,973,393)Transport Inwards 21,957,356 20,808,271
699,724,366 849,843,270Less: Closing Stock 106,344,239 166,882,137Total Of Cost Of Material Consumed 593,380,127 682,961,133
NOTE 23 : CHANGES IN INVENTORIES OF FINISHED GOODS,WORK-IN-PROGRESS AND STO
Year. Ended 31st March, 2015
Year Ended 31st March, 2014
Inventory (at Commencement) Finished Goods 18,610,835 79,278,958Work In Progress 170,975,002 178,950,871Stock-in-Trade - 207,093,750 63,586,805Less: Inventory (at Close) Finished Goods 48,350,188 18,610,835Work In Progress 105,135,306 170,975,002Stock-in-Trade 357,096,552 207,093,750Total Of Changes In Inventories Of Finished Goods, Work-In-Progress And Stock-in-Trade (113,902,459) (74,862,954)
137
NOTE 24: EMPLOYMENT BENEFITS EXPENSES
Year Ended at 31st March, 2015
Year Ended at 31st March, 2014
Salaries & Wages Contribution to Provident Fund, Gratuity and Other Funds Directors Remuneration Staff Welfare
28,778,867 1,686,303 5,250,000
393,984
27,044,100 1,208,349 6,000,000
591,593Total of Employment Benefits Expenses 36,109,154 34,844,042
Sub Total Note 27 C 19,599,684 29,660,358Total of Other Expenses (Note 27 A+ 27 B+ 27 C) 96,888,655 156,087,681
NOTE 28: EXCEPTIONAL ITEMS
Year ended 31st March, 2015
Year ended 31st March, 2014
Profit on Sale of Fixed Asset Loss on Sale of Non-Moving Items Reversal of Accrued Interest Receivable Pre-Maturity of Keyman Insurance Policy
83,456,086 (116,379,845)
(30,562,920) 29,455,965
- - - -
Total of Exceptional Items (34,030,716) -
139
Sundaram Multi Pap Limited
Notes forming part of Financial Statements
Note 29
Contingent Liability: In the opinion of the Board of directors, the Company has no contingent
liability (PY: Nil) Note 30
In the opinion of the management, current assets , loans, advances and deposi ts are
approximately of the value stated, if realized in the ordinary course of business. The provision
of all known liabilities is adequate and not in excess of the amount reasonably necessary.
Note 31
Balances of certain trade receivables, trade payables and loans and advances are subject to
confirmations / reconciliation and consequential adjustments, if any. The management does not
expect any material variation affecting the current year's financial statements on account of such
reconciliation / adjustments. Note 32 Auditors Remuneration: (Amount in Rs)
Particulars Current Year Previous Year
Audit fees 300,000 650,000
Tax Audit fees 75,000 180,000
Income Tax Matters - 1,250,000
Others 16,068
Total 375,000 2,096,068
140
Note 33 Disclosure under MSMED Act, 2006: The Company has not received any information from the “suppliers” regarding their status under the Micro Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to the amounts as at year end together with interest paid / payable as required under the said act have not been given. Note 34 Segment Reporting: Primary
Segment (Business):
The Company operates in single business segment of manufacture and sale of exercise note books
and paper. Hence, further disclosure required as per Accounting Standard AS-17 "Segment
Reporting" is not given.
Note 35 Related Party Disclosures:
a) List of related parties with whom the Company has entered into transactions during the year
in the ordinary course of business:
Relationship Name Nature
Wholly owned Subsidiary E Class Education System Limited Company
Key Management Personnel
(KMP)
Mr. Amrut P. Shah Chairman' & Managing Director
Mr. Shantilal P. Shah Whole-time Director
Mr. Hasmukh A. Gada Whole-time Director
Mr. Manik R. Makwana (Appointed w.e.f from 01/01/2015)
Company Secretary
Enterprise over which KMP
are able to exercise
significant influence
Sundaram Bio-Tech Pvt Ltd Company
Relatives of KMP Mr. Raichand P. Shah Brother of Amrut P. Shah &
Shantilal P. Shah
141
b) Transactions with Related Parties:
Amount in Rs
Particulars WhollyOwned
Subsidiary
KMP Relatives of
KMP
223231,138 -
Loan Given to E Class Education System Ltd (139,719,074) (-) (-)
Repayment of Loan Given to E Class - - Education System Ltd (77,324,165) (-) (-) Interest charged on Loan Given to E Class 36,198,505 - - Education System Ltd (23,009,388) (-) (-)
142
Remuneration
Details are as under:
(-)
(-)
(-)
(-)
(-)
5,250,000
(6,000,000)
2,000,000
(2,000,000)
1,000,000
(1,000,000)
2,250,000
(3,000,000)
1,200,000 (400,000)
(-)
(-)
(-)
1,200,000 (400,000)
Mr. Amrut P. Shah
Mr. Shantilal P. Shah
Mr. Hasmukh A. Gada
Mr. Raichand P. Shah
Rent Paid to
Mrs. Nayna S.Shah
(-) (-)
189,000
(189,000)
Interest Paid to Mr. Hasmukh A. Gada
(-)
1,413,384 (201,370) (-)
Figures in bracket reflects previous year's amount
c) Outstanding Balances of Related Parties: Amount in Rs
Particulars Wholly Owned Subsidiary
KMP Enterprise over which KMP are able to exercise significant influence
Relatives of KMP
Short term Loans and Advances /Recoverable
223,231,138 (185,977,745)
- (-)
3000 (3000)
- (-)
Short term Borrowings /Payable
(-) (-)
(59,554,200) (40,040,035)
- (-)
46,902 (1,560,277)
Investments 150,000,000 (150,000,000)
- (-)
- (-)
- (-)
Figures in bracket reflects previous year’s amount
143
Note 36
Computation of Basic and Diluted Earnings Per Share (EPS):
Particulars
Current Year Previous
Year
Net Profit/ (Loss) After Tax available to equity shareholders (in Rs) (167,465,591) 1,025,137Weighted average number of equity shares for Basic and Diluted EPS
215,605,773 215,605,773
Basic and diluted earnings per share (Face Value Re 1) (in Rs) (0.78) 0.01
Note 37
a ) Detai l s o f Sa les va lue of Products:
Class of Goods Sale Value
Rs
For the year ended 31.03.2015
For the year ended 31.03.2014
Class of goods
Exercise Books 823,057,053 1,053,538,884
Paper 3,750,418 58,441,794
Trading 5,317,124 426,881,248
Total 832,124,595 1,538,861,926
The above figures are net of excise duty of Rs 25,558,646 (P.Y. Rs 32,151,250)
b ) Detai ls of opening & closing stock of Finished Goods :
Class of Goods Opening Stock (in Rs) Closing Stock (in Rs) For the year ended
31.03.2015 For the year ended
31.03.2014 For the year ended
31.03.2015 For the year ended
31.03.2014 Exercise Books 17,798,242 77,077,560 48,350,188 17,798,242 Paper 812,593 2,201,398 - 812,593 Trading of Copier Paper & Others
207,093,750 63,586,805 357,096,552 207,093,750
Total 225,704,585 142,865,763 405,446,740 225,704,585
144
c) Details of Opening & Closing Stock of Semi-Finished Goods:
Class of Goods Opening Stock (in Rs) Closing Stock (in Rs)
Total 170,975,002 178,950,871 105,135,306 170,975,002
Note 38
Value of Raw Material Consumed:
Particulars For the year ended 31.03.2015
For the year ended 31.03.2014
Amount in Rs % Amount in Rs %
Raw Materials
- - - -
Paper & Bonds - - - -
(i) Imported - - 4,990,828 0.77%
(ii) Indigenous 593,380,127 100.00% 677,970,305 99.23%
Total 593,380,127 100.00% 682,961,133 100.00%
145
Raw Material Purchase (Breakup) 2014-15 (Amt in Rs)
Paper 572,174,943 Duplex Board 84,587,519 Others 14,783,624 Total 671,546,086
Note 39
Earnings & Expenditure in Foreign Currency: Amount in Rs
Particulars For the year ended 31.03.2015
For the year ended 31.03.2014
F.O.B. Value of Exports - 29,438,630
C.I.F Value of Imports:
Raw Materials - 4,990,828
Expenditure:
Traveling Expenses 31,375 470,900
Note 40:
Employee benefits
1. Defined contribution plans:
The Company makes Provident Fund contributions which are defined contribution plans, for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. Provident fund contributions amounting to Z 12.66 Lacs (2014: Z 9.72 Lacs) have been charged to the Statement of Profit and Loss. The contributions payable to this plan by the Company is at rates specified in the rules of the scheme.
2: Defined benefit plans The Company has a defined benefit gratuity plan. Every employee who has completed continuous service for five years or more gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded with an insurance Company in the form of a qualifying insurance policy. During the year gratuity benefit expense of Rs 7 Lacs recognized in the Statement of Profit & Loss. Due to non-Availability of Actuarial Valuation Report, the charge for the year and liability as on balance sheet date were derived based on the past trend of attrition, increase in compensation cost and other relevant factors.
146
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, 2003 („the On 227 of the
he Order.
h to the best o
have been kept
Statement deal
and Cash Flow t.
irectors as onisqualified as
as to the rate der the said secby the Company
CON
statements. Asn and reconcilifinancial statem
e financial state
Order”) issueAd, we give i
of our knowle
t by the Comp
lt with by this R
Statement com
n 31 March 20on 31 March
at which thection, prescriy.
NTINUATION
s explained theiation. Howeverments on accouements, Our op
d by the Cenin the Annexu
dge and belie
pany so far as
Report are in
mply with the
014, and taken2014, from b
e cess is to be bing the man
148
SHEET
erein, r, the unt of pinion
ntral ure a
f
n on eing
paid nner
BHUTA
Annexure
Referred to inReport of even
(1) In res(a)
(b)
(c)
In resp
(a)
(b)
(c)
In respfirms o
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(i
A SHAH &
e to Indepe
n paragraph 1 n date spect of fixed A
The companydetails and sitAs explainedthe year whinature of its aIn our opiniofixed asset haassumption.
pect of its inven
As explainemanagement.In our opiniophysical verirelation to theIn our opinimaintaining pstocks by the
pect of the loaor other partie
According tothe books ofmaximum amgranted to sucIn our opinioand other terfacie, prejudicThere is no being regularThere is no reasonable steAccording tothe books ofinvolved durparties is Rs 4,The companyinterest and prejudicial toloan from oninterest of the There is no stnot arise.
v) In our opin
& Co
endent Au
under the hea
Assets: y has maintaintuation of its fixd to us, all thech, in our opiassets. No matn and accordinas been dispos
ntories:
ed to us, in In our opinionon and accordification of ine size of the coon and on thproper records management
ans, secured ors covered in th
o the informatif account, the mount involvedch party is t 18on and accordirms and condicial to the interstipulation for
r does not arisestipulation f
eps by the como the informatif account, the ring the year a,00,40,035/-. y has taken inother terms an
o the interest oe director. Howcompany. tipulation for r
nion and acco
uditors' Re
ading of "Repo
ned proper recxed assets. e fixed assets inion, is reasoerial discrepanng to the informed during the
ventories han, the frequencding to the infnventories folloompany and thee basis of ous of its inventoand book reco
r unsecured, grhe register main
on and explanCompany has
d during the ye8,59,77,745/, ing to the infoitions on whicrest of the Comr repayment oe. Also, the quefor repayment
mpany for recovon and explancompany has
are Rs.7,18,28
nterest free loand conditions of the Companwever, terms a
repayment of t
ording to the i
eport
ort on Other L
cords to show
have been phyonable having ncies were notimation and exyear and there
ave been phyy of verificatioformation and owed by the me nature of its bur examinationories. The discrds have been ranted or takenntained under
nations given ts granted unseear is Z 18,59
ormation and ch loans have pany.
of the above loestion of overdt of the abovvery of the prinations given t
taken loans f,422/. And the
an from two don which loa
ny does not ariand conditions
the above loan
information a
Legal and Reg
full particular
ysically verifiregard to the
iced on such vexplanations givefore does not
ysically verion is reasonabl
explanations management abusiness. n of the recorcrepancies notproperly dealt
n by the compsection 301 of
to us and on thecured Loan to9,77,745/-. And
explanation gibeen given to
oans. Therefodue amount dove loans. Theincipal and inteto us and on thfrom three dire year-end bal
directors. Therans have been ise. The comp and rate of in
ns. Therefore, t
and explanatio
C
ulatory Requi
rs, including q
ed by the mansize of the C
erification. ven to us, no su
affect the goin
fied during le. given to us,
are reasonable
rds, the Compticed on physict with in the b
pany to / from f the Act:
he basis of ouo its subsidiard the year-end
iven to us, theo the company
re, the questiooes not arise. erefore, the qerest does not ahe basis of OU
rectors. The mlance of loan
refore, the quetaken by the
pany has takennterest are not p
the question of
ons given to u
ONTINUATIO
irements" of o
quantitative
nagement duriCompany and t
ubstantial pastng concern ass
the year by
the proceduree and adequat
pany is genercal verificatioooks of accountcompanies,
r examination ry company. Td balance of lo
e rate of intery are not, prim
on of repayme
question to taarise. T examination
maximum amoutaken from su
estion of rate company, bei
n interest beariprejudicial to t
f being regular
us, th
149
ON SHEET
our
ing the
t of sure
y the
s of e in
rally n of
nt.
of The oan
est ma
ent
ake
of unt uch
of ing ing the
does
BBHUTA S
adeqthe coucont
In r
(a)
(b)
(vi) Accdepund
(vii) As com
(viii) We the 195presanddete
(ix) In r(a)
(b)
(x) Theyear
(xi) Baseopinithe sainstit
(xii) Accohas n
SHAH &
quate internal cpurchase of in
urse of our autrols has been n
espect of the co
) In our opinparticulars register req
) In our opincompany wrespect of information
cording to theposits from thder. Therefore, per informatio
mmensurate withave broadly Central Govern6 and on the bscribed account
Paper. We haermine whetherespect of statut) According
records of Protection Duty, Excideposited wthe informa?` 33,730/Profession period of m
) According income taxof any disp
e Company dor covered by ou
ed on our audit ion that, there wame were regututions amountiording to the innot granted loan
Co
control procedurnventories and
udit, no majornoticed.
ontracts or arran
nion and accorof contracts o
quired to be mainion and as perwith parties co
each party dn available with e informatione public as dethe provisions
on and explanath its size and threviewed the bnment for the masis of informats and records h
ave not, howevr they are accuratory dues: to the informathe Company, Fund, Employeise Duty, cess with the appropation and explan- towards CSTTax, Service T
more than six moto the informa, wealth tax, salutes except nores not have an
ur audit and in tprocedures an
were several insularized in due cing to e12,82,80nformation and ns and advance
re commensurad fixed assets a instance of c
ngements referr
rding to the inr arrangementsintained under tr information anovered uis 301uring the yearthe company.
n and explanaefined u/s. 58of Clause 4 (vi)
ations given byhe nature of its books of accoumaintenance ofation and explahave been mad
ver, made a detate or complete
ation and explaundisputed sta
ees' State Insurto the extent
priate authoritienations given to
T payable, no Tax and other months from the dation and explales tax, customsrmal assessmenny accumulatethe immediatelynd on the informstances in whiccourse of time. 0,199/- is not reexplanations gs on the basis o
ate with the sizeand payment fcontinuing fai
red to in section
nformation and s referred to inthat section. nd explanation of the Act anr has been m
ations given tA of the Com of the Order a
y the managembusiness.
unt maintainedf cost records uanations given
de and maintaintailed examina
e.
anations given tatutory dues inrance, Income-t
applicable ands, though thereo us, except forundisputed am
material statutordate they becamanations given ts duty and exci
nt and appellate ed losses and y preceding finamation and expch the companyforever, Total d
egularized as agiven to us andof pledge of sha
e of the companfor expenses anilure to correc
n 301 of the Ac
d explanations n section 301 o
ns given to us, nd exceeding
made at prices
to us,. the Cmpanies Act, 1re not applicab
ment, the Comp
d by the compaunder section 2
to us, we are oned related to mation of the acc
to us and on thncluding Providtax, Sales-tax, d any other ste have been derRs.7,120/- tow
mounts payablery dues were in
me payable. to us, there arese duty which h proceedings ashas not incur
ancial year. planations givey had defaulteddefault in repay
at 31.03.2014. d based on the dares, debentures
CON
ny and the naturnd for sale of ct any weakne
ct
provided by thof the Act have
the transactionthe value of rwhich appear
ompany has 956 and the rble to the comppany has an in
any pursuant t09 (1)(d) of thof the opinion
manufacture of counts and rec
he basis of ourdent Fund, InvWealth Tax, Statutory dues helays in a few wards tar dedue in respect ofn arrears as at 3
e no amounts phave not been ds per the Incomered cash loss
en by the manad in repaymen
ayment of dues t
do produced bes and other secu
NTINUATION S
re of its businesgoods. Durin
esses in the int
he managemene been entered
n entered into brupees five lakr reasonable a
not acceptedrules framed tpany. nternal audit sy
o the rules mahe Companies A
that, prima fadExercise Note ords with a vie
r examination ovestor EducatioService Tax, Cuhave been regucases. Accordi
ucted at sourcef Wealth Tax, 31 March, 2014
payable in respdeposited on ace Tax Act, 1961.during the fin
agement, we art of dues to bato banks and fi
efore us, the Courities.
150
SHEET
ss, for g the ternal
nt, the in the
by the khs in as per
d any there
ystem
ade by Act, -
de, the Book ew to
of the on and ustom ularly ing to e and Cess,
4 for a
ect of ccount
nancial
re of the anks but inancial
ompany
BHUT
(xiv)
(xv)
(xvi)
(xvii)
(xviii)
(xix)
(xx)
(xxi)
For BhuCharteredFirm Reg
CA. Mite
Members
Mumbai,
TA SHAH
(xiii) In our Therefore, the
In our opiniinvestmentsCompany.
According tguarantee fo
According totaken by the
According toBalance Shbasis have used to fina
The Companthe register
The Compan
applicable t
The Compa
Based on threport that we been inf
uta Shah & Cd Accountan
g. No.: 101.474W
esh of Partner
ship No,: 11082
24tbMay, 2014
H & Co
opinion, the Ce provisions of
ion, the Comps. Accordingly
to the informaor loan taken b
o the informatie company hav
o the informaheet of the Com
been used foance short term
ny has not madmaintained un
ny has not issu
to the company
any has not ra
he audit proceno fraud on oformed of such
Co. nts
W
22
4
Company is nof Clause 4 (xiii
pany is not deay, the provisio
ation and explby others from
ion and explanve been applied
ation and explmpany as at :3r long-term in
m assets except
de any preferender section 30
ued any deben
y.
aised any mo
edures performor by the Comh case by the m
t a chit fund oi) of the Order
aling in or traons of Clause
lanations givem a bank or fina
ation given to d for the purp
lanations give31 March 201nvestment by t working capi
ential allotmen01 of the Act.
ntures and hen
onies by way
med and the mpany has beenmanagement.
or a nidhi /mutr are not applic
ading in share4 (xiv) of th
en to us, the Cancial instituti
us and the recose for which
en to us and o4, we report tthe Company
tal.
nt of shares to
nce, the clause
of public iss
information an noticed or r
tual benefit fucable to the Co
es, securities, dhe Order are n
Company has ion.
ords examinedh they were rai
on an overall that no funds y. No long ter
parties and co
e 4(xix) of the
sues during t
and explanatioreported durin
CONTINUAT
und/society, ompany.
debentures andnot applicable
not given any
d, the term loanised.
examination raised on shorrm funds hav
ompanies cove
e Order is not
the year.
ons given to g the year, no
151
TION SHEET
d other to the
y
ns
of the rt-term e been
ered in
us, we or have
EQUITShareh
Share Reserv
Non-Cu
Long-DeferrOther Long
Curren
Short-TTradeOtherShort-
AS SETNon-Cu
Fixed. ATangiblIntangibCapital
Non-CDeferrLong Other
Current
CurreInventTradeCash AShort-Other
Significant Notes on finAs per our
For Bhuta S
Chartered AFirm RegNo
CA Mitesh Partner Membershi
Mumbai, 24'1
TY AND LIABILIholders' Funds
Capital ves And. Surplus
urrent Liabilities-Term Borrowingred Tax LiabilitieLong Term LiabiTerm Provisions
t Liabilities
Term. BorrowingPayables Current Liabiliti
-Term Provisions
TS urrent Assets Assets le Assets ble Assets Work-In-Progres
Current Investmenred Tax Assets (NTerm Loans AndNon-Current Ass
t Assets nt Investments tories Receivables
And Cash Equiva-Term Loans And
r Current Assets
Accounting Policnancial statementsreport of even da
EXPENCost OfPurchaChangeIn-ProgrEmployFinanceDepredOther E
Total EProfit B
TAX EX(I) Cu
(2) D(3) S
Total T
Profit
Earning(1 )(2 )
Significant ANotes on fin
As per our r
For Bhuta S
Chartered AFirm Reg. N
CA Mitesh KPartner Membership
Mumbai, 24t
ST
ME nue From Operation
income ncome (I)
NSES f Materials Consuse Of Stock-In-Tres In Inventories ress yee Benefit Expene Cost
dation And AmorExpenses
Expenses (II) Before Tax (1) - (ID
XPENSES: rrent Tax
Deferred Tax Short / (Excess) PrTax Expenses
For The Year
gs Per Equity Shar Ba s ic D i l u t e
Accounting Policnancial statement
report of even da
Shah & Co.
Accountants No.: 1111474W
Kothari
p No. : 110822
th May 2014
S
TATE114ENT OF
Particulars
ns
umed rade Of Finished Good
nses
tization Expenses
D
rovision Of Earlie
re: (Face Value of
d cies ts
ate attached
SUNDARAM M
FROFIT & LOSS
ds And Work-
s
er Years
f Re 1/- each)
MULTI PAP L
S FOR THE YEA
LIMITED
AR ENDED 3151 M
Note No.
18 19
20
21
22 23 24 25
1 to 39
For and on beha
Amrut P. shChairman & Mana
Hasmukh A. Ga
Whole-time Dir
MARCH, 2014
Year Ended 31st M
Rs 1,540,861,
6,419,1,547,281,
682,961,412,247,
68,643,
34,844,137,338,
48,412,156,087,
1,540,536,6,744,
4,609,2,534,
(7443,85,719,
1,025
00
alf of the Board
hahaging Director
ada
rector
March 2014
Year Ended 31st M
Rs ,926 L815,4,319 10.1,245 1,825,5
,133 683,5,951 664,3,992 35,2
,042 48,1,796 120,7,915 48,1,681 150,6
,509 1,750,8,736 •1'74
,000 2,45482 5,66
834) ,598 29,2
,137 45,5
0.01 0.01
Shantilal P. Whole-time Dir
153
March 2013
57,52618,372
575,897
537,294357,064200,435
64,•62774,548
77,70872/415
833,9264,70372
52,18664,87791.327
228,890
513,082
0.210.21
Shah rector
154
SUNDARAM MULTI PAP LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2014 Particulars Year Ended 31st March 2014 Year Ended 31st March
2013Amount in Rs Amount in Rs
CASH FLOW FROM OPERATING ACTIVITIES
Net Profit/ (Loss) Before Tax And Extraordinary Items 6,741,736 74,741,972Adjustment rim: Depreciation 48.412,915 43,127,708 interest Income (29,808,487) (49929,403) Dividend income (7,500) (7,500) Preliminary Expenses W/Off - - Interest Paid 167,147,283 170,703,951 (Profit)/ Loss On Sale Of Assets (Net) 1,675,042 (4,996,726
187,419,253 163,898,030194,163,989 233,640,002
Operating Profit Before Working Capital Changes Adjustment For : Trade Receivables Si8,,044,5Z3 (157,156,949) Inv entorie.s (63,766;74) (12,053,566) Loans & Advances 15,795,881 (62,802,416)
Other Current Assets 153,153 (153,183) Trade Payables (173,395,347) 55,207,108 Other Liabilities & Provisions 4,308482 (1,345,252)
101,140,148 (178234,258).Cash Generated From Operations 295,304,137 59,305,743
Cash Flow horn Investing Activities Purchase Of Tangible fixed Assets (Net) (24,851,887) (33.373,333) Sale Of Tangible Fixed Assets 2,668,442 6,480,139 Purchase Of Equity Shares Of subsidiary - - Dividend Received 7,500 7,300
Net Cash Generated From/ (Utilised in) Investing Activities (22,175,945) (26,885494)
Cash Flow From Financing Activities Loan given to Subsidiary (62,394,909) (30,984,894) (Repayment) of /Proceeds From Borrowings (34,075,920) 133,733,737 Interest Received 29,808,487 49,929.403 Interest Paid (167,147,283) (170,703,951) Dividend Paid (Incl. Of Tax) (38,023,92S) (15,034,930)
Net Cash Generated From/ (Utilised in financing Activities)
(271,833.552)
(33,060,634)
Net Increase/(Decrease) In Cash And Cash Equivalents (A+B+C)
(8,722,922)
(12,159,145)Cash And Cash Equivalents At Beginning Of The Year 14,E32,534 26,991.678 Cash And Cash Equivalents At End Of The Year 6,10`9,612 14,832,533 Net Increase/ (Decrease) (,722.922) (12,159,145)
Note: 1 Cash And Cash Equivalents Consists Of Cash On Hand And Balance With Banks. 2 The Above Cash Flow Statement Has Been Prepared Under The Indirect Method As Set Out In Accounting Standard - 3 'Cash Flow
Statement" Issued By The institute Of Chartered Accountants Of India. 3 Previous Year's Figures Have Been Re-Grouped / Re -Arranged, Wherever Considered Necessary.
As per our report of even date attached
For Bhuta Shah & Co. For and on behalf of the Board
Chartered Accountants Firm R g. No.: 101474W
CA Mitesh Kothari A mr u t P . S h a h Shanlilal P, Shah Partner Chairman & Managing Director Whole-time Director Membership No. 110822
'Hasmukh A. Gada
Mumbai. 2411' May, 2014 Whole time Director
SIG
i. ATh
goi
Ac
po
Ac
ii. UPre
req
rep
liab
sta
ass
pla
in
i i i . FiTa
imp
in-
rep
ass
iv. DDe
Sch
on
arn
ma
GNIFICANT
ccounting Ce financial sta
ing concern a
ccountants of
lices not dis
ccounting Prin
se of Estimaeparation of f
quires that the
ported amoun
bilities and th
atements. Exa
sets, provision
ans, etc. Diffe
which the resu
ixed Asse tsngible fixed
pairment, if a
progress com
porting date.
sets and are ca
e p rec ia t ionepreciation on
hedule XIV o
addition/del
nortized over
anagement at t
ACCOUNTIN
Conventions:atements are
and comply w
India referre
sclosed sepa
ciples.
ates: financial state
e Managemen
nt of income
he assumption
mples of such
n for doubtfu
erence, if any,
ults are know
: assets are s
any. Direct co
mprises of cos
Intangible as
arried at cost l
/ Amor t i za tn fixed asset
of the Compan
letion of asse
a period of
the rate of 20%
SUNDARAM
FINANCI
NG POLICIE
prepared on a
with the Acco
d to in sectio
arately otherw
ements in con
nt of the Com
and expense
ns relating to
h estimates in
ul debts/advan
between the
n.
stated at cost
sts are capital
t of fixed ass
sets are recor
less accumula
t ion : ts is provided
nies Act, 195
ets during th
f five subsequ
% in each year
M MULTI PAP
IAL YEAR 20
ES:
accrual basis
ounting Standa
on 211 (3C) o
wise are in
nformity of G
mpany makes
s of the peri
o contingent l
nclude the us
nces, future ob
actual results
t of acquisiti
lized until fix
sets that are n
rded at the co
ated amortizat
d on straight
56 or estimate
e year is pro
uent years on
r.
155
LIMIT-TS)
013 -14
under historic
ards issued b
of the Compa
consonance
Generally Acc
estimates and
iod, the repo
liabilities as
seful life of ta
bligation in r
s and estimate
ion Tess acc
xed assets are
not yet ready
onsideration p
tion and impa
t line method
es made by th
ovided on pro
n a systemat
cal cost conve
by the Institut
anies Act, 19
with Gener
cepted Accoun
d assumptions
rted balances
on the date o
angible and i
respect of ret
es is recognize
cumulated de
ready for use
for their inte
paid for acqu
irment, if any
d at the rates
he managemen
o-rata basis.
tic basis as d
ention and as
te of Charter
56. Accountin
rally Accepte
nting Principl
s that affect t
s of assets an
of the financi
intangible fix
tirement bene
ed in the perio
epreciation an
e. Capital wor
ended use as
uisition of suc
y.
s prescribed
nt Depreciatio
Brand will b
decided by th
s a
ed
ng
ed
les
he
nd
ial
ed
fit
od
nd
rk-
at
ch
in
on
be
he
v . I
Ls
Cin
v i . VRCprp
v i i .
vii i. E
C
m
re
ix. Em
a)
Acl
I n v e s t m e n
Long term invuch decline is
Current investmnvestment bas
Valuation oRaw materialsCost is assignproportionate ealizable valu
possible.
Revenue Ra) The C
custom
risks a
of retu
b) Dividereceive
c) Intere
xport Incentiv
Considering tmarket conditiecognized on
mployee Bene
) Short T
ll employee assified as sh
t
estments are ss other than te
ments are valusis.
of Inventories, stores and pned on FIFO
manufacturinue. Unrealize
Recogni t ionCompany rec
mer or when
and rewards
urns, discount
end income oe the paymen
st income is
ves:
he uncertainions, the benthe basis of ac
efits:
erm Employe
benefits payhort-term emp
SUNDARA
FINAN
stated at cost.emporary.
ued at lower o
es: packing materbasis. Semi -g overheads.
ed profit, if a
:
cognizes rev
delivered to
of ownershi
ts, excise dut
n investmentnt is establish
recognized
nty in respecnefits accruinctual realizatio
e Benefits:
yable whollyployee benefit
AM MULTI P
CIAL NEAR
Provision for
of the cost or m
rials are value- finished goFinished goony, in inter u
venue on sa
o the ocean
ip are passed
ty and sales t
t is accountedhed.
on the time
ct of actual i
ng under the on_
y within twelts. Benefits su
PAP LIMITED
2013 -14
r diminution i
market value,
ed at lower ooods are valuods are valueunit transactio
ale of produ
carder for e
d to the cust
tax.
d for in the y
e proportion
income realiz
Duty Entitle
lve months ouch as salarie
156
D
in the value is
determined on
of cost or net ued at raw md at lower ofon is elimina
ucts upon d
export sales,
tomer. Sales
ear in which
basis.
zable, which ement Pass B
of rendering s and wages,
s made only if
n individual
realizable vamaterial cost p
f the cost or ated to the ex
dispatch to
which is wh
s are shown
the right to
depends on Book Scheme
the service leave salary
f
alue. plus
net xtent
the
hen
net
the are
are etc.
and
the
b)
Th
Co
sta
serv
Th
gra
fut
to
ant
c)
Lia
yea
x. FoTra
tran
rec
Mo
cur
res
for
xi. BoBca
d the expected
e related servic
Post-Em
i) D
e Company m
ompany's cont
atement of pr
vice.
ii) De Company's
atuity fund w
ture payment
cover the lia
ticipated servi
Leave en
ability on acc
ar. None of th
oreign Currencansactions in
nsactions are
cognized in the
onetary items
rrency are re
sulting exchan
reign currency
orrowing Cost: orrowing Coapitalized as a
d cost of ex-g
e.
mployment Ben
Defined contri
makes specifi
tribution paid
rofit and los
Defined benefigratuity bene
which has tak
ts of gratuity
ability under
ices with the c
ncashment:
ount of Leave
he employee is
cy Transactionn foreign curr
affected. Ex
e Statement of
(other than t
evalued using
nge difference
items are carr
sts that are ata part of the c
SUNDARANI
FINANCI
gratis are reco
nefits:
ibution plans:
ied monthly
d / payable un
s during the
it plan: efit scheme is
ken a group p
y to retiring
the scheme in
company.
e Encashment
s allowed to ca
ns: rency are rec
xchange differ
f Profit and Lo
those related
g the exchang
e is recognize
ried at cost.
ttributable tocost of such a
I MULTI PAP
IAL YEAR 20
gnized in the
contributions
nder the sche
period in w
a defined ben
policy with L
employees.
n respect of
t up to year en
arry forward l
corded at the
rences arising
oss.
to acquisition
ge rate preva
ed in the Stat
acquisition osset. A Qualif
P LIMITED
013 -14
period in wh
towards emp
emes is recog
which the em
nefit plan. Th
Life Insuranc
The premium
all employee
nd has been pr
leave to subse
e rate of exc
g on settleme
n of fixed ass
ailing at date
tement of Pro
or constructiofying asset is
hich the emplo
ployee provid
gnized as an
mployee rende
he Company c
ce Corporatio
m has been s
es at the end
rovided/ paid
quent period.
hange in for
ent of these t
sets) denomin
e of the Bala
ofit and Loss.
on of a qualifone that nece
1
oyee renders
dent fund. Tic
expense in th
ers the relate
contributes to
on of India fo
so adjusted a
of their futu
d during the
rce at the tim
transactions a
nated in foreig
ance Sheet an
Non-monetar
fying asset aressarily takes
157
ce
he
ed
a
or
as
re
me
are
gn
nd
ry
re a
su
S
xi i . PP
re
D
ac
D
ce
xi i i . I
A
w
ex
lo
v
it
m
xiv . L
L
ar
o
xv. F
In
g
C
re
ubstantial peri
tatement of Pr
Provis ion fProvision for c
elevant assessm
Deferred tax ar
ccounted for, u
Deferred Tax a
ertainty that th
Impairment
At each Balanc
whether there i
xists, the recov
oss. Recoverab
alue in use, th
ts disposal are
market assessm
L e a s e s :
Lease of assets
re classified a
n accrual basis
Financial De
n respect of
ains/losses on
Currency Hedg
eceivable. The
iod of time to
ofit and Loss.
or Taxes: current tax is
ment years.
rising due to t
using the tax r
assets arising f
his would be rea
t of Fixed A
e Sheet date, th
is any indicati
verable amount
ble amount is
he estimated fu
e discounted t
ments of time v
under which a
s operating lea
s in accordance
erivatives He
derivatives
n settlement are
es to manage i
company does
SUN DARA
FINAN
o get ready fo
determined in
iming differen
rate and Taws
from timing d
alized in future
Assets:
he Company r
ion that those
t of the asset is
the higher of
uture cash flow
o their presen
value of money
all the risk and
ases. Lease pa
e with respecti
edging Tran
contract, pre
e recognized in
its risks associ
s not use Hedg
A.M MULTI PA
NCIAL YEAR
or intended use
n accordance w
nce between th
that are substa
differences are
e.
eviews the car
assets suffered
s estimated in
an asset's net
ws expected f
nt value using
y and the risks
d rewards of ow
ayments under
ive lease agree
saction;
mium paid,
n statement of
iated with Fore
ges for specula
AP LIMITED
2013 - 14
e. All other b
with the Incom
he book profi
antively enacte
recognized to
rrying amount
d an impairme
circler to deter
selling price
from the contin
a. pre-discoun
specific to the
wnership are e
r operating lea
ements.
provision for
f Profit and Lo
eign Currencie
ative purpose.
D
borrowing cos
me Tax laws p
t and tax prof
ed as of the Ba
o the extent th
t of its fixed as
ent loss. If an
rmine the exte
and value in
nuing use of th
nt rate that re
asset.
effectively retai
ases are recogn
r losses on
oss. The comp
es Fluctuation
1
ts are charged
prevailing for
fit for the yea
alance Sheet d
here is reasona
ssets to determ
ny such indicat
ent of impairm
use. In assess
he asset and fr
flects the curr
ined by the les
nized as expen
restatement
pany uses Fore
relating to Exp
158
d to
the
ar is
date.
able
mine
tion
ment
sing
rom
rent
ssor
nses
and
eign
port
xvi. Co
Th
pro
ob
A
ob
W
ou
ontingent Lia
he Company c
obably requir
bligation.
disclosure fo
bligation that m
When there is a
utflow of resou
bility:
creates a prov
es an outflow
or contingent
may, but prob
a possible ob
urces is remot
NDARAM
FINANC
vision when th
w of resources
liability is m
ably will not r
bligation or pr
te, no provisio
M MULTI PA
CIAL YEAR 2
here is a prese
s and a reliab
made when th
result in outflo
resent obligat
on or disclosur
AP LIMITED
2013 -14
ent obligation
ble estimate ca
here is a pos
ow of resourc
tion in respec
re is made.
n as a result o
an be made o
ssible obligati
ces,
ct of which th
1
of past event t
of the amount
ion or a pres
he Likelihood
159
that
t of
sent
d of
NOTE 1: SH
Authorized
250,000,000
Issued, Sub
215,605,773Fully Paid
Total of IssCapital
a) Reconc
SharesSharesSharesShares
b) TermThe coone vocompanright tomeetincompaIn the shares windinThe shtogethec) Tincludishare cd) th
Amrut RaichaShantilCitigroGanjam
HARE CAPITA
d Capital
0 (P.Y. 250,000,0
bscribed & Paid-
3 (P.Y 215,605,77
ued , Subscribed
ciliation Of The
Pa
s Outstanding At Ts Issued During Ts Bought Back Dus Outstanding At T
ms And Rights Atompany has only ote per equity shany in respect of ano dividend. The ding. The board of any. event of windingshall be entitled t
ng-up. hareholders have er with the memor
The company doeing persons actingcapital of the comphe Details Of Sh
P Shah and P Shah lal P Shah oup Global Markm Trading Pvt Ltd
SNOTES
L
000) Equity Share
-up Capital
73) Equity Shares
d and Fully Paid
Number Of Shar
articulars
The Beginning Ofhe Year
uring The Year The End Of The Y
ttached To Fortone class of equre_ A member shny of the shares ofividend is recommdirectors have a
-up, subject to theo receive remainin
all other rights arandum of associaes not have any hg in concert with tpany. Previous yeahare Holders Ho
ets Mauritius d
SUNDARAM S FORMING PAR
es of Re. 1/- Each
s of Re.1/- Each
d up Share
res Is Set Out Be
f The Year
Year
uity Shareholdeuity shares havinghall not have any f such member. Amended by the bo
right to deduct f
e rights of holderng assets, if any,
s available to equation and articles oholding companythe promoters as oar March 31, 2013olding More Th
MULTI PAP RT OF FINANCI
As at 31st Ma2014
h
250,000,000
250,000,000
215,605,773
215,605,773
elow:
2013 Equity
Number215,605,773
.'
- 215,605,773
rs: g a face value ofright to vote whi
All equity shares ard of directors anfrom the dividen
rs of shares issuedin proportion to th
uity shareholders of association of ty or ultimate holon March 31, 201
3 is 134,583,293 ehan 5% Shares:
As aNo. of Sharesolding%35,929,32534,308,304.20,451,53711,994,15714,999,499
LIMITED IAL STATEMEN
arch, As at 32013
250,000
250,000
215,60
215,605
3-14 Shares
Rs 215,605,773
-
- 215,605,773
f 1/- per share. Eailst any call or otof the company rnd declared by th
nd payable to any
d upon special terhe number of shar
as per the provithe company, as alding company. P14 is 117,718,959equity shares i.e. 6
at 31st March 2014% of Holding
16.661 6149.495.566.96
NTS
1st March,
0,000
0,000
5,773
5,773
2Eq
Number 71,S68,5
143,737,1
215,605,7
ach holder of equther sum shall be rank pari passu in he members at the y member any su
rms and conditionres held at the tim
isions of the Comapplicable. Promoter shareh
9 equity shares. i.e62.42 %,
4 As No. of Shar
6 37,485,44f 34,808,3
9 32,949,76 14,649,156 -
2012-13 uity Shares
Rs 591 71,8682 143,737
773 215,605
uity shares is entidue and payableall respect includiensuing annual g
Unless indiprepared inparticular statements statements. include, but
SundaramMumbai amanufactustationery students o
We have among the
At the starstationery,machinery
With the sconsumers
During theLacs as coon the rest
i. F
The financi
General e
The demaand, may bthroat com
Other FactThe Compits custom Cost of fuavailable fwhich conin comparliquidity a
GEMENT’S D
ing discussion oancial statemen Act and Indian
icated otherwisn accordance wFY year are tthat involve riFactors that m
t are not limited
m multi pap ltd
and the Certiuring of statio
products – exf all ages, as w
over 190 vare student comm
rt of the Comp, which was y.
strong brand as today.
e FY 2015-16ompared to Rstated financial
FACTORS AF
ial condition of
conomic and
and for the Cobe affected if
mpetition, the I
tors: The Copany has to scmers. Any cha
unds: Anothefor promoting
nsequently imprison to the inand policies o
DISCUSSION
of our financialnts as of and fon GAAP.
se, the financiawith Indian GAto the 12 monisks and uncer
might cause futud to, those discu
OV
d was incorpoficate of Comonery productxercise note bwell as office/
rieties of papmunities and e
pany in the yeincreased to
and market pe
6, the compans 8330.25 Lacl statements o
FFECTING T
f the Company
business con
ompany’s prof there are chaIndian Industr
ompany’s resuchedule out mange in schedu
r important pg new projectpedes further nternational mof the RBI, w
N AND ANALO
l condition and or the years end
al data in this AP. The Compth period ende
rtainties. The aure results to difussed below an
VERVIEW O
orated on 13th
mmencement ts. Sundarambooks, long b/ corporate sta
er stationery enjoy very hig
ear 1995, we h60 tons per d
enetration we a
ny reported necs and Rs. (16f the Compan
THE COMPA
and its results o
ditions:
ducts and its anges in businry is facing hu
ults of operatimanufacturinule may affect
problem that s. The higherinvestment in
markets. Interewhich in turn
35
LYSIS OF FIOPERATION
results of operded March 31,
section is derpany’s FY yeared March 31 oactual results mffer significantly
nd elsewhere in
OF THE BUSI
March, 1995of Business
m Multi Pap Looks, note pa
ationery produ
products undgh reputation
had a capacityday as of now
are present in
et sales of Rs674.65) Lacs rny.
ANY’S RESU
of operations ar
business is dness conditionurdles, which
ions are depenng process an
its operation
is hamperingr cost of fundn any projectsest rate is ma
is influenced
INANCIAL CNS
rations should b 2014, 2015 an
rived from the r ends on Marcof that year. Tmay differ fromly from those prthis Preliminar
INESS OF TH
5 with the Regwas obtained
Limited desigads, scrap booucts and printi
der the brand in the market
y of 5 tons perw which is al
n pan Maharas
s 9602.13 Lacrespectively d
ULTS OF OP
re affected by n
dependent on ns in the countdepend upon
ndent upon itsnd procuremenin the short ru
the India's cs increases th
s. Lending rateainly a functiod by trends in
CONDITION
be read in conjund 2016, prepa
Company’s auch 31 of each yThis discussion m those projectrojected in the fry Placement D
HE COMPA
gistrar of Comd on 10th Apgns, manufactoks, drawing bng, writing &
“Sundaram” for its superb
r day of convelso considerin
shtra and are n
cs with profit during the cor
PERATIONS
numerous factor
general econotry. In the erathe following
s success in mnts according un.
competitivenehe required rates in India coon of two facn internationa
N AND RESU
unction with thered in accorda
udited financiayear, so all refe
contains forwted in the forwforward-looking
Document.
ANY
mpanies, Mahril, 1995 in ttures and marbooks, graph
& packaging pa
which are vb quality and d
ersion of papeng 75% utilisa
number one br
after tax of Rrresponding pe
S
rs including the
omic conditioa of globalizat factors:
managing its mto delivery sc
ess is the costte of return o
ontinue to be stors namely ual rates, exter
181
ULTS OF
e Company’s ance with the
l statements ferences to a ward-looking ward-looking g statements
harashtra, at the area of rkets paper books - for aper.
ery popular durability.
er into paper ation of the
rand among
Rs (641.22) eriod based
e following:
ons in India tion and cut
manpower. chedule of
t of funds of projects, still higher underlying rnal sector
182
scenario and inflation rate. Key factors influencing results of operations Several factors influence the Company’s results of operations, financial condition and cash flow significantly. The key factors affecting its operations include:
1. New competitive businesses. 2. Government Regulations and Policies. 3. Any slowdown in the economic growth. 4. Technology Up gradation.
SUMMARY AND COMPARISION OF SIGNIFICANT ITEMS OF INCOME AND EXPENDITURE OF THE COMPANY
Amount in lacs
PARTICULARS 2015‐16
2014‐15
Increase/ Decrease%
2014‐15
2013‐14
Increase/ Decrease%
INCOME Revenue from Operations 9847.28 8483.12 16.08 8483.12 15617.25 (45.68)
Other Operating Revenue 5.55 9.00 (38.33) 9.00 20.00 (55)
TOTAL SALES 9852.83 8492.12 16.02 8492.12 15637.25 (45.69) Other Income 27.41 20.52 33.51 20.52 64.19 (68.02) TOTAL INCOME 9880.24 8512.64 16.07 8512.64 15701.44 (45.78)
EXPENDITURE Cost Of Material
Consumed 6049.95 5986.55 1.05 5986.55 6880.53 (62.45) Purchase of Stock‐in‐
trade 191.52 2086.37 (90.82) 2086.37 4122.47 (49.39) Change in inventories of finished goods,
work‐in‐progress and stock‐in‐trade 1231.89 (1139.02) 208.15 (1139.02) 686.44 (52.14)
COMPARAN ANAL Compariso Total IncomTotal Incomprevious ye Total Expe Total Expeperiod in th Total Sales Total Salesperiod in th Revenue fr Revenue frperiod in th Other Ope Other operprevious ye Other inco Other incomover the sam Purchase o Purchase ofthe previou Change in Change in iLacs from R Employees Employees the previou Finance Co Finance Coyear. Depreciatio Depreciatiosame period
RISON OF FIGYSIS OF REA
on of Fiscal 201
me me increased bear.
enditure
nses during FYhe previous year
s
s during FY 20he previous year
rom Operation
rom operating ihe previous year
erating Income
ating income dear.
ome
me as a percenme period in th
of Stock-in-tra
f Stock-in-tradeus year.
inventories of
inventories of fRs.(1139.02) L
s Benefit Expen
Benefit expensus year.
ost
ost decreased by
on and Amort
on and Amortisd in the previou
GURES OF THASONS FOR T
16 to Fiscal 20
by 16.07% in F
Y 2016 increaser.
016 increased br.
ns
income increasr.
e
decreased by 3
ntage of total ine previous year
de
e decreased by
f finished goods
finished goods, acs over the sam
nses
ses decreased b
y 24.08 % in FY
ization Expens
sation expensesus year.
HE MAJOR HETHE CHANGE
15
FY 2016 from R
ed by18.87% in
by 16.02% in F
sed by 16.08%
8.33% in FY 2
ncome has increr.
90.82% in FY
s, work-in-pro
work-in-progreme period in th
by 13.12 % in F
Y 2016 to Rs.12
ses
s decreased by
EADS OF THEES IN SIGNIF
Rs. 9880.24 La
n FY 2016 to R
FY 2016 from
in FY 2016 to
2016 to Rs.5.5
eased from 33.
2016 to Rs.19
ogress and Stoc
ess and Stock ie previous year
FY 2016 to Rs.3
219.03 Lacs fro
24.60 % in FY
E PROFIT ANICANT ITEM
acs from Rs. 8
Rs. 10017.13 L
Rs. 9852.83 L
o Rs.9847.28 L
55 Lacs from R
51% in FY 20
1.52 Lacs from
ck in trade
in trade decreasr.
373.45 Lacs fro
om Rs.1605.78
Y 2016 to Rs.39
ND LOSS STAMS OF INCOM
8512.65 Lacs o
Lacs from Rs. 8
Lacs from Rs.84
Lacs from Rs.84
Rs.9.00 Lacs ov
16 to Rs. 27.4
m Rs.2086.37 La
sed by 208.15%
om Rs.429.89 L
Lacs over the s
98.85 Lacs from
ATEMENT, INME AND EXPE
over the same p
8426.96 Lacs ov
492.12 Lacs ov
483.12 Lacs ov
ver the same p
1 Lacs from Rs
acs over the sam
% in FY 2016 to
Lacs over the sa
same period in
m Rs.529.04 L
183
NCLUDING ENDITURE
period in the
ver the same
ver the same
ver the same
period in the
s.20.53 Lacs
me period in
o Rs.1231.87
ame period in
the previous
Lacs over the
Other ExpOther Expeprevious ye Profits BefProfits befoprevious ye Profits AftProfits afteprevious ye Compariso Total Incom Total Incomprevious ye Total Expe Total Expenprevious ye Total Sales Total Salesprevious ye Revenue fr Revenue frperiod in th Other Ope Other operayear. Other inco Other incomover the sam Purchase o Purchase ofthe previou Change in Change in iLacs from R Employees Employees the previou Finance Co Finance Coyear.
penses enses decreasedear.
fore Tax ore tax increaseear.
ter Tax er tax increasedear.
on of Fiscal 201
me
me decreased bear.
enditure
nses decreased ear.
s
s decreased by ear.
rom Operation
rom operating ihe previous year
erating Income
ating income de
ome
me as a percenme period in th
of Stock-in-tra
f Stock-in-tradeus year.
inventories of
inventories of fRs.748.62 Lacs
s Benefit Expen
Benefit expensus year.
ost
ost increased by
d by 26.68 %
ed by 56.55 %
d by 61.54% in
15 to Fiscal 20
by 45.78% in F
by 35.51% in
45.69% in FY
ns
income decreasr.
e
ecreased by 55%
ntage of total ine previous year
de
e decreased by
f finished goods
finished goods, s over the same
nses
ses decreased b
y 6.10 % in FY
in FY 2016 to
in FY 2016 to
n FY 2016 to R
14
FY 2015 from
FY 2015 from
Y 2015 from R
sed by 45.68%
% in FY 2015 t
ncome has decrr.
62.45% in FY
s, work-in-pro
work-in-progreperiod in the p
by 8.94 % in FY
Y 2015 to Rs.16
o Rs.743.95 La
o Rs. (1017.12)
Rs.(871.76) La
Rs. 8512.65 La
Rs. 10513.34 L
Rs. 8492.12 La
in FY 2015 to
to Rs.9.00 Lacs
reased from 68
2015 to Rs.208
ogress and Stoc
ess and Stock inrevious year.
Y 2015 to Rs.42
605.78 Lacs fro
acs from Rs. 10
) Lacs from Rs
acs from Rs.(22
acs from Rs.15
Lacs from Rs.1
cs from Rs.156
Rs.8483.12 La
from Rs.20.00
8.02% in FY 20
86.37 Lacs from
ck in trade
n trade decreas
29.89 Lacs from
m Rs.1710.17
014.74 Lacs ov
s.(2341) Lacs o
266.84) Lacs o
5701.44 Lacs o
16302.32 Lacs o
637.25 Lacs ov
acs from Rs.15
0 Lacs over the
015 to Rs.20.53
m Rs.5557.54 L
ed by 52.14% i
m Rs.472.11 La
Lacs over the s
ver the same p
over the same p
ver the same p
over the same p
over the same p
ver the same p
617.25 Lacs ov
same period in
3 Lacs from Rs
Lacs over the sa
in FY 2015 to R
acs over the sam
same period in
184
period in the
period in the
period in the
period in the
period in the
period in the
ver the same
the previous
s.64.19 Lacs
me period in
Rs.(1139.02)
me period in
the previous
DepreciatioDepreciatiosame period Other ExpOther Expeprevious ye Profits BefProfits befoprevious ye Profits AftProfits afteprevious ye
on and Amorton and Amortisd in the previou
penses enses decreasedear.
fore Tax ore tax decreasear.
ter Tax er tax decreasedear.
ization Expenssation expensesus year.
d by 41.65% i
sed by 289.60%
d by 531.83% i
ses s decreased by
in FY 2015 to
% in FY 2015 t
in FY 2015 to
7878 79
23.49% in FY
Rs.1014.74 La
to Rs.(2341) L
Rs.(2266.84) L
Y 2015 to Rs.52
acs from Rs.17
acs from Rs. (6
Lacs from Rs.(
29.04 Lacs from
739.08 Lacs ov
600.87) Lacs o
358.77) Lacs o
m Rs.691.48 L
ver the same p
over the same p
over the same p
185
Lacs over the
period in the
period in the
period in the
The folloand othervarious lelocal authmerely inprofessionchange or
Labour L
We are re(DevelopmMiscellanBonus AcMaternity
The Facto
The Factomakes promaintenanAct definein which aare engagprior subm
The Empl
The Emplemployingtime to tCommissiprovident EPF Act Commissi
The Indus
The Indudisputes. governmedispute, orelief inclu
The Minim
The Minimapplicablebasic rate allowing fpaid for o
The PaymThe Paymother estato regulatquantum oof Wagesentitlemenetc.
wing descriptir regulatory boegislations, inclhorities that artended to prov
nal legal advicer modification b
Laws
equired to comment and Reg
neous Provisionct, 1965, Empl
y benefit Act.
ories Act, 1948
ories Act, 1948ovisions for thence of plant, syes a ‘factory’ ta manufacturined in a manufacmission of plan
loyees’ Provide
loyees’ Provideg 20 or more time. The EPioner and requfund, the presalso requires
ioner.
strial Disputes
ustrial DisputesWhen a dispu
ent may refer thor a strike or uding ordering
mum Wages Ac
mum Wages Ae to a particularof wages and t
for the basic ravertime at over
ment of Wages Ament of Wages
blishments whete the paymentof wages includs Act also regnts, disburseme
ion is a summodies that are aluding rules anre available in vide general ine. The statemenby subsequent l
mply with certagulation) Act, ns Act 1952, thloyees Compen
8, as amended (e health, safety ystems and otheo be any prem
ng process is carcturing processs, their approva
ent Funds and M
ent Funds and Memployees andF Act require
uires the emplscribed percent
the employer
Act, 1947
s Act, 1947, aute exists or ishe dispute to a lock-out whilemodification o
ct, 1948
Act, 1948, as amr industry. Thethe cash value oate, the cost of rtime rates stipu
Act, 1936 Act, 1936, as aere the monthlyt of wages in ding overtime wulates minimu
ents of wages b
REGULA
mary of the reapplicable to o
nd regulations pthe public dom
nformation to tnts below are blegislative, regu
ain labour and1951, Indust
he Minimum Wnsation Act, 19
(the “Factoriesand welfare of
er places of woises which emprried on with th
s without the aidal for the registr
Miscellaneous
Miscellaneous Pd such other eses all such esloyers and theage of basic wto maintain r
as amended prs apprehended,labour court, tr
e a proceedingf contracts of e
mended providee minimum wagof concessions living allowan
ulated by the ap
amended (the “y wages payablterms of the dwages, deductiom wages to bby the employe
ATIONS AND
elevant regulatour business. Tpromulgated bymain. The reguthe investors abased on the culatory, adminis
industrial lawtrial DisputesWages Act, 194923, Contract L
s Act”) seeks tf the workers work, and provisiploys 10 or mohe aid of powerd of power. Earation of the est
Provisions Act
Provisions Act,stablishments anstablishments tir employees
wages and dearregisters and s
ovides the prothe conciliatio
ribunal or arbitg is pending. Temployment or r
es a frameworkge may consistin respect of su
nce and the cashppropriate gove
“Payment of Wle are less thanduration of emons from wage
be fixed by theers within the
POLICIES
tions and poliThe informationy regulatory boulations set outand are neithercurrent provisiostrative or judic
ws, which incluAct, 1947, t
48, the PaymeLabour (Regul
to regulate thewhile at work inion of adequateore workers onr, or a premisesach State Govertablishment, and
t, 1952
1952, as amennd industrial uto be registerto contribute
rness and othersubmit a mont
ocedure for invon officer maytrator, to preveThe labour coureinstatement o
k for State Goveof a basic rate
upplies of essenh value of theernment.
Wages Act”) is Rs 6,500. The
mployment (wors, of certain clae appropriate stipulated time
icies as prescrn detailed beloodies, and the bt below may nr designed norons of Indian lcial decisions.
udes the Factorthe Employeesent of Wages Alation and Abo
employment on the factory ince training and sany day of the
s where there arrnment has setd licensing of fa
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vestigation andy settle such dnt the occurrenurts and tribunaof workmen.
ernments to stie of wages andntial commoditiconcessions, if
s applicable toe Payment of Wrk hours, overtiasses of employgovernments fframe without
ribed by the Gw has been obtbye laws of theot be exhaustiintended to su
law, which are
ries Act, 1948s’ Provident FAct, 1948, the Polition) Act, 19
f workers in facluding requirinsupervision. The preceding 12 mre at least 20 wout rules in res
factories.
Act”) applies notified by the
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d settlement odispute or the nce or continuaals may grant
pulate the minid a special allowies, or an all-incf any. Workme
factories and inWages Act inter
ime wages, andyed persons. Thfor the employt unauthorized
186
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, Industries Funds and Payment of
970 and the
actories and ng adequate he Factories months and
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en are to be
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ment of Bonus A
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monthly returns bonus to be pa
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ract Labour (R
ract Labour (Reore contract labe and health of d with the regment of canteen in the event
hese facilities w
ernity Benefit A
ernity Benefit A0 days in the
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free of charge b
stries (Develop
stries (Developmed industrial ud all industriaof alcoholic drie and defense eqhes and hazardo
mental Laws
ronment (Prote
ironment (Protovernment to cor (Prevention a) Act, 1981 (thescribing standarronment (Proteand materials l
Act, 1965
Act, 1965, as which 20 or mor
showing compaid to each emp
nsation Act, 19
nsation Act, 19s employer wdid not disable
drugs or alcohoiable to be paidratio to the age
an is to be paid mum wage whi
Regulation and A
egulation and Abourers to be
f contract labougistering officerns, rest rooms, the contractor
within a prescrib
Act, 1961
Act, 1961, as am12 months prec a woman wory and for this eriod during walso entitled toby the employer
ment and Regu
ment and Reguundertakings. Tal undertakingsnks, cigars andquipment, induous chemicals a
ection) Act, 198
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amended provire persons are e
putation of allocployee is the h
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e the workmanol, or the work
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ich is considere
Abolition) Act,
Abolition) Act, registered as
urers. Under ther. The CLRAdrinking watefails to provid
bed time period
mended (the “Mceding her exporking in a fperiod of absen
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ulation) Act, 19
ulation) Act, 19The IDR Act hs are exemptd cigarettes of tustrial explosiveand those reserv
86
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ides for paymeemployed and r
cable surplus, sehigher of 8.33%
d provides thate to pay him n for more thankman willfully50% of the mond workman) or
60% of the moned for the purpo
1970
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r, washing facide these ameni.
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951
951 (the “IDR has been libera
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PA”) is an umrious central ant, 1974 (the “Wthe Governmenof environmen
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% of the annual
t if personal inj compensation
n three days ordisobeyed safe
nthly wages mur Rs. 50,000. Wnthly wages muses of reckonin
nded (the “CLRmployer and prboth the princip
certain obligailities, first aidities, the princ
nefit Act”) provdelivery, is eliake leave fore paid maternit
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Act”) Act provalized under thg except for canufactured tob
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mbrella legisland state authoriWater Act”) ant with variousnt pollutants fmises, plant, eq
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ury is caused tn. However, nor the workmanfety rules. Wheultiplied by the
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RA Act”) requrescribes certai
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vides that a wogible for mater
r six weeks imty benefit at thenefit is 12 weo prenatal and
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ation designed ties establishedand the Air (Ppowers includi
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to a workman bo compensation
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ires companiesin obligations w
nd the contractocontractor in
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oman who has rnity benefits. mmediately pree rate of the aveeks. Women
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evelopment andrial Policy dateies such as disttes, all types ofgun powder, nit
to provide a d under other laPrevention and ing the power tosources, as gi
hinery, and exam
187
s and every egisters and us due. The
whichever is
by accident is required
me of injury ts from the evant factor ment results evant factor 00.
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worked for Under the
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er Act
er Act requires ed to establishystem, use of a
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ardous Wastes (
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ic Liability Insu
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urance Act, 199
nsurance Act, amage arising y the legislationinsuring agains
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91
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the final consuincrease in vatax with the prty on subsequentered dealer ag
deducting inputales in a month,x credit at the e
Entry 54 of the S
ulation) Act, 19
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992
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bility to pay tax
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Rules, 2008
Rules, 2008 rerelevant centralhe environmentle for any fine
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ly borne by thef production or an earlier stagey period meanshe VAT liabilthe payment peend of next fis
ligible for refunn taking decisio
rade by regulatrovides that a number unless
188
d, which is reatment or
trol area to y industrial
prescribed
ccupier and tion control m improper vied by the
of hazardous ‘hazardous
uired to take
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e consumer. transfer of
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ting imports person or
s such
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Intellectu
The Trade
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company is sthe Joint Direc
licant is valid f
ual Property La
e Marks Act, 19
e Marks Act, 1rade mark is esn from those ogoods, packagi
utory and commion trademarks
nts Act, 1970
nts Act, 1970 goRights; India rePatent protectioPatent protectio
rtain circumstafringer.An app
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isions of variouate the conditions in respect oalth and safety m
Investment Reg
nvestment in Ins and the exta
merce and Indus either thrount is sought to ent of Industrial
which consolidnd activities notnvestment limit
oods Act, 1930
of Goods Act, are subject to
dian Contract Asistent with the ct of sale may o the essential as of the buyer
for sale of good
specifically exector General offor all its branch
aws
999
1999 which camssentially any mof others and ining or combinamon law. Indiand collective
overns the pateecognizes both pon period of 20ons allowed on
ances, the burdplication for a p
nts legislations
us Shops and Eons of work aof inter alia rmeasures and w
gulations
Indian securitieant consolidatedustry, Governmugh the autom
be made. Undel Policy and Prdates the policyt specifically res enumerated u
1930 (“Sale ofthe general pr
Act, 1872, and express provisbe an absolut
aspects of such and seller, rem
ds.
empt. An applif Foreign Tradehes, divisions,
me into forcemark capable ofncludes a deviceation of colorsan trademarks marks can also
ent regime in Inproduct as well years; imported produ
en of proof inpatent can be fil
in various state
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es is governedd FDI Policy is
ment. Foreign inmatic route or
er the current comotion, Minisy framework oestricted underunder the Conso
f Goods Act”)rinciples of thethe un-repeale
sions of the Salee one or based
h contracts, inclmedies for bre
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on December 3f being represene, brand, headinor combinatiolaw permits t
o be registered u
ndia. India is al as process pat
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es
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d by the provissued by the Dnvestment is p
the approvalconsolidated FDstry of Commeron FDI, up to 1the Consolidate
olidated FDI Pol
governs the coe law relating ted provisions oe of Goods Actd on certain coluding the transeach of contrac
importer exportCommerce. Anries.
30, 1999 governted graphicallyng, label, ticket
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signatory to thents. The new r
ngement of proe 4 patent office
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isions of the Fepartment of In
permitted (exceroute, depend
DI Policy, efferce and Industr100% FDI throed FDI Policy.licy.
ontracts relatingto contracts. T
of the Indian Ct, continue to anditions. The S
sfer of ownershct and the con
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emark Act.
he trade related regime provide
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the states in whestablishments ily and weekly
FEMA read windustrial Policy
ept in the prohding upon the ctive from Mary, Governmenough the automTherefore, our
g to sale of gooThe Sale of Goo
ontract Act, 18apply to contraSale of Goods Ahip of the goodsnditions and w
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agreement on s for:
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y working hour
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189
made to the ber allotted
de marks in services of
er, numeral, ction under
nd services.
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erred to the
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Companies Act
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T IN INDIA
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190
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umbai. The companies,
through the Companies
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In order tocircuit brwide circu20%. Themarkets nS&P CNXthere are which der
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ased Market-W
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ock Exchanges ck Exchanges a
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191
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acement Docum
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e made only thrh cheques are
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al and the offerimay come intoal advisors as
y not be used fod.
Company or tpossession, circuEquity Shares in
ffered or sold,s in connectiondiction exceptountry or juriser of the Equitye sections titled
rectly in India, or for the accwhich an offer
is Issue is a “pis to be made o2013 or an adv
t Document has
that has impleme date on whicplementation Dthe publication
Relevant Membhority in that Rnding Directiveon Date, may b
n the Prospectue 2010 Amendi
ed investors” asding Directive, Directive), in
us Directive asng Directive, prmpany or the L
emented in that
y Shares to theorm and by anye an investor toany measure imns Directive 2pression “2010
h Member State
ing, sale or delipossession of tto what restrict
or the purpose o
the Lead Manaulation or distrn any jurisdict directly or indn with the offeunder circums
sdiction. The y Shares in thi
d “Notice to Inv
or to residentscount or benefir is strictly on aprivate placemeonly to QIBs. Tvertisement ands not been and
mented the Proch the ProspecDate”), the Eqn of a prospectuber State or, wh
Relevant Membee (defined belowbe offered to th
us Directive or,ing Directive;
s defined in the, fewer than 15each case subj
s amended (to trovided that noead Manager ot Relevant Mem
public” in relay means of sufo decide to purmplementing th2003/71/EC an0 Amending D.
ivery of the Eqthis Placementtions may be apof an offer or in
ager that wouldribution of thision where actiodirectly, and n
ering of the Eqstances that wi Issue will be
is Issue will bevestors”, “Repr
s of India and t of, any residea private and cent” within the This Placementd should not bewill not be reg
spectus Directictus Directive quity Shares mus in relation tohere appropriateer State, all in w), except that he public in tha
if that Releva
e Prospectus Di0 natural or leject to obtainin
the extent implo such offeringof a prospectus mber State) by A
ation to any Eqfficient informarchase or subsche Prospectus Dnd includes anirective” mean
203
quity Shares t Document pplicable to nvitation in
d permit an s Placement on for such
none of this quity Shares ill result in e made in
e deemed to resentations
any Equity ent of India confidential meaning of t Document e circulated
gistered as a
ive (each, a is or was
may not be o the Equity e, approved accordance the Equity
at Relevant
ant Member
irective); or gal persons
ng the prior
lemented in g of Equity pursuant to Article 1(3)
quity Shares ation on the ribe for the
Directive in ny relevant ns Directive
Neither outhrough an
Hong Kon
The PlacePlacement(Winding Futures CRecipientscontents o
The PlaceShares nodistributed
� to “p
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CO n
Unless peHong Konthe contenShares wh
Any offersubscriptioPlacementthis Placethe public
Kuwait
The Issuenor has oCommercincluding or persons
Oman
This Placemarketingsubscriptihave a prmade in an
By receivagrees thaMinistry oand neithMinistry oto market
The Equiin the Sult
Qatar
This PlaceQatar (inc
ur Company nony financial int
ng
ement Document Document haUp and Misce
Commission (“s are advised tof this Placem
ement Documer an advertisemd in Hong Kong
professional invofessional Inveher circumstancnor constitute an
ermitted by the ng or elsewhernt of which is hich are or are i
r of the Equityon for the Equt Document ma
ement Documenc in Hong Kong
e has not beenour Company e and Industry the receipt of a
s representing o
ement Documeg of the Equityon for Equity S
resence or reprend under the law
ving this Placemat this Placemof Commerce aer our Companof Commerce aor sell the Equ
ity Shares offetanate of Oman
ement Documecluding the Qat
or the Lead Mantermediary on t
nt has not beenas not been, anellaneous ProviSFC”) in Honto exercise caument Document
ent does not coment of the Equg other than:
vestors” withinestors”); or ces which do non offer to the pu
securities lawsre, any advertislikely to be ac
intended to be d
y Shares will buity Shares wilay issue, circulant to any otherg within six mo
n approved byreceived authoto market or s
applications andour Company.
ent and the Equy Shares has beShares may or wesentation in thws of India.
ment Documenment Documentand Industry, thny nor the Leand Industry, thuity Shares with
ered under thin.
ent does not, anar Financial Ce
nager has authotheir behalf, oth
n reviewed or and will not besions) Ordinanng Kong pursu
ution in relationt, they should
onstitute an offuity Shares in H
n the meaning
ot result in thisublic which requ
s of Hong Kongement, invitatioccessed or readdisposed of onl
be personal toll only be acceate or distributer person. No peonths following
y the Kuwaitorization or licsell the Equityd/or the allotme
uity Shares offereen or will bewill be effectedhe Sultanate of
nt, the person ot has not beenhe Oman Capitad Manager arhe Oman Capithin the Sultanat
s Placement D
nd is not intendentre) and acco
orized, nor do thher than offers
approved by anye, registered asnce (Cap 32) (“uant to the Sen to the Offer. obtain indepen
fer or invitatioHong Kong. The
g of the SFO a
Placement Docuires authorizat
g, no person mon or documend by, the publicy to persons ou
the person toepted from suche this Placemenerson allotted Eg the date of is
Central Bankcensing from tInterests withinent of Equity S
red under it aremade by our
d or undertakenf Oman and an
or entity to whon registered ortal Market Authre authorized oal Market Authte of Oman.
Document have
ded to, constiturdingly should
hey authorize, tmade by our C
y regulatory aus a “prospectus“CO”) nor hasecurities and FIf recipients a
ndent professio
on to the publice Placement Do
and any rules
cument being ation by the SFC
may issue or havnt relating to thc of Hong Kon
utside Hong Ko
whom relevanh person. No pnt Document inEquity Shares msue of such Equ
or the Kuwaithe Kuwait Cen Kuwait. The
Shares may be r
e issued and goCompany from
n within the Suny purchase of
om it has beenr approved byhority or any otor licensed byhority or any o
e not and will
ute an invitationnot be construe
the making of aCompany or the
uthority in Hons” in Hong Koit been authori
Futures Ordinaare in any d
onal advice.
c in Hong Konocument must n
made under t
prospectus as dC under the SFO
ve in its posseshe Equity Shareng other than wng or only to Pr
nt offer documperson who han Hong Kong omay sell, or ofuity Shares.
it Ministry ofentral Bank orerefore, no servrendered within
overned by them within the Sultanate of Omathe Equity Sha
n issued unders the Central Bther authority ithe Central B
ther authority i
l not be listed
n or an offer ofed as such. The
any offer of EqLead Manager
ng Kong. In parong under the ized by the Sec
ance (Cap 571)doubt about a
ng to acquire not be issued, c
that ordinance
defined in the O.
ssion for issue, es, which is dirwith respect to rofessional Inve
ments are deliveas received a cor make or giveffer to sell, such
Commerce anr the Kuwait Mvices relating ton Kuwait by ou
laws of India. Nultanate of Om
an. Our Companares will be de
stands, acknowBank of Oman,in the Sultanate
Bank of Oman, in the Sultanate
d on any stoc
f securities in te Equity Shares
204
quity Shares r.
rticular, this Companies curities and ) (“SFO”).
any of the
any Equity irculated or
whether in rected at, or
the Equity estors.
ered, and a opy of this e a copy of h Shares to
nd Industry, Ministry of o the Issue,
ur Company
No offer or man and no ny does not emed to be
wledges and , the Oman e of Oman,
the Oman e of Oman,
k exchange
the State of s have not
been, and Equity Sh
By receivand agreeapproved Authority authorized
RegulatorState of Qfor generaconsumm
No markeEquity Shbe receiveany contraindividualother finaaccountinSingapor
The PlaceSingaporeShares maDocumentof the Eq“institutioexemption275(1A), accordanc
Where thecorporatioinvestmeninvestor; obeneficiarof that corsix monthexcept: (1SFA, or tdebentureS$200,000exchange 275 of thelaw.
United Ar
The EquitEmirates (Financial Centre setin the U.Aor otherwlicensed bAuthority not been aAuthority selected inperson otcontents oprovided f
shall not be, ofhares shall not c
ving this Placems that: (a) neithby the Qatar or any other
d or licensed by
ry Authority, orQatar; (c) this Pal circulation iated within the
eting of the Eqhares may or wed from outsideact in Qatar. Nls resident in tancial productsg or other profee
ement Documee (“MAS”) unday not be offeret or any other dquity Shares bonal investor” n invoked undeand in accord
ce with the cond
e Equity Shareon (which is notnts and the entor (b) a trust (wry of the trust irporation or the
hs after that cor) to an institutito any person
es of that corp0 (or its equivaof securities or
e SFA; (2) whe
rab Emirates (
ty Shares have(“U.A.E.”) othCentre should
t out below. ThA.E. in accordawise and is notby or registeredor any other re
approved by or or the Dubai
nstitutional andther than the of this Placemfor the benefit
ffered, sold or dconstitute a pub
ment Documenher this Placem
Central Bankauthority or a
y the Qatar Cen
r any other authPlacement Docuin the State ofState of Qatar.
quity Shares haill be consumm
e of Qatar. ThisNeither our Com
he State of Qa. Nothing contessional advice
ent has not beder the Securitied or sold, or mdocument or mbe circulated owithin the mer Section 274, (ance with the ditions of, any o
es are subscribet an accredited tire share capitwhere the trustes an individuale beneficiaries’rporation or thaional investor upursuant to anoration or such
alent in a foreigr other assets, ere no consider
(excluding the
e not been, andher than in comd have regard the information cance with the Cot intended to bd with the Cenelevant licensinfiled with the CFinancial Serv
d sophisticated ioriginal recipi
ment Document,of the recipien
delivered at anyblic offer of sec
nt, the person oment Document
, the Qatar Figency in the S
ntral Bank, the Q
hority or agencument may notf Qatar; and (
as been or willmated within ths Placement Dompany nor the Latar as to the atained in this Pin, or in respec
een and will nies and Futures
made the subjecmaterial in conneor distributed,eaning of Sec(ii) to a relevanconditions speother applicable
ed or purchasedinvestor (as deal of which isee is not an accl who is an acc rights and inteat trust has acqunder Section 2n offer that is mh rights or int
gn currency) forand further forration is or will
Dubai Interna
d are not beingmpliance with th
to the specificcontained in thiommercial Com
be a public offntral Bank of tng authorities oCentral Bank ovices Authorityinvestors, is noent or reprodu, you should ct only, and sho
y time, directlycurities in the S
or entity to whonor the Equity
inancial MarkeState of Qatar;Qatar Financial
cy in the State ot be provided tod) no agreeme
l be made fromhe State of Qataocument shall nLead ManagerappropriatenessPlacement Docct of, the State o
not be registers Act (Chapterct of an invitatiection with thewhether directtion 274 of th
nt person pursuacified in Sectioe provision of th
d under Sectionefined in Sectio
owned by onecredited investocredited investoerest (howsoevequired the Equit74 of the SFAmade on termsterest in that tr each transactia corporation,
l be given for t
ational Financi
g, publicly offehe laws of the U
notice to prosis Placement Dmpanies Law (Ffer. Our Compathe United Ara
or governmentaof the United Ay. This Placemeot for general ciuced or used onsult an auth
ould not be deli
y or indirectly, itate of Qatar.
om it has beeny Shares have bets Authority,; (b) neither oul Markets Autho
of Qatar, to mao any person otent relating to
m within the Star. Any applicanot form the bas
are, by distribus of investing iument is inten
of Qatar.
red as a prospr 289) of Singaion for subscrip offer or sale, otly or indirectlhe SFA and inant to Section 2on 275, of thehe SFA.
n 275 of the Sn 4A of the SFe or more indior) whose sole or, shares, debener described) inty Shares pursuor to a relevan
s that such shatrust are acquiron, whether suc in accordancethe transfer; or
ial Centre)
ered, sold, promU.A.E. Prospecspective investocument does n
Federal Law Noany and the Eqab Emirates, thal agencies in th
Arab Emirates, tent Document irculation in thefor any other
horized financiavered to, or rel
in the State of Q
n provided to ubeen registered,the Qatar Finaur Company nority, the Qatar
arket or sell thether than the orthe sale of th
tate of Qatar aations to investsis of, or be reliuting this Placein or purchasin
nded to constitu
pectus with theapore (“SFA”)ption or purchasor invitation foly, in Singapon accordance w275(1), or any p SFA, or (iii)
FA by a relevFA)) the sole buividuals, each opurpose is to hntures and units
n that trust shaluant to an offer
nt person defineares, debenturesred at a consich amount is towith the condi(3) where the
moted or adverctive investorsors in the Dubnot constitute ao. 8 of 1984 ofquity Shares hahe Emirates Sehe U.A.E. This the Emirates Seis being issue
e U.A.E. and mpurpose. If y
al adviser. Thislied on by, any
Qatar. Any offe
understands, ack, considered, auancial Centre
nor the Lead Mr Financial Cen
e Equity Sharesriginal recipienhe Equity Shar
and no subscripin the Equity Sied on in conne
ement Documenng or selling seute investment,
e Monetary A. Accordingly, se nor may thisr subscription oore other thanwith the conditperson pursuantother pursuant
ant person whiusiness of whichof whom is anhold investmens of shares and l not be transfer made under S
ed in Section 27s and units of deration of no
o be paid for initions specifiedtransfer is by o
rtised in the Uin the Dubai In
bai Internationaa public offer of the U.A.E., asave not been acurities and Co Placement Do
ecurities and Cod to a limited
may not be provyou do not unds Placement Dother person.
205
ering of the
knowledges uthorized or Regulatory
Manager are ntre
s within the
nt and is not res shall be
ption to the Shares shall ection with, nt, advising ecurities or , legal, tax,
Authority of the Equity
s Placement or purchase
n (i) to an tions of an t to Section t to, and in
ich is: (a) a h is to hold
n accredited ts and each debentures
erred within Section 275 75(2) of the shares and
ot less than n cash or by d in Section operation of
United Arab nternational al Financial of securities s amended)
approved or ommodities cument has ommodities number of
vided to any derstand the
Document is
Dubai Int
This Placeof the Dupersons ofresponsibithis PlaceShares to purchasernot underavoidancemeaning othe Dubai
United Ki
The Equitthis PlaceMarkets communicactivity (wArticle 19“Financiaof the Fiour Compdone by itto engagepurchase Section 2possessionFSMA in Kingdom.
United St
The Equitsecurities exemptionaccordancthe Issue. (as definethe Issue wmade theRestriction
ternational Fin
ement Documeubai Financial f a type specifiility for reviewment Documenwhich this Plas of the Equityrstand the conte of doubt, theof either the CoFinancial Serv
ingdom (in add
ty Shares offerement DocumenAct 2000, as cated and will owithin the mean9(5) of the Fal Promotion Oinancial Promopany; and (b) ht in relation to t in investment of any Equity1(1) of the FSn this documerespect of any
.
tates of Americ
ty Shares offerlaws of any st
n from, or in ce with any appThe Equity Sh
ed in Regulationwas made in co
e representations”.
nancial Centre
ent relates to anServices Authoied in those rul
wing or verifyinnt nor taken stepacement Documy Shares offeredtents of this Pe Equity Shareollective Investmvices Authority R
dition to the E
red in the Issuent have not bee
amended (theonly communicning of Sectioninancial Servic
Order”), or (ii)otion Order orhas complied anthe Equity Sharactivity (within Shares, may
SMA does not ent comes to iything done in r
ca
red in the Issutate of the Unit
a transaction plicable state sehares are being on S) in accordaompliance withns, warranties
e
n exempt offer ority (the “DFSes. It must notng any documeps to verify the
ment relates mayd in the Issue s
Placement Docus are not interment Law (DIFRulebook.
uropean Econo
e cannot be proen approved bye “FSMA”). cate or cause ton 21 of the FSces and Marke) fall within anyr otherwise in cnd will complyres in, from or on the meaning oonly be commapply. It is thinform themserelation to an in
ue have not beted States and m
not subject toecurities laws. Toffered and solance with Reguh Regulation S,, acknowledge
(an “Exempt OSA”). This Plabe delivered to
ents in connecte information sey be illiquid anhould conductument, you shrests in a ‘‘funFC Law No. 2 o
omic Area sell
omoted in the Uy an authorizedThe Lead Mabe communica
SMA), to personets Act 2000y of the categcircumstances iy with all applicotherwise involvof Section 21 o
municated or cae responsibility
elves about annvestment in Eq
een and will nmay not be offo, the registratThe Equity Shald in the Issue oulation S. To he
each purchaseements and un
Offer”) in accoacement Documo, or relied on btion with Exemet out in it, andnd/or subject totheir own due d
hould consult and’’ or a ‘‘colof 2010) or the
ing restriction
United Kingdomd person withinanager (a) maated an invitations who (i) are(Financial Pro
gories of persoin which sectiocable provisionving the Unitedof FSMA) in coaused to be coy of all person
nd to ensure obquity Shares in
not be registerefered or sold intion requireme
ares are not beinonly outside theelp ensure that ter of Equity Shandertakings set
ordance with thement is intendeby, any other p
mpt Offers. Thed has no respono restrictions ondiligence on than authorized fllective investmCollective Inv
ns above)
m to the genern the meaning y only comm
on or inducemee investment promotion) Orderons described ion 21(1) of the ns of the FSMAd Kingdom. Anonnection with,ommunicated inns under whosebservance of al
n, from or otherw
ed under the Un the United Staents of the U.ng offered or soe United States the offer and saares in the Issut forth in the
e Offered Secued for distributperson. The DFe DFSA has nonsibility for it. n their resale. Pe Equity Sharefinancial advisment scheme’’ estment Rules M
ral public. The of Financial Se
municate or caunt to engage in rofessionals falr 2005, as amin article 49(2FSMA does n
A with respect ty invitation or i, or relating to, n circumstancee control or ill applicable prwise involving,
U.S. Securities ates except purS. Securities Aold in the Unitein “offshore tr
ale of the Equitue will be deem
section titled
206
urities Rules ion only to
FSA has no ot approved The Equity Prospective s. If you do er. For the within the
Module of
contents of ervices and used to be investment
lling within mended (the 2)(a) to (d) not apply to to anything inducement the sale or
es in which nto whose rovisions of , the United
Act or the rsuant to an Act and in ed States in ransactions” ty Shares in med to have d “Transfer
Pursuant tpermitted making anQIBs, inclthat are ap
United St
The Equitsecurities exemptionwith any a
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ty Shares offerlaws of any st
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chaser of the Eq
Represent and the Equity Sha
Represent and United States (was outside theoriginated.
Represent and Equity Shares
Acknowledge tsecurities law oaffiliates that transaction comfrom registratistates of the U
Represent and the Equity Sharespect to eachand agreement
Acknowledge truth and accuCompany and have been madour Company
e or other trans-stated restrictio
II of the ICDRof one year frge or transfer oVCFs and AIFm.
ca
red in the Issutate of the Unittransaction notsecurities laws
quity Shares, by
warrant to ourares to it is in co
warrant to ou(within the meae United States
warrant to ouras a result of an
that the Equity of any state of it will not of
mplying with Rion under the UUnited States an
warrant to ourares as fiduciarh such account ts on behalf of e
that our Compuracy of the fo
the Lead Mande by virtue of
and the Lead
sfer, or attemptons will not be
TRANS
R Regulations,rom the date oof our Equity Ss, in this Issue
ue have not beted States and mt subject to, the.
y accepting deliv
r Company, theompliance with
ur Company, thaning of Regulas (within the m
Company, theny “directed se
Shares have nothe United Sta
ffer, sell, pledRule 903 or RuU.S. Securitiesnd any other ju
r Company, thery or agent for
and that it haseach such accou
pany, the Leadforegoing acknonager that if aits purchase of
d Manager.
ted resale or othrecognized by o
SFER RESTRI
any resale of Eof Allotment. IShares. In additmay be subjec
een and will nmay not be offe registration re
very of this Pla
e Lead Manageh all applicable
he Lead Managation S) at the teaning of Regu
Lead Managerlling efforts” (a
ot been and wiates and warrange or otherwis
ule 904 of Regus Act and in aurisdiction, inclu
e Lead Manageone or more in
s full power tount.
d Manager andowledgements, any such acknof the Equity Sh
her transfer, ofour Company.
CTIONS
Equity Shares,Investors are ation to the abot to lock-in req
not be registerefered or sold inequirements of t
cement Docum
er and its respelaws and regul
ger and its resptime the offer oulation S) when
r and its respecas defined in Re
ll not be registet to our Compase transfer theulation S or puaccordance wituding India.
er and its respenvestor accoun
o make the fore
its respectiverepresentation
owledgements,hares are no l
f the Equity Sha
except on the advised to conve, allotments
quirements unde
ed under the Un the United Stathe U.S. Securi
ment, will be dee
ective affiliateslations.
pective affiliatof the Equity Shn its buy order
ctive affiliates tegulation S).
ered under theany, the Lead Me Equity Shareursuant to any oth all applicab
ective affiliate snts, it has sole iegoing acknowl
affiliates, and ns and warranti, representationlonger accurate
ares made othe
Stock Exchansult legal counof Equity Shar
er the rules and
U.S. Securities ates except purities Act and in
emed to:
that the offer
es that it was hares was madefor the Equity
that it did not p
U.S. SecuritiesManager and itses except in aother available
ble securities la
s that if it acquinvestment discledgments, repr
others will relies and warra
ns or warrantiese, it will prom
er than in comp
207
nges, is not nsel prior to res made to regulations
Act or the rsuant to an accordance
and sale of
outside the e to it and it Shares was
purchase the
s Act or the s respective an offshore exemption aws of the
uired any of cretion with resentations
ly upon the ant to our s deemed to
mptly notify
pliance with
1. Ou
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14. Th
pethdi
ur Company imited liability h
he registered anEast) Mumbai- 4
ur Company’s s on date of t15605773 divid
he Issue was ursuant to their
or the main obje
ur Company hegulations on CS/IPO/CS/28(xchanges.
he Compliance
opies of the Meekday between
xcept as discloosition of our repared in accor
xcept as discroceedings againy pending or tsue.
xcept as disclond authorization
ur Company’s udited, the consears 2016, 2015uidelines issued
ur Company conder the SCRR
he floor price fer Equity Sharee Shareholdersscretion, offer a
s incorporatedhaving CIN L21
nd corporate o400 093, Mahar
authorized sharthis Placement
ded into 215605
authorized andspecial resoluti
ects of our Com
has applied forfrom NSE vid1)/524/2016-17
e Officer for th
Memorandum an 11:00 a.m. to
osed in this PCompany sincrdance with Ind
closed in thinst or affectingthreatened litiga
osed in this Pns required in co
statutory audsolidated financ5 and 2014, and by the ICAI.
onfirms that it and as required
for the Issue, ase with references dated Augusa discount of up
d in the Repub1098MH1995P
ffice of our Corashtra, India.
re capital is Rst Document, o
5773 Equity Sha
d approved byon dated 29th A
mpany, please re
r and obtainedde letter no. N7 dated 15th N
he purpose of th
and Articles wo 3:00 p.m. (exc
lacement Docue March 31, 2
dian GAAP and
his Placement g our Companyation or arbitra
Placement Doconnection with
ditors are M/scial statementsd are the indep
is in compliand under the Listi
s calculated ine to Novembert 29, 2016, anp to [5]% to the
GENE
blic of India uLC086337.
ompany is loca
. 27,00,00,000our Company’sares of Re. 1 ea
y the Board onAugust 2016.
efer to the Mem
d in-principle aNSE/LIST/93734November, 2016
he Issue is Mr.
will be availablcept Saturdays
ument, there a2016, the date the Companies
Document, y or our Compaation proceeding
cument, our Cthe Issue.
s Bhuta Shaand standalone
pendent auditor
nce with the ming Regulations
accordance witr 15, 2016, as thnd Regulation e Floor Price.
ERAL INFORM
under the Com
ated at 5/6 Pap
divided into 27s issued, subscch.
n 25th July 20
morandum.
approval in ter4 dated 15th N6 for the listi
. Manik R Mak
le for inspectioand public holi
are no significaof the last au
s Act included h
there are nany’s assets orgs, which are o
Company has
h & Co. LLe financial staters with respect
minimum publics.
th Regulation 8he Relevant Da85(1) of the I
MATION
mpanies Act, 1
pa Industrial Est
7,00,00,000 Eqcribed and paid
016, and appr
rms of RegulaNovember, 2016ing of the Eq
kwana, Compan
on during usuaidays), at the R
ant changes inudited consolidherein.
no material lrevenues, nor
or might be ma
obtained nece
LP, Charteredements of our Cto our Compan
c shareholding
85 of the ICDRate. In accordaICDR Regulati
956, as a com
tate, Suren Roa
quity Shares of d-up share cap
roved by the S
ations 28(1) of6 and BSE vid
quity Shares on
ny Secretary.
al business houRegistered Offic
n the financialdated financial
litigation or is our Compan
aterial in the co
ssary consents
d Accountants, Company for thny in accordan
requirements a
R Regulations, ance with the reons, the Board
208
mpany with
ad, Andheri
Re. 1 each. pital is Rs.
Shareholders
f the Listing de letter no. n the Stock
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