Ar 22596 RPPL 2022 2023 01082023172114
Ar 22596 RPPL 2022 2023 01082023172114
Ar 22596 RPPL 2022 2023 01082023172114
2022-2023
RAJSHREE POLYPACK LIMITED
2 Company Overview
3 Products
4 • Plas c Rigid Sheet
7 Technology Upgrada on
8 Commitment to Environment
9 Growing over the years
10 FY 2022-23 Highlight
11 The year at a Glance
12 Board of Directors
13 Corporate Informa on
Statutory Reports
14 No ce
32 Directors' Report
39 Management Discussion and Analysis
53 Report on Corporate Governance
Financial Statements
80 Standalone Independent Auditors Report
89 Standalone Financial Statements
140 Consolidated Independent Auditors Report
147 Consolidated Financial Statements
CHAIRMAN MESSAGE
Dear Stakeholders,
th
I am glad to present you with our 12 Annual Report, providing you an
overview of Rajshree Polypack Limited's overall business performance for
�nancial year 2022-23.
The packaging sector has shown remarkable endurance as the globe
rebalanced its attention on growth and other climate concerns. The
worldwide packaging industry has grown steadily over the previous
decade as a result of changes in substrate selection, the emergence of new
markets, and shifting ownership dynamics. Global packaging growth has
been spurred by changing food choices, growing shelf life needs, and
changes in family relations.
Rajshree Polypack Limited is a market leader in Rigid Thermoformed
Packaging Products and has worked hard to maintain its position in this
�eld.
Your Company has created a strong production capacity for food packaging and other industries. Your Company have also
constantly invested in product developments, technological breakthroughs and process improvements in order to provide our
clients with superior products and services. Such an approach has assisted us in preserving a competitive advantage in our
product sector.
For the Company, FY 2022-23 was a year of reorganization and expansion. For the �rst time, our sales surpassed the ₹250 Crore
level. During the �nancial year 2022-23, the Company provided higher output and achieved a revenue and EBITDA of ₹25,219.24
Lakhs and ₹3,548.69 Lakhs, respectively, compared to ₹19,855.64 Lakhs and ₹2,698.98 Lakhs in �nancial year 2021-22.
Furthermore, the Company's Pro�t after Tax for the �nancial year 2022-23 rose to ₹1,095.09 Lakhs as against ₹955.10 Lakhs for the
previous year.
Your Company invested ₹3,100 Lakhs in our expansion plan and had a record run with its production capacity this year. The Total
production stood higher as compared to the previous year with 17,207 MT of rigid sheets produced in FY 2023 as compared to
13,630 MT in FY 2022 growing at 25.24%. The Production of packaging products rose by 27.15% in the current year and grew to
7,525 MT compared to 5,918 MT in the previous �nancial year.
On an exclusive agreement basis, the Company has entered into the manufacturing of injection molding products for food
packaging with a third-party manufacturer with an initial installed capacity of 1,000 MTPA. In the current �scal year, the Company
is in the process of creating a customer base for this product category and has achieved sales of ₹404 Lakhs in 5 months. With
increased product demand, the company will consider expanding its capacity.
Our Primary Product categories have also shown signi�cant growth and given the current order book; your Company expect this
to continue. In terms of new product development, your Company developed more than 45 products this year and has more than
200 products in its portfolio. Furthermore, it brings me great pleasure to inform you that the Company has received four design
and process patents this year.
The Company has also instituted Rajshree Polypack Limited- Employee Stock Option Plan 2022 (“RPPL ESOP 2022”) during the
year and has granted Stock Options to several employees under the scheme till date. Your Company is con�dent that the scheme
shall further help in motivating and retaining current talent as well as attract new talent for further business growth.
During the year, the Company invested ₹900 Lakhs in its joint venture, Olive Ecopack Private Limited ("JV Company"). This JV
Company will primarily manufacture sustainable packaging products for the food service industry. The manufacturing facility is
being built on time, and orders for several machines have already been placed, with advance payments made to suppliers.
As we move forward, on behalf of the Board of Directors, I'd want to express my deepest appreciation to our shareholders for their
sustained faith in our skills. I'd also like to thank our lenders, suppliers, business partners, employees, and all other stakeholders
for their ongoing support of the Company's growth.
Best wishes,
COMPANY OVERVIEW
With almost 2 decades of experience in plas c packaging
industry, we are one of the leaders in manufacturing of
Rigid Plas c Sheets and Thermoformed Packaging Products.
PRODUCTS
OUR BUSINESS AND PRODUCT
PLASTIC RIGID
SHEETS
END USE
ELECTRONIC PACKAGING
TEXTILE PACKAGING
DISPLAYS
STATIONARY PACKAGING
INDUSTRIAL PACKAGING
PHARMACEUTICAL PACKAGING
RIGID
PACKAGING
PRODUCTS
END USE
Yoghurt
Ice Cream, Bu�ers And Spreads
Juice & Beverages Packing
Bakery, Chocolate & Confec onery
Online Food Delivery
BARRIER
PACKAGING
PRODUCTS
END USE
Ethnic Sweets
Snacks
Pet Food
Ready-to-Eat Meal
Dry Fruits
Fruits & Vegetable
Baby Food
Dairy Products
Tube Laminates
2021
-
onwards
2016
- Focused on
2020 remaining
2011 f irst with
- Maintaining • 1st in India to
2015 thrust for introduce made in
COMMITMENT TO ENVIRONMENT
Increasing focus on environment friendly recyclable products
25,219
10,884
19,856 8,851
6,233 6,743
12,572 12,707
FY 20 FY 21 FY 22 FY 23 FY 20 FY 21 FY 22 FY 23
Revenues Sales Volume MT
2,129
2,699
1,693
2,002 2,089 1,544
FY 20 FY 21 FY 22 FY 23 FY 20 FY 21 FY 22 FY 23
EBIDTA Cash Pro�t
1.00 0.50
1.00
79.05 78.94
76.04
8.24 7.90 8.50 9.63
FY 20 FY 21 FY 22 FY 23 FY 20 FY 21 FY 22 FY 23
VA Per Kg EPS {Basic/Diluted} Dividend Per Share
FY 20 FY 21 FY 22 FY 23 FY 20 FY 21 FY 22 FY 23
Assets Turnover Ratio ROCE %
FY 22-23 HIGHLIGHT
45+
New Products
` 130.29 Cr Added
Networth
200+
New Customer
Added
~43
Creditor
Turnover
(Days)
FY 22-23 600+
Highlight Customer
Served
~59
Debtor
Turnover
(Days)
500+
Employee
Stength
9 27
Countries
States
Presence
Presence
BOARD OF DIRECTORS
(As on May 15, 2023)
COMMITTEES
AUDIT COMMITTEE NOMINATION AND REMUNERATION COMMITTEE
Mr. Rajesh Satyanarayan Murarka Mr.Rajesh Satyanarayan Murarka
(Chairperson) (Chairperson)
Mr. Pradeep Kumar Gupta Mr. Pradeep Kumar Gupta
Mr. Ramswaroop Radheshyam Thard Mr. Praveen Bha a
EXECUTIVE COMMITTEE
Mr. Ramswaroop Radheshyam Thard
(Chairperson)
Mr. Naresh Radheshyam Thard
Mr. Sunil Sawarmal Sharma
CORPORATE INFORMATION
(As on May 15, 2023)
STATUTORY AUDITOR REGISTERED OFFICE
M/s. MSKA & Associates Lodha Supremus Unit No 503-504,
Chartered Accountants, Mumbai th
5 Floor, Road No. 22 Kishan Nagar,
Nr New Passport Office, Wagle Estate,
COST AUDITOR Thane, West -400604.
M/s. V.J. Talati & Co,
Cost Accountants, Mumbai
CORPORATE OFFICE
INTERNAL AUDITOR Lodha Supremus Unit No 502,
M/s. CAS & Co.,* 5th Floor, Road No. 22 Kishan Nagar,
Internal Auditor, Mumbai Nr New Passport Office, Wagle Estate,
Thane, West -400604.
M/s. ProDigy Consultancy**
Internal Auditor, Mumbai
REGISTRAR AND
SECRETARIAL AUDITOR TRANSFER AGENT
M/s. Nishant Bajaj & Associates Link Intime India Private Limited
Secretarial Auditor, Mumbai C-101, 247 Park, LBS Marg,
Vikhroli (West), Mumbai 400 083.
BANKERS T: +91 22 4918 6270
HDFC Bank Ltd F: +91 22 4918 6060
SVC Co-operative Bank Ltd E: [email protected]
Citi Bank NA
LEGAL ADVISORS
M/s. Crawford Bayley & Co.
Unit I (New)
Survey No. 860 (26/3/P8) and 781 (26/3/P6),
Village Manda, Sarigam, Umbergaon, Valsad,
Gujarat -396155.
Unit II
Plot No. 370/2(2) and 370/2(3), Village-Kachigam,
Vapi-Daman Road, Daman-396210.
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Memberships on Committees of the Board of the Company Member- Stakeholder's Relationship Committee
Shareholding in the Company (as at March 31, 2023) 1,89,513 equity shares
Details of remuneration last drawn from the Company ₹18.00 Lakhs per annum
Terms and Conditions of appointment / re-appointment Whole-time Director, liable to retire by rotation
• Your Company has also installed a variable frequency d. Details of expenditure on Research and Development
drive (VFD) on the AHU unit, which has helped to during the year under review is as under:
lower air volume by 30% and power consumption by Your Company operates in an industry which requires
53,000 units per year. continuous technology upgradation for manufacturing
• By redesigning the compressed air pipelines, products and research activities to stay ahead of
your Company was able to eliminate a 40 KW air the market. During the financial year 2022-23, your
compressor, resulting in a savings of 1,65,000 units Company has incurred an expenditure of ₹4.91 Lakhs
per year. on Research & Development.
ii) The steps taken by the Company for utilizing C. FOREIGN EXCHANGE EARNINGS AND OUTGO:
alternate sources of energy: (` in Lakhs)
Your Company generated 1,17,500 units from another April 1, 2022 to April 1, 2021 to
Particulars
source, namely solar rooftop, which saved about 20109 March 31, 2023 March 31, 2022
trees from deforestation. Because of the aforesaid Actual Foreign 1,515.90 1,176.83
actions, total carbon emissions from all Units were Exchange earnings
reduced by 364 tonnes.
Actual Foreign 4,636.81 3,371.05
iii) The capital investment on energy conservation Exchange outgo
equipment: ₹22.92 Lakhs.
17. CORPORATE GOVERNANCE
B. TECHNOLOGY ABSORPTION-
Your Company is committed to maintain the highest
Your Company continued its Research & Development standards of ethics and governance, resulting in enhanced
efforts in technologies, designs & development and transparency for the benefit of all stakeholders. The Report
products to augment its growth. The focus is on developing on Corporate Governance as stipulated under Regulation
30. RISK MANAGEMENT FRAMEWORK Your Directors would like to express their sincere appreciation
for the assistance and co-operation received from various
The provisions of Regulation 21 (Risk Management stakeholders including financial institutions and banks,
Committee) of the SEBI Listing Regulations do not apply to Government authorities and other business associates who
our Company. However, pursuant to Regulation 17(9) of the have extended their valuable support and encouragement
SEBI Listing Regulations, the Company has implemented a during the year under review.
Risk Management framework which is comprehensive in
nature, providing guidance on identification and mitigation Your Directors take this opportunity to place on record their
of the various risks that the Company may face in the appreciation for the committed services rendered by the
conduct of its business. employees of the Company at all levels, who have contributed
significantly towards the Company’s performance and
The specific objectives of this framework are:
for enhancing its inherent strength. Your Directors also
• To identify and assess various business risks arising out acknowledge with gratitude the encouragement and
of internal and external factors that affect the business support extended by our valued shareholders.
of the Company;
• To work out methodology for managing and mitigating For and on behalf of the Board
the risks; For Rajshree Polypack Limited
• To establish a framework for the Company’s risk Sd/-
management process and to ensure its implementation; Ramswaroop Radheshyam Thard
• To enable compliance with appropriate regulations, Place: Daman Chairman & Managing Director
wherever applicable, through the adoption of best Date : May 15, 2023 (DIN : 02835505)
practices; and
Sd/- Sd/-
(Ramswaroop Radheshyam Naresh Radheshyam Thard
Thard) Joint Managing Director
Chairman & Managing Director (DIN: 03581790)
(DIN: 02835505)
Sd/- Sd/-
Sunil Sawarmal Sharma Mitali Rajendra Shah
Date : May 15, 2023 Chief Financial Officer Company Secretary & Compliance Officer
Place: Daman Mem No: A48197
Sr
Particulars Details
No.
A. Relevant disclosures in terms of the accounting standards Yes – refer Note no. 46 forming part of standalone financial
prescribed by the Central Government in terms of Section statements and Note no. 46 of the consolidated financial
133 of the Companies Act, 2013 including the “Guidance statements for the year 2022-2023. Please note that the
note on accounting for employee share-based payments” said disclosures are provided in accordance with Indian
issued by ICAI or any other relevant accounting standards as Accounting Standards (Ind AS) 102 – Share Based Payment.
prescribed from time to time
B. Diluted EPS on issue of shares pursuant to all the schemes Yes – refer Note no. 44 forming part of standalone financial
covered under the regulations shall be disclosed in statements and Note no. 44 of the consolidated financial
accordance with ‘Indian Accounting Standard 33 -Earnings statements for the year 2022-2023. Please note that the
Per Share’ issued by ICAI or any other relevant accounting said disclosures are provided in accordance with Indian
standards as prescribed from time to time Accounting Standards (Ind AS) 33 – Share Based Payment.
Details related to Rajshree Polypack Limited Employee Stock Option Scheme- 2022 (“RPPL ESOP-2022” / “Plan”)
C. Details in relation to Employees’ Stock Option Scheme (“ESOS”)
i. A description of each ESOS that existed as any time during the year including general terms and conditions of each ESOS,
including
a. Date of shareholders’ approval vide Postal Ballot- August 4, 2022
b. Total number of options approved under ESOS 5,63,000
c. Vesting requirements Point 9 of RPPL ESOP 2022 deals with ‘Vesting of options’. The
vesting of options granted to an employee will be as per the
periodicity determined by the Nomination and Remuneration
Committee (“NRC”), provided that there will be a period of
atleast one (1) year between the grant of options and vesting
of options.
Vesting of options would be subject to continued employment
with the Company and thus options would vest on passage
of time. In addition to this, the NRC may also specify certain
performance parameters subject to which the options would
vest, subject to a maximum period of five (5) years.
d. Exercise price or pricing formula `10/- per share
e. Maximum term of options granted The options granted to the employees shall be exercised
within two (2) years from the date of each vesting as per the
time specified in the grant letters of the employees.
f. Source of shares (primary, secondary or combination) Fresh Issue of shares (Primary market)
g. Variation in terms of options (i) The NRC is empowered to vary or revise the RPPL ESOP
2022 from time to time in its absolute discretion in relation
to accelerated vesting of option.
(ii) The RPPL ESOP 2022 was approved by the shareholders
vide postal ballot dated August 4, 2022.
(iii)There have been no variations in the terms of the options
till date.
ii. Method used to account for ESOS – Intrinsic or Fair Value Fair Value method of accounting
iii. Where the Company opts for expensing of the options Not Applicable as the Company has accounted for the Stock
using the intrinsic value of the options, the difference Options at Fair Value using the Black-Scholes-Merton Model
between the employee compensation cost so computed based on assumptions detailed in Note No. 46 to the Notes to
and the employee compensation cost that shall have been standalone financial statements for FY 2022-23
recognized if it had used the fair value of the options shall be
disclosed. The impact of this difference on profits and on EPS
of the company shall also be disclosed.
iv. Option movement during the year (for each ESOS) As per “Annexure 1.1”
ANNEXURE 1.1
Option movement during the year (for each ESOS)
Sr. No. Particulars ESOP-2022
1. Number of options outstanding at the beginning of the period 0
2. Number of options granted during the year 16,500
3. Number of options forfeited / lapsed during the year 0
4. Number of options vested during the year 0
5. Number of options exercised during the year 0
6. Number of shares arising as a result of exercise of options 0
7. Money realized by exercise of options (INR),if the scheme is implemented directly by the company 0
8. Loan repaid by the Trust during the year from exercise price received Not Applicable
9. Number of options outstanding at the end of the year 16,500
10. Number of options exercisable at the end of the year 16,500
1. Details of contracts or arrangements or transactions not at arm’s length basis- Not applicable
All the contracts / arrangements / transactions entered into by the Company with related parties during the financial year ended
March 31, 2023 were at arm’s length basis.
2. Details of Material Contracts or Arrangements or Transactions at Arm’s Length Basis
(` In Lakhs)
Sr. Name of the Related party Nature of Approval of the Duration of Salient terms Amount
No and Relationship transactions Board Agreement
1. Bobson Industries Purchases August 25, 2021 From April 1, On arm’s length basis and in 18.64
Enterprises having same Sales 2021 to March the ordinary course of business. 52.62
KMP and/or their Relatives Job work 31, 2023 20.41
Rental Services 6.69
2. Orbit Industries Purchases August 25, 2021 From April 1, On arm’s length basis and in 499.50
Enterprises having same Sales 2021 to March the ordinary course of business. 785.26
KMP and/or their Relatives Job Work 31, 2023* 189.04
3. Rajshree Infotech Rental Services August 25, 2021 From April 1, On arm’s length basis and in 41.98
Enterprises having same 2021 to March the ordinary course of business.
KMP and/or their Relatives 31, 2023
4. Olive Ecopak Private Investment in April 19, 2022 From April 19, On arm’s length basis and in 200.40
Limited Equity Shares 2022 to March the ordinary course of business.
Private company in which 31, 2023**
directors of RPPL are Unsecured Loan 700.00
directors Interest Income 34.56
* During the financial year ended 2022-23, there was a revision in the amount of related party transactions between the Company and
Orbit Industries.
** Basis Term Sheet dated April 19, 2022 entered into between Rajshree Polypack Limited, Olive Ecopak Private Limited, Mr. Rajesh
Motilal Gandhi.
Appropriate approvals have been taken for all related party transactions. No advances have been paid or received against the
transactions mentioned above.
For and on behalf of the Board of Directors
For Rajshree Polypack Limited
Date : May 15, 2023 Sd/-
Place:- Daman (Ramswaroop Radheshyam Thard)
Chairman & Managing Director
(DIN : 02835505)
To,
The Members,
Rajshree Polypack Limited
CIN: L25209MH2011PLC223089
Lodha Supremus Unit No 503-504 5th Floor Road No. 22,
Kishan Nagar, Near New Passport Office, Wagle Estate,
Thane 400604.
We have conducted the Secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate
practices by Rajshree Polypack Limited (CIN: L25209MH2011PLC223089) (hereinafter called “The Company”). The Secretarial
Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances
and expressing our opinion thereon.
Based on verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained by the
Company, information to the extent provided by the Company, its officers, agents and authorized representatives during the conduct
of secretarial audit, the explanations and clarifications given to us and the representations made by the Management, we hereby
report that in our opinion, the Company has during the audit period covering the financial year ended on March 31, 2023 generally
complied with the statutory provisions listed hereunder and also that the Company has proper Board processes and compliance
mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:
We have examined the books, papers, minute books, forms and returns filed and other records made available to us and maintained
by the Company for the financial year ended on March 31, 2023 according to the provisions of:
I. The Companies Act, 2013 (“Act”) and the Rules made thereunder;
II. The Securities Contracts (Regulation) Act, 1956 (“SCRA”) and the Rules made thereunder;
III. The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
IV. Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct
Investment, Overseas Direct Investment and External Commercial Borrowings;
V. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (“SEBI Act”) to
the extent applicable to the Company: -
a. The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2018;
b. The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, Regulations, 2018;
c. The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,2015 and other
amendments thereof (hereinafter collectively referred to as “Listing Regulations”);
d. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and
amendments from time to time;
e. The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021;
f. The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;
h. The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2018;
i The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018.
VI. The Management has identified and confirmed the applicable Acts, Laws and Regulations specifically applicable to the Company
as mentioned below:
• The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013;
• The Water (Prevention and Control of Pollution) Act, 1974 (the “Water Act”);
• Air (Prevention and Control of Pollution) Act, 1981 (the “Air Act”);
• Hazardous and Other Wastes (Management and Transboundary Movement) Rules, 2016 (“Hazardous Waste Rules”);
We have also examined compliances with the applicable clauses of the following:
(ii) The Listing Agreements entered into by the Company with National Stock Exchange of India Limited and Securities and Exchange
Board of India (Listing Obligation and Disclosure Requirements), Regulations 2015.
During the year under review, the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, and Standards,
etc. as mentioned above.
The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors and
Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were
carried out in compliance with the provisions of the Act.
Adequate notice is given to all directors to schedule the Board meetings, agenda and detailed notes on agenda were sent with proper
time gap in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items before
the meeting and for meaningful participation at the meeting.
Majority decision is carried through while the dissenting members’ views are captured and recorded as part of the minutes.
We further report that there are adequate systems and processes in the Company commensurate with the size and operations of the
Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
We further report that during the audit period following material events were occurred:
1. The Board of Directors of the Company at their meeting held on April 19, 2022 considered-
Investment in Olive Ecopak Private Limited, Joint Venture Company (“JV Company”) and
Resignation of Mrs. Sangeeta Sarin as Non- Executive Independent Director of the company w.e.f. April 18, 2022.
Re-appointment of M/s. CAS & Co. as the Internal Auditor of the Company for financial year 2022-2023;
Re-appointment and remuneration of M/s. Nishant Bajaj & Associates as the Secretarial Auditor of the Company for
financial year 2022-2023;
Re-appointment of M/s. V.J. Talati & Co. as the Cost Auditor of the Company for financial year 2022-2023 and fix their
remuneration;
Appointment of Ms. Yashvi Shah (DIN:08002543) as Additional Director (Non- Executive Independent) on the Board of the
Company w.e.f May 30, 2022;
3. The Board of Directors of the Company at their meeting held on July 5, 2022 considered:
Appointment of Ms. Yashvi Shah (DIN:08002543) as Non- Executive Independent Director on the Board of the Company as
per Regulations 17 and 25 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015;
Enhancement of Borrowing powers under Section 180(1)(c) of the Companies Act, 2013 from `100 Crores to `250 Crores;
The limits for Creation of Charges on the Assets of the Company from `100 Crores to `250 Crores;
Enhancement in the Limits applicable for making Investments/Extending Loans and giving Guarantees or providing
Securities in connection with Loans to Persons / Bodies Corporate from `25 Crores to `100 Crores;
Given Loan or Guarantee or providing Security in connection with Loan availed by any of the Company’s Subsidiary(ies) or
any other person specified under section 185 of the Companies Act, 2013 upto `250 Crores;
Increase in Remuneration of Mr. Ramswaroop Radheshyam Thard, Chairman & Managing Director;
Payment of professional fees to Mr. Praveen Bhatia, Independent Director of the Company for financial year 2022-23;
Approval of Rajshree Polypack Limited- Employee Stock Option Plan-2022 (“RPPL ESOP- 2022”).
4. The Board of Directors of the Company at their meeting held on August 13, 2022 considered and approved subject to approval
of members, re-appointment of Mr. Rajesh Satyanarayan Murarka, as Non- Executive Independent Director of the Company for
the second term of 5 (five) years.
5. The Board of Directors of the Company at their meeting held on November 12, 2022 considered:
Upward revision in remuneration of Mr. Sunil Sawarmal Sharma, Chief Financial Officer of the Company;
Upward revision in remuneration of Ms. Mitali Rajendra Shah, Company Secretary & Compliance Officer of the Company
and
Noting of circular resolution passed on August 18, 2022 for Allotment of 2,15,000 Equity Shares on Preferential Basis.
6. The Board of Directors of the Company at their meeting held on March 23, 2023 considered:
Noting of the Resignation of Mr. Alain Edmond Berset (DIN: 07181896) from the office of Nominee Director of the
Company w.e.f. March 10, 2023 and
Transactions/ contracts/ arrangements with related party for the financial year 2023-24.
7. Considered and approved payment `0.50/- (Fifty Paise) per equity Shares i.e. 5% on face value of `10/- each equity shares as a
final Dividend for the financial year 2021-2022 to the Members of the Company;
(iii) Major decisions taken by the members in pursuance to Section 180 of the Companies Act, 2013.
Further, our report of even dated to be read along with the following clarifications:
This report is to be read with our letter of even date which is annexed as 'Annexure A' and forms an integral part of this report.
For Nishant Bajaj & Associates
Practicing Company Secretaries
Peer Reviewed Firm- 2582/2022
Sd/-
Place: Mumbai Company Secretary in Practice
Date : May 15, 2023 M.No.: 28341
UDIN: A028341E000308962 CP No.: 21538
‘Annexure A’
To,
The Members,
Rajshree Polypack Limited
Lodha Supremus, Unit No 503-504, 5th Floor Road No. 22,
Kishan Nagar, Near New Passport Office, Wagle Estate,
Thane 400604.
1. Maintenance of secretarial records is the responsibility of the management of the Company. Our responsibility is to express an
opinion on these secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness
of the contents of the Secretarial records. The verification was done on test basis to ensure that correct facts are reflected in
secretarial records. We believe that the processes and practices, we followed provided a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Book of Accounts of the Company.
4. Wherever required, we have obtained the Management representation about the compliance of laws, rules and regulations and
happening of events etc.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulation, standards is the responsibility of
management. Our examination was limited to the verification of procedures on the test basis.
6. The Secretarial audit report is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness
with which the management has conducted the affairs of the Company.
For Nishant Bajaj & Associates
Practicing Company Secretaries
Peer Reviewed Firm- 2582/2022
Sd/-
Place: Mumbai Company Secretary in Practice
Date : May 15, 2023 M.No.: 28341
UDIN: A028341E000308962 CP No.: 21538
other.
Mr. Praveen Bhatia holds Directorships in the following listed companies- Rajshree Polypack Limited (Independent Director) and Pro
6.
CLB Global Limited (Non-executive Director) w.e.f. June 24, 2021 and November 18, 2020 respectively.
Mr. Alain Edmond Berset resigned as Nominee Director of the Company (on behalf of Wifag Polytype Holding AG) w.e.f. March 10,
7.
2023.
Detailed reasons for the resignation of an Independent Director who resigns before the expiry of his / her tenure along
with confirmation by such director that there are no other material reasons other than those provided:-
Ms. Sangeeta Sarin (DIN:08659655) resigned as the Independent Director of the Company, w.e.f. April 18, 2022 due to pre-
existing commitments and constraints of time. Besides the aforestated, she confirmed that there were no other material reasons
than those provided, pertaining to her resignation.
The terms of reference of the CSR Committee includes but is not limited to the following :
• formulate and recommend to the Board, a Corporate Social Responsibility Policy which shall indicate the activities to
be undertaken by the Company as specified in Schedule VII of the Act;
• recommend the amount of expenditure to be incurred on CSR activities;
• formulate and recommend to the Board, an annual action plan in pursuance of CSR policy;
• monitor the Corporate Social Responsibility Policy of the Company from time to time; and
• consider such other key issues or matters as may be referred by the Board or as may be necessary in view of the
provisions of the Act and Rules made thereunder.
The Company’s CSR Policy primarily focusses on Education, Environmental Sustainability, Promoting Health Care,
Eradicating hunger, poverty and malnutrition, Relief Funds including CoVID-19 pandemic related Relief Funds and the
same are within the ambit of Schedule VII of the Act. During the year, the Company expended on several initiatives under
its CSR Policy, directly as well as indirectly through agencies permitted under the Act.
An Annual report on CSR activities as prescribed under the Act and Rules made thereunder is annexed to the Directors’
Report.
c. Meetings and Attendance of the Committee:
The CSR Committee met 1 (one) during the financial year 2022-23 i.e., on May 26, 2022. The minutes of the meeting of CSR
Committee was approved by the Chairman of the Committee and taken note of, by the Board.
The details of attendance of the members in meetings are as follows:
Name of the Members Position in the Designation No. of Meetings held /
Committee Attended during the year
Mr. Ramswaroop Radheshyam Thard Chairperson Chairman & Managing Director 1/1
Mr. Rajesh Satyanarayan Murarka Chairperson Non- Executive Independent Director 4/4
Number of complaints not resolved to the satisfaction of the shareholders as on March 31, 2023 Nil
11th 2021-22 Thursday, 04.00 Through Video Conference/ 1. Re-Appointment of Mr. Rajesh Satyanarayan
September pm Other Audio Visual means Murarka (DIN:01501322) as Non- Executive
29, 2022 (Deemed venue): Registered Independent Director of the Company for
Office: Lodha Supremus Unit the second term of 5 (five) years.
No 503-504, 5 Floor, Road
th 2. To grant approval for payment of professional
No. 22, Kishan Nagar, Near fees to be paid to Mr. Praveen Bhatia
New Passport Office, Wagle (DIN:00147498), Independent Director for
providing professional services for financial
Estate Thane West - 400604
year 2022-23
10th 2020-21 Friday, 04.00 Through Video Conference/ 1. Appointment of Mr. Anand Sajjankumar
September pm Other Audio Visual means Rungta (DIN:02191149) as a Whole-time
24, 2021 (Deemed venue): Registered Director of the Company and approve his
Office: Lodha Supremus Unit remuneration
No 503-504, 5th Floor, Road 2. Re-appointment of Mr. Ramswaroop
No. 22, Kishan Nagar, Near Radheshyam Thard (DIN:02835505) as the
New Passport Office, Wagle Chairman & Managing Director
Estate Thane West - 400604. 3. Re-appointment of Mr. Naresh Radheshyam
Thard (DIN:03581790) as the Joint Managing
Director
9th 2019-20 Monday, 04.00 Through Video Conference/ 1. Change in the name of the proposed Factory
September pm Other Audio Visual means Unit IV
28, 2020 (Deemed venue): Registered
office: Lodha Supremus Unit
No 503-504, 5th Floor, Road
No. 22, Kishan Nagar, Near
New Passport Office, Wagle
Estate Thane West - 400604.
The 12th AGM of the Company is proposed to be held on Thursday, August 31, 2023
No Extraordinary General Meeting of the Members was held during FY 2022-23.
2 Grant Approval To “Rajshree Polypack Limited- Employee Stock Option Plan- 2022”;
3 Appointment of Ms. Yashvi Shah (DIN: 08002543) as an Independent Director of the Company;
4 Approval for enhancement of Borrowing powers under Section 180(1)(c) of the Companies Act, 2013;
5 Approve the Limits for Creation of Charges on the Assets of the Company under Section 180(1)(a) of the
Companies Act, 2013;
6 Approval for enhancement in the Limits applicable for making Investments/extending loans and giving
Guarantees or providing Securities in connection with loans to Persons/Bodies Corporate;
7 Approval for giving loan or guarantee or providing security in connection with loan availed by any of the
Company's Subsidiary(ies) or any other person specified under Section 185 of the Companies Act, 2013;
8 Increase in Remuneration of Mr. Ramswaroop Radheshyam Thard (DIN:02835505), Chairman & Managing
Director of the Company and
9 Increase in Remuneration of Mr. Naresh Radheshyam Thard (DIN:03581790), Joint Managing Director of the
Company.
Appointment of Ms. Yashvi Shah (DIN: 08002543) 38 51,71,144 99.998 1 120 0.002 - -
as an Independent Director of the Company
RAJSHREE POLYPACK LIMITED
Consider and approve the Limits for Creation of 37 51,70,259 99.981 2 1,005 0.019 - -
Charges on the Assets of the Company under
Section 180(1)(a) of the Companies Act, 2013
Approval for giving Loan or Guarantee or 35 51,11,154 99.980 1 1,000 0.020 1 56,610
providing Security in connection with Loan
availed by any of the Company's Subsidiary(ies)
or any other person specified under Section 185
of the Companies Act, 2013
b. Record date
The record date for the purpose of entitlement of dividend will be Thursday, August 24, 2023.
c. Tentative financial calendar
Next financial year April 1, 2023 to March 31, 2024
First Quarter Results & Limited Review On or before August 14, 2023
Second Quarter Results & Limited Review On or before November 14, 2023
Third Quarter Results & Limited Review On or before February 14, 2024
Audited Annual Results (2022-23) On or before May 30, 2024
iv) Dividend Payment Date
Payment date (tentative): on or before Friday, September 29, 2023.
The Board at its meeting held on May 15, 2023, has recommended payment of Final Dividend of `0.50 (Rupee Fifty paisa)
per share for the financial year ended March 31, 2023, subject to the approval of the shareholders at the forthcoming 12th
AGM. If approved, the dividend will be paid to the shareholders on or before Friday, September 29, 2023 (within 30 days
from the date of AGM) to those members whose names are appearing in the Register of Members on Thursday, August
24, 2023. The Company will continue to use NECS / ECS or any other electronic mode for payment of dividend to the
shareholders located in places where such facilities / system is in existence.
v) Listing on Stock Exchanges and symbol:
The Company is listed on the National Stock Exchange of India Limited (“NSE”) and its SYMBOL is RPPL.
The Annual Listing fees for the financial year 2023-24 has been paid to the Stock Exchanges within the stipulated time.
Shareholders Shares
Sr_No Nos. of Shares
% of total share % of total share
Number No. of shares
capital capital
1 1 to 500 4,604 85.94 3,85,785 3.37
2 501 to 1000 418 7.80 3,61,371 3.16
3 1001 to 2000 169 3.15 2,53,322 2.21
4 2001 to 3000 61 1.14 1,60,538 1.40
5 3001 to 4000 22 0.41 79,942 0.70
6 4001 to 5000 16 0.30 76, 214 0.66
7 5001 to 10000 32 0.60 2,27,424 1.99
8 10001 and above 35 0.65 99,04,404 86.51
TOTAL : 5,357 100 1,14,49,000 100
x) Details of shareholding as on March 31, 2023 was as under
Sr. No Particulars As on March 31, 2022
Nos. of shares %
1 Promoters / Promoter Group 60,08,287 52.48
2 Institutional Investors 8,66,307 7.56
3 Foreign Company 19,65,513 17.17
4 Clearing Members 1,462 0.01
5 Non Resident Indians (NRI’s) 47,891 0.42
6 Others 25,59,540 22.36
Total 1,14,49,000 100.00
Unit- I (New) Survey No. 860 (26/3/P8) and 781(26/3/P6), Village Manda, Sarigam, Umbergaon, Valsad,
Gujarat- 396155
Unit-II Plot No. 370/2(2)and 370/2(3), Village- Kachigam, Vapi- Daman Road, Daman- 396210
x) List of all credit rating obtained by the Company along with any revisions during the financial year 2022-23
The Company’s Bank facilities are rated by CRISIL Ratings Limited (“CRISIL”).
As on March 31, 2023, our bank loan facilities were rated as under:
Sr. No. Name of the Instrument Amount (in ` Crores) Ratings reaffirmed
K. COMPLIANCE
i) Disclosures on materially significant related party transactions that may have potential conflict with the
interests of listed entity at large
There is no materially significant related party transaction that may potentially conflict with the interests of the
Company at large.
Financial Date of dividend Total Dividend Unclaimed Last date for Date when amount
Year declaration and (in `) Dividend claiming becomes due for
Type of dividend (in `) unpaid Dividend transfer
amount (on or to IEPFund
before)
2018-19 March 9, 2019- Interim 56,17,000 3,500 April 15, 2026 May 15, 2026
2018-19 September 27, 2019- Final 56,17,000 3,000 November 2, 2026 December 2, 2026
2019-20 September 28, 2020- Final 1,12,34,000 7,000 November 3, 2027 December 3, 2027
2020-21 September 24, 2021- Final 1,12,34,000 10,000 October 30, 2028 November 29, 2028
2021-22 September 29, 2022- Final 57,24,500 4,527 November 4, 2029 December 4, 2029
CEO (CHAIRMAN & MANAGING DIRECTOR) AND CHIEF FINANCIAL OFFICER (CFO) CERTIFICATION
Date: May 10, 2023
To
The Board of Directors,
Rajshree Polypack Limited
503-504, 5th Floor, Lodha Supremus, Road No. 22,
Kishan Nagar, Near New Passport Office,
Wagle Estate, Thane (W) – 400604.
CERTIFICATE
[As required under Regulation 17(8) of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015]
We hereby certify to the Board that:
a. We have reviewed the financial statements and the cash flow statement for the financial year ended March 31, 2023 and that to
the best of our knowledge and belief:
i. these statements do not contain any materially untrue statement or omit any material fact or contain statements that
might be misleading;
ii. these statements together present a true and fair view of the Company’s affairs and are in compliance with existing
accounting standards, applicable laws and regulations.
b. There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year which are
fraudulent, illegal or violative of the Company’s Code of Conduct.
c. We accept responsibility for establishing and maintaining internal controls for financial reporting and we have evaluated the
effectiveness of internal control systems of the Company pertaining to financial reporting and we have disclosed to the Auditors
and the Audit Committee, that there were no deficiencies in the design or operation of such internal controls.
d. We have indicated to the Auditors and the Audit Committee that there were no:
i) significant changes, in internal control over financial reporting during the year;
ii) significant changes, in accounting policies during the year and that the same have been disclosed in the notes to the
financial statements; and
iii) instances of significant fraud of which we have become aware and the involvement therein, of the management or an
employee having a significant role in the Company’s internal control system over financial reporting.
Sd/-
Ramswaroop Radheshyam Thard
Date : May 10, 2023 Chairman & Managing Director
Place: Thane DIN : 02835505
To,
The Members,
Rajshree Polypack Limited
CIN: L25209MH2011PLC223089
503-504, 5th Floor, Lodha Supremus, Road No. 22,
Kishan Nagar, Near New Passport Office,
Wagle Estate, Thane (W) – 400604.
Subject: Auditors Certificate confirming compliance with the conditions of Corporate Governance for the F.Y. 2022-23.
We have examined the compliance of conditions of Corporate Governance by Rajshree Polypack Limited (‘the Company’), as stipulated
under Regulations 17 to 27, clauses (b) to (i) and (t) of Regulation 46(2) and para C, D and E of Schedule V of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’) for the financial year ended
March 31, 2023.
We state that the compliance of conditions of Corporate Governance is the responsibility of the management, and our examination
was limited to the review of procedures and implementation thereof adopted by the Company for ensuring the compliance of the
conditions of Corporate Governance as stipulated in the said Regulations. It is neither an audit nor an expression of opinion on the
financial statements of the Company.
In our opinion, and to the best of our information and according to the explanations given to us, we certify that the Company has
complied with the conditions of Corporate Governance as stipulated in the provisions as specified in 17 to 27, clauses (b) to (i) and (t)
of Regulation 46(2) and para C, D & E of Schedule V of the SEBI Listing Regulations for the financial year ended March 31, 2023.
We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness
with which the management has conducted the affairs of the Company.
For Nishant Bajaj & Associates
Practicing Company Secretaries
Peer Reviewed Firm- 2582/2022
Sd/-
Place: Mumbai Company Secretary in Practice
Date : May16, 2023 M.No.: 28341
UDIN: A028341E000316629 CP No.: 21538
(Pursuant to Regulation 34(3) and Schedule V Para C Sub-clause (10)(i) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015)
To,
The Members
Rajshree Polypack Limited
CIN: L25209MH2011PLC223089
503-504, 5th Floor, Lodha Supremus, Road No. 22,
Kishan Nagar, Near New Passport Office,
Wagle Estate, Thane (W) – 400604.
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Rajshree Polypack
Limited having CIN - L25209MH2011PLC223089 and having registered office at 503-504, 5th Floor, Lodha Supremus, Road No. 22,
Kishan Nagar, Near New Passport Office, Wagle Estate, Thane (W) – 400604 (hereinafter referred to as ‘the Company’), produced before
us by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para - C Sub-
clause 10 (i) of the Securities Exchange Board of India Listing Obligation and Disclosure Requirements) Regulations, 2015.
In our opinion and to the best of our information and according to the verifications [including Directors Identification Number (DIN)
status at the portal (www.mca.gov.in)] as considered necessary and explanations furnished to us by the Company and its officers, We
hereby certify that none of the Directors on the Board of the Company given below for the F. Y. ending on March 31, 2023 have been
debarred or disqualified from being appointed or continuing as Directors of Companies by the Securities and Exchange Board of India,
Ministry of Corporate Affairs or any such other Statutory Authority:
Sr. No. Name of Director DIN Date of Appointment in Company
1 Mr. Ramswaroop Radheshyam Thard 02835505 15/10/2011
2 Mr. Naresh Radheshyam Thard 03581790 15/10/2011
3 Mr. Anand Sajjankumar Rungta 02191149 10/02/2021
4 Mr. Rajesh Satyanarayan Murarka 01501322 20/11/2017
5 Mr. Pradeep Kumar Gupta 08335342 25/01/2019
6 Mr. Praveen Bhatia 00147498 24/06/2021
7 Ms. Yashvi Shah 08002543 30/05/2022
Ensuring the eligibility of every Director on the Board for the appointment / continuity is the responsibility of the management of the
Company. Our responsibility is to express an opinion on these based on our verification. This certificate is neither an assurance as to
the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the
Company.
For Nishant Bajaj & Associates
Practicing Company Secretaries
Peer Reviewed Firm- 2582/2022
Sd/-
Place: Mumbai Company Secretary in Practice
Date : May 15, 2023 M.No.: 28341
UDIN: A028341E000309666 CP No.: 21538
3 Mr. Pradeep Kumar Gupta Member, Non- Executive Independent Director 1/1
3. Web-link containing the composition of CSR Committee, CSR Policy and CSR Projects approved by the Board as disclosed
on the website of the Company :
These aforesaid details are disclosed on the Company’s website at www.rajshreepolypack.com
http://rajshreepolypack.com/wp-content/uploads/2023/03/Amended-CSR-Policy-RPPL.pdf
4. Details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of Rule 8 of the Companies (Corporate
Social Responsibility Policy) Rules, 2014, if applicable (attach the report):- Clause not Applicable for the financial year (“FY”)
2022-23
5. Details of the amount available for set off in pursuance of sub-rule (3) of Rule 7 of the Companies (Corporate Social
Responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any: Clause not Applicable for
financial year 2022-23.
(` in Lakhs)
Sr. Financial Year Amount available for set-off from preceding Amount required to be set-off for the financial
No financial years (in `) year, if any (in `)
1. - - -
6. Average net profit of the Company as per Section 135(5) – ` 1,198.08 Lakhs
7. a Two percent of average net profit of the company as per section 135(5) ` 23.96 Lakhs
b Surplus arising out of the CSR projects or programmes or activities of the previous Nil
financial years
c Amount required to be set off for the financial year, if any Nil
Total CSR obligation for the financial year 2022-23 (7a+7b-7c) ` 23.96 Lakhs
8. (a) CSR amount spent or unspent for the financial year:
(` in Lakhs)
Total Amount spent for Amount Unspent
the financial year (in `)
Total Amount transferred to Amount Transferred to any fund specified under
Unspent CSR Account as per Schedule VII as per second proviso to Section 135(5)
Section 135(6).
24.75 - NA
(b) Details of CSR amount spent against ongoing projects for the financial year: Clause not applicable.
Sr. No Name of the Item from the list of Local Location of the Project Amount Mode of Mode of Implementation -
project activities in Schedule VII to area spent for the implementation Through Implementing Agency
the Act. (Yes/ project - Direct (Yes/ No)
No) State District Name CSR
Registration
Number
1 Shree Shraddha Vocational training for No Gujarat Bhavnagar 14.00 Yes Shree Shraddha CSR00029026
Education and reaching to Unreached, Education and
Charitable Trust Rural Development, Ration Charitable Trust
Distribution and Medical Aid
(Education, Health Care and
RAJSHREE POLYPACK LIMITED
Sanitation)
2 Dadra & Nagar Welfare of Children in the UT Yes Daman UT of Dadra & 3.75 Yes U.T CSR00025593
Haveli & Daman of Dadra & Nagar Haveli and Nagar Haveli Administration
Diu Juvenile Justice Daman & Diu and Daman of Dadra &
Fund & Diu Nagar Haveli
and Daman
& Diu (Child
Protection
Society of UT of
Dadra & Nagar
Haveli and
Daman & Diu)
3 Raginiben Multi- Speciality Hospital No Gujarat Ahemdabad 7.00 Yes Raginiben CSR00012645
Bipinchandra cum Medical College Bipinchandra
Sevakarya Trust (Education and Health Care) Sevakarya Trust
(Ahmedabad) (Ahmedabad)
Total 24.75
(d) Amount spent in Administrative Overheads :- Clause not applicable.
(e) Amount spent on Impact Assessment, if applicable :- Clause not applicable.
(f) Total amount spent for the Financial Year (8b+8c+8d+8e):- `24.75 Lakhs
• Identify and assess the risks of material misstatement of the We communicate with those charged with governance regarding,
standalone financial statements, whether due to fraud or among other matters, the planned scope and timing of the
error, design and perform audit procedures responsive to audit and significant audit findings, including any significant
those risks, and obtain audit evidence that is sufficient and deficiencies in internal control that we identify during our audit.
appropriate to provide a basis for our opinion. The risk of not We also provide those charged with governance with a statement
detecting a material misstatement resulting from fraud is that we have complied with relevant ethical requirements
higher than for one resulting from error, as fraud may involve regarding independence, and to communicate with them all
collusion, forgery, intentional omissions, misrepresentations, relationships and other matters that may reasonably be thought
or the override of internal control. to bear on our independence, and where applicable, related
• Obtain an understanding of internal control relevant to safeguards.
the audit in order to design audit procedures that are From the matters communicated with those charged with
appropriate in the circumstances. Under section 143(3)(i) of governance, we determine those matters that were of most
the Act, we are also responsible for expressing our opinion significance in the audit of the standalone financial statements
on whether the company has adequate internal financial for the year ended March 31, 2023 and are therefore, the key audit
controls with reference to standalone financial statements in matters. We describe these matters in our auditor’s report unless
place and the operating effectiveness of such controls. law or regulation precludes public disclosure about the matter
• Evaluate the appropriateness of accounting policies used or when, in extremely rare circumstances, we determine that a
and the reasonableness of accounting estimates and related matter should not be communicated in our report because the
disclosures made by management. adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communication.
• Conclude on the appropriateness of management’s use of
the going concern basis of accounting and, based on the For M S K A & Associates
audit evidence obtained, whether a material uncertainty Chartered Accountants
exists related to events or conditions that may cast significant ICAI Firm Registration No. 105047W
doubt on the Company’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we Sd/-
are required to draw attention in our auditor’s report to the Siddharth Iyer
related disclosures in the standalone financial statements or, Partner
if such disclosures are inadequate, to modify our opinion. Membership No. 116084
Our conclusions are based on the audit evidence obtained
UDIN: 23116084BGYONC6256
Place: Daman
Date: May 15, 2023
(e) According to the information explanation provided to (b) According to the information and explanation given
us, the loan or advance in the nature of loan granted has to us and examination of records of the Company, the
not fallen due during the year. Hence, the requirements outstanding dues of goods-service tax, income tax,
under paragraph 3(iii) (e) of the Order are not applicable customs duty, cess and any other statutory dues on
to the Company. account of any dispute, are as follows:
Name of the statute Nature of Amount Demanded Amount Paid Period to which the Forum where dispute Remarks,
dues ` In lakhs ` In lakhs amount relates is pending if any
Income Tax Act, 1961 Income Tax 8.57 - FY 2017-2018 Commissioner of None
Income tax (Appeals)
Income Tax Act, 1961 Income Tax - - FY 2019-2020 Commissioner of None
Income tax (Appeals)
Significant Accounting Policies and Notes Forming Part of the Standalone Financial 1-55
Statements
As per our report of even date attached For and on behalf of the Board of Directors
M S K A & Associates Rajshree Polypack Limited
Chartered Accountants CIN : L25209MH2011PLC223089
Firm Registration No.: 105047W
Ramswaroop Thard Naresh Thard
Siddharth lyer Chairman & MD Jt. Managing Director
Partner DIN : 02835505 DIN : 03581790
Membership No. 116084
Mitali Shah Sunil Sharma
Company Secretary & Chief Financial Officer
Compliance Officer
Place: Daman Place: Daman
Date : May 15, 2023 Date : May 15, 2023
Significant Accounting Policies and Notes Forming Part of the Standalone Financial Statements 1-55
As per our report of even date attached For and on behalf of the Board of Directors
M S K A & Associates Rajshree Polypack Limited
Chartered Accountants CIN : L25209MH2011PLC223089
Firm Registration No.: 105047W
Ramswaroop Thard Naresh Thard
Siddharth lyer Chairman & MD Jt. Managing Director
Partner DIN : 02835505 DIN : 03581790
Membership No. 116084
Mitali Shah Sunil Sharma
Company Secretary & Chief Financial Officer
Compliance Officer
Significant Accounting Policies and Notes Forming Part of the Standalone Financial Statements 1-55
As per our report of even date attached For and on behalf of the Board of Directors
M S K A & Associates Rajshree Polypack Limited
Chartered Accountants CIN : L25209MH2011PLC223089
Firm Registration No.: 105047W
Ramswaroop Thard Naresh Thard
Siddharth lyer Chairman & MD Jt. Managing Director
Partner DIN : 02835505 DIN : 03581790
Membership No. 116084
Mitali Shah Sunil Sharma
Company Secretary & Chief Financial Officer
Compliance Officer
"These financial statements have been prepared in Judgement, estimates and assumptions are required in
accordance with Indian Accounting Standards (Ind AS) particular for:
notified under Section 133 of the Companies Act, 2013 i) Impairment of non-financial assets (tangible
(the ”Act” ) read with the Companies (Indian Accounting and intangible)
Standards) Rules, 2015 and Companies (Indian
Accounting Standards) Amendment Rules, 2016. The Company assesses at each reporting date
whether there is an indication that an asset may be
The financial statements up to year ended 31 March impaired. If any indication exists, or when annual
2021 were prepared in accordance with the accounting impairment testing for an asset is required, the
standards notified under the section 133 of the Act, Company estimates the asset’s recoverable amount.
read with paragraph 7 of the Companies (Accounts) An asset’s recoverable amount is the higher of an
Rules, 2014 (Indian GAAP). asset’s or Cash Generating Unit’s (CGU’s) fair value
Accounting policies have been consistently applied to less costs of disposal and its value in use. It is
all the years presented except where a newly issued determined for an individual asset, unless the asset
accounting standard is initially adopted or a revision to or CGU exceeds its recoverable amount, the asset
an existing accounting standard requires a change in is considered impaired and is written down to its
the accounting policy hitherto in use. recoverable amount.
(b) Basis of measurement In assessing the value in use, the estimated future
cash flows are discounted to their present value
The financial statements have been prepared on a using a pre-tax discount rate that reflects current
historical cost convention on accrual basis, except for market assessments of the time value of money
the following material items that have been measured and risks specific to the asset. In determining the
at fair value as required by relevant Ind AS:- fair value less costs to disposal, recent market
i. Certain financial assets and liabilities measured transactions are taken into account. If no such
at fair value (refer accounting policy on financial transactions can be identified, an appropriate
instruments) valuation model is used. These calculations are
corroborated by valuation multiples or other
ii. Employee share based payment available fair value indicators.
iii. Net defined benefit (asset) / Liability.
2.4 Trade and other payables The fair value of an asset or a liability is measured using
the assumptions that market participants would use
These amounts represent liabilities for goods and services when pricing the asset or liability, assuming that market
provided to the company prior to the end of the financial participants act in their economic best interest.
year which are unpaid. The amounts are unsecured and are
usually paid within 60 days of recognition. Trade and other The Company uses valuation techniques that are
payables are presented as current liabilities unless payment appropriate in the circumstances and for which sufficient
is not due within 12 months after the reporting period. data are available to measure fair value, maximizing the
use of relevant observable inputs and minimizing the use In determining the transaction price for the sale
of unobservable inputs. The Company's management of goods, the Company considers the effects of
determines the policies and procedures for fair value variable consideration, the existence of significant
measurement such as derivative instrument. financing components, non-cash consideration, and
consideration payable to the customer (if any).
All assets and liabilities for which fair value is measured
or disclosed in the financial statements are categorized Sales Return:
within the fair value hierarchy, described as follows, based
on the lowest level input that is significant to the fair value The Company accounts for sales returns accrual by
measurement as a whole: recording an allowance for sales returns concurrent
with the recognition of revenue at the time of a product
● Level 1 — Quoted (unadjusted) market prices in active sale. This allowance is based on the Company’s estimate
markets for identical assets or liabilities of expected sales returns.
● Level 2 — Valuation techniques for which the B. Sale of Service
lowest level input that is significant to the fair value
measurement is directly or indirectly observable Revenues from services are recognised as and when
services are rendered and on the basis of contractual
● Level 3 — Valuation techniques for which the terms with the parties. The performance obligation in
lowest level input that is significant to the fair value respect of professional services is satisfied over a period
measurement is unobservable of time and acceptance of the customer.
2.7 Revenue Recognition C. Contract balances
The Company manufactures and trades and sells a range of Contract Asset
plastic packaging products. Revenue from contracts with
customers involving sale of these products is recognized A contract asset is the right to consideration in exchange
at a point in time when control of the product has been for goods or services transferred to the customer. If the
transferred, and there are no unfulfilled obligation that Company performs by transferring goods or services to
could affect the customer’s acceptance of the products. a customer before the customer pays consideration or
before payment is due, a contract asset is recognised for
The Company has objective evidence that all criterion for the earned consideration that is conditional.
acceptance has been satisfied.
Contract Liability
A. Sale of Goods
A contract liability is the Company’s obligation to
According to Ind AS 115, revenue is recognised at the transfer goods or services to a customer, for which
amount of consideration the Company expects to the Company has already received consideration from
receive in exchange for the goods or services when customers. If a customer pays consideration before the
control of the goods or services and the benefits Company transfers goods or services to the customer,
obtained from them are transferred to the customer and a contract liability is recognised when the payment
there are no unbilled obligations. Revenue is recognised is made or the payment is due (whichever is earlier).
using the following five step model specified in Ind AS Contract liabilities are recognised as revenue when the
115: Company performs under the contract.
Step 1 : Identify contracts with customers Trade Receivable
Step 2 : Identify performance obligations contained in A trade receivable is recognised if an amount of
the contract Step consideration that is unconditional (i.e., only the
Step 3 : Determine the transaction price passage of time is required before payment of the
consideration is due).
Step 4 : Allocate the transaction price to the
performance obligation D. Other Operating Revenue
Interest income is recognised using the effective tax liabilities are offset where the entity has a legally
interest rate (EIR) method. Interest income is enforceable right to offset and intends either to settle
included in other income in the Statement of Profit on a net basis, or to realise the asset and settle the
and Loss. liability simultaneously.
c. Rental Income Current and deferred tax is recognized in Statement of
Profit and Loss, except to the extent that it relates to
Rental income arising from operating leases is
items recognised in other comprehensive income or
accounted for on a straight - line basis over the
directly in equity. In this case, the tax is also recognised
lease terms and is included in other income in
in other comprehensive income or directly in equity,
the Statement of Profit and Loss due to its non-
respectively.
operating nature.
2.9 Leases
d. Other Income
The Company as a lessee
Other incomes are accounted on accrual basis
The Company’s lease asset classes primarily consist of leases
2.8 Taxes
for Office Premises, Godowns, land and Buildings. The
Tax expense for the year, comprising current tax and deferred Company assesses whether a contract contains a lease, at
tax, are included in the determination of the net profit or loss inception of a contract. A contract is, or contains, a lease if the
for the year. contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration. To
(a) Current income tax assess whether a contract conveys the right to control the
Current tax assets and liabilities are measured at the use of an identified asset, the Company assesses whether:
amount expected to be recovered or paid to the (i) the contract involves the use of an identified asset (ii) the
taxation authorities. The tax rates and tax laws used Company has substantially all of the economic benefits from
to compute the amount are those that are enacted or use of the asset through the period of the lease and (iii) the
substantively enacted, at the year-end date. Current tax Company has the right to direct the use of the asset.
assets and tax liabilities are offset where the entity has a At the date of commencement of the lease, the Company
legally enforceable right to offset and intends either to recognizes a right-of-use asset (“ROU”) and a corresponding
settle on a net basis, or to realize the asset and settle the lease liability for all lease arrangements in which it is a lessee,
liability simultaneously. except for leases with a term of twelve months or less (short-
(b) Deferred tax term leases) and low value leases. For these short-term
and low value leases, the Company recognizes the lease
Deferred income tax is provided in full, using the payments as an operating expense on a straight-line basis
balance sheet approach, on temporary differences over the term of the lease.
arising between the tax bases of assets and liabilities
and their carrying amounts in financial statements. Lease liabilities include the net present value of the following
Deferred income tax is also not accounted for if it lease payments:
arises from initial recognition of an asset or liability in • fixed payments (including in-substance fixed payments),
a transaction other than a business combination that at less any lease incentives receivable;
the time of the transaction affects neither accounting
profit nor taxable profit (tax loss). Deferred income tax • variable lease payment that are based on an index or a
is determined using tax rates (and laws) that have been rate, initially measured using the index or rate as at the
enacted or substantially enacted by the end of the year commencement date;
and are expected to apply when the related deferred
• amounts expected to be payable by the group under
income tax asset is realised or the deferred income tax
residual value guarantees;
liability is settled.
• the exercise price of a purchase option if the group is
Deferred tax assets are recognised for all deductible
reasonably certain to exercise that option, and;
temporary differences and unused tax losses only if it is
probable that future taxable amounts will be available • payments of penalties for terminating the lease, if the
to utilize those temporary differences and losses. lease term reflects the group exercising that option.
Management periodically evaluates positions taken in Lease liability and ROU asset have been separately presented
tax returns with respect to situations in which applicable in the Balance Sheet and lease payments have been classified
tax regulation is subject to interpretation. It establishes as financing cash flows.
provisions where appropriate on the basis of amounts
Right-of-use assets are measured at cost comprising the
expected to be paid to the tax authorities
following:
Deferred tax assets and liabilities are offset when there
• the amount of the initial measurement of lease liability;
is a legally enforceable right to offset current tax assets
and liabilities and when the deferred tax balances relate • any lease payments made at or before the
to the same taxation authority. Current tax assets and commencement date less any lease incentives received;
• any initial direct costs and; An impairment loss is calculated as the difference between
an asset’s carrying amount and recoverable amount. Losses
• restoration costs.
are recognized in Statement of Profit and Loss and reflected
Right-of-use assets are generally depreciated over the shorter in an allowance account. When the Company considers that
of the asset’s useful life and the lease term on a straight-line there are no realistic prospects of recovery of the asset, the
basis. If the Company is reasonably certain to exercise a relevant amounts are written off. If the amount of impairment
purchase option, the right-of-use asset is depreciated over loss subsequently decreases and the decrease can be related
the underlying asset’s useful life. objectively to an event occurring after the impairment was
recognised, then the previously recognised impairment loss
Lease liability and ROU asset have been separately presented is reversed through Statement of Profit and Loss.
in the Balance Sheet and lease payments have been classified
as financing cash flows. The recoverable amount of an asset or cash-generating
unit (as defined below) is the greater of its value in use and
The Company as a Lessor its fair value less costs to sell. In assessing value in use, the
Leases for which the Company is a lessor is classified as a estimated future cash flows are discounted to their present
finance or operating lease. Whenever the terms of the lease value using a pre-tax discount rate that reflects current
transfer substantially all the risks and rewards of ownership market assessments of the time value of money and the risks
to the lessee, the contract is classified as a finance lease. All specific to the asset. For the purpose of impairment testing,
other leases are classified as operating leases assets are grouped together into the smallest group of
assets that generates cash inflows from continuing use that
2.10 Inventories are largely independent of the cash inflows of other assets or
Inventories are valued at lower of cost and net realisable groups of assets (the “cash-generating unit”).”
value, after providing cost of obsolescence, if any. However, 2.12 Provisions and contingent liabilities
materials and other items held for use in the production of
Provisions are recognized when there is a present obligation
inventories are not written down below cost if the finished
as a result of a past event, it is probable that an outflow of
products in which they will be incorporated are expected to
resources embodying economic benefits will be required
be sold at or above cost. Cost is determined on the Weighted
to settle the obligation and there is a reliable estimate of
Average Method.
the amount of the obligation. Provisions are measured at
Costs incurred in bringing each product to its present the best estimate of the expenditure required to settle the
location and condition are accounted for as follows: present obligation at the Balance sheet date.
Raw materials, packaging materials and stores and spare If the effect of the time value of money is material, provisions
parts are valued at lower of cost and net realizable value. are discounted using a current pre-tax rate that reflects,
Cost includes purchase price, (excluding those subsequently when appropriate, the risks specific to the liability. When
recoverable by the enterprise from the concerned revenue discounting is used, the increase in the provision due to the
authorities), freight inwards and other expenditure incurred passage of time is recognized as a finance cost.
in bringing such inventories to their present location and The Company records a provision for decommissioning
condition. costs. Decommissioning costs are provided at the present
Raw materials, Components, Stores and Spares and Packing value of expected costs to settle the obligation using
Material held for use in production of Inventories are not estimated cash flows and are recognized as part of the cost
written down below cost if the finished products in which of the particular asset. The cash flows are discounted at a
they will be incorporated are expected to be sold at or above current pre-tax rate that reflects the risks specific to the
cost decommissioning liability. The unwinding of the discount
is expensed as incurred and recognized in the statement of
The cost of manufactured Inventories and Work-In-Process profit and loss as a finance cost. The estimated future costs
is the direct cost of manufacture plus appropriate allocated of decommissioning are reviewed annually and adjusted as
overheads. appropriate. Changes in the estimated future costs or in the
The net realisable value is the estimated selling price in discount rate applied are added to or deducted from the
the ordinary course of business less the estimated costs of cost of the asset.
completion and estimated costs necessary to make the sale If the Company has a contract that is onerous, the present
The comparison of cost and net realisable value is made on obligation under the contract is recognised and measured
an item by item basis. as a provision. However, before a separate provision for an
onerous contract is established, the Company recognises
2.11 Impairment of non-financial assets
any impairment loss that has occurred on assets dedicated
The Company assesses at each year end whether there is any to that contract.
objective evidence that a non-financial asset or a group of
An onerous contract is a contract under which the
non-financial assets is impaired. If any such indication exists,
unavoidable costs (i.e., the costs that the Company cannot
the Company estimates the asset’s recoverable amount and
avoid because it has the contract) of meeting the obligations
the amount of impairment loss.
under the contract exceed the economic benefits expected
to be received under it. The unavoidable costs under
a contract reflect the least net cost of exiting from the Amortized cost: Assets that are held for collection
contract, which is the lower of the cost of fulfilling it and any of contractual cash flows where those cash flows
compensation or penalties arising from failure to fulfil it. The represent solely payments of principal and interest
cost of fulfilling a contract comprises the costs that relate are measured at amortized cost. Interest income
directly to the contract (i.e., both incremental costs and an from these financial assets is included in finance
allocation of costs directly related to contract activities). income using the effective interest rate method
(EIR).
Contingent liabilities are disclosed when there is a possible
obligation arising from past events, the existence of which Fair value through other comprehensive income
will be confirmed only by the occurrence or non-occurrence (FVOCI): Assets that are held for collection of
of one or more uncertain future events not wholly within the contractual cash flows and for selling the financial
control of the Company or a present obligation that arises assets, where the assets’ cash flows represent solely
from past events where it is either not probable that an payments of principal and interest, are measured
outflow of resources will be required to settle or a reliable at fair value through other comprehensive income
estimate of the amount cannot be made. (FVOCI). Movements in the carrying amount are
taken through OCI, except for the recognition
2.13 Cash and cash equivalents
of impairment gains or losses, interest revenue
Cash and cash equivalent in the balance sheet comprise cash and foreign exchange gains and losses which
at banks, cash on hand and short-term deposits net of bank are recognized in Statement of Profit and Loss.
overdraft with an original maturity of three months or less, When the financial asset is derecognized, the
which are subject to an insignificant risk of changes in value. cumulative gain or loss previously recognized in
OCI is reclassified from equity to Statement of
For the purposes of the cash flow statement, cash and cash Profit and Loss and recognized in other gains/
equivalents include cash on hand, cash in banks and short- (losses). Interest income from these financial assets
term deposits net of bank overdraft. is included in other income using the effective
2.14 Financial instruments interest rate method.
A financial instrument is any contract that gives rise to a Fair value through profit or loss (FVTPL): Assets
financial asset of one entity and a financial liability or equity that do not meet the criteria for amortized cost or
instrument of another entity. FVOCI are measured at fair value through profit or
loss. Interest income from these financial assets is
(a) Financial assets included in other income.
(i) Initial recognition and measurement Equity instruments: All equity investments in
A financial instrument is any contract that gives scope of Ind AS 109 are measured at fair value.
rise to a financial asset of one entity and a financial Equity instruments which are held for trading
liability or equity instrument of another entity. and contingent consideration recognised by
Financial assets and financial liabilities are initially an acquirer in a business combination to which
measured at fair value. Transaction costs that are Ind AS103 applies are classified as at FVTPL. For
directly attributable to the acquisition or issue of all other equity instruments, the Company may
financial assets and financial liabilities (other than make an irrevocable election to present in other
financial assets and financial liabilities at fair value comprehensive income subsequent changes in the
through profit or loss) are added to or deducted fair value. The Company makes such election on an
from the fair value of the financial assets or financial instrument- by-instrument basis. The classification
liabilities, as appropriate, on initial recognition. is made on initial recognition and is irrevocable.
Transaction costs directly attributable to the If the Company decides to classify an equity
acquisition of financial assets or financial liabilities instrument as at FVTOCI, then all fair value
at fair value through profit or loss are recognised changes on the instrument, excluding dividends,
immediately in profit or loss. are recognized in the OCI. There is no recycling
(ii) Subsequent measurement of the amounts from OCI to P&L, even on sale of
investment. However, the Company may transfer
For purposes of subsequent measurement, financial the cumulative gain or loss within equity.
assets are classified in following categories:
Equity instruments included within the FVTPL
a) at amortized cost; or category are measured at fair value with all changes
b) at fair value through other comprehensive recognized in the profit and loss.
income; or (iii) Impairment of financial assets
c) at fair value through profit or loss. In accordance with Ind AS 109, Financial
The classification depends on the entity’s business Instruments, the Company applies expected credit
model for managing the financial assets and the loss (ECL) model for measurement and recognition
contractual terms of the cash flows.” of impairment loss on financial assets that are
measured at amortized cost and FVOCI.
For recognition of impairment loss on financial Where the financial asset is transferred then in
assets and risk exposure, the Company determines that case financial asset is derecognized only if
that whether there has been a significant increase substantially all risks and rewards of ownership of
in the credit risk since initial recognition. If credit the financial asset is transferred. Where the entity
risk has not increased significantly, 12-month ECL has not transferred substantially all risks and
is used to provide for impairment loss. However, if rewards of ownership of the financial asset, the
credit risk has increased significantly, lifetime ECL financial asset is not derecognized.
is used. If in subsequent years, credit quality of the
(b) Financial liabilities
instrument improves such that there is no longer
a significant increase in credit risk since initial (i) Initial recognition and measurement
recognition, then the entity reverts to recognizing
impairment loss allowance based on 12 months Financial liabilities are classified, at initial
ECL. recognition, as financial liabilities at fair value
through profit or loss and at amortized cost, as
Life time ECLs are the expected credit losses appropriate.
resulting from all possible default events over
the expected life of a financial instrument. The 12 All financial liabilities are recognized initially at fair
months ECL is a portion of the lifetime ECL which value and, in the case of borrowings and payables,
results from default events that are possible within net of directly attributable transaction costs.
12 months after the year end. (ii) Subsequent measurement
ECL is the difference between all contractual cash The measurement of financial liabilities depends
flows that are due to the Company in accordance on their classification, as described below:
with the contract and all the cash flows that
the entity expects to receive (i.e. all shortfalls), Financial liabilities at fair value through profit or
discounted at the original EIR. When estimating loss
the cash flows, an entity is required to consider Financial liabilities at fair value through profit or
all contractual terms of the financial instrument loss include financial liabilities held for trading
(including prepayment, extension etc.) over the and financial liabilities designated upon initial
expected life of the financial instrument. However, recognition as at fair value through profit or loss.
in rare cases when the expected life of the financial Separated embedded derivatives are also classified
instrument cannot be estimated reliably, then the as held for trading unless they are designated as
entity is required to use the remaining contractual effective hedging instruments. Gains or losses on
term of the financial instrument. liabilities held for trading are recognized in the
In general, it is presumed that credit risk has Statement of Profit and Loss.
significantly increased since initial recognition if Borrowings
the payment is more than 30 days past due.
After initial recognition, interest-bearing loans
ECL impairment loss allowance (or reversal) and borrowings are subsequently measured
recognized during the year is recognized as at amortized cost using the EIR method. Gains
income/expense in the statement of profit and loss. and losses are recognized in Statement of Profit
In balance sheet ECL for financial assets measured and Loss when the liabilities are derecognized
at amortized cost is presented as an allowance, i.e. as well as through the EIR amortization process.
as an integral part of the measurement of those Amortized cost is calculated by taking into account
assets in the balance sheet. The allowance reduces any discount or premium on acquisition and fees
the net carrying amount. Until the asset meets or costs that are an integral part of the EIR. The EIR
write off criteria, the Company does not reduce amortization is included as finance costs in the
impairment allowance from the gross carrying Statement of Profit and Loss.
amount.
(iii) Derecognition
(iv) Derecognition of financial assets
A financial liability is derecognized when the
A financial asset is derecognized only when obligation under the liability is discharged or
a) the rights to receive cash flows from the cancelled or expires. When an existing financial
financial asset is transferred or liability is replaced by another from the same
lender on substantially different terms, or the terms
b) retains the contractual rights to receive the of an existing liability are substantially modified,
cash flows of the financial asset, but assumes a such an exchange or modification is treated as
contractual obligation to pay the cash flows to the derecognition of the original liability and the
one or more recipients. recognition of a new liability. The difference in the
respective carrying amounts is recognized in the
Statement of Profit and Loss as finance costs..
which they are intended to compensate. Where the grant 2.20 Statement of Cash Flows
relates to an asset, it is recognized as deferred income and
Cash flows are reported using the indirect method, where by
is allocated to statement of profit and loss over the periods
net profit before tax is adjusted for the effects of transactions
and in the proportions in which depreciation on those assets
of a non-cash nature, any deferrals or accruals of past or
is charged.
future operating cash receipts or payments and item of
2.18 Borrowing cost income or expenses associated with investing or financing
cash flows. The cash flows from operating, investing and
Borrowing costs that are directly attributable to the
financing activities are segregated.
acquisition, construction or production of a qualifying
asset are capitalized as part of the cost of the respective 2.21 Earnings Per Share
asset till such time the asset is ready for its intended use or
“Basic earnings per share is calculated by dividing the
sale. A qualifying asset is an asset which necessarily takes a
net profit or loss for the year attributable to equity
substantial period of time to get ready for its intended use
shareholders by the weighted average number of equity
or sale. Ancillary cost of borrowings in respect of loans not
shares outstanding during the year. Earnings considered
disbursed are carried forward and accounted as borrowing
in ascertaining the Company’s earnings per share is the
cost in the year of disbursement of loan. All other borrowing
net profit or loss for the year after deducting preference
costs are expensed in the period in which they occur.
dividends and any attributable tax thereto for the year. The
Borrowing costs consist of interest expenses calculated as
weighted average number of equity shares outstanding
per effective interest method, exchange difference arising
during the year and for all the years presented is adjusted
from foreign currency borrowings to the extent they are
for events, such as bonus shares, other than the conversion
treated as an adjustment to the borrowing cost and other
of potential equity shares, that have changed the number of
costs that an entity incurs in connection with the borrowing
equity shares outstanding, without a corresponding change
of funds.
in resources.
2.19 Segment reporting
For the purpose of calculating diluted earnings per share,
Ind AS 108 establishes standards, for the way that business the net profit or loss for the year attributable to equity
enterprises report information about operating segments shareholders and the weighted average number of shares
and related disclosures about products, services and outstanding during the year is adjusted for the effects of all
geographic areas, and major customers. dilutive potential equity shares.”
The primary reporting of the Company has been 2.22 Rounding off amounts
performed on the basis of business segments. Based on the
All amounts disclosed in financial statements and notes
“management approach” as defined in Ind AS 108, the Chief
have been rounded off to the nearest thousands as per
Operating Decision Maker (CODM) evaluates the Company’s
requirement of Schedule III of the Act, unless otherwise
performance and allocates resources to manufacture of
stated.
“Thermoformed Packaging Products” only hence it has been
considered as the only reportable business segment and
hence no separate financial disclosures provided in respect
of its single business segment.
Disposal / Adjustment - - - - 31.73 8.41 2.76 3.58 - 0.25 1.61 2.96 51.30
As at March 31, 2023 - 71.77 77.09 8.35 2,284.06 242.76 38.73 22.03 1.35 46.08 21.35 47.12 2,860.69
Net carrying amount 69.48 496.11 584.65 97.61 7,959.18 1,504.29 140.82 19.23 3.89 109.31 41.97 99.20 11,125.74
Gross carrying Amount
Cost as at April 01, 2021 69.48 567.88 644.25 - 6,694.16 777.94 39.93 25.94 3.67 69.02 25.30 104.89 9,022.46
Additions - - 6.24 78.75 1,206.25 405.72 140.04 12.53 1.57 60.08 20.17 - 1,931.35
Disposal / Adjustment - - - - - - - - - - - - -
As at March 31, 2022 69.48 567.88 650.49 78.75 7,900.41 1,183.66 179.97 38.47 5.24 129.10 45.47 104.89 10,953.81
Accumulated Depreciation
As at April 01, 2021 - 24.89 3.07 - 570.37 65.65 9.58 8.35 0.39 12.40 6.89 15.19 716.78
Depreciation charge for - 23.80 35.77 0.41 811.87 79.64 9.08 7.24 0.42 13.76 6.15 15.67 1,003.81
the year
Disposal / Adjustment - - - - - - - - - - - - -
As at March 31, 2022 - 48.69 38.84 0.41 1,382.24 145.29 18.66 15.59 0.81 26.16 13.04 30.86 1,720.59
Net carrying amount 69.48 519.19 611.65 78.34 6,518.17 1,038.37 161.31 22.88 4.43 102.94 32.43 74.03 9,233.22
Notes:
3.1 Refer Note 21 and 25 for information on Property, Plant and Equipment Pledged as Security by the Company.
RAJSHREE POLYPACK LIMITED
NOTES TO STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2023
(` in Lakhs)
Note: 4 Capital Work in Progress and Intangible Assets under Development
Intangible
Capital Work in
Particulars Assets under
Progress
Development
Additions 2,211.50 -
1-2 years - -
2-3 years - -
Total - 173.31
Note: 4.1 The Capital work in progress are related to Projects which are in Progress. No Projects are suspended
Note: 4.2 No Projects have exceeded their original timelines or original budget.
Note: 5. Right of Use Assets
Office
Particulars Building Land Godown Amount
Premises
Accumulated Depreciation
Amortization charge for the year 46.12 88.59 19.75 24.54 179.00
Accumulated Depreciation
Amortization charge for the year 34.46 9.81 19.75 23.56 87.58
Disposal / Adjustment - - - - -
As At As At
Particulars
March 31, 2023 April 01, 2022
Aggregate market value of quoted investments 20.27 18.41
Aggregate book value of quoted investments 20.27 18.41
Aggregate book value of Unquoted investments, 200.40 -
*The Board of Director vide their meeting dated April 19, 2022 have provided an in principal approval to acquire 50.1% stake in Olive
Ecopak Private Limited for Co-manufacturing, sale and distribution of paper packaging products. The Company executed a signed
term sheet with the JV Partner on April 19, 2022 to consummate this transaction. Olive Ecopak Private Limited allotted shares on May
3, 2022 to the Company and JV partner..
Note: 8 Loans - Non Current
As At As At
Particulars
March 31, 2023 March 31, 2022
(Unsecured, considered good, unless stated otherwise)
Inter corporate Loan to Joint Venture (Olive Ecopak private limited) (Refer Note No 42) 731.11 -
Total 731.11 -
The company has not granted any loan or advance in nature of loan to promoter, directors and KMP either severally or jointly with any
other person.
Represent Inter corporate loan given to Olive Ecopack private limited includes accured interest `31.11 lakhs/- (March 31, 2022 `Nil)
Based on the signed Loan agreements & term sheet. The company advanced the unsecured loan of `700 lakhs/- to Olive Ecopak private
limited which is interest bearing.
Note: 11 Inventories
As At As At
Particulars
March 31, 2023 March 31, 2022
(Valued at lower of cost and net realizable value, unless stated other
wise)
Raw Materials 3,084.43 1,620.29
Work-in-progress 1,736.01 1,427.46
Finished goods 1,264.59 790.85
Packing Material 174.75 158.89
Stores and spares 316.38 230.24
Unusable Wastage 15.34 15.84
Stock in Trade 34.91 31.79
Total 6,626.41 4,275.36
Note: 11.1 Refer Note - 21 and 25 for information on inventories Pledged as security by the Company.
Note: 11.2 During the year ended March 31, 2023 `12 lakhs ( March 31, 2022 `85 lakhs) was recognised as expense for Inventories
recognised at Net realisable value.
Note: 12.2 Movement in the Provision for doubtful debts pertaining to trade receivables are as follows:
As At As At
Particulars
March 31, 2023 March 31, 2022
Balance at the beginning of the year 177.48 201.55
Add: Provided/(Reversal) during the year 96.64 46.54
Less: Amount Written off - 70.61
Balance at the end of the year 274.12 177.48
Refer Note - 21 and 25 for information on trade receivables pledged as security by the Company.
Note: 13 Cash and cash equivalents
As At As At
Particulars
March 31, 2023 March 31, 2022
Cash on hand 8.40 7.65
Balances with banks in current accounts 436.99 18.06
Fixed Deposit (With maturity of 3 months or less from reporting date) 422.92 66.17
Total 868.31 91.88
(Refer Note No 14.1)
Disclosures of loans or advances in the nature of loans granted to promoters, directors, key managerial personnel (KMPs) and the
related parties:
Amount of loan or advance in the
nature of loan outstanding
Type of borrower
As At As At
March 31, 2023 March 31, 2022
Promoters - -
Directors - -
KMPs 6.34 3.94
Related parties - -
As required under section 186(4) of the Companies Act, 2013 loan given to the related parties is for general business purpose. Loan to
KMPs are granted individually and repayable on demand
53.17
Note: 19.6 No Class of shares has been bought back by the Company during the period of five years immediately preceeding the
current year end.
and carries interest rate @ 9.25%. The loan is repayable in 36 (Thirty Six) monthly instalments commencing from February 2022
with 12 months Moratorium period. The loan is covered by 100% guarantee from NCGTC (National Credit Guarantee Trustee
Company Ltd (Ministry of Finance, Government of India). Further, the loan has been guaranteed by the personal guarantee of
directors.
b) Term loan from bank as on 31st March, 2023 amounting to `66.74 lakhs/- ( 31st March 2022: `92.00 lakhs/-) was taken from HDFC
and carries interest rate @ 9.25% The loan is repayable in 36 (Thirty Six) monthly instalments commencing from May 2022
with 12 months Moratorium period. The loan is covered by 100% guarantee from NCGTC (National Credit Guarantee Trustee
Company Ltd (Ministry of Finance, Government of India). Further, the loan has been guaranteed by the personal guarantee of
directors.
c) Term loan from bank as on 31st March, 2023 amounting to `153.50 lakhs/- ( 31st March 2022: `153.50 lakhs/-) was taken from
HDFC and carries interest rate @ 9.25% The loan is repayable in 36 (Thirty six) monthly instalments commencing from February
2024 with 24 months Moratorium period. The loan is covered by 100% guarantee from NCGTC (National Credit Guarantee Trustee
Company Ltd (Ministry of Finance, Government of India). Further, the loan has been guaranteed by the personal guarantee of
directors.
d) Term loan from bank as on 31st March, 2023 amounting to `297.67 lakhs/- ( 31st March 2022: `337.25 lakhs/-) was taken from
Shamrao Vithal Co-operative Bank and carries interest rate @ 9.05%. The loan is repayable in 84 (Eighty four) monthly instalments
commencing from Dec 2021 with 6 months Moratorium period. The loan is secured by hypothecation of Current Asset, Plant &
Machinery and third party land & Building. Further, the loan has been guaranteed by the personal guarantee of directors.
e) Term loan from bank as on 31st March, 2023 amounting to `393.08 lakhs/- ( 31st March 2022: `444.23 lakhs/-) was taken from
Shamrao Vithal Co-operative Bank and carries interest rate @ 9.05%. The loan is repayable in 84 (Eighty four) monthly instalments
commencing from Jan 2022 with 6 months Moratorium period. The loan is secured by hypothecation of Current Asset, Plant &
Machinery and third party land & Building. Further, the loan has been guaranteed by the personal guarantee of directors.
f) Term loan from bank as on 31st March, 2023 amounting to `151.73 lakhs/- ( 31st March 2022: `130.03 lakhs/-) was taken from
Shamrao Vithal Co-operative Bank and carries interest rate @ 9.05%. The loan is repayable in 84 (Eighty four) monthly instalments
commencing from Jan 2022. The loan is secured by hypothecation of Current Asset, Plant & Machinery and third party land &
Building. Further, the loan has been guaranteed by the personal guarantee of directors.
g) Term loan from bank as on 31st March, 2023 amounting to `306.65 lakhs/- ( 31st March 2022: `154.58 lakhs /-) was taken from
Shamrao Vithal Co-operative Bank and carries interest rate @ 9.05%. The loan is repayable in 84 (Eighty four) monthly instalments
commencing from Aug 2022 with 6 months Moratorium period. The loan is secured by hypothecation of Current Asset, Plant &
Machinery and third party land & Building. Further, the loan has been guaranteed by the personal guarantee of directors.
h) Term loan from bank as on 31st March, 2023 amounting to `20.36 lakhs/- ( 31st March 2022: ` Nil /-) was taken from Shamrao Vithal
Co-operative Bank and carries interest rate @ 9.05%. The loan is repayable in 84 (Eighty four) monthly instalments commencing
from Jul 2022 with 6 months Moratorium period. The loan is secured by hypothecation of Current Asset, Plant & Machinery and
third party land & Building. Further, the loan has been guaranteed by the personal guarantee of directors.
Note: 24.1 Movement of deferred tax assets and liabilities during the year ended:
(a)
Recognized in
As at As at
Particulars statement and
April 01, 2021 March 31, 2022
profit and loss
Deferred tax asset arising on account of:
- IPO Expenses 45.30 (9.91) 35.39
- Provision for doubtful debts and receivables 56.33 (6.06) 50.27
- Lease ( Right of Use Asset) 0.92 5.86 6.78
Sub-total (A) 102.55 (10.11) 92.44
Deferred tax liabilities arising on account of:
Difference in net carrying value of property, plant and equipment and 400.82 56.99 457.81
intangible assets as per income tax and books
Fair Value of Mutual Funds 0.94 0.92 1.86
Sub-total (B) 401.76 57.91 459.67
Deferred tax liability (net) (A - B) (299.21) (68.02) (367.23)
Note: 27.1 *The amount due to Micro, Small and Medium Enterprises (MSME) as defined in the Micro, Small and Medium Enterprises
Development Act (MSMED Act), 2006 has been determined to the extent such parties have been identified on the basis of information
collected by the management. The disclosure relating to Micro, Small and Medium Enterprises is as under:
As At As At
Particulars
March 31, 2023 March 31, 2022
Dues remaining unpaid at the year/period end:
The principal amount and the interest due thereon remaining unpaid to any supplier 600.33 313.71
as at the end of accounting year;
The amount of interest accrued and remaining unpaid at the end of accounting year 4.55 0.04
The amount of interest paid by the buyer in terms of section 16 of MSMED Act along - -
with the amount of the payment made to the supplier beyond the appointed day
during the year
The amount of interest due and payable for the period (where the principal has been - -
paid but interest under the MSMED Act, 2006 not paid);
The amount of further interest due and payable even in the succeeding year, until such - -
date when the interest dues as above are actually paid to the small enterprise, for the
purpose of disallowance as a deductible expenditure under section 23.
Note: 31 Provisions
As At As At
Particulars
March 31, 2023 March 31, 2022
Provision for employee benefits:
Provision for gratuity (Funded) (refer note 45) 9.61 5.56
Provision for leave encashnment (unfunded) 4.15 -
Total 13.76 5.56
(c) Reconciling the amount of revenue recognised in the statement of profit and loss with the contracted price
For the Year For the Year
Particulars ended ended
March 31, 2023 March 31, 2022
Revenue as per contract price 25,146.59 19,772.07
Less: Adjustment
- Discounts 77.59 21.22
Net revenue from contract with customers 25,069.00 19,750.85
Note: 36 Changes in inventories of finished goods, work in progress, stock in trade and unusable wastage
For the Year For the Year
Particulars ended ended
March 31, 2023 March 31, 2022
Inventories at the beginning of the year :
Finished goods 790.85 506.77
Work-in-progress 1,427.46 426.28
Stock-in-trade 31.79 18.18
Unusable Wastage 15.84 24.80
2,265.94 976.03
Inventories at the end of the year :
Finished goods 1,264.59 790.85
Work-in-progress 1,736.01 1,427.46
Stock-in-trade 34.91 31.79
Unusable Wastage 15.34 15.84
3,050.85 2,265.94
Net (784.91) (1,289.91)
As at As at
Particulars
March 31, 2023 March 31, 2022
Provident fund 76.50 58.54
Total expenses arising from Employee Stock Option Scheme (ESOP) recognised in statement of profit or loss as part of Employee Stock
Option Scheme Compensation were as follows:
As at As at
Particulars
March 31, 2023 March 31, 2022
RPPL-ESOP-2022 1.14 -
Total Employee Stock Option Scheme Compensation 1.14 -
Note: 47 Leases
(a) Asset given under operating lease
The Company has recovered Godown Rent from the Customers. Details of rental income recognized during the year in respect of this
is given below:
As at As at
Particulars
March 31, 2023 March 31, 2022
Rent income recognized during the year 73.86 22.50
(i) The Company has taken Flat / Factory Premises on leave and license basis which are generally cancellable and for the period 1
year to 15 years. Details of rental expense recognized during the year in respect of this lease is given below:
As at As at
Particulars
March 31, 2023 March 31, 2022
Carrying value of right of use assets at the end of the reporting period (Refer 1,344.73 1,169.29
Note 5)
(vi)
As at As at
Particulars
March 31, 2023 March 31, 2022
Rent expense recognized during the year (Low value or short term leases) 45.19 50.49
1. The Quarterly statements were prepared and filed before the completion of all financial statement closure activities
including IND AS related adjustment/reclassification, as applicable, which led to certain differences between the final
books of accounts and the quarterly statements which were based on provisional books of accounts. Further there are
certain items which are included/excluded erroneously/inadvertently in quarterly statements filed with the bank.
Note: 50 The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits
received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the
Code will come into effect has not been notified and the final rules/ interpretation have not yet been issued. The Company will assess
the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
Reason for change more than 25% % change from 31 March 2022 to % change from 31 March 2021 to
31 March 2023 31 March 2022
(a) Current ratio NA NA
(b) Debt Equity Ratio Increase in Borrowings for Capex and Increase in Borrowings for Capex and
Working capital requirement. Working capital requirement.
(c) Debt Service coverage ratio NA NA
(d) Return on Equity (%) NA NA
(e) Inventory Turnover ratio Reduction in Inventory holding period NA
(f ) Trade receivable Turnover ratio NA Better collection from Debtors
(g) Trade payable Turnover ratio NA Increase due to payment of accumlated
vendor balances.
(h) Net capital turnover ratio Improvenment in working capital cycle. NA
(i) Net profit (%) NA Decrease due to increase in prices of Raw
Material.
(j) EBITDA NA NA
(k) Return on capital employed NA NA
Notes:-
EBIT - Earnings before interest and taxes.
EBITDA - Earnings before interest, taxes, depreciation and amortization.
PAT - Profit after taxes
The above ratios have been computed on the basis of the Financial Information.
B Financial liabilities
(i) Borrowings - Non-current 2,026.24 - 1,246.53 -
(ii) Lease Liabilities - Non-current 1,163.03 - 1,087.86 -
(iii) Other financial liabilities - non-current 4.72 - 4.37 -
(iv) Borrowings - Current 5,367.86 - 2,591.57 -
(v) Lease Liabilities - current 256.18 - 94.54 -
(vi) Trade payables 2,118.20 - 1,626.59 -
(vii) Other financial liabilities - current 148.34 - 138.16 -
Total financial liabilities 11,084.57 - 6,789.62 -
Note:
* (i) 'Investments - Non-current - is classified in Level 1 of Fair Value Hierarchy
Significant Accounting Policies and Notes Forming Part of the Consolidated Financial Statements 1-55
As per our report of even date attached For and on behalf of the Board of Directors
For M S K A & Associates Rajshree Polypack Limited
Chartered Accountants CIN : L25209MH2011PLC223089
Firm Registration No.: 105047W
Ramswaroop Thard Naresh Thard
Siddharth lyer Chairman & MD Jt. Managing Director
Partner DIN : 02835505 DIN : 03581790
Membership No. 116084
Mitali Shah Sunil Sharma
Company Secretary & Chief Financial Officer
Compliance Officer
Place: Daman Place: Daman
Date : May 15, 2023 Date : May 15, 2023
Significant Accounting Policies and Notes Forming Part of the Consolidated Financial Statements 1-55
As per our report of even date attached For and on behalf of the Board of Directors
For M S K A & Associates Rajshree Polypack Limited
Chartered Accountants CIN : L25209MH2011PLC223089
Firm Registration No.: 105047W
Ramswaroop Thard Naresh Thard
Siddharth lyer Chairman & MD Jt. Managing Director
Partner DIN : 02835505 DIN : 03581790
Membership No. 116084
Mitali Shah Sunil Sharma
Company Secretary & Chief Financial Officer
Compliance Officer
maintenance are charged to Statement of Profit and Loss GAAP and use that carrying value as the deemed cost of the
during the year in which they are incurred. intangible assets.
Advances paid towards the acquisition of property, plant The Company amortized intangible assets over their
and equipment outstanding at each balance sheet date estimated useful lives using the straight line method. The
is classified as capital advances under other non-current estimated useful lives of intangible assets are as follows:
assets and the cost of assets not put to use before such date Intangible assets
are disclosed under ‘Capital work-in-progress’. SAP Software 6 years
Transition to Ind AS Other Software 3 years
On transition to Ind AS, the Company has elected to Intangible assets with finite lives are assessed for impairment
continue with the carrying value of all of its property, plant whenever there is an indication that the intangible asset may
and equipment recognized as at 1 April 2020 measured be impaired. The amortization period and the amortization
as per the Indian GAAP and use that carrying value as the method for an intangible asset with a finite useful life are
deemed cost of the property, plant and equipment. reviewed at least at each financial year end.
Depreciation methods, estimated useful lives 2.4 Trade and other payables
The Company depreciates property, plant and equipment These amounts represent liabilities for goods and services
over their estimated useful lives using the straight line provided to the company prior to the end of the financial
method. The estimated useful lives of assets are as follows: year which are unpaid. The amounts are unsecured and are
Property, plant and equipment usually paid within 60 days of recognition. Trade and other
payables are presented as current liabilities unless payment
Leasehold improvement* Lease period
is not due within 12 months after the reporting period.
Buildings 30 Years
Leasehold Property 16 Years 2.5 Foreign Currency Transactions
Plant and Machinery 15 Years (a) Functional and presentation currency
Moulds & Dies 15 Years Items included in the financial statements are
Electric Installation 10 Years measured using the currency of the primary economic
Computers 3 Years environment in which the entity operates (‘the
Fire Extinguishers 15 Years functional currency’). The financial statements are
presented in Indian rupee (INR), which is the Company’s
Furniture & Fixtures 10 Years
functional and presentation currency.
Office & IT Equipments 5 Years
Vehicles - Motor Car 8 Years (b) Transactions and balances
Vehicles - Motor Bike 10 Years "On initial recognition, all foreign currency transactions
are recorded by applying to the foreign currency
* Leasehold improvements are amortized over the lease
amount the exchange rate between the functional
period, which corresponds with the useful lives of the assets.
currency and the foreign currency at the date of the
Depreciation on addition to property plant and equipment transaction. Gains/Losses arising out of fluctuation in
is provided on pro-rata basis from the date of acquisition. foreign exchange rate between the transaction date
Depreciation on sale/deduction from property plant and and settlement date are recognised in the Statement of
equipment is provided up to the date preceding the date Profit and Loss.
of sale, deduction as the case may be. Gains and losses
All monetary assets and liabilities in foreign currencies
on disposals are determined by comparing proceeds with
are restated at the year end at the exchange rate
carrying amount. These are included in Statement of Profit
prevailing at the year end and the exchange differences
and Loss under 'Other Income'.
are recognised in the Statement of Profit and Loss.
Depreciation methods, useful lives and residual values
Non-monetary items that are measured in terms of
are reviewed periodically at each financial year end and
historical cost in a foreign currency are translated using
adjusted prospectively, as appropriate.
the exchange rates at the dates of the initial transactions.
2.3 Other Intangible Assets Non-monetary items measured at fair value in a foreign
currency are translated using the exchange rates at the
Intangible assets are stated at acquisition cost, net of date when the fair value is determined. The gain or loss
accumulated amortization. arising on translation of non-monetary items measured
at fair value is treated in line with the recognition of
Transition to Ind AS
the gain or loss on the change in fair value of the item
On transition to Ind AS, the Company has elected to (i.e., translation differences on items whose fair value
continue with the carrying value of all of its intangible assets gain or loss is recognised in OCI or profit or loss are also
recognised as at 1 April 2020 measured as per the Indian recognised in OCI or profit or loss, respectively).
2.6 Fair value measurement obtained from them are transferred to the customer and
there are no unbilled obligations. Revenue is recognised
The Company measures financial instruments, such as,
using the following five step model specified in Ind AS
derivatives at fair value at each balance sheet date.
115:
Fair value is the price that would be received to sell an
Step 1 : Identify contracts with customers
asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The Step 2 : Identify performance obligations contained in
fair value measurement is based on the presumption that the contract Step
the transaction to sell the asset or transfer the liability takes
place either: Step 3 : Determine the transaction price
● In the principal market for the asset or liability, or Step 4 : Allocate the transaction price to the
performance obligation
● In the absence of a principal market, in the most
advantageous market for the asset or liability accessible Step 5 : Recognise revenue when a performance
to the Company." obligation is satisfied.
The principal or the most advantageous market must be The performance obligations arising from sale of
accessible by the Company. products with the Company’s customers are satisfied
at a point in time. Payment terms are generally agreed
The fair value of an asset or a liability is measured using upon individually with customers. Sales of products are
the assumptions that market participants would use recognised when control of the products has transferred
when pricing the asset or liability, assuming that market based on the agreed terms. Revenue is net of sales
participants act in their economic best interest. returns and allowances, discounts, volume rebates and
The Company uses valuation techniques that are any taxes or duties collected on behalf of government
appropriate in the circumstances and for which sufficient such as goods and service tax, etc
data are available to measure fair value, maximizing the In determining the transaction price for the sale
use of relevant observable inputs and minimizing the use of goods, the Company considers the effects of
of unobservable inputs. The Company's management variable consideration, the existence of significant
determines the policies and procedures for fair value financing components, non-cash consideration, and
measurement such as derivative instrument. consideration payable to the customer (if any).
All assets and liabilities for which fair value is measured Sales Return:
or disclosed in the financial statements are categorized
within the fair value hierarchy, described as follows, based The Company accounts for sales returns accrual by
on the lowest level input that is significant to the fair value recording an allowance for sales returns concurrent
measurement as a whole: with the recognition of revenue at the time of a product
sale. This allowance is based on the Company’s estimate
● Level 1 — Quoted (unadjusted) market prices in active
of expected sales returns.
markets for identical assets or liabilities
B. Sale of Service
● Level 2 — Valuation techniques for which the
lowest level input that is significant to the fair value Revenues from services are recognised as and when
measurement is directly or indirectly observable services are rendered and on the basis of contractual
terms with the parties. The performance obligation in
● Level 3 — Valuation techniques for which the
respect of professional services is satisfied over a period
lowest level input that is significant to the fair value
of time and acceptance of the customer.
measurement is unobservable
C. Contract balances
2.7 Revenue Recognition
Contract Asset
The Company manufactures and trades and sells a range of
plastic packaging products. Revenue from contracts with A contract asset is the right to consideration in exchange
customers involving sale of these products is recognized for goods or services transferred to the customer. If the
at a point in time when control of the product has been Company performs by transferring goods or services to
transferred, and there are no unfulfilled obligation that a customer before the customer pays consideration or
could affect the customer's acceptance of the products. before payment is due, a contract asset is recognised for
the earned consideration that is conditional.
The Company has objective evidence that all criterion for
acceptance has been satisfied. Contract Liability
A. Sale of Goods A contract liability is the Company’s obligation to
transfer goods or services to a customer, for which
According to Ind AS 115, revenue is recognised at the
the Company has already received consideration from
amount of consideration the Company expects to
customers. If a customer pays consideration before the
receive in exchange for the goods or services when
Company transfers goods or services to the customer,
control of the goods or services and the benefits
a contract liability is recognised when the payment Deferred income tax is also not accounted for if it
is made or the payment is due (whichever is earlier). arises from initial recognition of an asset or liability in
Contract liabilities are recognised as revenue when the a transaction other than a business combination that at
Company performs under the contract. the time of the transaction affects neither accounting
profit nor taxable profit (tax loss). Deferred income tax
Trade Receivable
is determined using tax rates (and laws) that have been
A trade receivable is recognised if an amount of enacted or substantially enacted by the end of the year
consideration that is unconditional (i.e., only the and are expected to apply when the related deferred
passage of time is required before payment of the income tax asset is realised or the deferred income tax
consideration is due). liability is settled.
D. Other Operating Revenue Deferred tax assets are recognised for all deductible
temporary differences and unused tax losses only if it is
a. Export incentives probable that future taxable amounts will be available
Income from export incentives arising from duty to utilize those temporary differences and losses.
drawback scheme, merchandise export incentive Management periodically evaluates positions taken in
scheme are recognised on export of goods if the tax returns with respect to situations in which applicable
entitlements can be estimated with reasonable tax regulation is subject to interpretation. It establishes
assurance and conditions precedent to claim are provisions where appropriate on the basis of amounts
fulfilled. expected to be paid to the tax authorities
b. Dividend & Interest Income Deferred tax assets and liabilities are offset when there
Dividend income is recognised when the Company’s is a legally enforceable right to offset current tax assets
right to receive the payment is established by the and liabilities and when the deferred tax balances relate
reporting date. to the same taxation authority. Current tax assets and
tax liabilities are offset where the entity has a legally
Interest income is recognised using the effective enforceable right to offset and intends either to settle
interest rate (EIR) method. Interest income is on a net basis, or to realise the asset and settle the
included in other income in the Statement of Profit liability simultaneously.
and Loss.
Current and deferred tax is recognized in Statement of
c. Rental Income Profit and Loss, except to the extent that it relates to
Rental income arising from operating leases is items recognised in other comprehensive income or
accounted for on a straight - line basis over the directly in equity. In this case, the tax is also recognised
lease terms and is included in other income in in other comprehensive income or directly in equity,
the Statement of Profit and Loss due to its non- respectively.
operating nature.
2.9 Leases
d. Other Income
The Company as a lessee
Other incomes are accounted on accrual basis
The Company’s lease asset classes primarily consist of leases
2.8 Taxes for Office Premises, Godowns, land and Buildings. The
Tax expense for the year, comprising current tax and deferred Company assesses whether a contract contains a lease, at
tax, are included in the determination of the net profit or loss inception of a contract. A contract is, or contains, a lease if the
for the year. contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration. To
(a) Current income tax assess whether a contract conveys the right to control the
Current tax assets and liabilities are measured at the use of an identified asset, the Company assesses whether:
amount expected to be recovered or paid to the (i) the contract involves the use of an identified asset (ii) the
taxation authorities. The tax rates and tax laws used Company has substantially all of the economic benefits from
to compute the amount are those that are enacted or use of the asset through the period of the lease and (iii) the
substantively enacted, at the year-end date. Current tax Company has the right to direct the use of the asset.
assets and tax liabilities are offset where the entity has a At the date of commencement of the lease, the Company
legally enforceable right to offset and intends either to recognizes a right-of-use asset (“ROU”) and a corresponding
settle on a net basis, or to realize the asset and settle the lease liability for all lease arrangements in which it is a lessee,
liability simultaneously. except for leases with a term of twelve months or less (short-
(b) Deferred tax term leases) and low value leases. For these short-term
and low value leases, the Company recognizes the lease
Deferred income tax is provided in full, using the payments as an operating expense on a straight-line basis
balance sheet approach, on temporary differences over the term of the lease.
arising between the tax bases of assets and liabilities
and their carrying amounts in financial statements.
Lease liabilities include the net present value of the following Raw materials, Components, Stores and Spares and Packing
lease payments: Material held for use in production of Inventories are not
written down below cost if the finished products in which
• fixed payments (including in-substance fixed payments),
they will be incorporated are expected to be sold at or above
less any lease incentives receivable
cost
• variable lease payment that are based on an index or a
The cost of manufactured Inventories and Work-In-Process
rate, initially measured using the index or rate as at the
is the direct cost of manufacture plus appropriate allocated
commencement date
overheads.
• amounts expected to be payable by the group under
The net realisable value is the estimated selling price in
residual value guarantees
the ordinary course of business less the estimated costs of
• the exercise price of a purchase option if the group is completion and estimated costs necessary to make the sale
reasonably certain to exercise that option, and
The comparison of cost and net realisable value is made on
• payments of penalties for terminating the lease, if the an item by item basis.
lease term reflects the group exercising that option. 2.11 Impairment of non-financial assets
Lease liability and ROU asset have been separately presented The Company assesses at each year end whether there is any
in the Balance Sheet and lease payments have been classified objective evidence that a non-financial asset or a group of
as financing cash flows. non-financial assets is impaired. If any such indication exists,
Right-of-use assets are measured at cost comprising the the Company estimates the asset's recoverable amount and
following: the amount of impairment loss.
• the amount of the initial measurement of lease liability An impairment loss is calculated as the difference between
an asset’s carrying amount and recoverable amount. Losses
• any lease payments made at or before the are recognized in Statement of Profit and Loss and reflected
commencement date less any lease incentives received in an allowance account. When the Company considers that
• any initial direct costs there are no realistic prospects of recovery of the asset, the
relevant amounts are written off. If the amount of impairment
• restoration costs. loss subsequently decreases and the decrease can be related
Right-of-use assets are generally depreciated over the shorter objectively to an event occurring after the impairment was
of the asset’s useful life and the lease term on a straight-line recognised, then the previously recognised impairment loss
basis. If the Company is reasonably certain to exercise a is reversed through Statement of Profit and Loss.
purchase option, the right-of-use asset is depreciated over The recoverable amount of an asset or cash-generating
the underlying asset’s useful life. unit (as defined below) is the greater of its value in use and
The Company as a Lessor its fair value less costs to sell. In assessing value in use, the
estimated future cash flows are discounted to their present
Leases for which the Company is a lessor is classified as a value using a pre-tax discount rate that reflects current
finance or operating lease. Whenever the terms of the lease market assessments of the time value of money and the risks
transfer substantially all the risks and rewards of ownership specific to the asset. For the purpose of impairment testing,
to the lessee, the contract is classified as a finance lease. All assets are grouped together into the smallest group of
other leases are classified as operating leases. assets that generates cash inflows from continuing use that
2.10 Inventories are largely independent of the cash inflows of other assets or
groups of assets (the “cash-generating unit”)."
Inventories are valued at lower of cost and net realisable
value, after providing cost of obsolescence, if any. However, 2.12 Provisions and contingent liabilities
materials and other items held for use in the production of Provisions are recognized when there is a present obligation
inventories are not written down below cost if the finished as a result of a past event, it is probable that an outflow of
products in which they will be incorporated are expected to resources embodying economic benefits will be required
be sold at or above cost. Cost is determined on the Weighted to settle the obligation and there is a reliable estimate of
Average Method. the amount of the obligation. Provisions are measured at
the best estimate of the expenditure required to settle the
Costs incurred in bringing each product to its present
present obligation at the Balance sheet date.
location and condition are accounted for as follows:
If the effect of the time value of money is material, provisions
Raw materials, packaging materials and stores and spare are discounted using a current pre-tax rate that reflects,
parts are valued at lower of cost and net realizable value. when appropriate, the risks specific to the liability. When
Cost includes purchase price, (excluding those subsequently discounting is used, the increase in the provision due to the
recoverable by the enterprise from the concerned revenue passage of time is recognized as a finance cost.
authorities), freight inwards and other expenditure incurred
in bringing such inventories to their present location and The Company records a provision for decommissioning
condition. costs. Decommissioning costs are provided at the present
value of expected costs to settle the obligation using
estimated cash flows and are recognized as part of the cost financial assets and financial liabilities at fair value
of the particular asset. The cash flows are discounted at a through profit or loss) are added to or deducted
current pre-tax rate that reflects the risks specific to the from the fair value of the financial assets or financial
decommissioning liability. The unwinding of the discount liabilities, as appropriate, on initial recognition.
is expensed as incurred and recognized in the statement of Transaction costs directly attributable to the
profit and loss as a finance cost. The estimated future costs acquisition of financial assets or financial liabilities
of decommissioning are reviewed annually and adjusted as at fair value through profit or loss are recognised
appropriate. Changes in the estimated future costs or in the immediately in profit or loss.
discount rate applied are added to or deducted from the
cost of the asset. (ii) Subsequent measurement
If the Company has a contract that is onerous, the present For purposes of subsequent measurement, financial
obligation under the contract is recognised and measured assets are classified in following categories:
as a provision. However, before a separate provision for an a) at amortized cost; or
onerous contract is established, the Company recognises b) at fair value through other comprehensive
any impairment loss that has occurred on assets dedicated income; or
to that contract. c) at fair value through profit or loss.
An onerous contract is a contract under which the The classification depends on the entity’s business
unavoidable costs (i.e., the costs that the Company cannot model for managing the financial assets and the
avoid because it has the contract) of meeting the obligations contractual terms of the cash flows.”
under the contract exceed the economic benefits expected
to be received under it. The unavoidable costs under Amortized cost: Assets that are held for collection
a contract reflect the least net cost of exiting from the of contractual cash flows where those cash flows
contract, which is the lower of the cost of fulfilling it and any represent solely payments of principal and interest
compensation or penalties arising from failure to fulfil it. The are measured at amortized cost. Interest income
cost of fulfilling a contract comprises the costs that relate from these financial assets is included in finance
directly to the contract (i.e., both incremental costs and an income using the effective interest rate method
allocation of costs directly related to contract activities). (EIR).
Contingent liabilities are disclosed when there is a possible Fair value through other comprehensive income
obligation arising from past events, the existence of which (FVOCI): Assets that are held for collection of
will be confirmed only by the occurrence or non-occurrence contractual cash flows and for selling the financial
of one or more uncertain future events not wholly within the assets, where the assets’ cash flows represent solely
control of the Company or a present obligation that arises payments of principal and interest, are measured
from past events where it is either not probable that an at fair value through other comprehensive income
outflow of resources will be required to settle or a reliable (FVOCI). Movements in the carrying amount are
estimate of the amount cannot be made. taken through OCI, except for the recognition
2.13 Cash and cash equivalents of impairment gains or losses, interest revenue
and foreign exchange gains and losses which
Cash and cash equivalent in the balance sheet comprise cash are recognized in Statement of Profit and Loss.
at banks, cash on hand and short-term deposits net of bank When the financial asset is derecognized, the
overdraft with an original maturity of three months or less, cumulative gain or loss previously recognized in
which are subject to an insignificant risk of changes in value. OCI is reclassified from equity to Statement of
For the purposes of the cash flow statement, cash and cash Profit and Loss and recognized in other gains/
equivalents include cash on hand, cash in banks and short- (losses). Interest income from these financial assets
term deposits net of bank overdraft. is included in other income using the effective
interest rate method.
2.14 Financial instruments
Fair value through profit or loss (FVTPL): Assets
A financial instrument is any contract that gives rise to a that do not meet the criteria for amortized cost or
financial asset of one entity and a financial liability or equity FVOCI are measured at fair value through profit or
instrument of another entity. loss. Interest income from these financial assets is
(a) Financial assets included in other income.
(i) Initial recognition and measurement Equity instruments: All equity investments in
scope of Ind AS 109 are measured at fair value.
A financial instrument is any contract that gives Equity instruments which are held for trading
rise to a financial asset of one entity and a financial and contingent consideration recognised by
liability or equity instrument of another entity. an acquirer in a business combination to which
Financial assets and financial liabilities are initially Ind AS103 applies are classified as at FVTPL. For
measured at fair value. Transaction costs that are all other equity instruments, the Company may
directly attributable to the acquisition or issue of make an irrevocable election to present in other
financial assets and financial liabilities (other than comprehensive income subsequent changes in the
fair value. The Company makes such election on an income/expense in the statement of profit and loss.
instrument- by-instrument basis. The classification In balance sheet ECL for financial assets measured
is made on initial recognition and is irrevocable. at amortized cost is presented as an allowance, i.e.
as an integral part of the measurement of those
If the Company decides to classify an equity assets in the balance sheet. The allowance reduces
instrument as at FVTOCI, then all fair value the net carrying amount. Until the asset meets
changes on the instrument, excluding dividends, write off criteria, the Company does not reduce
are recognized in the OCI. There is no recycling impairment allowance from the gross carrying
of the amounts from OCI to P&L, even on sale of amount.
investment. However, the Company may transfer
the cumulative gain or loss within equity. (iv) Derecognition of financial assets
Equity instruments included within the FVTPL A financial asset is derecognized only when
category are measured at fair value with all changes a) the rights to receive cash flows from the financial
recognized in the profit and loss. asset is transferred or
b) retains the contractual rights to receive the
(iii) Impairment of financial assets cash flows of the financial asset, but assumes a
In accordance with Ind AS 109, Financial contractual obligation to pay the cash flows to
Instruments, the Company applies expected credit one or more recipients.
loss (ECL) model for measurement and recognition Where the financial asset is transferred then in
of impairment loss on financial assets that are that case financial asset is derecognized only if
measured at amortized cost and FVOCI. substantially all risks and rewards of ownership of
For recognition of impairment loss on financial the financial asset is transferred. Where the entity
assets and risk exposure, the Company determines has not transferred substantially all risks and
that whether there has been a significant increase rewards of ownership of the financial asset, the
in the credit risk since initial recognition. If credit financial asset is not derecognized.
risk has not increased significantly, 12-month ECL (b) Financial liabilities
is used to provide for impairment loss. However, if
credit risk has increased significantly, lifetime ECL (i) Initial recognition and measurement
is used. If in subsequent years, credit quality of the Financial liabilities are classified, at initial
instrument improves such that there is no longer recognition, as financial liabilities at fair value
a significant increase in credit risk since initial through profit or loss and at amortized cost, as
recognition, then the entity reverts to recognizing appropriate.
impairment loss allowance based on 12 months
ECL. All financial liabilities are recognized initially at fair
value and, in the case of borrowings and payables,
Life time ECLs are the expected credit losses net of directly attributable transaction costs.
resulting from all possible default events over
the expected life of a financial instrument. The 12 (ii) Subsequent measurement
months ECL is a portion of the lifetime ECL which
The measurement of financial liabilities depends
results from default events that are possible within
on their classification, as described below:
12 months after the year end.
Financial liabilities at fair value through profit or
ECL is the difference between all contractual cash
loss
flows that are due to the Company in accordance
with the contract and all the cash flows that Financial liabilities at fair value through profit or
the entity expects to receive (i.e. all shortfalls), loss include financial liabilities held for trading
discounted at the original EIR. When estimating and financial liabilities designated upon initial
the cash flows, an entity is required to consider recognition as at fair value through profit or loss.
all contractual terms of the financial instrument Separated embedded derivatives are also classified
(including prepayment, extension etc.) over the as held for trading unless they are designated as
expected life of the financial instrument. However, effective hedging instruments. Gains or losses on
in rare cases when the expected life of the financial liabilities held for trading are recognized in the
instrument cannot be estimated reliably, then the Statement of Profit and Loss.
entity is required to use the remaining contractual
term of the financial instrument. Borrowings
In general, it is presumed that credit risk has After initial recognition, interest-bearing loans
significantly increased since initial recognition if and borrowings are subsequently measured
the payment is more than 30 days past due. at amortized cost using the EIR method. Gains
and losses are recognized in Statement of Profit
ECL impairment loss allowance (or reversal) and Loss when the liabilities are derecognized
recognized during the year is recognized as as well as through the EIR amortization process.
Amortized cost is calculated by taking into account retirement, death, incapacitation or termination
any discount or premium on acquisition and fees of employment, of an amount based on the
or costs that are an integral part of the EIR. The EIR respective employee's salary. The Company's
amortization is included as finance costs in the liability is actuarially determined (using the
Statement of Profit and Loss. Projected Unit Credit method) at the end of each
year. Actuarial losses/gains are recognized in the
(iii) Derecognition
other comprehensive income in the year in which
A financial liability is derecognized when the they arise.
obligation under the liability is discharged or
Compensated Absences: Accumulated
cancelled or expires. When an existing financial
compensated absences, which are expected to
liability is replaced by another from the same
be availed within 12 months from the end of the
lender on substantially different terms, or the terms
year are treated as short term employee benefits.
of an existing liability are substantially modified,
The obligation towards the same is measured at
such an exchange or modification is treated as
the expected cost of accumulating compensated
the derecognition of the original liability and the
absences as the additional amount expected to be
recognition of a new liability. The difference in the
paid as a result of the unused entitlement as at the
respective carrying amounts is recognized in the
year end.
Statement of Profit and Loss as finance costs.
Accumulated compensated absences, which are
(c) Offsetting financial instruments expected to be availed beyond 12 months from
Financial assets and liabilities are offset and the net amount the end of the year end are treated as other long
is reported in the balance sheet where there is a legally term employee benefits. The Company's liability is
enforceable right to offset the recognized amounts and actuarially determined (using the Projected Unit
there is an intention to settle on a net basis or realize the Credit method) at the end of each year. Actuarial
asset and settle the liability simultaneously. The legally losses/gains are recognized in the statement of
enforceable right must not be contingent on future events profit and loss in the year in which they arise.
and must be enforceable in the normal course of business Leaves under define benefit plans can’t be
and in the event of default, insolvency or bankruptcy of the encashed.
Company or the counterparty.
(c) Share-based payments
2.15 Employee Benefits
Employees (including senior executives) of the
(a) Short-term obligations Company receive remuneration in the form of share-
Liabilities for wages and salaries, including non- based payments, whereby employees render services
monetary benefits that are expected to be settled as consideration for equity instruments (equity-settled
wholly within 12 months after the end of the year in transactions). The cost of equity-settled transactions is
which the employees render the related service are determined by the fair value at the date when the grant
recognized in respect of employees’ services up to is made using an appropriate valuation model.
the end of the year and are measured at the amounts That cost is recognised, together with a corresponding
expected to be paid when the liabilities are settled. The increase in share-based payment (SBP) reserves in
liabilities are presented as current employee benefit equity, over the period in which the performance and/
obligations in the balance sheet. or service conditions are fulfilled in employee benefits
expense. The cumulative expense recognised for
(b) Other long-term employee benefit obligations
equity-settled transactions at each reporting date until
(i) Defined contribution plan the vesting date reflects the extent to which the vesting
period has expired and the Companies' best estimate of
Provident Fund: Contribution towards provident the number of equity instruments that will ultimately
fund is made to the regulatory authorities, where vest. The statement of profit and loss expense or credit
the Company has no further obligations. Such for a period represents the movement in cumulative
benefits are classified as Defined Contribution expense recognised as at the beginning and end of that
Schemes as the Company does not carry any period and is recognised in employee benefits expense.
further obligations, apart from the contributions
made on a monthly basis which are charged to the No expense is recognised for awards that do not
Statement of Profit and Loss. ultimately vest because non-market performance
and/or service conditions have not been met. Where
(ii) Defined benefit plans awards include a market or non-vesting condition,
the transactions are treated as vested irrespective
Gratuity: The Company provides for gratuity, a of whether the market or non-vesting condition is
defined benefit plan (the 'Gratuity Plan") covering satisfied, provided that all other performance and/or
eligible employees in accordance with the Payment service conditions are satisfied.
of Gratuity Act, 1972. The Gratuity Plan provides
a lump sum payment to vested employees at
The dilutive effect of outstanding options is reflected as The primary reporting of the Company has been
additional share dilution in the computation of diluted performed on the basis of business segments. Based on the
earnings per share. “management approach” as defined in Ind AS 108, the Chief
Operating Decision Maker (CODM) evaluates the Company’s
2.16 Provision for Dividend
performance and allocates resources to manufacture of
Provision is made for the amount of any dividend declared, “Thermoformed Packaging Products” only hence it has been
being appropriately authorised and no longer at the considered as the only reportable business segment and
discretion of the entity, on or before the end of the reporting hence no separate financial disclosures provided in respect
period but not distributed at the end of the reporting period. of its single business segment.
A corresponding amount is recognised directly in equity.
2.20 Statement of Cash Flows
2.17 Government grants
Cash flows are reported using the indirect method, where by
Government grants are recognised where there is net profit before tax is adjusted for the effects of transactions
reasonable assurance that the grant will be received and all of a non-cash nature, any deferrals or accruals of past or
attached conditions will be complied with. When the grant future operating cash receipts or payments and item of
or subsidy relates to revenue, it is recognized as income on income or expenses associated with investing or financing
a systematic basis in the statement of profit and loss over cash flows. The cash flows from operating, investing and
the periods necessary to match them with the related costs, financing activities are segregated.
which they are intended to compensate. Where the grant
relates to an asset, it is recognized as deferred income and 2.21 Earnings Per Share
is allocated to statement of profit and loss over the periods
and in the proportions in which depreciation on those assets “Basic earnings per share is calculated by dividing the
is charged. net profit or loss for the year attributable to equity
shareholders by the weighted average number of equity
2.18 Borrowing cost shares outstanding during the year. Earnings considered
Borrowing costs that are directly attributable to the in ascertaining the Company’s earnings per share is the
acquisition, construction or production of a qualifying net profit or loss for the year after deducting preference
asset are capitalized as part of the cost of the respective dividends and any attributable tax thereto for the year. The
asset till such time the asset is ready for its intended use or weighted average number of equity shares outstanding
sale. A qualifying asset is an asset which necessarily takes a during the year and for all the years presented is adjusted
substantial period of time to get ready for its intended use for events, such as bonus shares, other than the conversion
or sale. Ancillary cost of borrowings in respect of loans not of potential equity shares, that have changed the number of
disbursed are carried forward and accounted as borrowing equity shares outstanding, without a corresponding change
cost in the year of disbursement of loan. All other borrowing in resources.
costs are expensed in the period in which they occur.
Borrowing costs consist of interest expenses calculated as For the purpose of calculating diluted earnings per share,
per effective interest method, exchange difference arising the net profit or loss for the year attributable to equity
from foreign currency borrowings to the extent they are shareholders and the weighted average number of shares
treated as an adjustment to the borrowing cost and other outstanding during the year is adjusted for the effects of all
costs that an entity incurs in connection with the borrowing dilutive potential equity shares."
of funds.
2.22 Rounding off amounts
2.19 Segment reporting
All amounts disclosed in financial statements and notes
Ind AS 108 establishes standards, for the way that business have been rounded off to the nearest thousands as per
enterprises report information about operating segments requirement of Schedule III of the Act, unless otherwise
and related disclosures about products, services and stated.
geographic areas, and major customers.
Disposal / Adjustment - - - - 31.73 8.41 2.76 3.58 - 0.25 1.61 2.96 51.30
As at March 31, 2023 - 71.77 77.09 8.35 2,284.06 242.76 38.73 22.03 1.35 46.08 21.35 47.12 2,860.69
Net carrying amount 69.48 496.11 584.65 97.61 7,959.18 1,504.29 140.82 19.23 3.89 109.31 41.97 99.20 11,125.74
Gross carrying Amount
Cost as at April 01, 2021 69.48 567.88 644.25 - 6,694.16 777.94 39.93 25.94 3.67 69.02 25.30 104.89 9,022.46
Additions - - 6.24 78.75 1,206.25 405.72 140.04 12.53 1.57 60.08 20.17 - 1,931.35
Disposal / Adjustment - - - - - - - - - - - - -
As at March 31, 2022 69.48 567.88 650.49 78.75 7,900.41 1,183.66 179.97 38.47 5.24 129.10 45.47 104.89 10,953.81
Accumulated Depreciation
As at April 01, 2021 - 24.89 3.07 - 570.37 65.65 9.58 8.35 0.39 12.40 6.89 15.19 716.78
Depreciation charge for - 23.80 35.77 0.41 811.87 79.64 9.08 7.24 0.42 13.76 6.15 15.67 1,003.81
the year
Disposal / Adjustment - - - - - - - - - - - - -
As at March 31, 2022 - 48.69 38.84 0.41 1,382.24 145.29 18.66 15.59 0.81 26.16 13.04 30.86 1,720.59
Net carrying amount 69.48 519.19 611.65 78.34 6,518.17 1,038.37 161.31 22.88 4.43 102.94 32.43 74.03 9,233.22
Notes:
3.1 Refer Note 21 and 25 for information on Property, Plant and Equipment Pledged as Security by the Company.
RAJSHREE POLYPACK LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2023
(` in Lakhs)
Note: 4 Capital Work in Progress and Intangible Assets under Development
Intangible
Capital Work in
Particulars Assets under
Progress
Development
Cost as at April 01, 2022 173.31 -
Additions 2,211.50 -
Capitalised during the year 2,384.81 -
As at March 31, 2023 - -
Cost as at April 01, 2021 150.69 83.92
Additions 1,707.36 41.09
Capitalised during the year 1,684.74 125.01
As at March 31, 2022 173.31 -
Capital work-in-progress ageing schedule
As at As at
Particulars
March 31, 2023 March 31, 2022
Less than 1 year - 173.31
1-2 years - -
2-3 years - -
More than 3 years - -
Total - 173.31
Note: 4.1 The Capital work in progress are related to Projects which are in Progress. No Projects are suspended
Note: 4.2 No Projects have exceeded their original timelines or original budget.
Note: 5 Right of Use Assets
Office
Particulars Building Land Godown Amount
Premises
Gross carrying Amount
Cost as at April 01, 2022 97.75 867.52 274.53 71.17 1,310.97
Additions 188.22 - - 173.52 361.74
Disposal / Adjustment - - - 37.25 37.25
As at March 31, 2023 285.97 867.52 274.53 207.44 1,635.46
Accumulated Depreciation
As at April 01, 2022 74.71 10.55 22.51 33.91 141.68
Amortization charge for the year 46.12 88.59 19.75 24.54 179.00
Disposal / Adjustment - - - 29.95 29.95
As at March 31, 2023 120.83 99.14 42.26 28.50 290.73
Net carrying amount 165.14 768.38 232.27 178.94 1,344.73
Gross carrying Amount
Cost as at April 01, 2021 97.75 14.75 274.53 71.17 458.20
Additions - 873.96 - - 873.96
Disposal / Adjustment - 21.19 - - 21.19
As at March 31, 2022 97.75 867.52 274.53 71.17 1,310.97
Accumulated Depreciation
As at April 01, 2021 40.25 0.74 2.76 10.35 54.10
Amortization charge for the year 34.46 9.81 19.75 23.56 87.58
Disposal / Adjustment - - - - -
As at March 31, 2022 74.71 10.55 22.51 33.91 141.68
Net carrying amount 23.04 856.97 252.02 37.26 1,169.29
As At As At
Particulars
March 31, 2023 March 31, 2022
Aggregate market value of quoted investments 20.27 18.41
Aggregate book value of quoted investments 20.27 18.41
Note: 8 Loans - Non Current
As At As At
Particulars
March 31, 2023 March 31, 2022
(Unsecured, considered good, unless stated otherwise)
Inter corporate Loan to Joint Venture (Olive Ecopak private limited) (Refer Note No 42) 731.11 -
Total 731.11 -
The company has not granted any loan or advance in nature of loan to promoter, directors and KMP either severally or jointly with any
other person.
Represent Inter corporate loan given to Olive Ecopack private limited includes accured interest `31.11 lakhs/- (March 31, 2022 ` Nil)
Based on the signed Loan agreements & term sheet. The company advanced the unsecured loan of `700 lakhs/- to Olive Ecopak
private limited which is interest bearing.
Note: 9 Other Financial Assets - Non Current
As At As At
Particulars
March 31, 2023 March 31, 2022
(Unsecured, considered good, unless stated otherwise)
Security deposits 138.43 130.25
Bank deposits with more than 12 months maturity* - 6.82
Total 138.43 137.07
* Above bank deposits are held as margin money/ securities with bank.
Note: 10 Other Non Current Assets
As At As At
Particulars
March 31, 2023 March 31, 2022
(Unsecured, considered good, unless stated otherwise)
Balance with government authorities 34.38 34.38
Capital Advances 169.68 365.22
Total 204.06 399.60
Note: 12.2 Movement in the Provision for doubtful debts pertaining to trade receivables are as follows:
As At As At
Particulars
March 31, 2023 March 31, 2022
Balance at the beginning of the year 177.48 201.55
Add: Provided/(Reversal) during the year 96.64 46.54
Less: Amount Written off - 70.61
Balance at the end of the year 274.12 177.48
Refer Note - 21 and 25 for information on trade receivables pledged as security by the Company.
Note: 13 Cash and cash equivalents
As At As At
Particulars
March 31, 2023 March 31, 2022
Cash on hand 8.40 7.65
Balances with banks in current accounts 436.99 18.06
Fixed Deposit (With maturity of 3 months or less from reporting date) 422.92 66.17
Total 868.31 91.88
(Refer Note No 14.1)
As At As At
Particulars
March 31, 2023 March 31, 2022
Outstanding at the beginning of the year 11,234,000 11,234,000
Add: Issued during the year 215,000 -
Outstanding at the end of the year 11,449,000 11,234,000
Note: 19.3 Details of shareholders holding more than 5 % shares
As At As At
Particulars Details March 31, 2023 March 31, 2022
Number of Shares 1,965,513 2,226,084
Wifag Polytype Holding AG
% of Holding 17.17% 19.82%
Number of Shares 866,307 9,87,939
Abakkus Growth Fund - 1
% of Holding 7.57% 8.79%
Number of Shares 2,172,858 2,102,858
Ramswaroop Radheshyam Thard
% of Holding 18.98% 18.72%
Number of Shares 1,725,132 1,725,132
Sajjankumar N. Rungta HUF
% of Holding 15.07% 15.36%
Number of Shares 1,805,788 1,735,788
Naresh Radheshyam Thard
% of Holding 15.77% 15.45%
Note: 19.4 Details of Promoter Shareholding in the Company
As At As At
Name of the promoter Details
March 31, 2023 March 31, 2022
Number of Shares 2,172,858 2,102,858
Ramswaroop Radheshyam Thard % of Holding 18.98% 18.72%
% change 0.26% 0.07%
Number of Shares 1,805,788 1,735,788
Naresh Radheshyam Thard % of Holding 15.77% 15.45%
% change 0.32% 0.07%
Number of Shares 1,725,132 1,725,132
Sajjan N Rungta Huf % of Holding 15.07% 15.36%
% change -0.29% 0.00%
Number of Shares 189,513 1,89,513
Anand Sajjankumar Rungta % of Holding 1.66% 1.69%
% change -0.03% 0.00%
Number of Shares 57,498 57,498
Shashi Ramswaroop Thard % of Holding 0.50% 0.51%
% change -0.01% 0.00%
Number of Shares 57,498 57,498
Varsha Naresh Thard % of Holding 0.50% 0.51%
% change -0.01% 0.00%
53.17
Note: 19.6 No Class of shares has been bought back by the Company during the period of five years immediately preceeding the
current year end.
Note: 20 Other Equity
As At As At
Particulars
March 31, 2023 March 31, 2022
Securities Premium Reserve
Opening Balance 4,578.21 4,578.21
Add : Premium on shares issued during the period 393.46 -
Closing Balance 4,971.67 4,578.21
Retained Earnings
Opening Balance 5,873.27 5,030.52
Add : Net Profit for the year 1,065.97 957.14
Add : Other Comprehensive Income for the year (Remeasurement of Net Defined 7.22 (2.04)
Benefit plans)
Less : Dividend Paid (57.26) (112.35)
Closing Balance 6,889.20 5,873.27
Employee Share Options
Opening Employee Share options outstanding - -
Deferred employee compenstation expenses (Refer Note No 46) 1.14 -
Closing Employee Share options outstanding 1.14 -
Total 11,862.01 10,451.48
Nature and Purpose of Reserves
(a) Securities Premium Reserve
Securities premium is used to record the premium received on issue of shares. The reserve is utilised in accordance with the
provisions of the Companies Act, 2013.
(b) Retained earnings
Retained earnings represent the accumulated earnings net of losses if any made by the Company over the years as reduced by
dividends or other distributions paid to the shareholders and includes other comprehensive income.
(c) Employee Share Options
The company has established equity - settled share based payment plan for certain categories of employees of the company.
The balance is employee share options account represent the expenses recorded pursuant to the aforsaid schemes for which the
options are not yet vested or excerised (Refer Note No 46).
and carries interest rate @ 9.25%. The loan is repayable in 36 (Thirty Six) monthly instalments commencing from February 2022
with 12 months Moratorium period. The loan is covered by 100% guarantee from NCGTC (National Credit Guarantee Trustee
Company Ltd (Ministry of Finance, Government of India). Further, the loan has been guaranteed by the personal guarantee of
directors.
b) Term loan from bank as on 31st March, 2023 amounting to `66.74 lakhs/- ( 31st March 2022: `92.00 lakhs/-) was taken from HDFC
and carries interest rate @ 9.25% The loan is repayable in 36 (Thirty Six) monthly instalments commencing from May 2022
with 12 months Moratorium period. The loan is covered by 100% guarantee from NCGTC (National Credit Guarantee Trustee
Company Ltd (Ministry of Finance, Government of India). Further, the loan has been guaranteed by the personal guarantee of
directors.
c) Term loan from bank as on 31st March, 2023 amounting to `153.50 lakhs/- ( 31st March 2022: `153.50 lakhs/-) was taken from
HDFC and carries interest rate @ 9.25% The loan is repayable in 36 (Thirty six) monthly instalments commencing from February
2024 with 24 months Moratorium period. The loan is covered by 100% guarantee from NCGTC (National Credit Guarantee Trustee
Company Ltd (Ministry of Finance, Government of India). Further, the loan has been guaranteed by the personal guarantee of
directors.
d) Term loan from bank as on 31st March, 2023 amounting to `297.67 lakhs/- ( 31st March 2022: `337.25 lakhs/-) was taken from
Shamrao Vithal Co-operative Bank and carries interest rate @ 9.05%. The loan is repayable in 84 (Eighty four) monthly instalments
commencing from Dec 2021 with 6 months Moratorium period. The loan is secured by hypothecation of Current Asset, Plant &
Machinery and third party land & Building. Further, the loan has been guaranteed by the personal guarantee of directors.
e) Term loan from bank as on 31st March, 2023 amounting to `393.08 lakhs/- ( 31st March 2022: `444.23 lakhs/-) was taken from
Shamrao Vithal Co-operative Bank and carries interest rate @ 9.05%. The loan is repayable in 84 (Eighty four) monthly instalments
commencing from Jan 2022 with 6 months Moratorium period. The loan is secured by hypothecation of Current Asset, Plant &
Machinery and third party land & Building. Further, the loan has been guaranteed by the personal guarantee of directors.
f) Term loan from bank as on 31st March, 2023 amounting to `151.73 lakhs/- ( 31st March 2022: `130.03 lakhs/-) was taken from
Shamrao Vithal Co-operative Bank and carries interest rate @ 9.05%. The loan is repayable in 84 (Eighty four) monthly instalments
commencing from Jan 2022. The loan is secured by hypothecation of Current Asset, Plant & Machinery and third party land &
Building. Further, the loan has been guaranteed by the personal guarantee of directors.
g) Term loan from bank as on 31st March, 2023 amounting to `306.65 lakhs/- ( 31st March 2022: `154.58 lakhs /-) was taken from
Shamrao Vithal Co-operative Bank and carries interest rate @ 9.05%. The loan is repayable in 84 (Eighty four) monthly instalments
commencing from Aug 2022 with 6 months Moratorium period. The loan is secured by hypothecation of Current Asset, Plant &
Machinery and third party land & Building. Further, the loan has been guaranteed by the personal guarantee of directors.
h) Term loan from bank as on 31st March, 2023 amounting to `20.36 lakhs/- ( 31st March 2022: ` Nil /-) was taken from Shamrao Vithal
Co-operative Bank and carries interest rate @ 9.05%. The loan is repayable in 84 (Eighty four) monthly instalments commencing
from Jul 2022 with 6 months Moratorium period. The loan is secured by hypothecation of Current Asset, Plant & Machinery and
third party land & Building. Further, the loan has been guaranteed by the personal guarantee of directors.
hypothecation of Current Assets, Plant & Machinery and Factory land & building. The credit facility has been guaranteed by
personal guarantee of directors. The cash credit is repayable on demand and carries interest @ 9.00% as on 31st March, 2023.
b) Cash credit from IndusInd Bank as on 31st March, 2023 amounting to ` Nil /- ( 31st March 2022: `44.77/- lakhs). The loan is secured
by hypothecation of Current Assets, Plant & Machinery and Factory land & building and also Plant & Machinery and Land &
Building in the name of third party. The credit facility has been guaranteed by personal guarantee of directors. The cash credit is
repayable on demand and carries interest @ 9.20% as on 31st March, 2022.
c) Cash credit from Shamrao Vithal Co-operative Bank as on 31st March, 2023 amounting to `385.57 lakhs/- ( 31st March 2022:
`471.74 /- lakhs). The loan is secured by hypothecation of Current Assets, Plant & Machinery and Land & Building in the name of
third party. The credit facility has been guaranteed by personal guarantee of directors. The cash credit is repayable on demand
and carries interest @ 9.05% as on 31st March, 2023.
d) Cash credit from CITI Bank as on 31st March, 2023 amounting to `36.90 lakhs/- ( 31st March 2022: `749.31/- lakhs). The loan is
secured by hypothecation of Current Assets, Plant & Machinery and Factory Land & Building in the name of third party. The credit
facility has been guaranteed by personal guarantee of directors. The cash credit is repayable on demand and carries interest @
8.50% as on 31st March, 2023
e) Cash credit in form of WCDL from CITI Bank as on 31st March, 2023 amounting to `2,500.00/- lakhs ( 31st March 2022: `500
lakhs/-) is secured by hypothecation of Current Asset, Plant & Machinery and Factory Land & Building in the name of third party.
The credit facility has been guaranteed by the personal guarantee of directors. The facility is repayable on demand and carries
interest @ 8.25% as on 31st March, 2023.
Note: 26 Lease Liabilities - Current
As At As At
Particulars
March 31, 2023 March 31, 2022
Lease Liabilities (Refer note 47) 256.18 94.54
Total 256.18 94.54