ZZR:AGM:332:SHARE:07:

July 18, 2024

To: To:

BSE Limited National Stock Exchange of India Limited

Corporate Services Listing Department
Floor 25, P.J.Towers, Exchange Plaza
Dalal Street Bandra-Kurla Complex,
MUMBAI – 400 001 Bandra [East]
SCRIP CODE: BSE-500444 MUMBAI-400 051
SCRIP CODE: NSE-WSTCSTPAPR

Dear Sirs,

Sub : Notice of Annual General Meeting and Annual Report – 2023-24

Pursuant to Regulation 34 of the Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015, we enclose herewith Notice dated May 27,
2024 of 69th Annual General Meeting (AGM) of the Company to be held on August 14, 2024
at 11:30 A.M. through Video Conference (“VC”) / Other Audio-Visual Means(“OAVM”)
and copy of Annual Report 2023-24.

Please take the same on record.

Thanking you,

Yours faithfully,

For WEST COAST PAPER MILLS LTD.

Brajmohan
Digitally signed by: Brajmohan
Prasad
DN: CN = Brajmohan Prasad C =

Prasad
IN O = Personal
Date: 2024.07.18 14:58:12 +05'30'

BRAJMOHAN PRASAD
COMPANY SECRETARY
M.NO.F7492

Encl: a.a.
 WEST COAST PAPER MILLS LIMITED
Regd. Office: Bangur Nagar, Dandeli - 581 325, Uttara Kannada, Karnataka
CIN: L02101KA1955PLC001936, GSTN: 29AAACT4179N1ZO, Phone: (08284) 231391-395 (5 Lines), Fax: (08284) 231225,
E-mail: [email protected], Website: www.westcoastpaper.com
NOTICE
NOTICE is hereby given that the 69th Annual General Meeting of the Members of WEST COAST PAPER MILLS LIMITED will
be held through Video Conferencing (“VC”)/ Other Audio-Visual Means (“OAVM”) on Wednesday,14th August 2024, at 11.30
A.M. to transact the following business:
ORDINARY BUSINESS:
(1) To consider and adopt the Standalone Audited Financial Statements for the year ended 31st March, 2024 including
the Reports of the Directors and Auditors thereon.
(2) To consider and adopt the Consolidated Audited Financial Statements for the year ended 31st March, 2024 including
the Report of the Auditors thereon.
(3) To declare dividend on Equity Share for the financial year ended on 31st March 2024.
(4) To appoint a Director in place of Smt. Shashi Bangur (DIN: 00053300), who retires by rotation under the Articles of
Association of the Company and being eligible, offers herself for re-appointment.
SPECIAL BUSINESS:
(5) Appointment of Shri Umesh Kini (M.No.29159), Cost Accountant, as Cost Auditor of the Company and
ratification of remuneration for financial year 2024-25.
To consider and, if thought fit, to pass with or without modifications, the following resolution as an Ordinary
Resolution:
“RESOLVED THAT pursuant to Section 148(3) and all other applicable provisions of the Companies Act, 2013 (“the Act”)
read with the Companies (Audit and Auditors) Rules, 2014 (including any statutory modification(s) or re-enactment
thereof, for the time being in force), and pursuant to the recommendation of the Audit Committee and as approved
by the Board of Directors, the consent of the members of the Company be and is hereby accorded to the ratification
of the remuneration to Shri Umesh Kini (M.No.29159), Cost Accountant, who is re-appointed as Cost Auditor of the
Company to conduct the audit of the cost accounts records maintained by the Company, for the financial year ending
31st March 2025 and that the said Cost Auditor be paid a remuneration of Rs. 2,00,000 (Rupees Two Lakh) plus Goods
and Services Tax as applicable and reimbursement of out of pocket expenses incurred be and are hereby ratified.”
“RESOLVED FURTHER THAT the Board of Directors (including any Committee thereof) and/or the Company Secretary,
be and are hereby authorized to do all acts and take all such steps as may be necessary, proper or expedient to give
effect to this resolution.”
(6) Continuation to hold the office of Director by Shri Vinod Balmukand Agarwala (DIN: 01725158), Non-Executive
Independent Director of the Company.
To consider and, if thought fit, to pass, with or without modifications, the following resolution as Special Resolution:
“RESOLVED THAT pursuant to the Regulation 17(1A) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (“SEBI LODR Regulations”) and all applicable provisions of the Companies Act, 2013 (“the Act”)
and Rules made thereunder and on the basis of recommendation and approval of the Nomination and Remuneration
Committee in its meeting held on 23rd May, 2024 and that of the Board of Directors of the Company, in its meeting
held on 27th May, 2024, Shri Vinod Balmukand Agarwala (DIN: 01725158), who was appointed as a Non-Executive
Independent Director of the Company with effect from 26th May 2022, who will be above the age of 75 (Seventy Five)
years on 29th October, 2024, consent of the Members be and is hereby accorded for continuation of directorship of

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 Shri Vinod Balmukand Agarwala (DIN: 01725158) for the remaining period of his first term i.e. upto 25th May, 2025 on
the same terms and conditions as already approved by the Members.”
“RESOLVED FURTHER THAT the Board of Directors (including any Committee thereof) and/or the Company Secretary,
be and are hereby severally authorized to settle any question, difficulty or doubt, that may arise in giving effect to this
resolution and to do all such acts, deeds and things as may be necessary, expedient and desirable for the purpose of
giving effect to this resolution.”
(7) Re-appointment of Shri Rajendra Jain (DIN: 07250797) as an Executive Director of the Company.
To consider and, if thought fit, to pass, with or without modifications, the following resolution as Special Resolution:
“RESOLVED THAT pursuant to Section 149, 152, 196, 197 and 203 read with Schedule V and other applicable provisions,
if any, of the Companies Act, 2013 (“the Act”) and the Companies (Appointment and Qualification of Directors) Rules,
2014 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (including any
statutory modification(s) or re-enactment thereof for the time being in force), the consent of the Members of the
Company be and is hereby accorded for the re-appointment of Shri Rajendra Jain (DIN:07250797), who is liable to
retire by rotation, as an Executive Director of the Company for a further period of 2 (two) years with effect from 31st
July, 2024 on the terms and conditions including remuneration as set out in the Explanatory Statement annexed to
the Notice.”
“RESOLVED FURTHER THAT in the event of any loss or inadequacy of profit in any financial year, during the currency
of tenure of Shri Rajendra Jain (DIN: 07250797) as the Executive Director of the Company, he shall be paid remuneration
as specified under Section II B of Part II of Schedule V of the Act, or within such ceiling as may be prescribed from time
to time as minimum remuneration notwithstanding the absence or inadequacy of profit in any year.”
“RESOLVED FURTHER THAT the Board of Directors and/or the Company Secretary, be and are hereby severally
authorized to settle any question, difficulty or doubt, that may arise in giving effect to this resolution and to do all such
acts, deeds and things as may be necessary, expedient and desirable for the purpose of giving effect to this resolution.”
By Order of the Board
Brajmohan Prasad
Place: Dandeli Company Secretary
Date: 27th May, 2024 M.No. F7492

NOTES:
1 An Explanatory Statement pursuant to Section 102 of the Companies Act, 2013 (“the Act”), in respect of businesses to
be transacted at the Annual General Meeting (“the AGM”), as set out under Item No.5, 6 and 7 above and the relevant
details of the Directors as mentioned under Item No. 4 and 7 above as required by Regulation 36(3) of the Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR”) and
as required under Secretarial Standards-2 on General Meetings issued by the Institute of Company Secretaries of India,
is at Annexure-I.
2 The Members may note that the Ministry of Corporate Affairs (“MCA”) vide its General Circular nos. 14/2020 dated
April 8, 2020, 17/2020 dated April 13, 2020, 22/2020 dated June 15, 2020, 33/2020 dated September 28, 2020, 39/2020
dated December 31,2020, 10/2021 dated June 23, 2021, 20/2021 dated December 8, 2021, 3/2022 dated May 5,
2022, 11/2022 dated December 28, 2022, and 09/2023 dated September 25, 2023, read with other relevant circulars
(“MCA Circulars”), in relation to the extension of framework provided in the MCA Circulars up to 30th September,
2024 and Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated 12th May, 2020 and SEBI/HO/CFD/CFD-PoD-2/P/
CIR/2023/167 dated 07th October 2023 issued by Securities and Exchange Board of India in view of seeking extension
by the listed entities, has permitted the Companies:
(i) to send the annual reports to shareholders only on e-mail who have registered their e-mail ID with the Company/
Depositories;
(ii) to hold AGM through VC or OAVM during the year till 30th September 2024.

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3 In compliance with the provisions of Section 108 of the Act read with Rule 20 of the Companies (Management and
Administration) Rules, 2014 as substituted by the Companies (Management and Administration) Amendment Rules,
2015 and Regulation 44 of the SEBI LODR, the Company is pleased to offer its Members, facility to exercise their right
to vote in respect of the businesses to be transacted through E-Voting Services.
4 The Company has entered into an agreement with Link Intime India Pvt. Ltd.(“LIIPL”) for availing electronic voting
facility in compliance with the provisions of Section 108 of the Act read with Rule 20 of the Companies (Management
and Administration) Rules, 2014. E-voting instructions, user ID & Password are being informed by LIIPL, to those
members who have registered their e-mail ID. Further members who are already in possession of user ID & Password
may use the same.
5 The facility for voting through InstaMeet (VC/OAVM) shall be made available at the AGM and the members attending
the meeting who have not cast their vote by remote e-voting shall be able to exercise their right at the meeting
through InstaMeet (VC/OAVM).
6 The Company will hold the AGM through VC/OAVM facility without physical presence of the members. The necessary
details for joining the meeting are given at Annexure-II.
7 As the AGM shall be conducted through VC/OAVM, the facility for appointment of Proxy by the Members is not
available for this AGM and hence the Proxy Form and Attendance Slip including Route Map are not annexed to this
Notice.
8 The meeting shall be deemed to be conducted at the Registered office of the Company.
9 Remote e-voting period will commence on 11th August, 2024 at 9.00 AM and end on 13th August, 2024 at 5.00
PM. Thereafter e-voting module shall be disabled for voting by LIIPL. Voting right will be reckoned on the paid-up
value of share registered in the name of members on 6th August, 2024 (Cut Off Date).
10 Pursuant to Section 101 and Section 136 of the Act, read with relevant Rules made there under, Annual Report
and Notice of AGM is being sent through e-mail to members who have registered e-mail ID with the Company /
Depositories. The members who have not registered their e-mail ID with the Company can access the Notice of AGM
and Annual Report on the website of the Company www.westcoastpaper.com/investors. Members who would like
to obtain pdf copy on their e-mail ID, may write an e-mail to [email protected]. Pursuant to the Circulars
mentioned above, the Company will not send hard copy of Annual Reports.
11 Members may note that the Notice of AGM and Annual Report for the financial year 2023-24 will also be available on
the website of the Stock Exchanges i.e. www.nseindia.com and www.bseindia.com.
12 Pursuant to Section 113 of the Act, corporate members are requested to send a duly certified copy of the Board
Resolution authorizing their representative to attend and vote in the AGM, by e-mail before e-voting/ attending AGM,
to [email protected], [email protected].
13 The members who are holding shares in physical form and who have not registered their e-mail ID with the Company,
can write to [email protected] by providing their name and folio number and obtain default PAN (if
PAN is not registered with the Company) for the purpose of e-voting and exercise their vote through remote e-voting
or vote electronically during the AGM. The credentials will be provided to the members after verification of all details.
14 As per the provisions of Section 72 of the Act, and Rule 19(1) of the Companies (Share Capital and Debentures)
Rules, 2014, members holding shares in physical form may file nomination in the prescribed Form SH-13 with the
Company’s Registrar and Share Transfer Agent. Members can nominate a person in respect of all the shares held by
him singly or jointly. If a member desires to opt out or cancel the earlier nomination and record a fresh nomination,
he/ she may submit the same in Form ISR-3 or SH-14 as the case may be. The said forms can be downloaded from the
website of the Company and RTA. Members holding shares in electronic form may approach their respective DPs to
complete the nomination formalities.
15 All documents referred to in the accompanying Notice are open for inspection at the Registered Office of the
Company during office hours on all working days, except Saturdays and holidays, between 10:00 Hrs. and 12:00 Hrs.
up to the date of the AGM and these documents shall be uploaded on the platform of AGM with adequate security
feature enabled so as to disallow members from taking copies of such documents.

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16 The Register of Members and the Share Transfer Books will remain closed from 7th August, 2024 to14th August, 2024
(both the days inclusive).
17 The dividend on equity shares as recommended by the Board of Directors, if declared at the meeting, will be paid, on
or after 19th August, 2024 to those shareholders whose names appear in the Register of Members on 14th August,
2024. In respect of shares held in electronic form, the dividend will be paid on the basis of beneficial ownership at the
close of business hours on 6th August, 2024, based on the details to be furnished by National Securities Depository
Limited and Central Depository Services(India) Limited, for this purpose.
18 Payment of Dividend is subject to deduction of income tax at source in accordance with the provisions of Income
Tax Act, 1961 and rules made there under w.e.f. 1st April, 2020. Shareholders who are not liable to pay income tax are
requested to download the applicable Tax Exemption Forms from https://www.linkintime.co.in/client-downloads.
html and upload the said Forms/documents duly completed and signed on URL: https: // linkintime.co.in/ forms reg/
submission-of-form-15g-15h.html or email at [email protected], if unable to upload/email, send the hard
copy to LIIPL, (RTA of the Company) on or before 2nd August, 2024.
19 Pursuant to SEBI Circular:SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/37 dated 16th March, 2023, in case of non-
updating of PAN or Choice of Nomination or Contact Details or Mobile Number or Bank Account Details or Specimen
Signature in respect of physical folios, dividend/interest etc. shall be paid only through electronic mode with effect
from April 01, 2024 upon furnishing all the aforesaid details.
20 If a security holder updates the PAN, Choice of Nomination, Contact Details including Mobile Number, Bank Account
Details and Specimen Signature after April 01, 2024, then the security holder would receive all the dividends/interest
etc. declared during that period (from April 01, 2024 till date of updating) pertaining to the securities held after the
said updating automatically.
21 SEBI Circular and the List of Shareholders having discrepancy as mentioned above is available on the website of the
company (under Investor Information) at http://www.westcoastpaper.com/compliance/#com5
22 In compliance with the SEBI circular, the Company has assigned all the work related to share registry in terms of both
physical and electronic to –
Link Intime India Pvt.Ltd.,
(Unit: West Coast Paper Mills Ltd.,)
C-101, 247 Park,
LBS Marg, Vikhroli (West)
MUMBAI-400 083.
Ph: (022) 49186000; Fax: (022) 49186060;
E-mail: [email protected]
23 All the members are requested to send/deliver their documents/correspondence relating to the Company’s Share
Transfer/Demat/Remat requests to the above Registrar and Share Transfer Agent. Members holding shares in physical
form are requested to notify promptly any change in their address, to the Registrar and Share Transfer Agent.
(i) Members holding shares in electronic form are requested to intimate immediately any change in their address or
bank mandates to their Depository Participants with whom they are maintaining their demat accounts. Members
holding shares in physical form are requested to advise any change in their bank mandates immediately to the
LIIPL.
(ii) Members are requested to register their Permanent Account Number (PAN), E-mail ID and Mobile number with
their Depository Participants, in case shares are held in dematerialized form.
(iii) Shareholders holding share in physical form are requested to register their PAN, E-mail ID, Mobile Number and
Bank Account details on Web portal Link https://liiplweb.linkintime.co.in/EmailReg/Email_Register.html or send
the hard copy to LIIPL,(RTA of the Company) before 2nd August, 2024.

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 (iv) Members may please note that SEBI vide its Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/8 dated
25th January 2022 has mandated the listed companies to issue securities in dematerialized form only while
processing service requests, viz. Issue of duplicate securities certificate; renewal/ exchange of securities
certificate; endorsement; sub-division/splitting of securities certificate; consolidation of securities certificates/
folios; transmission and transposition. Further SEBI vide its circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/
CIR/2022/65 dated 18th May 2022 has simplified the procedure and standardized the format of documents for
transmission of securities. Accordingly, members are requested to make service requests by submitting a duly
filled and signed Form ISR-4 & ISR-5, as the case may be. The said form can be downloaded from the website of
the RTA.
(v) Members holding shares in the same name under different Ledger Folios are requested to apply for consolidation
of such Folios and send the relevant share certificates to the Share Transfer Agent.
(vi) Non-resident Indian Members are requested to inform the followings immediately to the Company’s Registrar
and Share Transfer Agent (RTA):
(a) Change in their residential status on return to India for permanent settlement.
(b) Particulars of their bank account maintained in India with complete name, branch, account type, account
number and address of the bank with pin code number, if not furnished earlier.
(vii) In view of SEBI Circulars: SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/131 dated 31st July, 2023 and SEBI/HO/OIAE/
OIAE_IAD-1/P/CIR/2023/135 dated 4th August, 2023, Shareholder if not satisfied with the resolution provided
by RTA/Company(Level 1) or SEBI Scores Portal(Level 2), then the online resolution can be availed by lodging
the grievances/ complaints/ disputes through the ODR Portal (Online Dispute Resolution) within the time frame
under law at https://smartodr.in/login. Detailed process to access ODR Portal and the link for the ODR are also
hosted on the website of the Company (under Investor Information) at http://www.westcoastpaper.com/
compliance/#com5.
(viii) Link Intime India Private Ltd (RTA) has launched ‘SWAYAM’, is a secure, user-friendly web-based application, that
empowers shareholders to effortlessly access various services. Shareholders are requested to get registered and
have first-hand experience of the portal. This application can be accessed at https://swayam.linkintime.co.in.
24 Pursuant to the provisions of Section 124 of the Act the amount of dividend remaining unclaimed for a period of
seven years shall be transferred to the Investor Education and Protection Fund (“IEPF”). Thereafter, members shall not
be able to register their claim in respect of their un-cashed dividends with the Company.
25 Further, pursuant to Section 124(6) of the Act, shares in respect of which dividend has not been paid or claimed for 7
(seven) consecutive years or more shall be transferred to IEPF. Members who have not yet encashed their dividend for
the financial year ended on 31st March, 2017 and onwards are advised to make their claims to the Company, without
any delay.
26 The Unclaimed dividend for the year ended on 31st March, 2017 will be transferred to the IEPF in terms of the
provisions of Section 124 of the Act, in the month of September 2024.
27 The details of the unpaid/unclaimed amounts of dividend for 7 (seven) years, lying in the Company are available on
the website of the Company www.westcoastpaper.com. The Shareholders whose dividends/shares as transferred to
the IEPF Authority can now claim their dividends/shares from the Authority by following the Refund Procedure as
detailed on the website of IEPF Authority.
28 Once vote on a resolution is cast through remote e-voting/voting by e-mail by a member, the member shall not be
allowed to subsequently change it. A member may participate in the AGM through VC/OAVM, even after exercising
his right to vote through remote e-voting/voting by e-mail but shall not be allowed to vote again at the AGM.
29 Shri Naman Gurumurthi Joshi (Membership No.F8389), Company Secretaries, N.G.Joshi & Co., has been appointed as
the Scrutinizer to scrutinize the e-voting/voting by e-mail process in a fair and transparent manner. The Scrutinizer
shall after the conclusion of voting at the general meeting, will unblock the votes cast through remote E-voting/
voting by E-mail in the presence of at least two witnesses not in the employment of the Company and shall make,
within two working days of the conclusion of the AGM, a consolidated scrutinizer’s report of the total votes cast in

5
 favour or against, if any, to the Chairman or a person authorized by him in writing, who shall countersign the same
and declare the result of the voting forthwith.
30 Instructions and other information relating to remote e-voting: Annexure-II appended herewith.
31 The results declared along with the report of the Scrutinizer shall be placed on the website of the Company www.
westcoastpaper.com and on the website of LIIPL., immediately after the declaration of results by the Chairman or
a person authorized by him in writing. The results shall also be immediately forwarded to the BSE Limited and the
National Stock Exchange of India Limited, Mumbai.
32 The brief profile of the Director retiring by rotation and being eligible, seeking re-appointment at the AGM pursuant to
Regulation 36(3) of SEBI LODR and applicable Secretarial Standards 2 issued by the Institute of Company Secretaries
of India is provided as ‘Exhibit A’.

By Order of the Board

Brajmohan Prasad
Place: Dandeli Company Secretary
Date: 27th May, 2024 M.No. F7492

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 Annexure-I
ANNEXURE TO THE NOTICE
STATEMENT OF MATERIAL FACTS PURSUANT TO SECTION 102(1) OF THE COMPANIES ACT, 2013
Item No. 5
On the recommendation of the Audit Committee, the Board of Directors of the Company at its meeting held on 27th
May, 2024 have approved the appointment of Shri Umesh Kini (M.No.29159), Cost Accountant, as the Cost Auditor of
the Company to conduct the audit of the cost accounts records maintained by the Company, for the year ended on
31st March, 2025 at a remuneration of Rs. 2,00,000/- (Rupees Two Lakh) plus Goods and Services Tax as applicable and
reimbursement of out-of pocket expenses incurred.
In terms of provisions of Section 148 of the Companies Act, 2013 (“the Act”) and Rule 14 of the Companies (Audit and
Auditors) Rules, 2014, the remuneration payable to the Cost Auditor shall be ratified by the shareholders of the Company.
Accordingly, consent of the members is sought for passing an ordinary resolution as set out in Item no.5 of the Notice.
The Board has recommended the Resolution as set out at Item No.5 of this Notice for your approval.
None of the Directors, Key Managerial Personnel and their relatives are concerned or interested in the Resolution at Item
No.5 of the Notice.
Item No.6
Shri Vinod Balmukand Agarwala (DIN: 01725158) was appointed as an Non-Executive Independent Director of the Company
not liable to retire by rotation, for the period of 3(three) consecutive years in the 67th Annual General Meeting (AGM) held
on 17th August, 2022. His existing term/tenure will expire on 25th May, 2025. However, Shri Vinod Balmukand Agarwala
will attain the age of 75 (Seventy-Five) years on 29th October, 2024, which falls during his first term.
In terms of Regulation 17(1A) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR”)
listed entities are required to pass a special resolution and provide a justification in the explanatory statement annexed to
the notice, for appointing or continuing the directorship of any person who has attained the age of 75 (seventy-five) years,
as a non-executive director of a company.
Shri Vinod Balmukand Agarwala shall attain the age of 75 years on 29th October 2024, hence approval by way of Special
Resolution is placed before the shareholders in order to comply with the provisions of Regulation 17 (1A) of the SEBI
LODR. Apart from being a Director on the Board, Shri Vinod Balmukand Agarwala is also Chairman of the Nomination
and Remuneration Committee and has been effectively performing his duties and providing valuable guidance to the
Company in key strategic matters from time to time.
The Board of Directors is of the opinion that Shri Vinod Agarwala’s rich, knowledge and diverse experience is a valuable
asset to the Company which adds value and enriched point of view during Board discussions and decision making. He is
also a person of integrity who possesses required expertise and his association as Non-executive Independent Director
will be beneficial to the Company and recommends the continuation of directorship of Shri Vinod Balmukand Agarwala
(DIN: 01725158) as Non-executive Independent Director of the Company for the remaining period of first term i.e. up to
25th May 2025.
Shri Vinod Balmukand Agarwala (DIN: 01725158), interested in the resolution set out in the Notice with regard to his
appointment and relatives of the said Director may be deemed to be interested in the said resolution to the extent of their
shareholdings, if any, in the Company .
Save and except the above, none of the other Directors or Key Managerial Personnel of the Company or Relatives of
Director and Key Managerial Personnel are in any way concerned or interested in the said resolutions.
The Board of Directors recommended the resolution as set out at Item No.6 of this Notice for your approval as a Special
Resolution
Item No.7
Shri Rajendra Jain (DIN:07250797) was appointed as the Executive Director of the Company in its 66th Annual General
Meeting for a period of 3 (three) years with effect from 31st July, 2021 to 30th July, 2024. Accordingly, his term of
appointment will end on 30th July 2024.

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The Nomination and Remuneration Committee of the Board, after taking into account the performance evaluation of Shri
Rajendra Jain has recommended to the Board of Directors, to consider the re-appointment of Shri Rajendra Jain, Executive
Director of the Company for further period of 2 (two) years from 31st July, 2024 to 30th July, 2026. Accordingly, the Board
of Directors on 27th May, 2024, recommended to the members, the re-appointment of Shri Rajendra Jain as an Executive
Director of the Company.
The revised terms and conditions of re-appointment of Shri Rajendra Jain, as an Executive Director are as under:
1. Term of Appointment:
2 (two) years with effect from 31st July, 2024 to 30th July, 2026.
2. Remuneration:
i) Salary: Rs. 11,13,289/- per month
ii) Allowance: Rs. 6000/- per month
3. Perquisites:
i) Housing: Furnished accommodation with free electricity and water supply.
ii) Medical Reimbursement: Medical and Hospitalization benefits for him and his family by way of reimbursement
of expenses actually incurred, the total cost of which to the Company, shall not exceed one month’s salary in a
year or two months salary over a period of two years.
iii) Leave: On full pay and allowance in accordance with the Rules of the Company.
iv) Leave Travel Concession: For him and his family once in a year in accordance with the Rules of the Company.
v) Club Fees: Fees and subscription of two clubs.
vi) Personal Accident Insurance: Premium as per Rules of the Company.
vii) Provident Fund and Superannuation Fund: Contribution of Provident Fund and Superannuation Fund in
accordance with the Rules of the Company.
viii) Gratuity: As per Payment of Gratuity Act.
ix) Conveyance: As the Company is not providing any car, the Company will reimburse conveyance expenses upto
Rs. 50,000/- per month.
x) Telephone: Free telephone facility at residence.
xi) Other benefits as are applicable to other senior executives of the Company (including but not limited to
production bonus / ex-gratia, encashment of leave (subject to maximum of Ninety days), compensatory
allowance if any in accordance with the schemes of the Company.
xii) The Nomination and Remuneration Committee is authorized to raise Salary by giving increments on 1st August
every year.
xiii) The appointment may be terminated by either party by giving three months’ notice in writing of such intention.
The Executive Director shall not be entitled to payment of any sitting fees for attending any meeting of the Board of
Directors of the Company or any Committee thereof.
Other terms and conditions:
Shri Rajendra Jain shall, during the term of office as an Executive Director be liable to retire by rotation and shall
continue to hold his office of Executive Director and the re-appointment as such Director shall not be deemed to
constitute a break in his office of Executive Director.
The Company has taken “Directors & Officers liability insurance policy” which will be extended from time to time to
cover full tenure of appointment.
The Company has received declaration from Shri Rajendra Jain, that he is not disqualified to become a director and
also consented to hold the office as Director.

8
 In the opinion of the Board, Shri Rajendra Jain, possesses the appropriate skills, experience, and knowledge as
necessary to hold the office of Executive Director of the Company and fulfils the conditions specified in the Act and
Rules made thereunder.
The brief profile of Shri Rajendra Jain, as required under Regulation 36(3) of SEBI LODR is provided as ‘Exhibit A’ to this
Notice.
Shri Rajendra Jain is deemed to be interested or concerned in the resolution at Item No.7 as the same pertain to his
re-appointment and remuneration payable to him.
The relatives of Shri Rajendra Jain are deemed to be concerned or interested in the resolution at Item No.7 to the
extent of their shareholding interest, if any, in the Company.
Save and except the above, none of other Directors or Key Managerial Personnel of the Company or relatives of
Directors and Key Managerial Personnel are, in any way, concerned or interested in the said resolution.
The Board of Directors recommended the resolution as set out at Item No.7 of this Notice for your approval as a
Special Resolution.
“Exhibit A”
Sl. Nature of Information Item No. 4 of Notice Item No.7 of Notice
No.
1. Name Smt. Shashi Bangur Shri Rajendra Jain
2. DIN 00053300 07250797
3. Age 68 years 62 years
4. Nationality Indian Indian
5. Director of Company since 30th May, 1994 31st July, 2015
6. Remuneration last drawn, (including sitting fees, if Rs.2.25 Lakh (sitting fees) paid during 2023-
Rs. 250.84 Lakhs / As per Explanatory
any) / Remuneration proposed to be paid 24 Statement to Item No.7 of the Notice
7. Expertise in specific functional areas Industrialist Professional
8. Qualifications B.com B.com, FCA, ACS
9. Terms and Conditions of appointment / re- Re-appointment by rotation As per Explanatory Statement to Item
appointment No.7 of the Notice
10. Relationships between Directors inter-se None other Directors than Shri Shree None
Kumar Bangur being her spouse and Shri
Virendraa Bangur & Shri Saurabh Bangur
being her sons are related.
11. Directorship in other Listed entities None None
12. Membership of Committee of the Board in other None None
Listed entities
13. No. of shares held in the Company 2343362 NIL
14. Listed entities in which the director has resigned in NIL NIL
the past three years
15. Number of meetings of the Board attended during Four meetings attended during Financial Four meetings attended during
the Financial Year 2023-24 Year 2023-24 Financial Year 2023-24

9
Sl. Nature of Information Item No. 4 of Notice Item No.7 of Notice
No.
16. Brief resume/skills and capabilities Industrialist having vast knowledge He is FCA and ACS having experience
and good experience of management, in Strategic Planning & Management,
administration and Pulp & Paper. Manufacturing / Plant Operations,
Business Process Re-engineering,
Quality assurance, Cost Optmization,
Maintenance, Project Management,
Customer Satisfaction, Safety,
Continuous Improvement & adoption
of best practices, Commercial
Operations, Procurements,
Accounting & Financial Management,
Resource Development &
Management, Industrial Relations,
CSR, People Development, Liaison &
Networking and Sustainability.

By Order of the Board

Brajmohan Prasad
Place: Dandeli Company Secretary
Date: 27th May, 2024 M.No. F7492

10
 Annexure-II
Remote e-Voting Instructions for shareholders:
As per the SEBI circular dated December 9, 2020, individual shareholders holding securities in demat mode can register
directly with the depository or will have the option of accessing various ESP portals directly from their demat accounts.
Login method for Individual shareholders holding securities in demat mode is given below:
Individual Shareholders holding securities in demat mode with NSDL:
METHOD 1 - If registered with NSDL IDeAS facility
Users who have registered for NSDL IDeAS facility:
a) Visit URL: https://eservices.nsdl.com and click on “Beneficial Owner” icon under “Login”.
b) Enter user id and password. Post successful authentication, click on “Access to e-voting”.
c) Click on “LINKINTIME” or “evoting link displayed alongside Company’s Name” and you will be redirected to Link Intime
InstaVote website for casting the vote during the remote e-voting period.
OR
User not registered for IDeAS facility:
a) To register, visit URL: https://eservices.nsdl.com and select “Register Online for IDeAS Portal” or click on https://
eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp“
b) Proceed with updating the required fields.
c) Post registration, user will be provided with Login ID and password.
d) After successful login, click on “Access to e-voting”.
e) Click on “LINKINTIME” or “evoting link displayed alongside Company’s Name” and you will be redirected to Link Intime
InstaVote website for casting the vote during the remote e-voting period.
METHOD 2 - By directly visiting the e-voting website of NSDL:
a) Visit URL: https://www.evoting.nsdl.com/
b) Click on the “Login” tab available under ‘Shareholder/Member’ section.
c) Enter User ID (i.e., your sixteen-digit demat account number held with NSDL), Password/OTP and a Verification Code
as shown on the screen.
d) Post successful authentication, you will be re-directed to NSDL depository website wherein you can see “Access to
e-voting”.
e) Click on “LINKINTIME” or “evoting link displayed alongside Company’s Name” and you will be redirected to Link Intime
InstaVote website for casting the vote during the remote e-voting period.
Individual Shareholders holding securities in demat mode with CDSL:
METHOD 1 – From Easi/Easiest
Users who have registered/ opted for Easi/Easiest
a) Visit URL: https://web.cdslindia.com/myeasinew/home/loginor www.cdslindia.com.
b) Click on New System Myeasi
c) Login with user id and password
d) After successful login, user will be able to see e-voting menu. The menu will have links of e-voting service providers
i.e., LINKINTIME, for voting during the remote e-voting period.
e) Click on “LINKINTIME” or “evoting link displayed alongside Company’s Name” and you will be redirected to Link Intime
InstaVote website for casting the vote during the remote e-voting period.
OR
Users not registered for Easi/Easiest
a) To register, visit URL: https://web.cdslindia.com/myeasinew/Registration/EasiRegistration

11
b) Proceed with updating the required fields.
c) Post registration, user will be provided Login ID and password.
d) After successful login, user able to see e-voting menu.
e) Click on “LINKINTIME” or “evoting link displayed alongside Company’s Name” and you will be redirected to Link Intime
InstaVote website for casting the vote during the remote e-voting period.
METHOD 2 - By directly visiting the e-voting website of CDSL.
a) Visit URL: https://www.cdslindia.com/
b) Go to e-voting tab.
c) Enter Demat Account Number (BO ID) and PAN No. and click on “Submit”.
d) System will authenticate the user by sending OTP on registered Mobile and Email as recorded in Demat Account.
e) After successful authentication, click on “LINKINTIME” or “evoting link displayed alongside Company’s Name” and you
will be redirected to Link Intime InstaVote website for casting the vote during the remote e-voting period.
Individual Shareholders holding securities in demat mode with Depository Participant:
Individual shareholders can also login using the login credentials of your demat account through your depository
participant registered with NSDL/CDSL for e-voting facility.
a) Login to DP website.
b) After Successful login, members shall navigate through “e-voting” tab under Stocks option.
c) Click on e-voting option, members will be redirected to NSDL/CDSL Depository site after successful authentication,
wherein you can see e-voting menu.
d) After successful authentication, click on “LINKINTIME” or “evoting link displayed alongside Company’s Name” and you
will be redirected to Link Intime InstaVote website for casting the vote during the remote e-voting period.
Login method for Individual shareholders holding securities in physical form/ Non-Individual Shareholders
holding securities in demat mode is given below:
Individual Shareholders of the company, holding shares in physical form / Non-Individual Shareholders holding securities
in demat mode as on the cut-off date for e-voting may register for e-Voting facility of Link Intime as under:
1. Visit URL: https://instavote.linkintime.co.in
2. Click on “Sign Up” under ‘SHARE HOLDER’ tab and register with your following details: -
A. User ID:
Shareholders holding shares in physical form shall provide Event No + Folio Number registered with the Company.
Shareholders holding shares in NSDL demat account shall provide 8 Character DP ID followed by 8 Digit Client ID;
Shareholders holding shares in CDSL demat account shall provide 16 Digit Beneficiary ID.
B. PAN: Enter your 10-digit Permanent Account Number (PAN) (Shareholders who have not updated their PAN with
the Depository Participant (DP)/ Company shall use the sequence number provided to you, if applicable.
C. DOB/DOI: Enter the Date of Birth (DOB) / Date of Incorporation (DOI) (As recorded with your DP / Company - in
DD/MM/YYYY format).
D. Bank Account Number: Enter your Bank Account Number (last four digits), as recorded with your DP/Company.
*Shareholders holding shares in physical form but have not recorded ‘C’ and ‘D’, shall provide their Folio number
in ‘D’ above
*Shareholders holding shares in NSDL form, shall provide ‘D’ above
▶ Set the password of your choice (The password should contain minimum 8 characters, at least one special
Character (@!#$&*), at least one numeral, at least one alphabet and at least one capital letter).
▶ Click “confirm” (Your password is now generated).
3. Click on ‘Login’ under ‘SHARE HOLDER’ tab.
4. Enter your User ID, Password and Image Verification (CAPTCHA) Code and click on ‘Submit’.

12
Cast your vote electronically:
1. After successful login, you will be able to see the notification for e-voting. Select ‘View’ icon.
2. E-voting page will appear.
3. Refer the Resolution description and cast your vote by selecting your desired option ‘Favour / Against’ (If you wish to
view the entire Resolution details, click on the ‘View Resolution’ file link).
4. After selecting the desired option i.e. Favour / Against, click on ‘Submit’. A confirmation box will be displayed. If you
wish to confirm your vote, click on ‘Yes’, else to change your vote, click on ‘No’ and accordingly modify your vote.
Guidelines for Institutional shareholders (“Corporate Body/ Custodian/Mutual Fund”):
STEP 1 – Registration
a) Visit URL: https://instavote.linkintime.co.in
b) Click on Sign up under “Corporate Body/ Custodian/Mutual Fund”
c) Fill up your entity details and submit the form.
d) A declaration form and organization ID is generated and sent to the Primary contact person email ID (which is filled at
the time of sign up at Sr. No. b above). The said form is to be signed by the Authorised Signatory, Director, Company
Secretary of the entity & stamped and sent to [email protected].
e) Thereafter, Login credentials (User ID; Organisation ID; Password) will be sent to Primary contact person’s email ID.
f) While first login, entity will be directed to change the password and login process is completed.
STEP 2 –Investor Mapping
a) Visit URL: https://instavote.linkintime.co.in and login with credentials as received in Step 1 above.
b) Click on “Investor Mapping” tab under the Menu Section
c) Map the Investor with the following details:
a. ‘Investor ID’ -
i. Members holding shares in NSDL demat account shall provide 8 Character DP ID followed by 8 Digit Client
ID i.e., IN00000012345678
ii. Members holding shares in CDSL demat account shall provide 16 Digit Beneficiary ID.
b. ‘Investor’s Name - Enter full name of the entity.
c. ‘Investor PAN’ - Enter your 10-digit PAN issued by Income Tax Department.
d. ‘Power of Attorney’ - Attach Board resolution or Power of Attorney. File Name for the Board resolution/Power of
Attorney shall be – DP ID and Client ID and send the same in pdf format to the scrutinizer at email ID: csnaman@
ngjoshiandco.com. Further, Custodians and Mutual Funds shall also upload specimen signature card.
d) Click on Submit button and investor will be mapped now.
e) The same can be viewed under the “Report Section”.
STEP 3 – Voting through remote e-voting.
The corporate shareholder can vote by two methods, once remote e-voting is activated:
METHOD 1 - VOTES ENTRY
a) Visit URL: https://instavote.linkintime.co.in and login with credentials as received in Step 1 above.
b) Click on ‘Votes Entry’ tab under the Menu section.
c) Enter Event No. for which you want to cast vote. Event No. will be available on the home page of Instavote before the
start of remote evoting.
d) Enter ‘16-digit Demat Account No.’ for which you want to cast vote.
e) Refer the Resolution description and cast your vote by selecting your desired option ‘Favour / Against’ (If you wish to
view the entire Resolution details, click on the ‘View Resolution’ file link).
f) After selecting the desired option i.e., Favour / Against, click on ‘Submit’.

13
g) A confirmation box will be displayed. If you wish to confirm your vote, click on ‘Yes’, else to change your vote, click on
‘No’ and accordingly modify your vote. (Once you cast your vote on the resolution, you will not be allowed to modify
or change it subsequently).
OR
VOTES UPLOAD:
a) Visit URL: https://instavote.linkintime.co.in and login with credentials as received in Step 1 above.
b) You will be able to see the notification for e-voting in inbox.
c) Select ‘View’ icon for ‘Company’s Name / Event number ‘. E-voting page will appear.
d) Download sample vote file from ‘Download Sample Vote File’ option.
e) Cast your vote by selecting your desired option ‘Favour / Against’ in excel and upload the same under ‘Upload Vote File’
option.
f) Click on ‘Submit’. ‘Data uploaded successfully’ message will be displayed. (Once you cast your vote on the resolution,
you will not be allowed to modify or change it subsequently).
Helpdesk:
Helpdesk for Individual shareholders holding securities in physical form/ Non-Individual Shareholders holding
securities in demat mode:
Shareholders facing any technical issue in login may contact Link Intime INSTAVOTE helpdesk by sending a request at
[email protected] or contact on: - Tel: 022 – 4918 6000.
Helpdesk for Individual Shareholders holding securities in demat mode:
Individual Shareholders holding securities in demat mode may contact the respective helpdesk for any technical issues
related to login through Depository i.e., NSDL and CDSL.
Login type Helpdesk details
Individual Shareholders holding Members facing any technical issue in login can contact NSDL helpdesk by sending
securities in demat mode with a request at [email protected] or call at : 022 - 4886 7000 and 022 - 2499 7000
NSDL
Individual Shareholders holding Members facing any technical issue in login can contact CDSL helpdesk by sending
securities in demat mode with a request at [email protected] or contact at toll free no. 1800 22 55 33
CDSL
Forgot Password:
Individual shareholders holding securities in physical form has forgotten the password:
If an Individual shareholders holding securities in physical form has forgotten the USER ID [Login ID] or Password or both
then the shareholder can use the “Forgot Password” option available on the e-Voting website of Link Intime: https://
instavote.linkintime.co.in
o Click on ‘Login’ under ‘SHARE HOLDER’ tab and further Click ‘forgot password?’
o Enter User ID, select Mode and Enter Image Verification code (CAPTCHA). Click on “SUBMIT”.
In case shareholders is having valid email address, Password will be sent to his / her registered e-mail address. Shareholders can set
the password of his/her choice by providing the information about the particulars of the Security Question and Answer, PAN, DOB/
DOI, Bank Account Number (last four digits) etc. as mentioned above. The password should contain a minimum of 8 characters, at
least one special character (@!#$&*), at least one numeral, at least one alphabet and at least one capital letter.
User ID for Shareholders holding shares in Physical Form (i.e. Share Certificate): Your User ID is Event No + Folio Number
registered with the Company
User ID for Shareholders holding shares in NSDL demat account is 8 Character DP ID followed by 8 Digit Client ID
User ID for Shareholders holding shares in CDSL demat account is 16 Digit Beneficiary ID.

14
Institutional shareholders (“Corporate Body/ Custodian/Mutual Fund”) has forgotten the password:
If a Non-Individual Shareholders holding securities in demat mode has forgotten the USER ID [Login ID] or Password or
both then the shareholder can use the “Forgot Password” option available on the e-Voting website of Link Intime: https://
instavote.linkintime.co.in
o Click on ‘Login’ under ‘Corporate Body/ Custodian/ Mutual Fund’ tab and further Click ‘forgot password?’
o Enter User ID, Organization ID and Enter Image Verification code (CAPTCHA). Click on “SUBMIT”.
In case shareholders is having valid email address, Password will be sent to his / her registered e-mail address. Shareholders can set
the password of his/her choice by providing the information about the particulars of the Security Question and Answer, PAN, DOB/
DOI, Bank Account Number (last four digits) etc. as mentioned above. The password should contain a minimum of 8 characters, at
least one special character (@!#$&*), at least one numeral, at least one alphabet and at least one capital letter.
Individual Shareholders holding securities in demat mode with NSDL/ CDSL has forgotten the password:
Shareholders who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget Password option
available at above mentioned depository/ depository participants website.
 It is strongly recommended not to share your password with any other person and take utmost care to keep your
password confidential.
 For shareholders/ members holding shares in physical form, the details can be used only for voting on the resolutions
contained in this Notice.
 During the voting period, shareholders/ members can login any number of time till they have voted on the resolution(s)
for a particular “Event”.
InstaVote Support Desk
Link Intime India Private Limited

Process and manner for attending the Annual General Meeting through InstaMeet:
1. Open the internet browser and launch the URL: https://instameet.linkintime.co.in & Click on “Login”.

▶ Select the “Company” and ‘Event Date’ and register with your following details: -
A. Demat Account No. or Folio No: Enter your 16-digit Demat Account No. or Folio No
o Shareholders/ members holding shares in CDSL demat account shall provide 16 Digit Beneficiary ID
o Shareholders/ members holding shares in NSDL demat account shall provide 8 Character DP ID
followed by 8 Digit Client ID
o Shareholders/ members holding shares in physical form shall provide Folio Number registered with
the Company
B. PAN: Enter your 10-digit Permanent Account Number (PAN) (Members who have not updated their
PAN with the Depository Participant (DP)/ Company shall use the sequence number provided to you, if
applicable.
C. Mobile No.: Enter your mobile number.
D. Email ID: Enter your email id, as recorded with your DP/Company.
▶ Click “Go to Meeting” (You are now registered for InstaMeet and your attendance is marked for the meeting).

Instructions for Shareholders/ Members to Speak during the Annual General Meeting through InstaMeet:
1. Shareholders who would like to speak during the meeting must register their request to [email protected]
from 11th August, 2024 to 13th August, 2024 (preferably one day or 24 hours prior to the date of AGM).
2. Shareholders will get confirmation on first cum first basis depending upon the provision made by the client.
3. Shareholders will receive “speaking serial number” once they mark attendance for the meeting.
4. Other shareholder may ask questions to the panelist, via active chat-board during the meeting.
5. Please remember speaking serial number and start your conversation with panelist by switching on video mode and
audio of your device.

15
Shareholders are requested to speak only when moderator of the meeting/ management will announce the name and
serial number for speaking.
Instructions for Shareholders/ Members to Vote during the Annual General Meeting through InstaMeet:
Once the electronic voting is activated by the scrutinizer during the meeting, shareholders/ members who have not
exercised their vote through the remote e-voting can cast the vote as under:
1. On the Shareholders VC page, click on the link for e-Voting “Cast your vote”
2. Enter your 16-digit Demat Account No. / Folio No. and OTP (received on the registered mobile number/ registered
email Id) received during registration for ‘InstaMeet’ and click on ‘Submit’.
3. After successful login, you will see “Resolution Description” and against the same the option “Favour/ Against” for
voting.
4. Cast your vote by selecting appropriate option i.e. “Favour/Against” as desired. Enter the number of shares (which
represents no. of votes) as on the cut-off date under ‘Favour/Against’.
5. After selecting the appropriate option i.e. Favour/Against as desired and you have decided to vote, click on “Save”. A
confirmation box will be displayed. If you wish to confirm your vote, click on “Confirm”, else to change your vote, click
on “Back” and accordingly modify your vote.
6. Once you confirm your vote on the resolution, you will not be allowed to modify or change your vote subsequently.
Note: Shareholders/ Members, who will be present in the Annual General Meeting through InstaMeet facility and have
not casted their vote on the Resolutions through remote e-Voting and are otherwise not barred from doing so, shall be
eligible to vote through e-Voting facility during the meeting. Shareholders/ Members who have voted through Remote
e-Voting prior to the Annual General Meeting will be eligible to attend/ participate in the Annual General Meeting through
InstaMeet. However, they will not be eligible to vote again during the meeting.
Shareholders/ Members are encouraged to join the Meeting through Tablets/ Laptops connected through broadband for
better experience.
Shareholders/ Members are required to use Internet with a good speed (preferably 2 MBPS download stream) to avoid any
disturbance during the meeting.
Please note that Shareholders/ Members connecting from Mobile Devices or Tablets or through Laptops connecting via
Mobile Hotspot may experience Audio/Visual loss due to fluctuation in their network. It is therefore recommended to use
stable Wi-Fi or LAN connection to mitigate any kind of aforesaid glitches.
In case shareholders/ members have any queries regarding login/ e-voting, they may send an email to instameet@
linkintime.co.in or contact on: - Tel: 022-49186175.
InstaMeet Support Desk
Link Intime India Private Limited

16
 PAPER
PAPERAND
ANDPAPER
PAPERBOARD
BOARD UNIT, DANDELI
UNIT, DANDELI

EXISTING TELECOM CABLE UNIT, MYSORE NEW TELECOM CABLE UNIT, HYDERABAD
EXISTING TELECOM CABLE UNIT, MYSORE NEW TELECOM CABLE UNIT, HYDERABAD
 Statutory Reports Financial Statements

2 Corporate Information Standalone Financial Statements

3 Ten Year Highlights 83 Independent Auditor’s Report

4 Directors’ Report 94 Balance Sheet

10 Annexure to Directors’ Report 95 Statement of Profit & Loss

53 Management Discussion & Analysis 96 Statement of Changes in Equity

63 Report on Corporate Governance 97 Cash Flow Statement

99 Notes to Financial Statements

Consolidated Financial Statements

145 Independent Auditor’s Report

154 Balance Sheet

155 Statement of Profit & Loss

156 Statement of Changes in Equity

157 Cash Flow Statement

159 Notes to Financial Statements

BSE Market Capitalisation

` 3,91,504 Lakhs
as at 31st March, 2024

NSE Market Capitalisation

` 3,88,136 Lakhs
as at 31st March, 2024
` 8/- per share
Final Dividend declared
(400%)
BSE Code 500444
This Annual Report is available online at NSE Symbol WSTCSTPAPR
http://www.westcoastpaper.com/investors/
14th August,
AGM Date
2024
Video
AGM Mode
Conferencing

FORWARD LOOKING STATEMENT

In this Annual Report, we have disclosed forward looking information to enable investors to comprehend
our prospects and take informed investment decisions. This report and other statements - written and oral-
that we periodically make contain forward looking statements that set out anticipated results based on the
management’s plans and assumptions. We have tried wherever possible to identifying such statements
by using words such as ‘anticipates,’‘estimate’,‘aspects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, and words of
similar substance in connection with any discussion of future performance. We cannot guarantee that these
forward looking statements will be realized, although we believe, we have been prudent in assumptions. The
achievement of results is subject to risks, uncertainties and even inaccurate assumptions. Should known or
unknown risks or uncertainties materialized, or should underlying assumptions prove inaccurate, actual results
could vary materially from those anticipated, estimated or projected. Reader should bear this in their mind.
Printed by MANJARI ENTERPRISES ([email protected])

We undertake no obligation to publicly updated any forward looking statements, whether as a results of news
information, future events or otherwise.
2 West Coast Paper Mills Limited Annual Report 2023-24

Corporate Information
BOARD OF DIRECTORS REGISTERED OFFICE
Shri S. K. Bangur, Chairman & Managing Director Bangur Nagar, Dandeli – 581 325
Shri Saurabh Bangur, Vice Chairman District. Uttar Kannada, Karnataka
Shri Virendraa Bangur, Joint Managing Director Phone: (08284) 231391-395
E-mail: [email protected]
Smt. Shashi Bangur
Shri Shiv Ratan Goenka CORPORATE OFFICE & EAST ZONE
Shri Ashok Kumar Garg 31, Jawaharlal Nehru Road
Shri Vinod Balmukand Agarwala (Park Street Crossing)
Smt. Sudha Bhushan Kolkata – 700 016
Phone:(033) 71500500 / 22656273-74
Shri Prakash Kacholia
E-mail: [email protected]
Shri Rajendra Jain, Executive Director
ZONAL OFFICES
MANAGEMENT TEAM North Zone
Paper and Duplex Board Division 6 C D E, Hansalaya Building
15- Barakhamba Road, New Delhi - 110 001
Shri Rajendra Jain , Executive Director
Phone:(011) 40110101, 40110102
Shri P.C. Maloo, Senior Vice President (Marketing)
E-mail: [email protected]
Shri Ashok Kumar Sharma, Senior Vice President (F&A)
West Zone
Shri Anuj Kumar Tayal, Senior Vice President (Technical)
Free Press House, Office No. 23 to 24, 2nd Floor,
Shri Velu V. , Asstt. Vice President (IR) Free Press Journal Marg, 215, Nariman Point,
Telecom Cable Division Mumbai - 400 021
Shri Pramod Kumar Srivastava, Chief Executive Officer Phone: (022) 35134521-24
Shri Sunil Kumar Agarwal, Chief Financial Officer E-mail: [email protected]
CHIEF FINANCIAL OFFICER South Zone-1
Shri Rajesh Bothra 23/1 Kanakasri Nagar
COMPANY SECRETARY Off Cathedral Road, Chennai-600 086
Shri Brajmohan Prasad Phone: (044) 28111654, 28111299
BANKERS E-mail: [email protected]
Central Bank of India South Zone -2
State Bank of India “Chandrakiran Building”, 4th Floor,
ICICI Bank Ltd. 10/A, Kasturba Road,
Bangalore-560 001
IDBI Bank Ltd.
Phone: (080)22231828-1829
Standard Chartered Bank
E-mail: [email protected]
Axis Bank Ltd.
South Zone -3
STATUTORY AUDITORS
Krishe Sapphire Building, 1st Floor,
Singhi & Co, Kolkata 1-89/3/B/40 to 42/KS/107/A,
COST AUDITOR Hitech City Main Road, Madhapur,
Shri Umesh Kini, Sirsi Hyderabad - 500 081, Telangana
SECRETARIAL AUDITOR Phone: (040) 40276854,
Shri Naman G. Joshi, Bangalore E-mail: [email protected]
LEGAL ADVISORS TELECOM CABLE DIVISION
Khaitan & Co., Mumbai West Coast Optilinks
Plant 1: Plot No. 386/387, KIADB, Electronic City
Hebbal Industrial Area, Mysore – 570 016
Phone:(0821) 2404059,4281980
E-mail: [email protected]
Plant 2: Plot No. S-9B and S-9C, Electronic City,
Raviryala Village, Maheswaram,
Ranga Reddy-501359, Telangana.
Phone:(040) 23818899
E-mail:[email protected]

Company website: www.westcoastpaper.com

 Directors Report 3

Ten Year Highlights

2024

01-81
2023 2022 2021 2020 2019 2018 2017 2016 2015
PRODUCTION
PAPER & PAPER BOARD Tonnes 303766 314919 296785 229017 313876 304957 290844 313311 306960 300514

>>>
OPTICAL FIBRE CABLE Km 84719 72246 63630 54396 37392 40097 28405 29802 42989 30438
SALES
PAPER & PAPER BOARD Tonnes 304950 310349 303715 234667 304762 301931 291512 317951 315146 302978

Statutory Reports
OPTICAL FIBRE CABLE Km 79387 81388 63470 54982 37510 37930 28665 30936 40545 30368
OPERATING RESULTS
TURNOVER `/Lakhs 261490 279086 196880 136182 197251 196852 172222 187028 179953 174715
EBITDA `/Lakhs 75243 94806 43556 20105 52879 52965 38115 34022 20725 19678
GROSS PROFIT(PBDT) `/Lakhs 73330 91872 38277 13587 45675 50068 33878 28272 18927 17853
DEPRECIATION `/Lakhs 10905 11936 13833 15349 16637 17526 11622 11077 11081 12220
EXCEPTIONAL ITEMS `/Lakhs - - - - - - - - 5324 5160

82-144
TAXATION `/Lakhs 15784 22693 4495 199 4750 6800 4551 3654 598 -
MAT CREDIT ENTITLEMENT `/Lakhs 138 (19) - 319 (1367) (2129) (4551) (3654) (598) -
DEFERRED TAX `/Lakhs (1116) (1450) (1861) (2485) (1985) (1735) (67) 4938 1637 362

>>>
NET PROFIT/(LOSS) /OCI `/Lakhs 49599 58261 21570 291 27169 29631 22267 12258 885 111
FINANCIAL POSITION `/Lakhs

Standalone Financials
GROSS BLOCK `/Lakhs 279922 263563 260455 256097 254597 244131 229298 215871 210374 207934
DEPRECIATION `/Lakhs 203698 194802 184301 170807 158489 141919 126044 115432 104040 93035
NET BLOCK `/Lakhs 76224 68761 76154 85290 96108 102212 103254 100439 106334 114899
PAID UP CAPITAL `/Lakhs 1321 1321 1321 1321 1321 1321 1321 1321 1321 1321
RESERVES & SURPLUS `/Lakhs 246725 203730 149432 128523 128232 109031 82580 62594 58547 58456
NET WORTH `/Lakhs 248046 205051 150753 129844 129553 110352 83901 63915 59868 59777
BORROWINGS `/Lakhs 14922 16499 40844 65030 76691 40021 30416 49986 74393 91042
CAPITAL EMPLOYED `/Lakhs 262968 221550 191597 194874 206244 150373 114317 113901 134261 150819

145-212 >>>
OTHER KEY PARAMETERS
EARNINGS PER SHARE (FV ` 2) ` 72.10 88.89 33.02 0.31 41.85 44.82 33.80 19.46 1.34 0.17
BOOK VALUE PER SHARE ` 376 310 228 197 196 167 127 97 91 91
DIVIDEND % 400 500 300 50 250 250 200 125 50 -
DIVIDEND `/Lakhs 5284 6605 3963 660 3302 3302 2642 1651 660 -

Consolidated Financials
DEBT EQUITY RATIO 06:94 07:93 21:79 33:67 37:63 27:73 27:73 44:56 55:45 60:40
4 West Coast Paper Mills Limited Annual Report 2023-24

Directors’ Report
Your Directors are pleased to present the 69th Annual Report of your Company, together with the audited financial
statements for the year ended 31st March 2024.
FINANCIAL RESULTS:

Financial Results of the Company for the year under review along with the figures for previous year are as follows:

Particulars 31st March, 2024 31st March, 2023

(` in Crores)
Profit Before Finance Cost, Depreciation and Tax (PBIDT) 752.43 948.06
Finance Cost 19.13 29.34
Profit Before Depreciation and Tax 733.30 918.72
Depreciation 109.05 119.36
Tax Expenses (Including Deferred Tax) 148.06 212.24
Profit After Tax (PAT) 476.19 587.12
Other Comprehensive Income (Net of Tax) 19.80 (4.51)
Total Comprehensive Income 495.99 582.61
DIVIDEND:

Your Directors are pleased to recommend a dividend of ` 8 per equity share (400%) for the financial year 2023-24,
subject to shareholder’s approval at the forthcoming Annual General Meeting.
PERFORMANCE:

The performance of the Company during the year under review got marginally impacted compared to the previous
year mainly on account of significant increase in wood cost, drop in paper prices due to market conditions and also
major breakdown in one of the TG at Dandeli in Q3.

The Company shall continue to focus on improving its operating efficiencies with better product mix and minimizing
manufacturing cost to improve financial performance.
DIVISION WISE PERFORMANCE:

PAPER AND PAPERBOARD DIVISION, DANDELI

The production of Paper and Paperboard was 303766 MT (95 % capacity utilization) during the year against 314919
MT in the last year (98% capacity utilization) i.e., lower by 11153 MT. The Sale of Paper and Paperboard was 304950 MT
during the year against 310349 MT in the last year i.e., lower by 5399 MT. Turnover during the year was ` 2427 Crores
as against ` 2605 Crores in the last year, i.e., lower by ` 178 Crores. The Operating EBITDA margin was 25.91 % during
the year.

CABLE DIVISION, MYSORE

The Production of Optical Fibre Cable was 84719 Kms during the year against 72246 Kms in last year, thereby higher
production by 12473 Kms. The Sale of Optical Fibre Cable was 79387 Kms during the year as against 81388 Kms in the
last year i.e. lower by 2001 Kms. The Turnover was ` 188 Crores during the year as against ` 186 Crores in the last year
i.e., higher by ` 2 Crores. The Operating EBITDA margin was 12.94 % during the year.

EXPORTS:

Export of Paper and Paperboard during the year was 2297 MT worth ` 18 Crores (FOB) as against 2204 MT worth ` 18
Crores (FOB) in the last year. Similarly, Export of Cable during the year was ` 5 Crores (FOB) against ` 10 Crores (FOB)
in the last year.
 Directors Report 5

FUTURE PLAN:

Company is continuously working by phase wise investment at Paper Division, Dandeli for improving paper quality,

01-81
produce new speciality products and reduction of usage of steam, power, chemical, water and also minimize the
breakdown of machines.

Additionally, the Company’s Cable Division has doubled its manufacturing capacity for Optical Fiber Cable by setting

>>>
up a new manufacturing unit at Rangareddy, Hyderabad, Telangana, which is in operation now. The Cable division
is also in the process of setting up its own Optical Fiber Draw Towers factory on the same premise and construction

Statutory Reports
activities are underway. This plant would be operational in the current Financial Year. This Optical Fiber Plant will ensure
seamless availability of Optical Fibers, a key raw material for optical fiber cable factories at Mysore and Hyderabad.

MEETINGS OF THE BOARD:

During the year under review, Four Board Meetings were held and details thereof are mentioned in the Report on
Corporate Governance, forms a part of this report. The intervening gap between the Meetings was within the period
prescribed under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations,

82-144
2015.

POLICY ON APPOINTMENT OF DIRECTORS, KMP, SENIOR EXECUTIVES AND REMUNERATION :

>>>
The Company has formulated a policy for appointment and remuneration including criteria for determining
qualifications, positive attributes, independence of a Director and other matters provided under sub-section (3)
of Section 178 for Directors, Key Managerial Personnel (KMP) and Senior Executives of the Company. The Policy is

Standalone Financials
available at the Company’s website and can be accessed at: https://www.westcoastpaper.com/policies/

PERFORMANCE EVALUATION OF INDEPENDENT DIRECTORS:

Criteria for performance evaluation of Independent Directors as required under SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, is annexed herewith forms a part of this report.

MANAGERIAL REMUNERATION:

145-212 >>>
The requisite details as per Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 is annexed herewith forms a part of this report.

DIRECTORS’ RESPONSIBILITY STATEMENT:

The Directors’ Responsibility Statement, as required under Section 134(5) of the Companies Act, 2013, is annexed
herewith forms a part of this report.

DIRECTORS AND KMP: Consolidated Financials

Retirement

Shri Sudarshan Somani (DIN:00137568), Independent Director of the Company was retired from the services of the
Company after completing of his second terms on 09.11.2023.

Retirement by Rotation

Smt. Shashi Bangur (DIN: 00053300) will retire from the office by rotation at the ensuing Annual General Meeting and
being eligible, offers herself for re-appointment.

Appointment

Shri Prakash Kacholia (DIN: 00002626) has been appointed as Additional Independent Director of the Company at the
meeting of the Board of Directors, held on 9th November, 2023 and approved by the Shareholders through postal
ballot on 9th January, 2024.
6 West Coast Paper Mills Limited Annual Report 2023-24

Re-appointment

Shri Shiv Ratan Goenka (DIN:00225734) has been re-appointed as Independent Director for second terms at the
meeting of the Board of Directors, held on 9th November, 2023 and approved by the shareholders through postal
ballot on 9th January, 2024.

DECLARATION BY INDEPENDENT DIRECTORS:

The Company has received declaration from all the Independent Directors under Section 149(7) of the Companies
Act, 2013 and Regulation 25(8) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in respect
of meeting the criteria of independence provided under Section 149(6) of the Companies Act, 2013 and clause (b) of
sub-regulation (1) of the Regulation 16 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

BOARD EVALUATION:

Pursuant to the provisions of the Companies Act, 2013 and Regulation 17 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 the Board has carried out an annual performance evaluation of its own performance,
the Director individually as well as the evaluation of the working of its Committees. The manner of evaluation has been
explained in the Corporate Governance Report.

FAMILIARIZATION POLICY:

Pursuant to Regulation 25(7) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board
has framed a policy to familiarize the Independent Directors about the Company. The Policy is available on the website
of the Company and can be accessed at: https://www.westcoastpaper.com/policies/

RELATED PARTY DISCLOSURE AND TRANSACTIONS:

All related party transactions that were entered into during the financial year were on an arm’s length basis and were
in the ordinary course of business in the compliance of applicable provisions of the Companies Act, 2013 and SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015.

There are no materially significant related party transactions made by the Company with Promoters, Directors, Key
Managerial Personnel or other designated persons. The Details of related party disclosure and transaction as required
by the Accounting Standards read with Section 134(3)(h) have been made in the notes to the Financial Statements.

The Policy on related party transaction and its materiality as approved by the Board is uploaded on the Company’s
website and can be accessed at: https://www.westcoastpaper.com/policies/

ANNUAL RETURN:

Pursuant to the provisions of Section 92(3) of the Companies Act, 2013 a copy of Annual Return is available at the
Company’s website and can be accessed at: https://www.westcoastpaper.com/investors/.

CONSERVATION OF ENERGY, RESEARCH & DEVELOPMENT, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS/OUTGO:

The information required under Section 134(3)(m) of the Companies Act, 2013 is annexed herewith forms a part of
this report.

CORPORATE SOCIAL RESPONSIBILITY:

The Company has framed a Corporate Social Responsibility (CSR) Policy as required under Section 135 of the Companies
Act, 2013 read with Rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014, to oversee the CSR
activities initiated by the Company and the policy may be accessed on the Company’s website.

Annual Report on CSR activities undertaken by the Company during the financial year ended on 31st March, 2024 in
the prescribed format is annexed herewith forms a part of this report.
 Directors Report 7

MANAGEMENT’S DISCUSSION AND ANALYSIS :

A comprehensive Management’s Discussion and Analysis Report, as required under Regulation 34 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, is annexed herewith forms a part of this report.

01-81
CORPORATE GOVERNANCE:

>>>
Pursuant to Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 a Corporate
Governance Report is annexed herewith forms a part of this report.

Statutory Reports
A certificate from the auditors of the Company regarding compliance of the conditions of Corporate Governance as
stipulated in Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is annexed
herewith forms a part of this report.

The Company is complying with Regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 with regard to Corporate Governance and reports to that effect are being regularly filed with the Stock Exchanges.
The Company has obtained declaration from the Directors and Senior Management Personnel of the Company for
compliance of Code of Conduct and the Certificate from CEO/CFO was placed before the Board of Directors at the

82-144
meeting held on 27th May, 2024.

COMPLIANCE WITH SECRETARIAL STANDARD:

>>>
The Company has complied applicable Secretarial Standards issued by the ICSI under Section 118 of the Companies
Act , 2013.

Standalone Financials
REPORTING OF FRAUDS:

Auditors of the Company have not reported any offence involving fraud is being or has been committed against the
company by the officers or employees of the company, under section 143(12) of the Companies Act, 2013.

SHARE CAPITAL:

The paid-up Equity Share Capital as on 31st March, 2024 was Rs. 1320.98 lakhs comprising of 6,60,48,908 Equity Shares
of Rs. 2/-each. During the year under review, the Company has not issued any further shares to the members or

145-212 >>>
general public.

PUBLIC DEPOSITS

Your’s Company has not invited or accepted any deposits during the financial year ended on 31st March, 2024 under
Section 73 of the Companies Act, 2013 and Rules made thereunder.

CONVERTIBLE/NON-CONVERTIBLE SECURITIES Consolidated Financials

Your Company has not issued any Convertible/Non-Convertible securities during the year ended March 31, 2024

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:

Details of Loans, Guarantees and Investments cover under the provisions of Section 186 of the Companies Act, 2013,
are given in the notes to the Financial Statements.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT (BRSR):

Pursuant to Regulation 34(2)(f) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the
Business Responsibility and Sustainability Report for the financial year ended on 31st March, 2024 is annexed herewith
forms a part of this report.

VIGIL MECHANISM/WHISTLE BLOWER POLICY:

The Vigil Mechanism of the Company incorporates a policy under Regulation 22 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 and Rule 7 of the Companies (Meetings of the Board and its Powers)
Rules 2014, provide the mechanism for Employees and Directors of the Company to approach the Executive Director
and the Chairman of the Audit Committee of the Board. Protected disclosures can be made by a Whistle Blower by
8 West Coast Paper Mills Limited Annual Report 2023-24

means of e-mail or telephone or letter to the Executive Director or to the Chairman of the Audit Committee. The policy
on Vigil Mechanism/Whistle Blower is available on the Company’s website and can be accessed at: https://www.
westcoastpaper.com/policies/

RISKS MANAGEMENT:

Pursuant to provisions of Section 134(3)(n) of the Companies Act, 2013 and Regulation 17(9) & 21 of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the Company has constituted the Risk Management
Committee and laid down a framework to inform the Board about the particulars of Risks Identification, Assessment
and Minimization Procedures. In the opinion of the Board, there is no such risk, which may threaten the existence of
the Company.

DISCLOSURE PERTAINING TO THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE:

Details required under the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act,
2013 and the Companies (Accounts) Amendment Rules, 2018 covered in the report of Corporate Governance forms
a part of this Annual Report.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURT:

During the financial year ended on 31st March, 2024, there were no significant and material orders passed by the
Regulators or Courts, which would impact the status of the Company and its future operations.

AUDITORS’ REPORT:

The Notes on Accounts and the observations of the Auditors in their Report on the Accounts of the Company are self
explanatory and in the opinion of the Directors, do not call for any clarifications.

AUDITORS:

a. Statutory Auditors and their Report

M/s Singhi & Co. Chartered Accountants, Kolkata re-appointed as Statutory Auditors at the 67th Annual General
Meeting of the Company pursuant to the provision of rotation under Section 139 and 141 of the Companies Act,
2013 and Rule 7 of the Companies (Audit and Auditors) Rules, 2014, for a period of 5 consecutive years till the
conclusion of 72nd Annual General Meeting, without any further ratification by the shareholders, pursuant to the
amended provisions of Section 139 of the Companies Act, 2013 and Rules made there under, notified by Ministry
of Corporate Affairs as on 07.05.2018. The observations of the Auditors in their report for the financial year 2023-24
on Accounts and the Financial Statements, read with the relevant notes are self-explanatory.

b. Secretarial Auditor and Secretarial Audit Report

Pursuant to the provisions of Section 204 of the Companies Act, 2013, the Board of Directors appointed Shri
Naman Joshi, Bangalore practicing Company Secretary as Secretarial Auditor to carry out Secretarial Audit of the
records maintained by the Company for the financial year 2023-24. The Report given by him for the said financial
year in the prescribed Form No: MR 3 is annexed to this report.

c. Cost Auditor and Cost Audit Report

Pursuant to the provisions of Section 148(1) of the Act, 2013 and revised order of the Central Government dated
31.12.2014, the company has maintained cost accounts and records. The Cost Audit for the financial year ended
on 31st March, 2023 was conducted by Shri Umesh Kini, Cost Accountant, Sirsi and as required Cost Audit Report
was duly filed with Ministry of Corporate Affairs, Government of India. The Audit of the Cost Records for the
financial year ended on 31st March, 2024 is being conducted by the said Cost Auditor and Report will also be filed
with the Ministry of Corporate Affairs , Government of India.

INTERNAL CONTROL SYSTEM:

There are adequate internal control procedures commensurate with the size of the Company and nature of its business
for the purchase of inputs, availing of services, fixed assets, for the sale of goods and providing of services. Full-fledged
 Directors Report 9

Internal Audit department carries out pre and post audit of all significant transactions throughout the year. Company
has also appointed M/s S.S.Kothari Mehta & Co., Chartered Accountants, New Delhi (outsourced) as Internal Auditor.
Based on the Annual Internal Audit programme as approved by Audit Committee of Board, regular internal audits

01-81
are conducted. Findings are placed before Audit Committee, which reviews and discuss the actions taken with the
Management.

>>>
INDUSTRIAL RELATIONS:

Industrial Relations remained peaceful and cordial throughout the year under review. Your company value the long
association of employees including contractors and their workmen to sustain industrial harmony and create a positive

Statutory Reports
work environment. The process of renewal of tripartite long-term wage revision settlement with Joint Negotiation
Committee of the Unions from 01.01.2023 is going on. Your Directors acknowledge the support and co-operation
from employees.

CONSOLIDATED FINANCIAL STATEMENTS:

The Consolidated Financial Statements have been prepared by the Company in accordance with the applicable
Accounting Standards. The Audited Consolidated Financial Statements together with Auditors’ Report forms a part of

82-144
this report.

A Report on the performance and financial position of unlisted wholly owned subsidiaries and listed subsidiary

>>>
company (Andhra Paper Limited) for the financial year ended 31.03.2024 included in the Consolidated Financial
Statements is presented in the separate section AOC-1, forms a part of this report.

Standalone Financials
Pursuant to the provisions under Section 136 of the Companies Act, 2013 the financial statements including
consolidated financial statements along with relevant documents and separate Audited Accounts of the subsidiary
companies are available at the Company’s website.

ACKNOWLEDGEMENT:

Your Directors would like to express their sincere appreciation and thanks to the Central and State Governments,
Banks, Financial Institutions, Customers, Suppliers and Shareholders for their continued support and co-operation.

145-212 >>>
Your Directors take the opportunity to place on record their deep appreciation of the committed services rendered
by the employees of the Company, who have contributed significantly towards Company’s performance and growth.

For and on behalf of the Board

S. K. Bangur Consolidated Financials

Place: Dandeli Chairman & Managing Director

Date: 27th May, 2024 DIN: 00053237
10 West Coast Paper Mills Limited Annual Report 2023-24

ANNEXURE – II
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITIES(CSR)
ACTIVITIES FOR THE FINANCIAL YEAR 2023-24

1. Brief outline on CSR Policy of the Company: Available on the Website: https://www.westcoastpaper.com/policies/
2. Composition of CSR Committee:
S. Name of Director Designation/Nature Number of meetings Number of meetings of
No. of Directorship of CSR Committee CSR Committee attended
held during the year during the year
1 Shri Virendraa Bangur Chairman/WTD 1 1
2 Shri Saurabh Bangur Member/NED 0
3 Smt. Arpita Vinay Member/ INED (up to 1
25.06.2023)
4 Smt. Sudha Bhushan Member/INED (w.e.f. 0
26.06.2023)
5 Shri Rajendra Jain Member/ED 1
3. Provide the web-link (s) where Composition of CSR Committee, CSR Policy and CSR Projects approved by
the Board are disclosed on the website of the Company: Website: https://www.westcoastpaper.com/
compliance/#com1b, https://www.westcoastpaper.com/csr/
4. Provide the executive summary along with web-link (s) 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: Not Applicable
5. (a) Average net profit of the company as per sub-section (5) of section 135 : ` 34544.75 Lakhs.
(b) Two percent of average net profit of the company as per sub-section (5) of section 135 : ` 690.89 Lakhs.
(c) Surplus arising out of the CSR Projects or programmes or activities of the previous financial year : ` NIL.
(d) Amount required to be set-off for the financial year : ` 1.73 Lakhs.
(e) Total CSR obligation for the financial year [ (b)+(c)-(d)] : ` 689.16 Lakhs
6. (a) Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project) : ` 669.74 Lakhs
(b) Amount spent in Administrative Overheads : ` 33.49 Lakhs
(c) Amount spent on Impact Assessment, if applicable : NIL
(d) Total amount spent for the Financial Year [(a)+(b)+(c)] : ` 703.23 Lakhs
(e) CSR amount spent or unspent for the Financial Year : ` 703.23 Lakhs

Total Amount Amount Unspent (` in Lakhs)

spent for the Total Amount transferred to Amount transferred to any fund specified under
Financial Year Unspent CSR Account as per Schedule VII as per second proviso to Section 135(5)
(₹ in Lakhs) Section 135(6)
Amount Date of Transfer Name of the Fund Amount Date of transfer
703.23 - - - - -
 Annexure to the Directors Report 11

(f) Excess amount for set-off, if any: :

S. No. Particular Amount
(` in Lakhs)

01-81
(i) Two percent of average net profit of the company as per section 135(5) 689.16
(ii) Total amount spent for the Financial Year 703.23
(iii) Excess amount spent for the Financial Year [(ii)-(i)] 14.07

>>>
(iv) Surplus arising out of the CSR Projects or Programmes or Activities of the previous Financial 0.00
Year, if any
(v) Amount available for set off in succeeding Financial Years [((iii)-(iv)] 14.07

Statutory Reports
7. Details of Unspent Corporate Social Responsibility amount for the preceding three Financial Years:
(1) (2) (3) (4) (5) (6) (7) (8)
S. Preceding Amount transferred Balance Amount spent Amount transferred to a fund as Amount Deficiency,
No. Financial Year to Unspent CSR Amount in in the Financial specified under Schedule VII as per remaining to if any
(s) Account under Unspent CSR Year second proviso to section 135(5), if any be spent in
section 135(6) Account under (` in Lakhs) Amount Date of Transfer. succeeding

82-144
(` in Lakhs) section 135(6) financial years.
(in ₹)
(` in Lakhs) (in ₹)
1 2021-22 0.00 0.00 0.00 0.00 - 0.00 -

>>>
2 2022-23 0.00 0.00 0.00 0.00 - 0.00 -
3 2023-24 0.00 0.00 0.00 0.00 - 0.00 -
8. Whether any capital assets have been created or acquired through Corporate Social Responsibility amount spent

Standalone Financials
in the Financial Year : No
If Yes, enter the number of Capital assets created/acquired NA
Furnish the details relating to such asset(s) so created or acquired through Corporate Social Responsibility amount
spent in the Financial Year:
(1) (2) (3) (4) (5) (6)
S. Short particulars of the property or asset(s) Pin code of the Date of Amount of Details of Entity/Authority/Beneficiary of
No. [including complete address and location of property or creation CSR amount the registered owner
asset(s) spent

145-212 >>>
the property] CSR Name Registered
Registration address
Number, if
applicable
- - - - - -
(All the fields should be captured as appearing in the revenue record, flat no, house no, Municipal Office/

Consolidated Financials
Municipal Corporation/Gram panchayat are to be specified and also the area of the immovable property as well
as boundaries)
9. Specify the reason (s), if the company has failed to spend two percent of the average net profit as per sub-section
(5) of section 135. : Not Applicable

Sudha Bhushan Virendraa Bangur

Place: Dandeli (DIN : 01749008) (DIN: 00237043)
Date : 27th May, 2024 Non- Executive Independent Director Chairman of the CSR Committee
12 West Coast Paper Mills Limited Annual Report 2023-24

GLIMPSES OF CSR ACTIVITIES

Child Health Checkup Camp at WCPM OHC - Dandeli Two Prayer Halls at Cemetery for Christians, Old Dandeli

Toilet Blocks - Govt. Hr. Pr. School, Jamga Village Distribution of Cotton Bags, Dandeli

Distribution of Umbrellas at Schools, Kerwad Village Tailoring Valedictory Function, Tatgera Village
 Annexure to the Directors Report 13

PERFORMANCE EVALUATION CRITERIA OF INDEPENDENT DIRECTORS

(1) Attending Board/Committee Meetings. (4) Discharge of duties as per Schedule IV of the Companies

01-81
Act, 2013 and compliance to other requirements of
(2) Going through the agenda papers and providing
the said Act or other regulatory requirements.
inputs in the meetings of Board/ Committees.
For and on behalf of the Board

>>>
(3) Guidance to the company from time to time on the
various issues brought to their notice. Place: Dandeli S. K. Bangur
Date: 27th May, 2024 Chairman & Managing Director

Statutory Reports
Statement Pursuant to section 197(12) of the Companies Act, 2013 and Rule 5 of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014
S.
Requirements Disclosures
No.
(i) The ratio of the remuneration of each Shri S.K.Bangur : 549:1
director to the median remuneration of Chairman & Managing
the employees of the company for the Director

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financial year; Shri Virendraa Bangur : 173:1
Joint Managing Director
Shri Rajendra Jain : 45:1

>>>
Executive Director
(ii) The percentage increase in remuneration Shri S.K.Bangur : 220.06% (including commission paid during
of each director, Chief Financial officer, Chairman & Managing the year 2023-24 pertaining to 2022-

Standalone Financials
Chief Executive Officer, Company Director 23 and commission paid during the
Secretary or Manager, if any, in the year 2022-23 pertaining to 2021-22)
financial year; Shri Virendraa Bangur : 124.90% (including commission paid during
Joint Managing Director the year 2023-24 pertaining to 2022-
23 and commission paid during the
year 2022-23 pertaining to 2021-22)
Shri Rajendra Jain : 3.01%
Executive Director
Shri Rajesh Bothra

145-212 >>>
: 2.61%
Chief Financial Officer
Shri Brajmohan Prasad : 12.03%
Company Secretary &
Compliance Officer
(iii) The percentage increase in the median The percentage increase in the median remuneration of employees in the
remuneration of employees in the financial year is 0.13.
financial year; Consolidated Financials
(iv) The number of permanent employees on 2420
the rolls of company.
(v) Average percentile increases already The average increase in salary/wages of the employees was 4.39% (other
made in the salaries of employees other than managerial personnel) whereas remuneration to managerial personnel
than the managerial personnel in the last increased by 155.80%
financial year and its comparison with
the percentile increase in the managerial
remuneration and justification thereof
and point out if there are any exceptional
circumstances for increase in the
managerial remuneration;
(vi) The key parameters for any variable Commission based on profit pursuant to terms of appointment of Shri S.K.Bangur,
component of remuneration availed by Chairman & Managing Director and Shri Virendraa Bangur, Joint Managing
the directors; Director.
(vii) Affirmation that the remuneration is It is hereby affirmed that remuneration paid is as per the remuneration policy of
as per the remuneration policy of the the Company.
company.
14 West Coast Paper Mills Limited Annual Report 2023-24

BUSINESS RESPONSIBILITY
AND SUSTAINABILITY REPORT
Section A : GENERAL DISCLOSURES
I. Details of listed entity

Sl. Required Information

No
1 Corporate Identity Number (CIN) of the Listed Entity L02101KA1955PLC001936
2 Name of the Listed Entity West Coast Paper Mills Limited
3 Year of incorporation 1955
4 Registered office address Bangur Nagar, Dandeli – 581325
District – Uttara Kannada, Karnataka
5 Corporate address 31, Jawaharlal Nehru Road, Kolkata 700016
West Bengal, India
6 E-mail [email protected]
7 Telephone 08284-231391-395
8 Website www.westcoastpaper.com
9 Financial year for which reporting is being done 2023-24
10 Name of the Stock Exchange(s) where shares are listed National Stock Exchange of India Limited (‘NSE’),
BSE Limited (‘BSE’)
11 Paid-up Capital `1,321 Lakhs
12 Name and contact details (telephone, email address) Rajendra Jain
of the person who may be contacted in case of any Executive Director
queries on the BRSR report 08284 231391
[email protected]
Din: 07250797
13 Reporting boundary - Are the disclosures under this All the disclosures in this report is on standalone basis.
report made on a standalone basis (i.e. only for the
entity) or on a consolidated basis (i.e. for the entity and
all the entities which form a part of its consolidated
financial statements, taken together).
14 Name of assurance Provider Not Applicable
15 Type of assurance obtained Not Applicable
II. Products/services
16. Details of business activities (accounting for 90% of the turnover)

Sl. Description of Main Description of Business Activity % of Turnover of the

No Activity entity
1 Manufacture of Pulp, Paper and Paper Integrated paper manufacturing 93%
Board
2 Manufacture of Optic Fibre Cable Manufacture of optic fibre cable 7%
17. Products/Services sold by the Company (accounting for 90% of the turnover)

Sl. Product/Service NIC Code % of total Turnover

No contributed
1 Writing & Printing Paper, Cup Stock 17011,17016,17093 93%
Paper Board, Pulp, etc,.
2 Optic Fibre Cable 27310 7%
 Annexure to the Directors Report 15

III. Operations
18. Number of locations where plants and/or operations/offices of the Company are situated:

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Location Number of plants Number of offices Total
National 3 8 11
International - - -

>>>
19. Markets served by the Company
a. Number of locations

Statutory Reports
Locations Number
National (No. of States) 21
International (No. of Countries) 15
b. What is the contribution of exports as a percentage of the total turnover of the Company?

FY 2023-24 1%

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c. Types of customers
The Company sells its product in the B2B and B2C market through a network of distributors, nationally and
internationally. The Company offers WESCO brand premium printing papers to suit high-end printing applications.

>>>
Some of the Banks are using our customized water-marked security-paper in printing cheque leaves. The optic
fibre cable is also sold in B2B and B2C market through distributors, commercial and industrial establishments and
Government Institutions.

Standalone Financials
IV. Employees
20. Details as at the end of Financial Year, i.e. March 31, 2024:
a. Employees and workers (including differently abled):

Sl. Particulars Total (A) Male Female

No. No. (B) % (B/A) No. (C) % (C/A)
EMPLOYEES

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1. Permanent (D) 936 916 98% 20 2%
2. Other than Permanent (E) 68 55 81% 13 19%
3. Total employees (D+E) 1004 971 97% 33 3%
WORKERS
4. Permanent (F) 1484 1483 100% 1 0%

Consolidated Financials
5. Other than Permanent (G) 1766 1532 87% 234 13%
6. Total workers (F+G) 3250 3015 93% 235 7%
b. Differently abled Employees and workers:

Sl. Particulars Total (A) Male Female

No. No. (B) % (B/A) No. (C) % (C/A)
DIFFERENTLY ABLED EMPLOYEES
1. Permanent (D) - - - - -
2. Other than Permanent (E) - - - - -
Total differently abled
3. - - - - -
employees (D+E)
DIFFERENTLY ABLED WORKERS
4. Permanent (F) 6 6 100% - -
5. Other than Permanent (G) 1 1 100% - -
Total differently abled
6. 7 7 100% - -
workers (F+G)
16 West Coast Paper Mills Limited Annual Report 2023-24

21. Participation/Inclusion/Representation of women

Total (A) No. and percentage of Females
No. (B) % (B/A)
Board of Directors (Including KMP) 10 2 20%
Key Management Personnel 5 - -
22. Turnover rate for permanent employees and workers (disclose trends for the past 3 years)
FY 2023-24 FY 2022-23 FY 2021-22
Male Female Total Male Female Total Male Female Total
Permanent Employees 5.90% 0.56% 6.46% 8.90% - 8.90% 6.63% - 6.63%
Permanent Workers 4.67% - 4.67% 3.23% - 3.23% 3.76% - 3.76%
V. Holding, Subsidiary and Associate Companies (including joint ventures)
23. Name of holding/subsidiary/associate companies/joint ventures
Sl. Name of the holding/ Indicate whether % of shares Does the entity indicated at
No. subsidiary/associate Holding/Subsidiary/ held by the column A, participate in the
companies/joint ventures Associate/Joint Company Business Responsibility initiatives
(A) Venture of the Company (Yes/No)
1 Andhra Paper Limited (APL). Subsidiary 72.31 No
2 West Coast Opticable Subsidiary 100 No
Limited (WCOL).
3 Wesco Defence Systems Subsidiary 100 No
Ltd.
4 Uniply Décor Ltd. Subsidiary 100 No
5 Speciality Coatings and Associate 37.33 No
Laminations Ltd.
VI. CSR Details
24. (i) Whether CSR is applicable as per Section 135 of Companies Act, 2013: Yes
All the requirement of Schedule VII of the Companies Act, 2013 has been complied with and are disclosed
on the Company’s website at https://www.westcoastpaper.com/csr/
(ii) Turnover (` in Lakhs) : 2,61,490/-
(iii) Net worth (` in Lakhs) : 2,48,046/-
VII. Transparency and Disclosure Compliances
25. Complaints/Grievances on any of the principles (Principle 1 to 9) under the National Guidelines on Responsible
Business Conduct:

Stakeholder Grievance Redressal FY 2023-24 FY 2022-23

group from whom Mechanism in place No. of No. of Remarks No. of No. of Remarks
complaint is (Yes/No) complaints complaints complaints complaints
received (If yes, then filed during pending filed pending
provide weblink for the year resolution at during the resolution at
grievance redressal close of the year close of the
policy) year year
Communities Yes. Refer Point 1. - - - - -
Investors (other - - - -
than shareholders) Yes. Refer Point 2.
Shareholders 12 - - 6 - -
Employees and - - - - - -
Yes. Refer Point 3.
workers
Customers Yes. Refer Point 4. 54 - - 50 - -
Value Chain - - - - -
Yes. Refer Point 5.
Partners
Other (please - - - - - -
-
specify)
 Annexure to the Directors Report 17

1. Communities
Addressed through the CSR Policy of the Company [https://www.westcoastpaper.com/csr/]

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2. Shareholders
Share Department of the Company and RTA handles Grievances as per SEBI (LODR) Regulations, 2015.

>>>
3. Employees and workers
The Company has Joint Negotiation Committee of management and labour which takes care of the
grievance redressal mechanism for workers. Additionally, procedures includes POSH and Grievance

Statutory Reports
redressal mechanism for review / redressal of issues for employees and workers.
4. Customers
Covered in contracts and agreements entered into with the dealers and customers of the Company.
Feedback and complaints received by marketing and quality control are resolved.
5. Value Chain Partners
Addressed under the Ethics Policy of the Company

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[https://www.westcoastpaper.com/wp-content/uploads/2021/03/Code-of-conduct.pdf ]
[https://www.westcoastpaper.com/wp-content/uploads/2022/06/Whistle-Blower-Policy.pdf ]

>>>
26. Overview of the entity’s material responsible business conduct issues
Please indicate material responsible business conduct and sustainability issues pertaining to environmental and
social matters that present a risk or an opportunity to your business, rationale for identifying the same, approach

Standalone Financials
to adapt or mitigate the risk along-with its financial implications, as per the following format

Sl. Material issue Indicate Rationale for identifying the In case of risk, approach to Financial implications
No. identified whether risk/opportunity adapt or mitigate of the risk or
risk or opportunity (Indicate
opportunity positive or negative
(R/O) implications)
1. Product Quality. Risk and Risk: Our customers expect us Continuous monitoring and Positive: Maintaining

145-212 >>>
Opportunity to maintain and improve upon improvement of product product quality would
the quality of our products. Any quality is required to ensure ensure that we remain
lapse on product quality would our products have a consistent competitive in our
negatively impact our brand quality and meet the customer’s industry.
value and our market share. quality expectations.
Opportunity: Upholding and

Consolidated Financials
improving upon our product
will enable us to increase our
market share as well as retain
our existing customer base.
Further, increasing use of paper
products in the food industry is
an emerging opportunity.
2. Raw Material: Risk Risk: Wood is the major source The Company has a well-defined Negative: Shortage
Wood Availability of raw material for pulp Plantation Programme - Site of wood may lead to
manufacturing. Availability of specific clones are developed as high cost of sourcing of
required wood is an issue. per prevailing soil and climatic wood.
conditions.
Convincing and motivating
farmers to raise pulp wood
plantations by development in
farm forestry.
18 West Coast Paper Mills Limited Annual Report 2023-24

Sl. Material issue Indicate Rationale for identifying the In case of risk, approach to Financial implications
No. identified whether risk/opportunity adapt or mitigate of the risk or
risk or opportunity (Indicate
opportunity positive or negative
(R/O) implications)
Development of Partner
nurseries for distribution of
required clones.
Adding new species of wood for
the pulping process.
Sourcing of wood from other
states and development of farm
forestry in neighbouring states.
3. Energy Risk and Risk: With increasing scarcity of Our Company has improved Negative: Increase in
Management Opportunity natural resources and increasing the production process, cost of production and
cost, efficient management adopted better energy efficient not meeting carbon
of energy becomes critical equipment to optimize the footprint requirement.
for uninterrupted business energy consumption. During the
operations. year, through various process
Opportunity: Improving improvements, the Company
production process for better was able to save 313166 GJ of
management of energy would energy as compared to last year.
not only enable us to improve
operating margin but also it
would enable us to reduce
carbon footprint.
4. Human Rights Risk and Risk: Absence of a The Company has in Positive: Better work
Practices Opportunity comprehensive Human place Prevention of Sexual environment helps to
Rights governance structure Harassment Policy in line produce cost efficient
encompassing parameters with the requirements of The quality product.
such as working conditions, Sexual Harassment of Women
child/ forced labour, fair at the Workplace (Prevention,
remuneration, gender Prohibition and Redressal) Act,
diversity, prevention of 2013. All employees (permanent,
sexual harassment, freedom contractual, temporary and
of association and collective trainees) are covered under
bargaining will adversely this policy. During the financial
impact the Company’s year 2023-24 no complaints
smooth working & people regarding child labour, forced
development. labour, involuntary labour,
Opportunity: This will help sexual harassment were
the Company to create better received by the Company.
working environment, with The Company has Joint
involvement and ownership of Negotiating committee
people working in Company. represented by workmen
to deal with employees
related issues and Long Term
Settlement is signed periodically.
 Annexure to the Directors Report 19

Sl. Material issue Indicate Rationale for identifying the In case of risk, approach to Financial implications
No. identified whether risk/opportunity adapt or mitigate of the risk or
risk or opportunity (Indicate

01-81
opportunity positive or negative
(R/O) implications)
5. Environment Risk Risk: Water is a critical input Our Company has improved Negative: Non-

>>>
Management material in our production production process over the years Compliance of norms
process. We have to also ensure to reduce water consumption. may lead to closure of
that we meet air emission Further, it is our constant plant.

Statutory Reports
& water consumption and endeavour to increase the use
of recycled water in operation.
discharge norms.
During the year, through various
process and improvement, we
were able to reduce the water
consumption by 2% in 2023-24
as compared to 2022-23 and
by 37% as compared to 2015-

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16. We have online monitoring
system for Water & Air emission.
We need to conserve water
using 3R principle. For this new

>>>
technology and equipment are
being explored and used to meet
Air & Water norms.

Standalone Financials
6. Coal - Availability Risk and Risk: Availability of local coal We are continuously getting Negative: Increase in
Opportunity is limited. Cost of sourcing technical energy audit done energy cost due to use
imported coal is high. and replacing energy inefficient of high cost imported
equipment with energy efficient coal.
Opportunity: To look for
equipment & technology to
opportunity to reduce energy reduce carbon footprint. We are
(Steam & Power) consumption also optimising using of chipper
to reduce cost .Also look for dust in Coal Fired Boilers.
non-fossil fuel energy sources.

145-212 >>>
SECTION B: MANAGEMENT AND PROCESS DISCLOSURES
This section is aimed at helping businesses demonstrate the structures, policies and processes put in place
towards adopting the NGRBC Principles and Core Elements.

Disclosure Questions P P P P P P P P P

Consolidated Financials
1 2 3 4 5 6 7 8 9
Policy and management processes
1. a. Whether the Company’s policy/ Y Y Y Y Y Y Y Y Y
policies cover each principle and
its core elements of the NGRBCs.
(Yes/No)

b. Has the policy been approved by Y Y Y Y Y Y Y Y Y

the Board? (Yes/No)
c. Weblink of the policies, if available https://www.westcoastpaper.com/policies/
2. Whether the Company has translated Y Y Y Y Y Y Y Y Y
the policy into procedures. (Yes/No)
3. Do the enlisted policies extend to N N N N N N N N N
the Company’s value chain partners?
(Yes/No)
20 West Coast Paper Mills Limited Annual Report 2023-24

4. Name of the national and The Company has well defined Environment, Health and Safety (EHS)
international codes / certifications and Quality Management Systems in place and are aligned with
/ labels / standards adopted by the International Standards like:
Company and mapped to each ISO 9001– For quality management system for design, development,
principle. manufacture and marketing of paper and paperboard.
ISO 14001– For designing and implementing a comprehensive
Environment Management System (EMS) in line with the global
standards.
FSC® - Forest Stewardship Council Certification -Chain of Custody
which indicates that the Company is using wood from responsible
forests and well-managed plantations and ensures that only legally
harvested wood is used for manufacture of paper/paperboard.
ISO 45001-Occupational Health & Safety Management System in line
with the global standards, in design, development, manufacture and
marketing of paper & paper boards.
https://www.westcoastpaper.com/our-certifications/
5. Specific commitments, goals and The Company has identified material ESG issues which will help in
targets set by the Company with setting targets and measures.
defined timelines, if any. We have set a target of planting 1.5 Crore tree during FY2024-25 which
will cover around 4600 hectares of land for plantation of Subabul,
Casuarina and Eucalyptus to meet the projected hardwood demand.
6. Performance of the Company against The Company was able to reduce its energy and water consumption during the
the specific commitments, goals and year as a result of focus on continuous process improvement. Performance of
targets along with reasons, in case the the each of the principles is reviewed periodically by various Committees led by
same are not met. Management and Board of Directors.
Achieved
Environment:
1. 100.02 lakhs Nos of seedling and saplings were planted against the target set
for 100 lakhs in 2023-24 covering an area of around 3785 hectares of Subabul,
Casuarina and Eucalyptus plantations to improve wood resource availability.
2. Water consumption per ton of product has reduced from 91 KL pt in 2015-16 to
57 KL pt in 2023-24 i.e., by around 37%. (Target for water in 2023-24 was 57 KL pt
of Paper i.e., 1 KL pt reduction achieved from 58 KL in 2022-23. Target for 2024-25
is 55KL pt i.e., 2 KL pt reduction)
3. Steam consumption per ton of product has reduced from 9.52 MT pt in 2015-16
to 9.14 MT pt in 2023-24 i.e., by around 4%.
4. The Company has put in place a waste management system wherein the
focus is on recycling/ recovering of waste input material to the extent possible.
Nearly 97% of the chemicals used in pulping process are recovered back in the
Chemical Recovery Complex and recycled. Further, almost 20% water used in
the process is recycled and reused. Fly ash is being used for making eco-bricks.
ETP sludge is being used for cardboards/egg tray manufacturing.
Social:
More focus is being given on training, behaviour, health and safety aspect and
to improve work environment by involving top to bottom personnel. Effective
implementation of these programs has positively reflected in reduction in injuries
among workers from 1 in FY 2022-23 to NIL in FY 2023-24.
Our organization continued to engage with communities and provide necessary
support to marginalised and vulnerable communities through our CSR programs.
 Annexure to the Directors Report 21

Governance, leadership and oversight

7. Statement by Director, responsible for the business responsibility report, highlighting ESG related challenges, targets and
achievements

01-81
The Company is a responsible corporate citizen. The Company is committed to green production, resource conservation and
responsible waste management. The Company has adopted ‘minimum impact-best process’ technology that involves green
production, resource conservation, responsible waste management and a reduced pollution load, as its core dimensions. During

>>>
the year the Company managed to save 313166 GJ of energy as a result of various energy saving initiatives. The Company is
continuously focussing in reducing its Carbon Footprint. The Company follows 3R principle (Recycle, Reuse and Reduce) and more
focus is being given at controlling at source instead of end of pipe treatment. There is significant awareness in zero accident &

Statutory Reports
Environment Management culture and it is being brought in DNA of employee. This is helping the Company to produce quality
product in cost efficient manner.
8. Details of the highest authority responsible The Board of Directors is the highest authority responsible for implementation and
for implementation and oversight of the oversight of the Business Responsibility Policy(ies)
Business Responsibility policy(ies).
9. Does the Company have a specified The Executive Director is responsible for decision making on sustainability
Committee of the Board/ Director related issues and implementation of Business Responsibility Policy (ies). He

82-144
responsible for decision making on updates the Board of Directors and take guidance from them time to time.
sustainability related issues? (Yes / No). If
yes, provide details.

>>>
10. Details of review of NGRBCs by the Company:
Subject for review Indicate whether review Frequency (Annually/Half
provided below taken by yearly/Quarterly/Any other –

Standalone Financials
Director/Committee of the please specify)
Board/any other Committee
P P P P P P P P P P P P P P P P P P
1 2 3 4 5 6 7 8 9 1 2 3 4 5 6 7 8 9
Performance against above policies Committee & Board Annually
and follow up action
Compliance with statutory Committee & Board Annually
requirements of relevance to the
principles, and rectification of any

145-212 >>>
non-compliances
11. Has the entity carried out independent P1 P2 P3 P4 P5 P6 P7 P8 P9
assessment of the working of its The Company has a robust functional review mechanism
policies by an external agency? (Yes/ complemented with a strong independent internal audit process that
No). If yes, provide the name of the covers the working of all key policies. The audits are also conducted

Consolidated Financials
agency. by various external independent firms during the year. In addition
to above, relevant third-party assessments are conducted across the
business units periodically.
12. If answer to question (1) above is ‘No’ i.e. not all Principles are covered by a Policy, reasons to be stated:
a. The entity does not consider the Principles material to its business (Yes/No)
b. The entity is not at a stage where it is in a position to formulate and implement the policies on
specified principles (Yes/No)
c. The entity does not have the financial or/human and technical resources available for the task Not Applicable
(Yes/No)
d. It is planned to be done in the next financial year (Yes/No)
e. Any other reason (please specify)
22 West Coast Paper Mills Limited Annual Report 2023-24

Section C: PRINCIPLE WISE PERFORMANCE DISCLOSURE

Principle 1: Businesses should conduct and govern themselves with integrity, and in a manner that
is Ethical, Transparent and Accountable
Essential Indicators
1. Percentage coverage by training and awareness programmes on any of the principles during the
financial year:

Segment Total number Topics/principles covered under the %age of persons

of training and training and its impact in respective
awareness category covered
programmes by the awareness
held programmes
Board of Directors 2 The Directors of the Company are given extensive 100%
Key Managerial information through periodical updates and detailed
Personnel presentations, which includes awareness trainings
on topics like ESG & CSR, SEBI & MCA amendments
and latest circulars. Exhaustive presentations on the
Company’s internal control systems, Audit process,
and on new development initiatives.
Employees other 476 Employees undergo regular training 100%
than Board of programmes in the areas of skill upgradation,
Directors and KMPs process orientation, soft skill development
and safety.
Workers Workers are given regular process training,
safety training, fire fighting training and other
technical trainings.
2. Details of fines / penalties / punishment / award / compounding fees / settlement amount paid in
proceedings (by the entity or by Directors/KMPs) with regulators/ law enforcement agencies / judicial
institutions, in the financial year:
Monetary

NGRBC Name of the regulatory/ Amount Brief of the Has an

Principle enforcement agencies/ (In INR) Case appeal been
judicial institutions preferred?
(Yes/No)
Penalty/ Fine
Settlement Nil
Compounding fees
Non- Monetary

NGRBC Name of the regulatory/ enforcement Brief of the Has an

Principle agencies/ judicial institutions Case appeal been
preferred?
(Yes/No)
Imprisonment
Nil
Punishment
3. Of the instances disclosed in Question 2 above, details of the Appeal/Revision preferred in cases where
monetary or non-monetary action has been appealed.

Case Details Name of the regulatory/enforcement agencies/judicial institutions

NIL NIL
 Annexure to the Directors Report 23

4. Does the Company have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if
available, provide a web-link to the policy.
Yes, the Company has adopted the ‘Code of Conduct’, to ensure ethics, transparency and accountability in all

01-81
aspects of the business. All Directors and Senior Management Personnel affirm Compliance with Code on an
annual basis. https://www.westcoastpaper.com/policies/#cod

>>>
5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law
enforcement agency for the charges of bribery/ corruption:

FY 2023-24 FY 2022-23

Statutory Reports
Directors
KMPs
Nil Nil
Employees
Workers
6. Details of complaints with regard to conflict of interest

FY 2023-24 FY 2022-23

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Number Remarks Number Remarks
Number of complaints received in relation to issues

>>>
of Conflict of Interest of the Directors
NIL NIL NIL NIL
Number of complaints received in relation to issues
of Conflict of Interest of the KMPs

Standalone Financials
7. Provide details of any corrective action taken or underway on issues related to fines / penalties / action
taken by regulators/ law enforcement agencies/ judicial institutions, on cases of corruption and conflict
of interest.
Not Applicable
8. Number of days of accounts payables ((Accounts payable *365) / Cost of goods/services procured) in the
following format.

FY 2023-24 FY 2022-23

145-212 >>>
Number of days of accounts payables 29 31
9. Open-ness of business.
Provide details of concentration of purchases and sales with trading houses, dealers, and related parties
along-with loans and advances & investments, with related parties, in the following format

Consolidated Financials
Parameter Metrics FY 2023-24 FY 2022-23
Concentration a) Purchases from trading houses as % of total purchases 63% 56%
of Purchases b) Number of trading houses where purchases are made 686 838
from
c) Purchases from top 10 trading houses as % of total 57% 70%
purchases from trading houses
Concentration a) Sales to dealers / distributors as % of total sales 93% 93%
of Sales b) Number of dealers / distributors to whom sales are 114 98
made
c) Sales to top 10 dealers / distributors as % of total sales 37% 36%
to dealers / distributors
Share of a) Purchases (Purchases with related parties / Total 0.63% 0.54%
RPTs in Purchases)
b) Sales (Sales to related parties / Total Sales) 0.26% 0.14%
c) Loans & advances (Loans & advances given to related 58% 10%
parties/ Total loans & advances)
d) Investments (Investments in related parties / Total 57% 68%
Investments made)
24 West Coast Paper Mills Limited Annual Report 2023-24

10. Provide details of any corrective action taken or underway on issues related to fines / penalties / action
taken by regulators/ law enforcement agencies/ judicial institutions, on cases of corruption and conflict
of interest.
Not Applicable
Leadership Indicators
1. Awareness programmes conducted for value chain partners on any of the Principles during the financial
year:

Total number Topics / principles covered under %age of value chain partners covered (by
of awareness the training value of business done with such partners)
programmes held under the awareness programmes
Farm Forestry best Practice 100% of Farmers
Agriculture productivity
1175
Plantation management
Health & Safety
476 Human rights, labour practices, 100% Contract workers
sustainability. Health & Safety 90% Contractors
2. Does the entity have processes in place to avoid/ manage conflict of interests involving members of the
Board? (Yes/No) If Yes, provide details of the same.
Yes, there is a process in place for conflict management governed by the “Code of Conduct” for the Board of
Directors.
Weblink for the same: https://www.westcoastpaper.com/policies/#cod
Principle 2: Business should provide goods and services in a manner that is sustainable and safe
• The Company promotes Greenery as it manufactures Paper and Boards using raw material obtained from
renewable and sustainable sources from its own planted farm trees and from responsible resources giving many
people jobs.
• Paper Industry holds a unique position when it comes to increasing India’s Green cover. The printing and writing
grades of paper manufactured by the Company are biodegradable, recyclable and environmentally friendly.
• The Company promotes awareness of quality, environment, health and safety issues through sustainable
leadership.
• The Company Maintain sustainability requirements regarding social, economical and environmental.
• All employees are given training on health & safety aspects at the time of joining and provided safety equipment/
accessories to ensure safe and healthy work environment.
• Our Company helps farmers to grow trees. As part of our tree farming activity, our Company provides quality
Clonal seedlings / bare root seedlings of Eucalyptus and Casuarina at subsidized rates to farmers and also assist
them with technical help to achieve higher yields and revenues. This help for wood resource development.
• The Company supports the local community in the villages surrounding the mill in a number of ways which
includes employment, health care, education, and various other facilities. Our social activities have made us an
integral part of the local community.
• We have associated ourselves with the Jal Nirman Yojna which is a project undertaken by the district administration
and is partly funded and maintained by the Company.
• We engage with our suppliers, vendors and with all those involved in the product lifecycle through various
business meets to sensitize them on issues of environmental impact, social impact and ethics of doing business.
The engagements helps in building a better understanding towards protecting the environment by minimizing
negative impacts across commercial, social and environmental attributes that result from the production, use
and disposal of the product.
• Our Company has bagged several awards for excellent Environment performance, safety, energy efficiency,
etc. Notable Awards received by the Company in recent years “UTTHAMA SURAKSHA PURASKAR” from National
Safety Council – Karnataka Chapter, “National Safety Awards 2019”.
 Annexure to the Directors Report 25

Essential Indicators
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the
environmental and social impacts of products and processes to total R&D and capex investments made

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by the entity, respectively.

Segment FY 2023-24 FY 2022-23

>>>
R&D 100% 100%
Capex 20% 43%

Statutory Reports
Details of improvements in environmental and social impacts
The given below environmental improvement projects undertaken during FY 2023-24 in Dandeli unit.
Description
New sludge handling system in ETP
Matangi cooling tower for recovery Effluent
Mechanical rake fine bar screen for PM6 effluent stream in ETP

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ETP underflow sludge recovery system
Pressure sand filter for one street of drinking water treatment plant
Asphalt of road at Sudarshan nagar area

>>>
Total Project Cost ` 888 lakhs
Well defined Farm Forestry Program helps farmers grow high yield trees and revenue. This program covers and

Standalone Financials
provides a means of economic survival for around 950 rural farmers and their communities. As of the end of
FY 2023-24, nearly 100 lakhs seedlings and saplings have been planted. The program provided small farmers
with means of survival and improved the socio-economic status of the farming communities and thereby help
increase green cover.
2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No)
The Company sources pulp wood through Private parties & Farm forestry model and Government of
Karnataka. Pulp wood is certified by FSC certification which ensures that paper manufacture from wood is

145-212 >>>
managed socially and environmentally in a responsible way.
b. If yes, what percentage of inputs were sourced sustainably?
The Company has complied with FSC Controlled wood standard and 100% wood sourcing from sustainable
vendors and partly from Govt of Karnataka Forest Department.
Refer: FSC Certificate – https://www.westcoastpaper.com/wp-content/uploads/2021/08/COC_CRT_
Consolidated Financials
WestCoastPaper_080421.pdf
3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at
the end of life, for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.
(a) Plastics (including packaging): The Company has registered with the Central Pollution Control Board for
extended producer responsibility (EPR). Company has engaged with duly approved agency for equivalent
recycling of plastic from open market in responsible manner to meet the EPR obligation.
(b) E-waste: The Company sends its E-waste to authorized dismantlers, recyclers, and re-processors for proper
disposal as per requirement of State Pollution Control Board.
(c) Hazardous waste: The Company disposes of hazardous waste to approved external agency for beneficial
usage, recycling, or disposal in accordance with the State Pollution Control Board requirement.
(d) Other waste: The Company complies with the State Pollution Control Board’s requirement for non-
hazardous waste disposal and it is sent to authorized external agency for beneficial usage, recycling, or
disposal, while chipper dust is reused internally in boilers as a fuel to replace Fossil Fuel.
The ETP sludge used to manufacture hard boards/egg tray while the fly ash is sent for brick manufacturing.
Paper waste that is generated during the manufacturing and finishing stages is also reused within the
Company’s pulping process. CO2 generated in Limekiln is used for producing PCC which is used as input
for paper manufacturing.
26 West Coast Paper Mills Limited Annual Report 2023-24

4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No). If
yes, whether the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan
submitted to Pollution Control Boards? If not, provide steps taken to address the same.
Yes, the Company has tied up with a plastic waste management Company as per the EPR submitted to Pollution
control Board for FY 2023-24. The Company’s waste collection plan aligns with the EPR action plan in accordance
with Central Pollution Control Board (CPCB), demonstrating its adherence to EPR in its business operations. The
progress is in line with the EPR plan.
Leadership Indicators -
1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for
manufacturing industry) or for its services (for service industry)? If yes, provide details in the following
format?

NIC Code Name of % of total Boundary for Whether Results communicated

Product / Turnover which the Life conducted by in public domain
Service contributed Cycle Perspective independent (Yes/No)
/ Assessment was external agency
If yes, provide the
conducted (Yes/No) web-link
Not Applicable
2. If there are any significant social or environmental concerns and/or risks arising from production or
disposal of your products / services, as identified in the Life Cycle Perspective / Assessments (LCA) or
through any other means, briefly describe the same along-with action taken to mitigate the same.

Name of Product / Service Description of the risk / concern Action Taken

Not Applicable
The Company has put in place guidelines and standards protocols, which are benchmarked against international
best practices, with defined Standard Operating Procedures for identifying and mitigating social and
environmental risks.
3. Percentage of recycled or reused input material to total material (by value) used in production (for
manufacturing industry) or providing services (for service industry)

Indicate input material Recycled or re-used input material to total material

FY2023-24 FY2022-23
Paper 2.5% 2.8%
4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused,
recycled, and safely disposed, as per the following format:

FY2023-24 FY2022-23
Re-used Recycled Safely Re-used Recycled Safely
Disposed Disposed
Plastics
EPR is mandated from 2022-23
(including packaging)
E-waste We ensure safe and responsible disposal of waste, including both hazardous and
Hazardous waste non-hazardous material as per requirement of State Pollution Control Board.
Other waste
5. Reclaimed products and their packaging materials (as percentage of products sold) for each product
category.

Indicate product Reclaimed products and their packaging materials as % of total products sold in
category respective category
Not Applicable
 Annexure to the Directors Report 27

Principle 3: Business should respect and promote the wellbeing of all employees, including those in their
value chains.
Essential indicators:

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1. a. Details of measures for the wellbeing of employees:
Category % of employees covered by

>>>
Total (A) Health Insurance Accident insurance Maternity benefits Paternity Benefits Day Care facilities
Number % (B/A) Number % (C/A) Number % (D/A) Number % (E/A) Number % (F/A)
(B) (C) (D) (E) (F)

Statutory Reports
Permanent employees
Male 916 290 32% 775 85% - - - - - -
Female 20 15 75% 6 30% 20 100% - - - -
Total 936 305 33% 781 83% 20 2% - - - -
Other than Permanent employees
Male 55 13 24% 5 9% - - - - - -
Female 13 - - - - - - - - - -

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Total 68 13 19% 5 7% - - - - - -
b. Details of measures for the wellbeing of workers:

>>>
Category % of workers covered by
Total (A) Health Insurance Accident insurance Maternity benefits Paternity Benefits Day Care facilities
Number % (B/A) Number % (C/A) Number % (D/A) Number % (E/A) Number % (F/A)

Standalone Financials
(B) (C) (D) (E) (F)
Permanent employees
Male 1483 16 1% 1467 99% - - - - - -
Female 1 - - 1 100% 1 100% - - - -
Total 1484 16 1% 1468 99% 1 0.07% - - - -
Other than Permanent employees
Male 1532 - - - - - - - - - -
Female 234 - - - - - - - - - -

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Total 1766 - - - - - - - - - -
c. Spending on measures towards well-being of employees and workers (including permanent and
other than permanent) in the following format:

FY2023-24 FY2022-23

Consolidated Financials
Cost incurred on well-being measures as a % of 0.56% 0.48%
total revenue of the Company
2. Details of retirement benefits, for Current FY and Previous Financial Year.

Benefits FY 2023-24 FY2022-23

No. of employees No. of workers Deducted and No. of employees No. of workers Deducted and
covered as a % of covered as a % deposited with covered as a % of covered as deposited with
total employees of total workers the authority total employees a % of total the authority
(Y/N/N.A.) workers (Y/N/N.A.)
(Y/N/N.A.)
PF 100% 100% Y 100% 100% Y
Gratuity 100% 100% Y 100% 100% Y
Note The Company has its own trust for managing PF & Gratuity of employees. Regular deposits are made in this trust as
per law.
ESI coverage is done for Employees and workers as required under state regulations.
28 West Coast Paper Mills Limited Annual Report 2023-24

3. Accessibility of workplaces
Are the premises / offices of the Company accessible to differently abled employees and workers, as per
the requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being
taken by the Company in this regard..
The offices and establishment of the Company are accessible to differently abled employees and the infrastructure
is continuously improved for eliminating barriers to accessibility.
4. Does the Company have an equal opportunity policy as per the Rights of Persons with Disabilities Act,
2016? If so, provide a web-link to the policy.
The Company is committed to ensuring that existing employees and workers are treated fairly in an environment
which is free from any form of discrimination.
5. Return to work and Retention rates of permanent employees and workers that took parental leave.

Gender Permanent Employees Permanent Workers

Return to work rate Retention Rate Return to work rate Retention Rate
Male - - - -
Female 100% 100% 100% 100%
Total 100% 100% 100% 100%
6. Is there a mechanism available to receive and redress grievances for the following categories of
employees and worker? If yes, give details of the mechanism in brief.

Yes/No If yes, then give details of the mechanism in brief

Permanent workers Yes, The Company’s grievance redressal procedure is available to employees
Other than permanent and workmen. Employees are encouraged to first discuss the grievance with
workers their immediate reporting authority and attempt to arrive at a resolution before
Permanent employees invoking a formal grievance redressal mechanism. The Company has instituted
Other than permanent a Joint Negotiation Committee in which the members are selected by the
employees employees. This committee is responsible for collating employee grievances
related to working conditions, safety etc. and then discuss with the Management
for resolution/ further action on the same.
The mechanism to receive and redress grievances are POSH internal Committee
for the FY 2023-24.
https://www.westcoastpaper.com/wp-content/uploads/2023/06/Policy-on-
Prevention-of-Sexual-Harassment.pdf
and also have whistle blower policy in place
https://www.westcoastpaper.com/wp-content/uploads/2022/06/Whistle-
Blower-Policy.pdf
7. Membership of employees and worker in association(s) or Unions recognised by the listed entity:

Category FY 2023-24 FY 2022-23

Total No. of employees / % Total No. of employees / %
employees workers in respective (B / A) employees workers in respective (C/D)
/ workers in category, who are / workers in category, who are part
respective part of association(s) respective of association(s) or
category (A) or Union (B) category (C) Union (D)
Total Permanent 936 296 32% 862 319 37%
Employees
Male 916 292 32% 855 318 37%
Female 20 4 20% 7 1 14%
Total Permanent 1484 1484 100% 1555 1555 100%
Workers
Male 1483 1483 100% 1551 1551 100%
Female 1 1 100% 4 4 100%
 Annexure to the Directors Report 29

8. Details of training given to employees and workers:

Category FY 2023-24 FY 2022-23

01-81
Total On Health and On Skill Total On Health and On Skill
(A) safety measures upgradation (D) safety measures upgradation
No. (B) % (B/A) No. (C) % (C/A) No. (E) % (E/D) No. (F) % (F/D)

>>>
Employees
Male 916 916 100% 916 100% 855 440 51% 89 10%
Female 20 20 100% 20 100% 7 3 43% 3 43%

Statutory Reports
Total 936 936 100% 936 100% 862 443 51% 92 11%
Workers
Male 1483 1483 100% 1483 100% 1551 605 39% 950 61%
Female 1 1 100% 1 100% 4 - - - -
Total 1484 1484 100% 1484 100% 1555 605 39% 950 61%
9. Details of performance and career development reviews of employees and workers:

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Category FY 2023-24 FY 2022-23
Total (A) No.(B) % (B/A) Total (C) No.(D) % (D/C)

>>>
Employees
Male 916 916 100% 855 855 100%
Female 20 20 100% 7 7 100%

Standalone Financials
Total 936 936 100% 862 862 100%
Workers
Male 1483 1483 100% 1551 1551 100%
Female 1 1 100% 4 4 100%
Total 1484 1484 100% 1555 1555 100%
10. Health and safety management system:
a. Whether an occupational health and safety management system has been implemented by the

145-212 >>>
entity? (Yes/ No). If yes, the coverage such system?
Yes, The Company’s commitment to ensuring the safety and well-being of its employees is exemplified by
its compliance with ISO 45001:2018. This initiative aims to enhance the safety performance of the Company
and create a safer and healthier work environment for its employees.
The Company has Occupational Health Centre(OHC), which carryout health check-ups on a regular basis

Consolidated Financials
of all employees both permanent and non-permanent.
b. What are the processes used to identify work-related hazards and assess risks on a routine and
non-routine basis by the entity?
To ensure the safety and wellbeing of its employees, The Company employs a number of policies, audits
and programmes. The Company has HIRA and carryout job safety analysis programme in addition to an
annual safety audit programme. Employees are encouraged to identify work condition related hazards.
HOD takes up for rectification of those observation. The Company has full-fledged Safety Department
of qualified and experienced safety professionals. To create ownership, whole plant is divided amongst
safety officials. They continuously take round of related work area of plant. They take the pictures of unsafe
conditions and unsafe behaviours and followed up with concerned HOD for early resolution. The Company
gives utmost importance to safety culture in plant. Safety Officer are authorised to stop the work wherever
they find unsafe working. In last 5 years, more than 2000 safety observation have been identified and
resolved. Job Safety Analysis (JSA) is carried out before starting new maintenance work by involving all
concerned. The Company has Work Permit System. LOTO (Lock Out Tag Out) Tool Box talk is in place. The
The Company engages outside safety expert for carrying out work related hazards audit, it encourages
safety audit by intra department team to identity safety hazards, it also calls the Safety experts of chemical
suppliers to identify improvement opportunities and sends Safety Officers to nearby industries for learning
and identifying safety hazards.
30 West Coast Paper Mills Limited Annual Report 2023-24

c. Whether you have processes for workers to report work related hazards and to remove themselves
from such risks. (Y/N)

Yes, Company has implemented several programs to enhance safety in the workplace. These initiatives
aim to identify potential hazards and prevent accidents from occurring, demonstrating the Company’s
commitment to ensuring the safety and well-being of its employees. Safety Committee is formed to which
all safety issues are reported and addressed. All employees including worker are encouraged to report
work related hazards. Every department conduct safety meeting and issues are discussed every quarter
in Central Safety Meeting chaired by ED of Company in which all concerned employees and union leaders
participate.

d. Do the employees/ worker of the entity have access to non-occupational medical and healthcare
services? (Yes/ No)

The Company is committed for health and wellbeing of its employees. Company conducts various medical
check-up camp. Company engages outside expert for counselling of health and mental related aspects of
employees. Employees make use of these facilities relating to non-occupational medical and health care.

11. Details of safety related incidents, in the following format:

Safety Incident /Number Category FY 2023-24 FY 2022-23

Lost Time Injury Frequency Rate (LTIFR) Employees - -
(per one million-person hours worked) Workers - 0.00085
Total recordable work-related injuries Employees - -
Workers - 1
No. of fatalities Employees - -
Workers - -
High consequence work-related injury Employees - -
or ill-health (excluding fatalities) Workers - -

12. Safety measures taken by Entity:

All employees in the Company are committed to make Safe Work Environment and it is demonstrated in the way
of working in plant. Safety First culture is driven by top leadership. The Company has set vision to make ZERO
Accident Plant. Safety concerns are taken very seriously. The safety performance over the period speaks about
initiative taken by Company. All employees and visitors have to follow safety protocol without fail. Everybody
entering and working in factory must compulsorily wear Personal Protective Equipment. New contract employees
and visitors have to undergo compulsory safety training and orientation. They are explained what safety
requirements are to be followed in the factory. From time-to-time job related safety training like general safety,
height working, confined space working, hot work, electrical work, chemical handling is done and all concerned
to undergo the same. The Company has made specific safety related training calendar and organise the same
by internal and external faculties. The Company has full-fledged safety department having experienced safety
professional. All employees are encouraged to give safety observations. The Company focusses on Safety Audit
from outside experts. The Company carries out Safety Audit from internal team and also from Chemical suppliers.
Safety Officers visit to nearby industry for learning best safety practices. The Company has system of Tool Box
Talk, Safety Work Permit and LOTO. In case of any near miss incident, detailed investigation is done and proper
action is taken. The Company has system of review safety performance in quarterly Central Safety Committee
Meeting which is chaired by ED.
 Annexure to the Directors Report 31

13. Number of Complaints on the following made by employees and workers:

FY2023-24 FY2022-23
Filed during Pending Remarks Filed during Pending Remarks

01-81
the year resolution the year resolution
at the end at the end
of the year of the year

>>>
Working Conditions
No major complaints received by Safety department during the year.
Health & Safety

Statutory Reports
14. Assessments for the year:

% of plants and offices that were assessed (by entity or

statutory authorities or third parties)
Health and safety practices 100%
Working Conditions 100%
15. Provide details of any corrective action taken or underway to address safety-related incidents (if any)

82-144
and on significant risks / concerns arising from assessments of health & safety practices and working
conditions.
Every year, all plant sections are subject to an internal audit, and every two years, there is a statutory audit. No

>>>
major issues were brought up throughout the audit. To guarantee a safe working environment and prevent any
mishaps, we also carry out daily internal walkthrough audits to find unsafe behaviours and situations. We then
follow up on the corrective steps for any observations made. Additionally, we regularly provide safety training

Standalone Financials
relevant to every task carried out in the factory, which does, in fact, lead to zero accidents.
Leadership Indicators
1. Does the entity extend any life insurance or any compensatory package in the event of death of (A)
Employees (Y/N)and (B) Workers (Y/N)
Yes, the Company provides compensatory packages in the event of death, as all permanent and non permanent
workers and employees are covered under Group Term Life insurance policy under benevolent fund scheme.

145-212 >>>
2. Provide the measures undertaken by the entity to ensure payment of statutory dues by the value chain
partners.
Copies of monthly Wage register, salary bank transfer, PF/ESI Remittances are submitted by the contractors to
Contract Labour Management Cell for verification for Statutory Compliance. Non- compliance is taken very
seriously. Penalty is levied and contract is cancelled if required. As an extra precaution, internal controls, internal
audit checklists, and scheduled internal audits are conducted to maintain balance and ensure compliance
according to defined frequencies. Consolidated Financials
3. Provide the number of employees / workers having suffered grave consequences due to work-related
injury / ill-health / fatalities (as reported in Q11 of Essential Indicators above), who are rehabilitated and
placed in suitable employment or whose family members have been placed in suitable employment:

Total No. of affected employees/ No. of employees/workers that are rehabilitated and
workers placed in suitable employment or whose family members
have been placed in suitable employment
FY2023-24 FY2022-23 FY2023-24 FY2022-23
Employees
NIL NIL NIL NIL
Workers
4. Does the entity provide transition assistance programs to facilitate continued employability and the
management of career endings resulting from retirement or termination of employment? (Yes/ No)
Yes
32 West Coast Paper Mills Limited Annual Report 2023-24

5. Details on assessment of value chain partners:

% of value chain partners (by value of business done with such partners)
that were assessed
Health and safety practices 100% (Farm Forestry Farmers/workers)
Working Conditions 100% (Contract workers)
6. Provide details of any corrective actions taken or underway to address significant risks / concerns arising
from assessments of health and safety practices and working conditions of value chain partners.
The Company identifies corrective actions during FSC review and proceeds to implement and report follow-up
actions. However, There are no significant risk/ concerns arising from value chain partners.
Principle 4: Business should respect the interests of and be responsive to all its stakeholders
Essential Indicators
1. Describe the processes for identifying key stakeholder groups of the Company.
The Company identifies internal and external stakeholders based on whether they are impacted by the Company
or create an impact on value creation process. Based on this, the Company has identified employees as internal
stakeholder and shareholders, customers, value chain partners & regulators as external stakeholders.
2. List stakeholder groups identified as key for the Company and the frequency of engagement with each
stakeholder group.

Stakeholder Whether Channels of communication Frequency of Purpose and scope of

Group identified as (Emails, SMS, Newspapers, engagement engagement including key
vulnerable & Pamphlets, Advertisements, (Annually, Half topics and concerns raised
marginalised Community Meetings, Notice yearly, quarterly during such engagement
group (Yes/ Board, Website,Others) /others- please
No) specify)
Farmers Yes Community Meetings, Aware- On-going The Company engages with
ness meeting, One on one meet- farmers, who form a part of the
ings, others value chain directly or indirectly,
for training/awareness on good
agricultural practices, helping
them grow safe, to produce
high-quality raw materials, and
develop resilient, sustainable
farms.
Employees No Senior leaders’ communication, On-going Employee well-being, Grievance
goal setting and performance handling, Career development.
appraisal meetings/review,
email, intranet, circulars, notice
board
Customers No Website, conferences, customer On-going Complaints handling and
surveys, face-to-face meetings, new product development
E-mail, Customer feedbacks communication and feedback.
Shareholders No Annual General Meeting, Quarterly Disseminating and sharing
Shareholder meets, email, Stock of financial and non-financial
Exchange (SE) intimations, performance update with the
investor / analysts meet / shareholders with a view to
conference calls, annual reports, update and also to seek their
quarterly results, media releases approval, as required.
and Company website
 Annexure to the Directors Report 33

Stakeholder Whether Channels of communication Frequency of Purpose and scope of

Group identified as (Emails, SMS, Newspapers, engagement engagement including key
vulnerable & Pamphlets, Advertisements, (Annually, Half topics and concerns raised

01-81
marginalised Community Meetings, Notice yearly, quarterly during such engagement
group (Yes/ Board, Website,Others) /others- please
No) specify)

>>>
Regulators/ No Advocacy meetings with local/ On-going Compliance, Industry concerns
Govt Ministries state/ national regulators/
government ministries and

Statutory Reports
seminars, media releases,
conferences, membership in
industry bodies
Distributors No Conference, Emails, Community On-going The Company engages and
& traders Meetings, Website, Others receives cooperation and
unstinted support from the
distributors, retailers, stockist

82-144
and others associated with the
Company.
Suppliers No Emails, Community Meetings, On-going Review of supply performance,

>>>
Supply chain Website, Others Price negotiations, Joint product
Partners developments / process
Aggregators upgradation, Project execution,

Standalone Financials
etc.
Local No CSR team meetings, Community On-going Implementation of CSR
Communities Visits and projects, volunteerism, programs, Understand areas
Meets of Community, local which need support, etc.
authorities, town council,
location head, etc.
Leadership Indicators
1. Provide the processes for consultation between stakeholders and the Board on economic, environmental,

145-212 >>>
and social topics or if consultation is delegated, how is feedback from such consultations provided to
the Board.
The Company through its executives regularly interacts with its key stakeholders i.e. investors, customers,
suppliers, employees, etc. Progress and concerns on key issues of Safety, Health, Environment and Sustainability is
regularly updated to the Senior Management and is also reported to the Board where their inputs and guidance

Consolidated Financials
is required.
2. Whether stakeholder consultation is used to support the identification and management of
environmental, and social topics (Yes / No). If so, provide details of instances as to how the inputs
received from stakeholders on these topics were incorporated into policies and activities of the entity.
Yes, through various studies and interactions the Company engages with its stakeholders in terms of identifying
and prioritizing the issues pertaining to economic, environmental and social topics.
3. Provide details of instances of engagement with, and actions taken to, address the concerns of
vulnerable/ marginalizedstakeholder groups.
The Company has always consciously acted as a responsible organization and engages with the marginalized
and vulnerable sections of society. Communities and other stakeholders of nearby villages are benefiting
through our CSR initiatives. During covid pandemic, assistance was given to various stakeholders comprising
of local communities, hospitals, employees, workmen and business partners in form of medical equipments,
treatments, vaccines and necessary medicines.
34 West Coast Paper Mills Limited Annual Report 2023-24

Principle 5: Business should respect and promote human rights

Essential Indicators
1. Employees and workers who have been provided training on human rights issues and policy(ies) of the
entity, in the following format:

Category FY 2023-24 FY 2022-23

Total (A) No. of employees / % (B / Total No. of employees / % (D /
workers covered (B) A) (C) workers covered (D) C)
Employees/ Workers
Permanent Employees are provided training on prevention of sexual harassment, avoidance of
Other than discrimination, freedom of association, Prohibition of forced labour, Prohibition of child
permanent labour, etc., through regular trade union meetings / ISO awareness sessions / on-the-job
Total Employees training sessions, etc.
2. Details of minimum wages paid to employees and workers, in the following format:

Category FY 2023-24 FY 2022-23

Total Equal to More than Total Equal to More than
(A) Minimum Wage minimum Wage (D) Minimum Wage minimum Wage
No. (B) % (B/A) No. (C) % (C/A) No. (E) % (E/D) No. F % (F/D)
Employees
Permanent 936 - - 936 100% 861 - - 861 100%
Male 916 - - 916 100% 854 - - 854 100%
Female 20 - - 20 100% 7 - - 7 100%
Other than 68 13 19% 55 81% 80 9 11% 71 89%
permanent
Male 55 13 24% 42 76% 65 9 14% 56 86%
Female 13 - - 13 100% 15 - - 15 100%
Workers
Permanent 1484 16 1% 1468 99% 1555 16 1% 1539 99%
Male 1483 16 1% 1467 99% 1551 16 1% 1535 99%
Female 1 - - 1 100% 4 - - 4 100%
Other than 1766 1608 91% 158 9% 1789 1658 93% 131 7%
permanent
Male 1532 1375 90% 157 10% 1538 1407 91% 131 9%
Female 234 232 100% 1 0% 251 251 100% - -
3. Details of remuneration/salary/wages, in the following format:
a. Median remuneration/wages

Male Female
Number Median remuneration/ Number Median remuneration/
salary/wages of salary/wages of
respective category respective category
Board of Directors (BOD)* 5 ` 3 lakhs 2 ` 2.25 lakhs
Key Managerial Personnel
5 ` 261.78 lakhs -
(KMP)
Employees other than
911 ` 7.32 lakhs 20 ` 6.91 lakhs
BOD and KMP
Workers 1483 ` 3 lakhs 1 ` 4.65 lakhs
* Total strength of The Board of Directors is 10 which include 3 Directors - Chairman & MD, Joint MD and Executive
Director shown as part of KMP. Other Directors are paid Sitting fees only.
 Annexure to the Directors Report 35

b. Gross wages paid to females as % of total wages paid by the entity, in the followingformat:

FY 2023-24 FY 2022-23

01-81
Gross wages paid to females as % of total wages 0.28% 0.34%
4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or
issues caused or contributed to by the business? (Yes/No)

>>>
Yes, the Company has various policies and procedures in place to ensure a fair and equitable workplace. The HR
/ IR Head of the respective units is responsible for addressing the human rights issues.

Statutory Reports
5. Describe the internal mechanisms in place to redress grievances related to human rights issues.
The Company has adopted the Human rights policy which encompasses the grievance redressal mechanism.
This includes POSH and Grievance redressal mechanism for review / redressal of issues.
All grievances by the Department Heads are addressed as and when received by the HR Heads. All the grievances
are duly investigated and appropriate actions are taken to resolve the issue / complaint.
6. Number of Complaints on the following made by employees and workers:

82-144
FY 2023-24 FY2022-23
Filed Pending resolution Remarks Filed Pending Remarks

>>>
during at the end of the during the resolution at the
the year year year end of the year
Sexual Harassment
Discrimination at

Standalone Financials
workplace
Child Labour
Forced Labour/ NIL NIL
Involuntary Labour
Wages
Other Human rights
related issues
7. Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and

145-212 >>>
Reprisal) Act, 2013, in the following format:

FY 2023-24 FY 2022-23
Total Complaints reported under Sexual Harassment of Women at Nil Nil
Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH)
Complaints on POSH as a % of female employees/ workers
Complaints on POSH upheld Consolidated Financials
8. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment
cases.
The Company has a structured grievance redressal mechanism, with POSH and Grievance redressal mechanism,
managerial intervention to review / redressal of issues as well as to safeguard the identity and to prevent adverse
consequences of the complainant. In the event that an employee feels unable to discuss a grievance with his
supervisor or department head, they can direct the issue to the HR Department or IR Department, as applicable.
9. Do human rights requirements form part of your business agreements and contracts? (Yes/No)
Yes. The contract / agreements with suppliers / service providers, which involve supply of labour, addresses the
human rights requirements.
36 West Coast Paper Mills Limited Annual Report 2023-24

10. Assessment for the year:

% of the Company’s plants and offices that were assessed (by the
Company or statutory authorities or third parties)
Child Labour
Forced Labour/Involuntary Labour
Sexual Harassment 100%
Discrimination at workplace Assessed by HR / IR department through internal assessment.
Wages
Other- please specify
Note: The Internal assessments is conducted as per the schedule. Assessments are also carried out by respective
Government authorities.
11. Provide details of any corrective actions taken or underway to address significant risks / concerns arising
from the assessments at Question 9 above.
No risk identified.
Leadership Indicators
1. Details of a business process being modified / introduced as a result of addressing human rights
grievances/complaints.
No complaints regarding human rights violations were received, which indicates that its business processes and
workplace practices are designed in a way that respects human rights.
2. Details of the scope and coverage of any Human rights due-diligence conducted.
Internal assessment covers all plant locations and offices.
3. Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of the
Rights of Persons with Disabilities Act, 2016?
The establishments / offices of the Company are accessible to differently abled employees and the management
continuously works towards improving infrastructure for eliminating barriers to accessibility.
4. Details on assessment of value chain partners
% of value chain partners (by value of business done with such
partners) that were assessed
Sexual Harassment
Discrimination at workplace
Child Labour
100% For Contract Workers
Forced Labour/Involuntary Labour
Wages
Others – please specify
5. Provide details of any corrective actions taken or underway to address significant risks / concerns arising
from the assessments at Question 4 above.
Not Applicable
Principle 6: Business should respect and make efforts to protect and restore the environment
Essential Indicators
1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format:
Parameter FY 2023-24 FY 2022-23
From renewable sources
Total electricity consumption (A) - -
Total fuel consumption (B) - -
Energy consumption through other sources (C) - -
Total energy consumed from renewable sources (A+B+C) - -
From non-renewable sources
 Annexure to the Directors Report 37

Parameter FY 2023-24 FY 2022-23

Total electricity consumption (From Grid) (D) 82,375 GJ 1,05,176 GJ
Total fuel consumption (E) 56,63,962GJ 56,06,283GJ

01-81
Energy consumption through other sources (F) - -
Total energy consumed from non-renewable sources (D+E+F) 57,46,337GJ 57,11,459GJ
Energy intensity per rupee of turnover (Total energy consumption/ 0.0002197 0.0002046

>>>
turnover in rupees)
Energy intensity per rupee of turnover adjusted for Purchasing
Power Parity (PPP)* (Total energy consumed in GJ/ Revenue from 0.004922 0.004537

Statutory Reports
operations in INR adjusted for PPP)
Energy intensity (optional) – the relevant metric may be selected by
- -
the Company
Note: Includes Both Units Dandeli and Mysore.
*For India PPP conversion factor is 22.4 & 22.17 for the year 2024 and 2023 respectively as per Implied PPP
conversion rate available at https://www.imf.org/external/datamapper/PPPEX@WEO/OEMDC/IND
Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?
(Y/N) If yes, name of the external agency. -Yes

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The Company has In-house monitoring and tracking system with energy meters’ installations at various
consumption areas. Energy Audits are done periodically by BEE Certified external energy auditors.

>>>
2. Does the Company have any sites / facilities identified as designated consumers (DCs) under the
Performance, Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether
targets set under the PAT scheme have been achieved. In case targets have not been achieved, provide
the remedial action taken, if any.

Standalone Financials
Yes, Dandeli unit is covered under the PAT Scheme of Govt. of India. The Company has already achieved PAT Cycle
1 and PAT Cycle 2. The Company is currently well within targeted value for PAT Cycle 3.
3. Provide details of the following disclosures related to water, in the following format:
Parameter FY 2023-24 FY 2022-23
Water withdrawal by source (in kilolitres)
(i) Surface water 1,73,93,412 KL 1,81,67,780 KL
(ii) Groundwater 7,949 KL 1,472 KL

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(iii) Third party water - 75 KL
(iv) Seawater / desalinated water - -
(v) Others -Municipal Corp. 14,122 KL 7,923 KL
(vi) Others -Recycled water 48,39,400 KL 42,13,392 KL
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 1,74,15,483 KL 1,81,77,250 KL
Total volume of water consumption (in kilolitres) 2,22,54,883 KL 2,23,90,642 KL
Water intensity per rupee of turnover (Water consumed / turnover in
Consolidated Financials
0.0008510 0.0008023
Rupees)
Water intensity per rupee of turnover adjusted for Purchasing Power Parity
(PPP) (Total water consumption / Revenue from operations adjusted for 0.0190642 0.0177869
PPP)
Water intensity per rupee of turnover (water consumed/turnover
optional) – the relevant metric may be selected by the entity - -
Note: Includes Both Units Dandeli and Mysore
Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?
(Y/N) If yes, name of the external agency. Yes
Water meter is installed at drawal point which is calibrated by external party and same is verified by Water
Resource Department of Govt. There is online meter installed at Treated Effluent discharged which is verified by
Pollution Control Board.
Water meters are installed at all major consumption point in plant. Internal team monitors water consumption
and identify water reduction opportunities.
38 West Coast Paper Mills Limited Annual Report 2023-24

4. Provide the following details related to water discharged

Parameter FY 2023-24 FY 2022-23
Water discharge by destination and level of treatment (in kilolitres)
i) To Surface water - -
- No treatment - -
- With treatment – meeting norms. 1,54,32,602 KL 1,59,98,186 KL
(ii) To Groundwater - -
- No treatment - -
- With treatment – please specify level of treatment - -
(iii) To Seawater - -
- No treatment - -
- With treatment – please specify level of treatment - -
(iv) Sent to third-parties - -
- No treatment - -
- With treatment – please specify level of treatment - -
(v) Others - -
- No treatment - -
- With treatment – please specify level of treatment - -
Total water discharged (in kilolitres) 1,54,32,602 KL 1,59,98,186 KL
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?
(Y/N) If yes, name of the external agency - Yes.
Online Effluent Quality and Flow Monitoring system installed which is connected to servers of Pollution control
Board. Effluent quality is monitored by Regional Office of State Pollution Control Board from time to time and
effluent samples are analysed by NABL approved Lab. The Company is meeting all prescribed norms. In house
Environmental Cell monitors on daily basis.
5. Has the Company implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its
coverage and implementation.
The Company is an integrated pulp and paper mill Zero Liquid Discharge (ZLD) is not feasible due to specific
process requirement. Moreover there is no Techno Economical Solutions available for ZLD. The Company
draws water from Kali River. At the downstream, there is Hydro Power generating station of Karnataka Power
Corporation (KPC) and water is required for power generation. As per approval from government, after treating,
around 80-85% water is discharged back to the river, which is required for hydro power station.
6. Please provide details of air emissions (other than GHG emissions) by the Company, in the following
format:

Parameter Please specify unit FY 2023-24 FY 2022-23

NOx microgram/ m^3 22 19
Sox microgram/ m^3 30 26
Particulate matter (PM10) microgram/ m^3 64 65
Particulate matter (PM2.5) microgram/ m^3 30 30
Persistent organic pollutants (POP) -
Volatile organic compounds (VOC) -
Hazardous air pollutants (HAP) -
Others – please specify -
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?
(Y/N) If yes, name of the external agency.
Online Air emission monitoring system are installed in plant which is connected with CPCB & SPCB. At prescribed
frequency, quality of air emission is checked by NABL approved Lab.
 Annexure to the Directors Report 39

7. Provide details of greenhouse gas emissions (Scope1 and Scope 2 emissions) & its intensity, in the
following format:

Parameter Unit FY 2023-24 FY2022-23

01-81
Total Scope 1 emissions (Break-up of the GHG into CO2, Metric tonnes of
5,31,350 5,26,366
CH4, N2O, HFCs, PFCs, SF6, NF3, if available) CO2 equivalent

>>>
Total Scope 2 emissions Metric tonnes of
(Break-up of the GHG into CO2, CH4, N2O, HFCs, PFCs, SF6, CO2 equivalent 16,362 20,891
NF3, if available)

Statutory Reports
Total 5,47,712 5,47,257
Total Scope 1 and Scope 2 emissions per rupee of
0.0000209 0.0000196
turnover
Total Scope 1 and Scope 2 Emissions per rupee of
0.0004692 0.0004347
turnover adjusted for Purchasing Power Parity (PPP)
Total Scope 1 and Scope 2 emission intensity (optional) –
the relevant metric may be selected by the entity

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Note:Includes Both Units Dandeli and Mysore. Factors considered for calculation is taken from indiaghgp.org and
cea.nic.in.
Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?

>>>
(Y/N) If yes, name of the external agency.
Green House Gas Emission Audit is done by external approved party. In house team monitors the same.

Standalone Financials
8. Does the Company have any project related to reducing Green House Gas emission? If yes, then provide
details.
The Company got audit of GHG from external agency. Based on report, the Company is working for reduction
of steam & power in plant. Outside expert are being hired for carrying out technical audit for identifying energy
efficient motor/ pump, installation strengthening, and required action is being taken to reduce Fossil Fuel
consumption. The Company has implemented state of art technology to reduce energy consumption. Process
operation and monitoring are being done through DCS for energy efficient operation. The Company has installed
Recovery Boiler where black liquor is burned for producing steam which account to around 57% of total steam

145-212 >>>
requirement. The Company is using chipper dust along with coal to reduce use of Fossil Fuel. The Company has
installed Precipitated Calcium Carbonate (PCC) plant where Co2 generated in limekiln is used as raw material
for making PCC. This has helped to reduced GHG emission. The Company is working with farmers to plant high
quality pulpwood seedling/saplings which will help Co2 sequestering. This year target has been set to plant 1.5
crore seedlings/saplings.

Consolidated Financials
9. Provide details related to waste management by the Company, in the following format:
Parameter FY 2023-24 FY 2022-23
Total Waste generated (in metric tonnes)
Plastic waste (A) 267.15 MT 231.13 MT
E-waste (B) 3.43 MT -
Bio-medical waste (C) 0.074651 MT 0.045994 MT
Construction and demolition waste (D) - -
Battery waste (E) - -
Radioactive waste (F) - -
Other Hazardous Waste. (Oil-soaked cotton waste, DG filters, paint cans, 34.81 MT 28.59 MT
chemical cans, paint residue, oil sludge, DG chimney soot, coolant oil and
used oil) Please specify, if any. (G)
Total Hazardous waste 305 MT 260 MT
Other Non-hazardous waste generated (H). Please specify, if any.
(Break-up by composition i.e. by materials relevant to the sector)
Total Non-hazardous waste generated 98415 MT 115824 MT
Total (A+B + C + D + E + F + G + H) 98720 MT 116084 MT
Waste intensity perrupee of turnover 0.0000038 0.0000040
(Total waste generated / Revenue from operations)
40 West Coast Paper Mills Limited Annual Report 2023-24

Parameter FY 2023-24 FY 2022-23

Waste intensity per rupee of turnover 0.0000846 0.0000922
(Total waste generated / Revenue from operations adjusted for PPP)
Waste intensity per tonne of Paper Produced - -
(optional)
For each category of waste generated, total waste recovered through recycling, re-using or other
recovery operations (in metric tonnes)
Category of waste
(i) Recycled 1153 MT 2137 MT
(ii) Re-used 93385 MT 102991 MT
(iii) Other recovery operations 4182 MT 10956 MT
Total 98720 MT 116084 MT
For each category of waste generated, total waste disposed of through disposal method (in metric
tonnes)
Category of waste
(i) Incineration - -
(ii) Land filling - -
(iii) Other disposal operations 98720 MT 116084 MT
Total 98720 MT 116084 MT
Note: Includes Both Units Dandeli and Mysore
Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?
(Y/N) If yes, name of the external agency. No
In house SOP and tracking is in place.
10. Briefly describe the waste management practices adopted in your establishment. Describe the strategy
adopted by your Company to reduce usage of hazardous and toxic chemicals in your products and
processes and the practices adopted to manage such wastes.
The Company is taking following steps to address waste management:
The Company has put in place a waste management system wherein the focus is on recycling/ recovering of
waste input material to the extent possible. Nearly 97% of the Chemicals used in pulping process are recovered
back in the Chemical Recovery Complex and recycled. Further, almost 20% water used in the process is recycled
and reused. Production by-products like fly ash is disposed through contractors, further used for making eco-
bricks.
The Company being ISO 14001:2015 certified for designing and implementing a comprehensive Environment
Management System (EMS) in line with the global standards. Under this Environmental Management System, the
Company has guidelines for comprehensive waste management for the identification, segregation, collection,
recycling and final disposal.
11. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife
sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.)
where environmental approvals / clearances are required, please specify details in the following format:
The Company doesn’t have operations in any ecologically sensitive areas. Dandeli plant is outside the ESZ limit
& Kali Tiger Reserve as per draft ESZ Notification of 2016.
12. Details of environmental impact assessments of projects undertaken by the entity based on applicable
laws, in the current financial year:
Name and EIA Date Whether conducted by Results communicated Relevant
brief details Notification independent external in public domain Web link
of project No. agency (Yes / No) (Yes / No)
Nil
 Annexure to the Directors Report 41

13. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India, such
as the Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act,
Environment protection Act and rules thereunder (Y/N).

01-81
If not, provide details of all such non-compliances, in the following format:
S. Specify the law / regulation Provide details Any fines / penalties / action taken by Corrective

>>>
No. / guidelines which was not of the non- regulatory agencies such as pollution action taken,
complied with compliance control boards or by courts if any
Yes, the Company is in compliance with the applicable environmental regulations.

Statutory Reports
Leadership Indicators -
1. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres):
As per the Central Water Commission (CWC) Kali River does not come under water stress area.
2. Please provide details of total Scope 3 emissions & its intensity, in the following format:
Parameter Unit FY 2023-24 FY2022-23
Total Scope 3 emissions Metric tonnes of Not Applicable

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(Break-up of the GHG into CO2, CH4, N2O, HFCs, PFCs, CO2 equivalent
SF6, NF3, if available)
Total Scope 3 emissions per rupee of turnover

>>>
Total Scope 3 emission intensity (optional) – the
relevant metric may be selected by the entity

Standalone Financials
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?
(Y/N) If yes, name of the external agency. No
3. With respect to the ecologically sensitive areas reported in Question 10 of Essential Indicators above,
provide details of significant direct & indirect impact of the entity on biodiversity in such areas along-
with prevention and remediation activities.
Not Applicable
4. If the entity provided below taken any specific initiatives or used innovative technology or solutions to

145-212 >>>
improve resource efficiency, or reduce impact due to emissions / effluent discharge / waste generated,
please provide details of the same as well as outcome of such initiatives, as per the following format:

Sr. Initiative Details of the initiative (Web-link, if any, may be Outcome of the initiative
No undertaken provided along-with summary)
1 Water 1. SP4 Cloudy filtrate pump and line modification to Water consumption per
Reduction collect in a pit and process through Disc filter ton of product has reduced
2. SP1,2,&3 all pumps sealing water pipe line reduced from 91 KL pt in 2015-16 to Consolidated Financials
from 1” to 1/4” to reduce water consumption 57 KL pt in 2023-24 i.e., by
3. Cycling chest consistency dilution line provided with around 37%. and in 2022-
clarified water 23 58 KL pt to 57 KL pt in
4. SP1 DAF clarified water line given to UTM Pulper 2023-24 i.e., by around 2%.
5. One additional vibro screen installed for PM1 back
water clarification and pump excess back water to
finer line
6. Paper machine No4&5 excess back water to process
through Mega cell krofta and use clear filtrate for PM4
Vat shower and remaining clear water to fibre line .
42 West Coast Paper Mills Limited Annual Report 2023-24

Sr. Initiative Details of the initiative (Web-link, if any, may be Outcome of the initiative
No undertaken provided along-with summary)
2 Energy Saving 1. Replacement of old Drag chain soot blower No.11, 12 & 313166 GJ was saved as a result
26 by Retractable energy efficient soot blower (Clyde of the energy saving initiatives
industries make) at BHEL Recovery Boiler (3 numbers) during FY 2023-24.
2. Oil savings in RLK#1 & RLK#2 by replacement refractory
and process optimisation
3. Energy saving of River Pump House by Impeller
trimming & optimum running of pumps.
4. Replacement of Existing TG#3 Cooling Tower Fan with
energy efficient Fans (3 set)
5. Installation of 1 Number VFD at colony pump#1
6. Replacement of leaking ARC valves in FBC#4 Boiler
feed water pump no.1 to save energy
7. Installation of one stage blind new feed water pump
inplace of existing 7 stage pump at FBC Boiler#4 for
energy saving.
8. 34.5 MW BHEL Turbine (TG#4) performance
improvement and steam saving after overhauling.
9. Replacement of Conventional lights ( Flood light, Street
light, Tubelight, flame proof fixtures) (2474 Numbers)
with LED lights.
10. Use of 5 Star energy efficient fans inplace of
conventional ceiling fans 221 numbers.
11. Replacement of Broke Tower old Agitator 1 number
with Energy efficient Agitator model SSA60-80B in
Paper M/c # 3
12. Replacement of Cycling chest Agitator with Energy
efficient Agitator model SSA60-80B in Paper M/c # 3
13. Installation of 260 kw VFD for primary Fan pump at
Paper M/c # 3
14. Installation of VFD at HBL Accumulator #2 liquor pump
24.1214 A
15. Installation of VFD at MC Tower no.1 pulp supply
pumps OSBL 18 and OSBL 19
16. Mill wide replacement of faulty steam traps by new
steam traps (Total 35 numbers)
3 Air Emission Replacement of Complete Bank of Air heater tubes to Completed
Control Reduce excess air level in the exit flue gases of FBC Boiler
no.3 (1814 nos.) & Reduce unburnt in Eco Ash.
5. Does the entity have a business continuity and disaster management plan? Give details in 100 words/
web link.
Yes, the Company has on-Site Emergency Response and Disaster Management Plan. Standard Operating
Procedure ensure effective management of any disaster. Mock drills are also conducted to bring awareness and
prepare for actions to be taken during any accident. It is reviewed by senior leadership team on quarterly basis.
6. Disclose any significant adverse impact to the environment, arising from the value chain of the entity.
What mitigation or adaptation measures have been taken by the entity in this regard?
The Company has controlled wood policy, sustainable policy, supplier code of conduct, which ensure the
unwavering focus on fair treatment, human rights, good labour practices, environmental conservation, health
and safety.
7. Percentage of value chain partners (by value of business done with such partners) that were assessed for
environmental impacts.
100% of the wood suppliers are covered under FSC audits, as mentioned earlier. Major supplier of chemical and
other input & stores items have their own system to assess the environmental impacts as we buy materials from
reputed & big supplier and also put condition in our Purchase Order.
 Annexure to the Directors Report 43

Principle 7: Businesses, when engaging in influencing public and regulatory policy, should do so in a manner
that is responsible and transparent
Essential indicators

01-81
1. a. Number of affiliations with trade and industry chambers/associations.
10

>>>
b. List the top 10 trade and industry chambers/associations (determined based on the total members
of such body) the Company is a member of/affiliated to.

Statutory Reports
S. Name of the trade and industry chambers/associationsReach of trade and industry
No. chambers/associations
(State/ National)
1 FEDERATION OF KARNATAKA CHAMBERS OF COMMERCE & State
INDUSTRY
2 INDIAN PAPER MANUFACTURERS ASSOCIATION National
3 INDIAN PULP & PAPER TECHNICAL ASSOCIATION National

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4 NATIONAL INSTITUTE OF PERSONNAL MANAGEMENT National
5 COAL CONSUMER ASSOCIATION OF INDIA National
6 FEDERATION OF INDIAN CHAMBERS OF COMMERCE & INDUSTRY National

>>>
7 INDIAN CHAMBER OF COMMERCE & INDUSTRY National
8 NATIONAL SAFETY COUNCIL National

Standalone Financials
9 INDIAN WIND POWER ASSOCIATION National
10 INDIAN BANKS ASSOCIATION National
2. Provide details of corrective action taken or underway on any issues related to anti-competitive conduct
by the Company, based on adverse orders from regulatory authorities.

Name of the authority Brief of the case Corrective action taken

Competition Commission of Allegation, levelled against large paper manufacturers in India (including our
India Company) of simultaneous price increases during the period January 2012 -

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December 2013, is currently under evaluation by the Competition Commission
of India
Leadership Indicators
1. Details of public policy positions advocated by the Company:
Given the Company’s experience and expertise over more than 6 decades, the Company proactively, through

Consolidated Financials
the associations in which it has membership, engages with various stakeholders and provide its inputs on various
issues concerning the paper industry.
Principle 8: Businesses should promote inclusive growth and equitable development
Essential Indicators
1. Details of Social Impact Assessments (SIA) of projects undertaken by the Company, based on applicable
laws, in the current financial year.
Name and SIA Date of Whether conducted by Results communicated Relevant Web
brief details of Notification notification independent external in public domain link
project No. agency (Yes / No) (Yes / No)
None of the projects require social impact Assessments. For any increase in production capacity, as required by
law Public Hearing is being conducted by District Authorities.
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being
undertaken by the Company, in the following format:
S. Name of Project for State District No. of Project % of PAFs Amount paid to
No. which R&R is ongoing Affected Families covered by R&R PAFs in the FY
(PAFs) (In INR)
Not Applicable
44 West Coast Paper Mills Limited Annual Report 2023-24

3. Describe the mechanisms to receive and redress grievances of the community.

The Company demonstrates its commitment to an effective mechanism for addressing grievances of the
community through its well established CSR initiatives. CSR Department headed by the Senior Management of
the Company actively interacts with the villagers and local authorities.
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:
FY 2023-24 FY 2022-23
Directly sourced from MSMEs/small 94% of wood and 20% of other raw 98% of wood and 18% of other raw
producers material is sourced from MSMEs/ material is sourced from MSMEs/
small producers small producers
Sourced directly from within the 36% of wood and 22% of other raw 32% of wood and 15% of other raw
district and neighbouring districts material is sourced from the district material is sourced from the district
and neighbouring districts and neighbouring districts
5. Job creation in smaller towns - Disclose wages paid to persons employed (including employees or
workers employed on a permanent or non-permanent / on contract basis)in the following locations, as
% of total wage cost:
FY 2023-24 FY2022-23
Rural 87.47% 89.32%
Semi-Urban - -
Urban 5.03% 3.40%
Metropolitan 7.50% 7.28%
Leadership Indicators
1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact
Assessments (Reference: Question 1 of Essential Indicators above):
Details of negative social impact identified Corrective action taken
Not applicable
2. Provide the following information on CSR projects undertaken by the Company in the designated
aspirational districts as identified by government bodies:
S. No. State Aspirational District Amount spent (in `)
CSR Projects not undertaken in aspirational districts. The Company carry out CSR project mainly in & around
Dandeli where plant is located.
3. (a) Do you have a preferential procurement policy where you give preference to purchase from
suppliers comprising marginalized /vulnerable groups? (Yes/No)
(b) From which marginalized /vulnerable groups do you procure?
(c) What percentage of total procurement (by value) does it constitute?
Not Applicable.
4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your
entity (in the current financial year), based on traditional knowledge:

S. No. Intellectual Property based on Owned/ Acquired Benefit shared Basis of calculating benefit
traditional knowledge (Yes/No) (Yes / No) share
Not applicable
5. Details of corrective actions taken or underway, based on any adverse order in intellectual property
related disputes wherein usage of traditional knowledge is involved..

Name of authority Brief of the Case Corrective action taken

Not applicable
6. Details of beneficiaries of CSR Projects:

Sl. CSR PROJECTS No of beneficiary % of beneficiaries from vulnerable and

No marginalized groups
Refer Annexure - II to Board’s Report for details on CSR activities.
 Annexure to the Directors Report 45

Principle 9: Businesses should engage with and provide value to their consumers in a responsible manner
Essential indicators

01-81
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
The customer complaints are received and responded to as per the “Customer Compliant Handling Standard
Operating Procedure” of the Company. The complaints are received at various Branches and transferred to plant

>>>
for review by Quality Control team. Plant & Marketing team visit customer site as per requirement to resolve
complaint. Findings are resolved at Corporate Marketing Office. In case of genuine product quality complaint
compensation is considered or material is replaced as the case may be. Customers are informed about action

Statutory Reports
taken in plant to improve quality. Top leadership at Plant & Corporate Office level review the Customers
Complaint and take action.
2. Turnover of products and/services as a percentage of turnover from all products/service that carry
information about:

As a percentage to total turnover

Environmental and social parameters relevant Pulp & Paper: 93%

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to the product All Products of the Company contain all relevant information as
Safe and responsible usage required under applicable laws including environment & social
Recycling and/or safe disposal parameters.

>>>
3. Number of consumer complaints in respect of the following:

FY 2023-24 Remarks FY 2022-23 Remarks

Standalone Financials
Received Pending Received Pending
during the resolution at during the resolution at
year end of year year end of year
Data privacy - - - - - -
Advertising - - - - - -
Cyber- security - - - - - -
Delivery of essential - - - - - -
services

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Quality of Products 54 - - 50 - -
Restrictive Trade - - - - - -
Practices
Unfair Trade Practices - - - - - -
# Other (product related)

Consolidated Financials
4. Details of instances of product recalls on account of safety issues:

Number Reasons for recall

Voluntary recalls
Nil
Forced recalls
5. Does the Company have a framework/policy on cyber security and risks related to data privacy? (Yes/No)
If available, provide a web-link of the policy.
Yes. The Company has IT Security Policy and proper protocol are followed as per SOP to address security risks and
ensures data privacy.
ERP: The Company hassecured and authenticated users based on their roles and responsibilities.
Data base access: Exclusively handled by IT along with the trace logs of access in secured terminal.
Network and Cyber security: The Company has authenticated secured firewalls in place along with anti-virus and
other network monitoring tools in place.
6. Provide details of any corrective actions taken or underway on issues relating to advertising, and
delivery of essential services; cyber security and data privacy of customers; re-occurrence of instances
of product recalls; penalty/action taken by regulatory authorities on safety of products/services.
Nil
46 West Coast Paper Mills Limited Annual Report 2023-24

7. Provide the following information relating to data breaches:

a. Number of instances of data breaches, along with impact
NIL
b. Percentage of data breaches involving personally identifiable information of customers
NIL
Leadership Indicators
1. Channels/platforms where information on products and services of the Company can be accessed
(provide web-link, if available)
Information on products of the Company is available on the Company’s website at https://www.westcoastpaper.
com/products/
2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or
services.
We provide material Safety data sheet to the customers as per requirement.
3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services.
Not applicable
4. Does the entity display product information on the product over and above what is mandated as per
local laws? (Yes/No/Not Applicable) If yes, provide details in brief. Did your entity carry out any survey
with regard to consumer satisfaction relating to the major products/services of the entity, significant
locations of operation of the entity or the entity as whole? (Yes/ No)
Yes, the Product Information is displayed on the products, as required under applicable laws.
Yes, the Company conducts periodical Meetings for all the dealers & distributors where feedback is received
regarding the products.
 Annexure to the Directors Report 47

Information as per Section 134(3) (m) of the Companies Act, 2013, read with Companies (Accounts) Rules,
2014 and forming part of the Directors’ Report to the members for the year ended 31st March, 2024.

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(A) CONSERVATION OF ENERGY :

(i) Measures taken for Energy conservation :

>>>
1. Energy saving at River Pump House by Impeller trimming & optimum running of pumps in Power House
section.
2. Replacement of old Drag chain soot blower No.11, 12 & 26 by Retractable energy efficient soot blower (3

Statutory Reports
numbers) at BHEL Chemical Recovery Boiler for steam saving.
3. Replacement of Complete Bank of Air heater tubes to Reduce excess air level in the exit flue gases of FBC
Boiler no.3 & Reduce unburnt in Eco Ash at Power House section for Coal saving.
4. Replacement of Broke Tower old Agitator with Energy efficient Agitator model SSA60-80B in Paper Machine#3
for Power saving.
5. Replacement of Cycling chest Agitator with Energy efficient Agitator model SSA60-80B at Paper Machine #3

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for Power saving.
6. Replacement of existing 3 number TG#3 Cooling Tower fan with energy efficient fans at Power House for
power saving.

>>>
7. Installation of 1 number VFD at Colony pump #1 at Power House for power saving.
8. Replacement of leaking ARC valves in FBC#4 Boiler feed water pump no.1 at Power House for power saving.

Standalone Financials
9. Installation of one stage blind new feed water pump in place of existing 7 stage pump at FBC Boiler#4 at
Power House for power saving.
10. 34.5 MW BHEL Turbine (TG#4) performance improvement and steam saving after overhauling at Power House
section.
11. Use of 5 Star energy efficient ceiling fans in place of conventional ceiling fans throughout the mill for power
saving.
12. Mill wide replacement of Conventional lights (Flood light, Street light, Tube light, flame proof fixtures) with

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LED lights for power saving.
13. Oil savings in RLK#1 & RLK#2 by replacement refractory and process optimization in Chemical Recovery
section for Furnace oil saving.
14. Installation of 260 kw VFD for primary fan pump at Paper Machine#3 for power saving.
15. Installation of VFD at MC Tower no.1 pulp supply pumps OSBL 18 and OSBL 19 at Fibre line section for Power

Consolidated Financials
saving.
16. Installation of VFD at HBL Accumulator#2 liquor pump 24.1214A at Fibre line section for Power saving.
17. Mill wide replacement of faulty steam traps by new steam traps for steam saving.
(ii) Steps taken for utilizing alternate sources of Energy :
The Company is generating steam from chemical recovery boilers wherein Black Liquor Dry Solids (by product of
wood) is fired to generate steam and the same is confirmed as Renewable Biomass Source by Ministry of New &
Renewable Energy (U&I Group), Government of India vide their letter no. 20/122/2011-U&I dated 09.01.2012. The
steam generated from Chemical recovery boilers is 57 % of total steam generation of the mill in the year 2023-24.
About 31500 MT of Chipper dust (Biomass) which is generated during wood chipping is used in Power Boilers
against coal. i.e. about 11 % coal is replace by Chipper dust.

(iii) Details of investment made on Energy conservation schemes & savings achieved :
Total Investment : ` 814.48 Lakhs
Monetary Benefit : ` 1745.67 Lakhs/annum
Coal saving : 20196.7 MT/annum
Power saving : 29.76 Lkwh /annum
Furnace oil saving : 230.5 KL /annum
48 West Coast Paper Mills Limited Annual Report 2023-24

B. TECHNOLOGY ABSORPTION

(i) The efforts made towards technology absorption:

1. PM 6- Replacement of basic dye in classic and copier Shade- To eliminate dye bleeding in paper machine
effluent, we switched over to pigment dye Cartarien Tintin Violet BN –IN
2. PM 1 - Replacement of two component basic dye in Azure laid grade.
3. Upgraded ET plant facility with addition of following.
• Thickener and super D - canter to effectively remove under flow sludge of primary and secondary system
of ETP.
• Two additional clarifiers in pulp Effluent Street to enhance the retention time of effluent.
• Tertiary system with 3 mixing chambers, one clarifier and mono belt press for extended treatment of pulp
street effluent.
4. Cost reduction by water saving schemes.
• PM 4 & 5 excess backwater processed through Krofta save-all and super clear water being used for PM 4
wire part showers and also for Fiber line pulp dilution approx. 1600 m3/day.
• PM I excess back water processed through vibro screen and being used for Fiber line pulp dilution approx
300 m3/day.
5. Conservation of valuable Raw material & Cost reduction.
• Chip screen bottom deck plate modified to 4 mm hole against 5 mm at Veco Plan Chip Screen, resulted
reduction in dust generation by 3 -4 Mt /Day.
• At DHot Bleaching. Clo2 temp increased to 23*C against 14*C by using excess hot water instead of Eop
back water, thus reduction in Steam consumption by Approx 25 MT/Day.
6. New product developed during the year 2023-2024 :
 Wesco Aqua Green – 100 gsm.
 Wesco Dura Colour – 100 gsm.
 Wesco Nova Print White.
 Wesco Classic (OWS).
 Wesco Plato.
(ii) The benefits derived like product improvement, cost reduction, product development or imports
substitution.
Improved productivity, better quality, cost reduction, conservation of valuable raw material & chemical and
improved customer’s satisfaction.
(iii) In case of imported technology (imported during the last three years reckoned from the beginning of the
financial year): Not any
(iv) Total Recurring expenditure incurred during the financial year 2023-24 is ` 122.67 Lakhs.
C. FOREIGN EXCHANGE EARNINGS AND OUTGO
The Foreign Exchange Earnings and Outgo were ` 2138.88 Lakhs and ` 9072.05 Lakhs respectively (` 2754.67
Lakhs and ` 9928.01 Lakhs previous year).
For and on behalf of the Board

S. K. Bangur
Place: Dandeli Chairman & Managing Director
Date: 27th May, 2024 DIN: 00053237
 Annexure to the Directors Report 49

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to the provisions of Section 134(3)(c) of the Companies Act, 2013, it is hereby confirmed that-

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i) In the preparation of the accounts for the financial year ended 31st March 2024, the applicable accounting
standards have been followed along with proper explanation relating to material departures, if any.

>>>
ii) The Directors have selected such accounting policies which have been applied consistently and made judgment

Statutory Reports
and estimates, that were reasonable and prudent so as to give a true and fair view of the state of affairs of the
company at the end of the financial year and of the profit or loss of the company for the year under review.

iii) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance
with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities.

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iv) The accounts for the financial year ended on 31st March, 2024 have been prepared on a ‘going concern’ basis.

>>>
v) The accounts for the financial year ended on 31st March, 2024 has been prepared in accordance with the
Companies (Indian Accounting Standards) Rules, 2015 (Ind As) prescribed under Section 133 of the Companies
Act, 2013 and under recognized accounting practices and policies to the extent applicable.

Standalone Financials
vi) The Directors have laid down internal financial controls to be followed by the Company and that such internal
financial controls are adequate and were operating effectively.

vii) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and
that such systems were adequate and operating effectively.

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For and on behalf of the Board

S. K. Bangur
Place: Dandeli Chairman & Managing Director
Date: 27th May, 2024 DIN: 00053237
Consolidated Financials
50 West Coast Paper Mills Limited Annual Report 2023-24

Form No. MR-3

SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31.03.2024
[Pursuant to section 204(1) of the Companies Act, 2013 and rule No.9
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To,
The Members,
West Coast Paper Mills Limited
Bangur Nagar, Dandeli – 581325
I have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to
good corporate practices by West Coast Paper Mills Limited (hereinafter called the company). Secretarial Audit
was conducted in a manner that provided me a reasonable basis for evaluating the corporate conducts/statutory
compliances and expressing my opinion thereon.
Based on my verification of the Company’s books, papers, minute books, forms and returns filed and other records
maintained by the company and also the information provided by the Company, its officers, agents and authorized
representatives during the conduct of secretarial audit, I hereby report that in my opinion, the company has, during
the audit period covering the financial year ended on 31 March 2024 (‘Audit Period’) 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:
I have examined the books, papers, minute books, forms and returns filed and other records maintained by the
Company for the financial year ended on 31 March 2024 according to the provisions of:
(i) The Companies Act, 2013 (the 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 Byelaws framed thereunder.
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign
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’):-
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations,
2011;
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
(Not applicable to the Company during the Audit Period);
(d) The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations,
2021(Not applicable to the Company during the Audit Period);
(e) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations,
1993 regarding the Companies Act and dealing with client;
(f ) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021 (Not applicable to
the Company during the Audit Period); and
(g) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018 (Not applicable to the
Company during the Audit Period);
(h) Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations 2021
(Not applicable to the Company during the Audit Period);
(i) Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018.
(vi) I have reviewed the systems and mechanisms established by the Company for ensuring compliances under
the other applicable Act, Rules, Regulations and Guidelines prescribed under various laws which are specifically
applicable to the Company and categorized under the following heads/groups:
(a) The Factories Act, 1948 and Rules made thereunder;
 Annexure to the Directors Report 51

(b) Labour laws and other incidental laws related to Labour and employees appointed by the Company;
(c) Acts and Rules prescribed under prevention and control of pollution;

01-81
(d) Acts and Rules relating to Environmental protection, energy conservation and hazardous substances and
chemicals;
(e) Acts and Rules relating to boilers, electricity explosives, fire, etc,

>>>
(f ) Goods and Service Tax;
I have also examined compliance with the applicable clauses of the following:

Statutory Reports
(i) Secretarial Standards issued by The Institute of Company Secretaries of India.
(ii) SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 (LODR).
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations,
Guidelines, Standards, etc. mentioned above subject to the following specific comments/ observation/ findings: NIL
I further report that

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The Board of Directors of the Company is 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 at least seven days 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. Based on the verification of

Standalone Financials
the records and minutes, the decisions at Board Meetings and Committee Meetings were carried out with unanimous
consent of the Directors / Committee Members and no Member dissented on the decisions taken at such meetings of
the Board of Directors or Committee of the Board, as the case may be.
I 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.
I further report that during the audit period, the company has no specific events / actions having a major bearing on
the company’s affairs in pursuance of the above referred laws, rules, regulations, guidelines, standards, etc.

145-212 >>>
NAMAN GURUMURTHI JOSHI
Practicing Company Secretary
M No: F8389, C P No: 9579

Consolidated Financials
Place: Bangalore UDIN: F008389F000453856
Date: 27.05.2024 PR No. 1477/2021

This report is to be read with my letter of even date which is annexed as ANNEXURE A and forms an integral part of
this report.
52 West Coast Paper Mills Limited Annual Report 2023-24

‘ANNEXURE A’
To,
The Members,
West Coast Paper Mills Limited
Bangur Nagar, Dandeli – 581325

My report of even date is to be read along with this letter.

1. Maintenance of secretarial record is responsibility of the Management of the Company. My responsibility is to
express an opinion on these secretarial records based on audit.
2. I have followed the audit practices and process 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. I believe that the processes and practices, I followed provide a reasonable
basis for my opinion.
3. I have not verified the correctness and appropriateness of financial records and Books of Account of the Company.
For the accounting financial compliance and CSR spending’s we have relied on the report of internal auditor
Report and statutory auditor Report.
4. I have not verified the correctness, appropriateness of financial records, Books of Account and secretarial
documents of the listed subsidiary Company for the accounting, financial, corporate law compliance and CSR
spending’s as we have relied on the Secretarial Audit report of the Secretarial Auditor and the same should be
considered for records.
5. I have not verified the correctness and appropriateness of financial records and Books of Account of the unlisted
Wholly Owned Subsidiary Company for the accounting financial compliance and corporate laws compliance.
6. Wherever required, I have obtained the Management Representation about the compliances of laws, rules and
regulations as per their representation report has been finalized.
7. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the
responsibility of the management, my examination was limited to verification of procedures on test basis.
8. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the Company.

NAMAN GURUMURTHI JOSHI

Practicing Company Secretary
M No: F8389, C P No: 9579
Place: Bangalore UDIN: F008389F000453856
Date: 27.05.2024 PR No. 1477/2021
 Management Discussion and Analysis 53

Management Discussion and Analysis

01-81
>>>
Statutory Reports
82-144
>>>
Standalone Financials
145-212 >>>
Global Economy Global inflation is anticipated to decrease from 8.7% in
2022 to 6.9% in 2023 and further to 5.8% in 2024, aided
Overview: Global economic growth dipped from 3.5%
Consolidated Financials
by tight monetary policies and lower international
in 2022 to an estimated 3.1% in 2023, with Asia driving
commodity prices. Core inflation’s decline is expected
much of the growth despite challenges like weaker
to be slower, with a return to target not anticipated until
recovery in China, sustained US weakness, higher energy 2025 in most cases. The US Federal Reserve approved
costs in Europe, weakened consumer sentiment due a significant interest rate hike, bringing benchmark
to conflicts, and increased logistics costs from crises. borrowing cost to their highest level in over 22 years; in
Tightened monetary policies led to higher policy and the latest review, interest rates were kept unchanged.
interest rates, hampering new investments.
In 2023, the average cost of Brent crude oil decreased
These factors are poised to slow growth in advanced to US$83 per barrel from US$101 per barrel in 2022,
global economies from 2.6% in 2022 to 1.5% in 2023 providing relief to oil-importing nations. Russian crude
and an estimated 1.4% in 2024 due to policy tightening, oil found alternative markets beyond the European
European sluggishness, recessions in Britain and Japan, Union, contributing to a shortfall in global demand and
and heightened energy costs from global conflicts. moderating prices.
Emerging markets and developing economies show a Global equity markets concluded 2023 on a high note,
more optimistic outlook, with a slight growth decline with major benchmarks yielding double-digit returns.
from 4.1% in 2022 to 4.0% in 2023, sustained through This was driven by decreasing global inflation, a decline
2024. Despite a nearly US$2 trillion drop in global trade in the dollar index, lower crude prices, and heightened
in goods in 2023, trade in services is expected to have expectations of rate cuts by the US Federal Reserve and
grown by US$500 billion. other central banks
54 West Coast Paper Mills Limited Annual Report 2023-24

Regional growth (%) 2023 2022 compared to the previous year, opening at ` 82.66
World output 3.1 3.5 against the US dollar on the first trading day of 2023
and closing at ` 83.35 on 27 December, marking a
Advanced economies 1.69 2.5
depreciation of 0.8%.
Emerging and developing 4.1 3.8
economies India’s foreign exchange reserves soared to a historic
high of US$645.6 billion by the end of FY 24. Indian
(Source: UNCTAD, IMF) companies maintained strong credit quality from
Performance of major economies, 2023 October 2023 to March 2024, supported by deleveraged
balance sheets, sustained domestic demand, and
United States: Reported GDP growth of 2.5% in 2023
government-led capital expenditure. The gross non-
compared to 1.9% in 2022
performing asset ratio for scheduled commercial banks
China: GDP growth was 5.2% in 2023 compared to 3% decreased to 3.2% as of September 2023, down from
in 2022 3.9% in March 2023. Rating upgrades continued to
United Kingdom: GDP grew by 0.4% in 2023 compared outnumber downgrades in the second half of FY24. UPI
to 4.3% in 2022 transactions in India witnessed a record 56% increase in
Japan: GDP grew 1.9% in 2023 unchanged from a volume and a 43% rise in value during FY24.
preliminary 1.9% in 2022 Growth of the Indian economy
Germany: GDP contracted by 0.3% in 2023 compared
FY 21 FY 22 FY23 FY24
to 1.8% in 2022
Real GDP growth -6.6% 8.7 7.2 7.8 E
(Source: PWC report, EY report, IMF data, OECD data, Live mint)
(%)
Outlook: Asia emerges as a beacon of global growth in
E: Estimated
2024-25, with its economy projected to represent 49%
of the world’s GDP and grow at a rate of 4.5%, remaining Growth of the Indian economy quarter by quarter,
the largest contributor to global economic expansion. FY 2023-24
Inflation is expected to ease as cost pressures lessen,
with headline inflation in G20 countries anticipated to Q1FY24 Q2FY24 Q3FY24 Q4FY24E
decline. Despite high inflation and monetary tightening, Real GDP 8.2 8.1 8.4 8E
the global economy displays resilience, maintaining growth (%)
growth levels for the next two years. (Source: World Bank, (Source: Budget FY24; Economy Projections, RBI projections, Deccan
globaltimes.cn) Herald)
Indian Economy India experienced its lowest monsoon rainfall in five
Overview: The Indian economy had a strong year, years in 2023, with August being the driest month in
reflecting long-term structural reforms, robust a century, receiving only 94% of its long-term average
consumption, and sustained government infrastructure rainfall from June to September. Despite this, wheat
investments, leading to increased personal incomes. production was anticipated to reach a record 114 million
With a growth rate of 7.8% in the 2023-24 fiscal year tonnes in the 2023-24 crop year due to higher coverage.
compared to 7.2% in 2022-23, India maintains its However, rice production was expected to decline to
position as the fifth-largest economy. 106 million metric tons compared to 132 million metric
In 2023-24, India’s real GDP reached ` 171.79 lakh crore, tons in the previous year. Total kharif pulses production
up from ` 160.06 lakh crore in 2022-23, with a growth for 2023-24 was estimated at 71.18 lakh metric tonnes,
rate of 7.3%. Nominal GDP for 2023-24 was estimated at lower than the previous year due to adverse climatic
` 296.58 lakh crore compared to ` 272.41 lakh crore in conditions.
2022-23.In FY 2023-24, CPI inflation averaged 5.4%, with According to the first advance estimates by the NSO,
rural inflation surpassing urban inflation due to lower the manufacturing sector is projected to grow by 6.5%
production and erratic weather, causing spiked food in 2023-24, up from 1.3% in 2022-23. Similarly, the Indian
inflation. Core inflation averaged 4.5%, a notable drop mining sector is estimated to grow by 8.1% in 2023-24
from 6.2% in FY 23, attributed to the softening of global compared to 4.1% in the previous year. Additionally,
commodity prices. financial services, real estate, and professional services
India’s net direct tax collection surged by 19% to are expected to see growth of 8.9% in 2023-24, an
`14.71 lakh crore by January 2024, with gross collection increase from 7.1% in FY 2022-23. India’s export of
up by 24.58% compared to the previous year. Gross goods and services was anticipated to reach US$900
GST collection reached ` 20.2 lakh crore, marking an billion in 2023-24, up from US$770 billion the previous
11.7% increase, with an average monthly collection of year, despite global challenges. Merchandise exports
`1,68,000 crore, surpassing the previous year’s average were projected to grow to between US$495 billion
of ` 1,50,000 crore. The Indian rupee showed resilience and US$500 billion, with services exports expected
 Management Discussion and Analysis 55

to reach US$400 billion during the year. In 2023-24, inflow from 2014-23 totalled US$ 596 billion, showing a
the agriculture sector was expected to grow by 1.8%, significant increase compared to the previous decade.
down from 4% in the previous year, while trade, hotel,
To promote innovation and research, ` 1 Lakh Cr corpus

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transport, communication, and broadcasting services
will be established, offering long-term financing with
were estimated to expand by 6.3%, a decrease from
low or nil interest rates. This initiative seeks to boost
14% in 2022-23. Despite global supply chain disruptions
private sector participation, especially in deep-tech and

>>>
and increased ownership costs, the Indian automobile
defence technologies. Additionally, the government
segment was projected to grow by 6-9% in FY 2023-24.
is focusing on the development of the eastern region,
In 2023-24, the construction sector was expected to prioritizing initiatives like PM Awas Yojana (Grameen)

Statutory Reports
grow by 10.7%, up from 10% in the previous year, while and rooftop solarization to provide housing and
public administration, defence, and other services were electricity to millions of households.
estimated to grow by 7.7%, compared to 7.2% in FY
Schemes like Pradhan Mantri Kisan Sampada Yojana
2022-23. Gross value added (GVA) at basic prices was
and Pradhan Mantri Formalisation of Micro Food
projected to increase by 6.9%, slightly lower than 7%
Processing Enterprises Yojana have made significant
in 2022-23. India entered a pivotal phase in its S-curve, impacts, benefiting farmers and creating employment
marked by accelerated urbanization, industrialization, opportunities. The budget focuses on empowering

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rising household incomes, and increased energy youth through technological advancements and
consumption. As the fifth-largest economy, India fostering an environment conducive to sustainable
achieved a GDP of US$3.6 trillion and a nominal per growth and innovation. (Source: Times News Network, Economic

>>>
capita income of INR 123,945 in 2023-24. Times, Business Standard, Times of India)
In FY 2023-24, India’s Nifty 50 index surged by 30%,
elevating India’s stock market to the world’s fourth- PULP AND PAPER INDUSTRY

Standalone Financials
largest, boasting a market capitalization of US$4 trillion. Global
Foreign investment in Indian government bonds saw
a significant increase in the last quarter of 2023. India The global pulp and paper sector are one of the primary
secured the 63rd position among 190 economies in sectors, renowned for its wide-ranging applications in
the World Bank’s ease of doing business rankings. writing and printing. The global pulp and paper market
Furthermore, India’s unemployment rate plummeted to size was worth around US$ 365.60 billion in 2023 and is
a low of 3.2% in 2023 from 6.1% in 2018. projected to surpass the valuation of US$ 434.36 billion
by 2031 at a CAGR of 2.35% between 2024 and 2031.
Outlook: India withstood global headwinds in 2023

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Increasing consumer awareness of health and wellness
and is likely to remain the world’s fastest-growing major is a key catalyst propelling the pulp and paper market
economy on the back of growing demand, moderate forward, driving increased demand for related products.
inflation, stable interest rates and robust foreign Concurrently, technological progressions within the
exchange reserves. The Indian economy is anticipated industry are fostering the adoption of more efficient and
to surpass US$ 4 trillion in 2024-25. sustainable production methods, amplifying market

Consolidated Financials
expansion.
Union Budget FY 2024-25:
The containerboard market size is estimated at
The Interim Union Budget 2024-25 maintained its focus
US$146.96 billion in 2024 and is expected to reach US$
on capital expenditure, prioritizing investments in
162.63 billion by 2029, growing at a CAGR of 2.05%
infrastructure, solar energy, tourism, medical ecosystem,
during the forecasted period (2024-2029). The demand
and technology. The top 13 ministries accounted for 54%
for containerboard is expected to increase over the next
of the total expenditure, with the Ministry of Defence
decade, reaching 226 million tons by 2032.
receiving the highest allocation of ` 6,21,541 crore,
constituting 13% of the total budgeted expenditure. The e-commerce business is expected to grow to over
Other ministries with notable allocations included Road US$100 billion by 2025. The carton board market is
Transport and Highways (5.8%), Railways (5.4%), and significantly influenced by the burgeoning e-commerce
Consumer Affairs, Food, and Public Distribution (4.5%). logistics industry, driven by evolving consumer behavior
and the increased prevalence of online shipping.
The Ministry of Road Transport and Highways aims to
construct 12,000-13,000 km of national highways in the The global carton board market size is estimated at US$
current financial year, slightly below the targeted 13,814 71.93 billion in 2024 and is expected to reach US$ 98.41
km but still the second-highest annual construction in billion by 2029, growing at a CAGR of 6.47% during the
India. The capital expenditure outlay for the upcoming forecast period (2024-2029).
year sees an 11.1% increase to ` 11,11,111 Cr, accounting (Source: slashdev.io, statista.com, thebusinessresearch.com,
for 3.4% of GDP. The projected fiscal deficit for 2024-25 mordorintenlligence.com)
stands at 5.1% of GDP. Foreign Direct Investment (FDI)
56 West Coast Paper Mills Limited Annual Report 2023-24

Global Cartonboard Market

Market Size in US$ Billion
CAGR 6.47%
US$ 98.41B

US$ 71.93B

2024 2029
Source : Mordor Intelligence

Indian demand for notepads, textbooks and supplementary

materials is increasing and giving a positive boost to the
India is the 15th largest paper producer in the paper industry. The future growth trend of the Indian
world. Demand for paper products, including writing paper industry is also being driven by the increasing
papers, printing papers, and specialty papers, has been demand for corrugated and household paper products.
steadily increasing. India accounts for about 5% of the (Source: oneindia.com, manufacturing today india.com, economic times,
global paper market. The market value of the Indian giireasearch.com)
paper industry is expected to reach US$ 19.1 billion in
2033. The market value of the Indian paper industry Outlook
is expected to grow from 2024 to 2033 at a CAGR of The Indian paper and paper products market is
around 7.5%. expected to reach US$13.4 billion by 2024, with
The Indian paper industry is set to witness selective paper consumption in India expected to reach 30
growth of 5-7% in FY24. In 2024, the projected output in million tonnes by March 2027. India’s paper industry is
the pulp & paper market in India is forecasted to reach flourishing both within the country and also globally,
US$23.79 billion, with a CAGR of 4.65% from 2024 to fueled by an increase in global demand. This growth
2028. is driven by the lifting of pandemic-related restrictions
and the prohibition of single-use plastics.
With the increase in literacy rate, more and more
students are entering the education system and the

Indian paper industry personality

Core: Cyclical: Versatile:

The paper industry in India is The industry experiences cyclical The Indian paper industry consists
recognized as a vital sector, making patterns, with its performance of more than 850 paper mills. The
a substantial contribution to the closely tied to the global market’s industry manufactures various
economy. health and the costs of resources. types of paper, including writing
and printing paper, packaging
grade paper, newsprint paper,
specialty paper, and tissue paper.
(Source: thehindubusinessline.com)
 Management Discussion and Analysis 57

Rise in literacy rate: The women’s literacy rate has

jumped to 77% while India’s male literacy rate stands
at 84.7%. India is likely to achieve universal literacy

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by 2060, catalysing the consumption of pulp and
paper-based products.

>>>
Online food delivery demand: The projected revenue for the
online food delivery market in India in 2024 is US$43.78 billion,
Paper market with an anticipated CAGR (2024-2028) of 16.95%, catalysing the
demand drivers in market for paperboard.

Statutory Reports
India
Eco-friendly packaging: The trend is shifting towards eco-
friendly paper and packaging materials.

Expanding population: The population of India

in 2024 is recorded at 1.44 billion, a 0.92% increase
from 2023. The expanding population serves as a

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significant growth driver for the paper industry.

Sectoral opportunities consumer preferences, technological advancements,

>>>
and sustainability considerations.
Opportunities within the paper industry comprise
applications like printing, stationery, hygiene products, Sectoral threats

Standalone Financials
and specialty papers for applications in construction,
Environmental concerns: Deforestation and other
electronics, and automotive.
sustainability issues alarmed various institutions about
Printing: The India commercial printing market size the paper industry’s impact on ecosystems.
reached US$ 34.5 Billion in 2023 and is expected to
grow to US$ 45.3 Billion by 2032 at a CAGR of 3% during Digital alternatives: The growing preference for digital
2024-2032. Paper remains the primary substrate for solutions diminishes the demand for traditional paper
printing materials (newspapers, magazines, books, and products.
marketing collateral).(Source: imarcgroup.com) Fluctuating raw material costs: Instability in raw

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Stationery: The stationery products market was valued material prices can affect the profitability of paper
at US$ 140 billion in 2023 and anticipated to grow manufacturers.
over 3.7% between 2024 and 2032. The stationery
Regulatory changes: Evolving waste management and
sector sources paper products like notebooks, journals,
writing pads, and envelopes. Customizable eco-friendly recycling priorities may present compliance challenges
stationery options are gaining popularity, offering for the paper industry.
opportunities to manufacturers to cater to niche Segment mix and market outlook Consolidated Financials
markets. (Source: gminsights.com)
Writing and printing: The writing and printing (W&P)
Hygiene products: In 2024, hygiene product revenues paper, integral to the education sector and corporates,
are placed at US$14.31bn. Paper is an essential retains a significant 30% market share. The printing
component in the production of hygiene products and writing paper market size is forecasted to increase
like tissue paper, toilet paper, and paper towels. With by US$ 9.64 billion at a CAGR of 2.06% between 2023
increasing awareness about hygiene and sanitation, and 2028. The growth rate of the market depends on
there is a growing demand for quality, soft, and several factors such as the emergence of various types
environmentally friendly paper products. (Source: statista. of printing and writing paper, the increasing demand
com) for inkjet printing paper, and the demand for printed
catalogs. (Source: technavio.com)
Specialty papers: The specialty papers market in
Paper cup stock: Paper cups are disposable containers
2023 is estimated at 26.5 million tonnes. Specialty
crafted from paperboard, typically coated with a
papers serve the construction, electronics, and
thin layer of plastic or wax, to enhance durability and
automotive sectors. Applications range from materials
prevent liquid penetration. The India paper cups market
for electronic gadgets to filter papers and specialty reached a volume of about 8.59 billion units in 2023 and
coatings for automotive components. These sectors is expected to grow at a CAGR of 3.2% between 2024
offer opportunities for growth, innovation, and market and 2032 to reach a volume of about 11.38 billion units
expansion within the paper industry, driven by evolving by 2032. (Source: expertmarketresearch.com)
58 West Coast Paper Mills Limited Annual Report 2023-24

OPTIC FIBRE CABLE INDUSTRY

Global Europe: The total number of homes passed with fibre
to the home (FTTH) reached 244 million homes in
The optic fibre cable market size is expected to grow September 2023 in Europe.
from US$78.56 billion in 2023 to US$84.85 billion in 2024 USA: The new projects, totalling US$772.6 million in
at a compound annual growth rate (CAGR) of 8.0%. investments, will benefit more than 1 million people
The fiber optical cable market size is expected to see living in remote areas of the country by providing
strong growth in the next few years and could grow to reliable high-speed internet access, clean, safe water,
US$111.97 billion in 2028 at a CAGR of 7.2%. and a range of support for rural families, agricultural
producers, and small businesses.
The growth in the forecast period is attributed to
increasing data consumption, internet expansion, cloud Indian Optic fibre cable industry
computing/edge computing growth, smart cities and The Indian government’s investments in fibre optic cable
(IoT) adoption, e-commerce, and digital services. Major network infrastructure through ambitious Bharatnet
trends comprise 5G network expansion, internet of Project is anticipated to drive market expansion.
things (IoT), data center expansion, cloud computing
The Indian optical fiber market is poised for growth
demand, and broadband internet access. (Source: due to ongoing data cost reductions, growing demand
thebusinessresearchcompany.com) for high-speed networking and services, increasing
Global growth drivers broadband access, technologies, and the expanding
adoption of fiber-to-the-home (FTTH) connectivity.
Fibre to the Home (FTTH): Fiber-to-the-home (FTTH)
market size was US$ 48.8 billion in 2023. Fiber to the The Budgetary allocation under the Ministry of
home (FTTH) acts as a growth driver in the cable Electronics in the Budget for 2024-2025 is ` 21385.2 Cr,
industry by providing higher bandwidth capabilities which is a 29.2% increase from the previous financial
and enabling the delivery of advanced services such year’s budget. (Source: wirecable.in, communicationstoday.co.in,
as high-speed internet, HD television, and digital voice bonafidereasearch.com)
services directly to residential and business customers.

Indian growth drivers

Increased broadband penetration: India’s Rising internet TV streaming services: The OTT
broadband penetration rate stood at 52.4 percent of market is expected to show an annual growth rate
the total population at the start of 2024. As more (CAGR 2024-2029) of 7.43%, resulting in a projected
households and businesses adopt broadband market volume of US$5.81bn by 2029. The popularity
internet services, the demand for high-speed internet of streaming platforms for entertainment, such as
connectivity grows. Fiber optic cables offer superior Netflix, Amazon Prime Video, and Disney+, drives
bandwidth and data transmission capabilities, making the need for robust internet infrastructure. Fiber
them essential for meeting the requirements of optic cables provide the necessary bandwidth and
expanding broadband networks. reliability to support high-definition video streaming,
contributing to the growth of the optic fiber industry.

Sectoral opportunities Industrial automation: Adoption of Industry 4.0

Growing demand: Increasing reliance on high-speed technologies like the Internet of Things (IoT) and
internet, telecommunications, and data transmission automation require robust and high-speed data
fuels the demand for fiber optic cables. transmission, boosting the need for fibre optic cables in
industrial applications.
Infrastructure development: Government initiatives
and investments in infrastructure projects, such Utilities: Need of monitoring the performance of
as Bharatnet and broadband expansion, create utilities such as Power, Gas & Oil through Scada system
opportunities for fiber optic cable deployment. fuels demand of optical fibre cable.
 Management Discussion and Analysis 59

Sectoral threats branded as WESCO. The company’s diverse portfolio,

Increasing competition: Competition from alternative including office stationery, premium printing goods,
technologies, like wireless communication systems, and value-added products, contributed to 93% of its

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poses a threat to the fibre optic cable industry in the last revenue in FY24.
mile connectivity. Cables division (7% of revenues, FY24): The company’s
Geopolitical tension: Geopolitical tensions can disrupt cable division operates a manufacturing facility in

>>>
supply chains, affecting the availability of materials Mysore, producing optical fiber cables to meet the needs
crucial for fiber optic cable production. of the Indian telecom and utilities sectors. Additionally,
the company exports its optical fiber cables to several

Statutory Reports
Raw materials: Fluctuations in raw material prices can countries in Europe and the MEA region.
impact production costs, posing a challenge to the
profitability of the sector. COMPANY STRENGTHS
Company overview Paper segment
West Coast Paper Mills Ltd. (WCPML), the leading entity
of the SK Bangur Group, is headquartered in Kolkata and Market position: With its extensive experience,
serves as the vanguard of industrial endeavours. Since nationwide dealer network, and technical proficiency,

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its inception in 1955, WCPML has been operating a West Coast Paper Mills Ltd., holds a prominent position
state-of-the-art manufacturing facility (Paper Division) in India’s writing and printing paper segment. The paper
in Dandeli, Karnataka, boasting a production capacity of plant in Dandeli comprises a production capacity of 3.2

>>>
320,000 metric tonnes per annum. With a self-sustained lakh MTPA, while the APL plant comprises a capacity of
pulp capacity of 255,000 MTPA and a captive power 2.5 lakh MTPA. The company’s focus is on developing
generation capability of 74.8 megawatts, WCPML value-added products to expand product range and

Standalone Financials
ensures operational independence. Its products market share.
reach across India through an extensive network of Integrated: The company possesses an integrated
dealerships. manufacturing facility that includes pulp, paper, captive
West Coast Optilinks, Cable Division (WCO), formerly power plants, and a chemical recovery system, ensuring
recognized as Sudarshan Telecom, stands as a leading competitive cost structures across market cycles.
Indian manufacturer and exporter of optical fiber cables. Capacity utilization: Utilizing 95% of its production
Situated in the hi-tech electronics zone in Mysore, the capacity for paper and paperboard manufacturing, the
company operates a state-of-the-art manufacturing

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company maximizes economies of scale.
facility. Commencing commercial operations in 1996,
Distribution network: The Company comprises 66
WCO has continuously manufactured a diverse array of
longstanding dealers and six zonal offices; it exports to
optical fiber cables tailored for various applications.
15+ countries.
The Company has doubled its manufacturing
capacity for Optical Fiber Cable by setting up a Optic fibre cable segment
Consolidated Financials
new manufacturing unit at Fab City, Hyderabad, Greenfield: The greenfield plant in Fab City, Hyderabad,
Telangana. The newly commissioned plant has started Telangana will ensure seamless availability of optical
its commercial production w.e.f 14th Feb 2024. This fibres, a key raw material for optical fibre cable factories
development aligns with the Company’s commitment at Mysore and at Hyderabad.
to meeting the rising demand driven by global 5G Robust R&D: The business widened its portfolio to
rollouts and is in line with the objectives of Atmanirbhar include multiple products addressing telecom networks
Bharat and the Digital India initiative. The Company is in and utilities, facilitated by its R&D team and application
the process of setting up a unit, on the same premise, engineers. The Company is also developing several
for manufacturing Optical Fiber which is a key raw products required for the 5G network.
material for manufacturing of Optical Fiber Cable. The
project is under progress and would be operational in Value-chain: The backward integration into the
the current financial year. This Optical Fiber Plant will manufacturing of optical fibres will widen the value
ensure seamless availability of Optical Fibers, a key raw chain and enhance competitiveness.
material for optical fibre cable factories at Mysore and Reference: The Company supplies major telecom
Hyderabad. companies and network integrators for large projects
like TANFINET, which aims to connect all Tamil Nadu
Business segments villages with internet and connectivity. This project is
Paper and paperboard division (93% of revenues, servicing as a reference to be enlisted for similar projects.
FY24): West Coast Paper Mills Ltd., a key player in
Exports: The Company exports optical fibre cables to 25
the Indian paper sector, manufactures quality paper
countries, validating its superior price-value proposition.
60 West Coast Paper Mills Limited Annual Report 2023-24

Our performance over the years

Operational review
Production FY2024 FY2023 FY2022 FY2021 FY2020
Paper and paper board segment (Tonnes) 303766 314919 296785 229017 313876
Optical fibre cable segment (Km) 84719 72246 63630 54396 37392
Sales
Paper & paper board (tonnes) 304950 310349 303715 234667 304762
Optical fibre cable (km) 79387 81388 63470 54982 37510
Value impact (production) Value impact (sales)
In our paper and paper board segment, we experienced In the paper and paper board segment, we observed
a significant year-on-year production decrease of a moderate year-on-year sales volume decrease of
approximately 3.54%. Production volume stood at approximately 1.74 %, with volumes totalling 310,349
303766 tonnes in FY2024 from 314919 tonnes in FY2023. tonnes in FY2023, we saw a slight decrease to 304,950
In the past year, the Company faced challenges including tonnes in FY2024. Last year, the Company faced
increased wood costs, lower paper prices due to market challenges with rising wood costs, lower paper prices
conditions, and a major crash at Dandeli in Q3. Moving due to market conditions, and a major breakdown at
forward, our priority is enhancing operational efficiency Dandeli in Q3, leading to a slight performance downturn.
by refining product mix and trimming manufacturing Looking ahead, focus is on improving operational
costs, which will bolster our financial performance. This efficiency by optimizing product mix and cutting
significant improvement positions us favourably in the manufacturing costs to enhance financial performance.
industry, empowering us to capture a larger market
In the optical fibre cable segment, we observed a slight
share and expand our customer base.
year-on-year sales volume decrease of about 2%. Sales
In the Optical Fibre Cable segment, we observed volumes decreased from 81,388 kilometres in FY2023
a significant year-on-year production rise of to 79387 kilometres in FY2024. The current decrease in
approximately 17%. Our production levels escalated demand is led by drop in global demand led by US &
from 72,246 kilometres in FY2023 to 84,719 kilometres China market. However key initiative like Government
in FY2024. This expansion underscores our capability subsidy program (e.g. BEAD program) in US and Indian
to respond to the increasing demand for optical fibre Government’s ambitious Bharatnet Project may drive
cables, affirming our dedication to maintaining a growth in later part of FY 2024-25. Also, ASEAN, ME
leading position in a dynamic market landscape. With an & Africa market is showing growth year on year. So,
expanded production capacity, we are poised to meet current decrease in demand seems to be temporary
the growing demands of our clientele and leverage and overall there seems to be surge in demand in the
emerging prospects. market in second half of FY 2024-25.

Financial review
This has been dealt with in the Director’s report.
Key performance indicators
Particulars FY24 FY23 (%) change Comments
Debtor’s turnover(times) 13.81 17.63 -21.67% The decrease is due to drop in sales
volume and price.
Inventory turnover (times) 6.97 10.08 -30.85% The decrease is due to drop in
sales volume and increase in total
inventory.
Interest coverage ratio (times) 39.34 32.31 21.74% The increase was due to lower interest
expenses (repayment of borrowings).
Current ratio (times) 3.37 2.62 28.63% The increase is due to increase in
overall current assets.
Debt-equity ratio(times) 0.06 0.08 -25.00% The decrease is due to repayment of
loan.
Operating profit margin (%) 24.99% 32.11% -22.17% The decrease is due to decrease in
Net profit margin (%) 18.15% 20.89% -13.12% margin owing to decreased realization
Return on net worth (%) 20.98% 31.91% -34.25% and significant rise in wood prices.
 Management Discussion and Analysis 61

Risk Management for quality products could impact the Company’s brand.
The company has adopted a robust risk management
Mitigation: The Company has made investments
framework to systematically identify, evaluate, and

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in systems and processes to ensure the production
address risks. The Board and the risk management
of high-quality products. Its commitment to quality
committee oversee the risks, recommending measures
is affirmed by accreditations such as ISO 9001:2015
to manage or mitigate them. These actions are guided

>>>
QMS, 14001:2015 EMS, ISO 45001:2018 OHSMS, and
by a clearly defined risk management policy.
certification for FSC-compliant products.
Environmental sustainability: In 2010 the company Human resource risk: Unexpected loss of talent could

Statutory Reports
made significant investments in a cutting-edge impact the Company’s competitiveness.
effluent treatment plant and adopted 100% elemental
chlorine-free bleaching processes. The company also Mitigation: The Company has introduced several
in the process of upgrading ETP through inclusion HR initiatives aimed at talent retention, alongside
of TERTIARY treatment for pulp effluent & secondary structured training programs and succession planning
stage treatment for paper machine effluent. These for key positions. Additionally, attrition analysis is
conducted through the exit interview process.
initiatives ensure compliance with all regulations

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outlined in the environment protection act, 1986 Liquidity risk: The paper industry demands significant
and other environmental standards, including the capital investment, raising concerns about liquidity risks.
requirements set forth by the CREP.

>>>
Mitigation: The company benefits from robust
Water and energy conservation: Water and energy cash flows from operations, a solid cash reserve, and
conservation efforts were implemented by the a conservatively utilized working capital limit. The

Standalone Financials
Company, leading to a reduction in water consumption. Company can fulfil near-term obligations through
Additionally, specific energy consumption was lowered accruals while maintaining a significant cash reserve.
to meet the standards outlined in PAT Cycle II. Environmental risk: Regulations imposed on paper
mills to mitigate environmental impact often necessitate
Business environment risk: The paper industry, expensive investments and can constrain their ability to
characterized by maturity and capital intensity, faces expand.
challenges from competition and unpredictable market
dynamics. Mitigation: The company implemented water-saving

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initiatives, resulting in a reduction of water usage per
Mitigation: To address this risk, the Company ensures tonne of product from 58 m3/MT in FY2023 to 57.20
sufficient access to low-cost resources, enhancing its m3/MT in FY2024. The Company sourced pulp wood
competitiveness throughout market fluctuations. from various entities including private parties, captive
plantations, agricultural forestry programs, and the
Realizations risk: A decrease in realizations could Karnataka State Government. The Forest Stewardship
potentially impact the Company’s profitability.
Consolidated Financials
Council Chain of Custody and Forest Stewardship
Council Managed Wood certifications for pulp wood
Mitigation: The Company has diversified its portfolio confirmed the social and ecological responsibility of
risk across writing and printing paper, packaging the paper made from wood.
paper, and specialty paper to capitalize on the rising
literacy rates, expanding e-commerce sector, and Internal control systems and their adequacy
growing demand for product packaging. The company has instituted a robust internal control
system to ensure operational efficiency, financial
Raw materials risk: The Company’s operations could transparency, and compliance with relevant laws and
be affected by a failure to procure raw materials. regulations. Clear roles and responsibilities have been
defined for all managerial positions, with continuous
Mitigation: The Company initiated farm forestry/ monitoring and control over operating parameters.
plantation programs in the catchment area of the mill Regular internal audits are conducted to ensure the
to enhance the availability of wood. Additionally, the effective execution of responsibilities. The Company
company procures 75% of Pulpwood from within the has implemented a process-driven framework for
State of Karnataka and balance from Andhra Pradesh Internal Financial Controls (IFC) in accordance with
and Maharashtra. Furthermore, it imports pinewood the explanation of Section 134(5) (e) of the Companies
pulp for the production of specialty paper. Act, 2013. The audit committee of the board of
directors periodically reviews the performance of the
Quality risk: An inability to address customer demand Statutory Auditors and Internal Auditors, the adequacy
62 West Coast Paper Mills Limited Annual Report 2023-24

and effectiveness of these internal control systems, Cautionary statement

suggesting improvements as needed.
The statements provided in this report under Management
Human resources Discussion and Analysis, detailing the company’s objectives,
projections, estimates, expectations, or predictions, may
The company places great value on its employees, constitute “forward-looking statements” as per applicable
recognizing them as its most valuable asset. It securities laws or regulations. These statements are based
acknowledges the importance of aligning human on certain assumptions and anticipations of future events.
resource practices with business goals and objectives. Actual results may vary significantly from those expressed
The workforce serves as a crucial strategic pillar, driving or implied. Key factors that could impact the Company’s
the company’s business processes to achieve its vision. operations include global and domestic demand-supply
Maintaining a positive and cooperative industrial dynamics, prices of finished goods, availability and cost
relationship with its employees is a priority for the of raw materials, alterations in Government regulations
company, as they are integral partners in implementing and tax structures, macroeconomic conditions, as well as
company policies and meeting operational targets. other factors such as litigation and industrial relations. The
As of March 31, 2024, the company employed [2420] Company does not undertake any obligation to publicly
individuals. amend, modify, or revise any forward-looking statements
based on subsequent developments, information, or events.
 Report on Corporate Governance 63

Report on Corporate Governance

A report on Corporate Governance for the financial year 2023-24 is set out in the compliance with Corporate
Governance requirements as stipulated under Regulation 34(3) read with Schedule V of the SEBI (Listing Obligations

01-81
and Disclosure Requirements) Regulations, 2015.
1) COMPANY’S PHILOSOPHY ON CORPORATE GOVERNANCE

>>>
It is the consistent conviction of the Company that sound and strong corporate governance standards lead to
durable sustenance of business and generate long term value for all stakeholders ensuring the robust health of the
corporate entity. In pursuance of this, the company has been passionately pursuing good corporate governance

Statutory Reports
practices based on professional excellence, business ethics, and transparency which operate within the accepted
norms of propriety, equity, fair play and a sense of justice. While the company’s compliance of legislative and
regulatory requirements is total and absolute, the company believes that good corporate governance goes much
beyond the mere fulfilling of statutory requirements but, is also a projection towards the sound formulation of
a distinct corporate culture. The Company further presumes that corporate governance is more about creating
organizational excellence leading to increased customer satisfaction and stakeholder value.
The Company’s highly professional and responsive Board of Directors is composed of eminent thought-leaders
and seasoned stalwarts drawn from diverse fields ensuring extensive deliberation and expertise which have

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bearing on the process of decision-making. Accountability and transparency are the key drivers behind the
board decision-making which inspires stakeholder’s confidence. Openness and transparency of the company’s
corporate governance are reflected in the exhaustive disclosures made in the company’s annual report with a

>>>
view to sharing information with stakeholders, investors, analysts, and competitors.
2) BOARD OF DIRECTORS
i) Composition of the Board:

Standalone Financials
The Company’s policy is to have an appropriate mix of promoters, executives and independent directors to
maintain the independence of the Board. The Board comprises-
a) Four Promoter Directors, including Chairman & Managing Director, Vice Chairman and Joint Managing
Director.
b) Five Independent, Non-Executive Directors and
c) One Non-Promoter, Executive Director.

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ii) Category, Attendance & other Directorship
The number of other Directorships, Memberships of other Board Committees of which he/she is a member/
chairperson as on date and attendance in Board Meetings are as follows:

Name of the Category Board Number No. of No. of Board

Director Meetings of other Membership Committees
Consolidated Financials
Attended Director- of other Board for which
Ships* Committees (*) Chairperson
(**) (*)(**)
Shri S.K. Bangur Promoter, 4 7 1 -
Chairman &
Managing Director
Smt. Shashi Bangur Promoter, 4 3 - -
Non-Executive
Director
Shri Saurabh Bangur Promoter, 4 3 1 -
Vice -Chairman
Shri Virendraa Bangur Promoter, 4 8 1 3
Joint Managing
Director
Shri Sudarshan Independent Non- 3 - - -
Somani (Tenure Executive Director
completed
on 09.11.2023)
64 West Coast Paper Mills Limited Annual Report 2023-24

Name of the Category Board Number No. of No. of Board

Director Meetings of other Membership Committees
Attended Director- of other Board for which
Ships* Committees (*) Chairperson
(**) (*)(**)
Smt. Arpita Vinay Independent Non- 1 - - -
(Tenure completed Executive Director
on 25.06.2023)
Shri Shiv Ratan Independent Non- 4 - - -
Goenka Executive Director
Shri Ashok Kumar Independent Non- 4 3 3 -
Garg Executive Director
Shri Vinod Balmukand Independent Non- 4 4 4 2
Agarwala Executive Director
Smt. Sudha Bhushan Independent Non- 3 5 1 3
(w.e.f.19.05.2023) Executive Director
Shri Prakash Kacholia Independent Non- 1 2 2 -
(w.e.f.09.11.2023) Executive Director
Shri Rajendra Jain Executive Director 4 1 1 -

*Excluding private, foreign and companies under Section 8 of the Companies Act, 2013.
**This relates to Audit and Stakeholders’ Relationship Committees only.
All Directors (Except Shri Sudarshan Somani) of the Company have attended Annual General
Meeting held on August 17, 2023 through Video Conference.
iii) Name of the other listed entities where person is a Director and category of Directorship as follows:
Name of the Director Name of Listed Entities Category of Directorship
Shri S.K. Bangur 1) Andhra Paper Limited Chairman and Managing Director
2) Jayshree Chemicals Ltd Promoter, Non-Executive Chairperson
Smt. Shashi Bangur Nil Nil
Shri Saurabh Bangur 1) Andhra Paper Limited Joint Managing Director
Shri Virendraa Bangur 1) Jayshree Chemicals Ltd. Promoter, Non-Executive Director
2) Taparia Tools Ltd. Non-Executive Director
3) Andhra Paper Limited Non- Executive Vice- Chairman
Shri Shiv Ratan Goenka Nil Nil
Shri Ashok Kumar Garg 1) Tourism Finance Corporation of Independent Non-Executive Director
India Limited.

Shri Vinod Balmukand 1) GTL Infrastructure Ltd., Independent Non-Executive Director

Agarwala 2) Technocraft Industries (India) Ltd. Independent Non-Executive Director
3) IRIS Business Services Ltd. Independent Non-Executive Director
4) Supreme Infrastructure India Ltd. Independent Non-Executive Director
Smt. Sudha Bhushan 1) Digjam Limited. Independent Non-Executive Director
2) Choice International Limited. Independent Non-Executive Director
3) Aurionpro Solutions Limited Independent Non-Executive Director
4) JNK India Limited Independent Non-Executive Director
Shri Prakash Kacholia 1) Emkay Global Financial Services Promoter
Limited.
Shri Rajendra Jain 1) Andhra Paper Limited* Non-Executive Director
* Non-Executive Director of Andhra Paper Limited till 14.05.2024.
 Report on Corporate Governance 65

iv) Board Meetings held:

a) During the year under review, Four Board Meetings were held on May 19, August 10, November 09, 2023
and February 13, 2024.

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b) None of the directors other than Smt. Shashi Bangur being spouse, Shri Virendraa Bangur and Shri
Saurabh Bangur being sons of Shri S. K. Bangur are relatives’ inter-se.

>>>
(c) Smt. Shashi Bangur, Shri Saurabh Bangur and Smt. Sudha Bhushan holds 2343362, 1651228 and 100
equity shares respectively of the Company.
(v) Board Membership Criteria:

Statutory Reports
The nomination and remuneration committee work with the entire Board to determine the appropriate
characteristics, skill and experience require for the Board as a whole and for individual members. Board
members are expected to possess the required qualification, experience for the position.
(vi) Board Skills, Expertise or Competence:
a) Following skills/expertise/competencies identified by the Board in the context of Company’s
business/sector and those actually available with the Board:

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West Coast Paper Mills Limited is a paper and cable manufacturing company, in view of the sector and
context of the business, the Board has identified following skills/ expertise /competencies:
i) Professional Qualification such as: CA/CS/CWA/BE/MBA/LL.B/LL.M/B.Tech./M.Tech./CAIIB/IRP etc.

>>>
ii) Educational Qualifications such as BA/B.Sc./B.Com/MA/M.Sc./M.Com etc. having the knowledge and
experience in the particular field.

Standalone Financials
iii) Industrialist having vast knowledge and good experience of management, banking, administration
and having knowledge of pulp & paper and cable.
iv) Any other professional or educational qualification having well experience in Foreign Exchange/
FOREX dealings/Export/Import/Banking.
(b) Names of directors who have such skills / expertise / competence:

Names of the Director Skills / Expertise / Competence

Shri S.K. Bangur Industrialist having vast knowledge and good experience of management,

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Smt. Shashi Bangur administration of Pulp and Paper.
Shri Saurabh Bangur
Shri Virendraa Bangur Industrialist and areas of special interest in Paper, Newsprints, Chemicals, IT,
Electronics, Optic Fibre, Telephone and Power Cable and Plantations.
Shri Shiv Ratan Goenka Industrialist having vast knowledge and good experience of management,

Consolidated Financials
administration. He is also a Director of Indian Chamber of Commerce,
Calcutta.
Shri Ashok Kumar Garg M.Com, LL.B and also a Certified Associate of Indian Institute of Banking &
Finance (CAIIB).He retired as Executive Director of Bank of Baroda and has
good banking experience covering Global Markets, Treasury, Credit and
Wealth Management etc.
Shri Vinod Balmukand B.Sc. , LL.B. and Advocate on Record, Supreme Court of India, Solicitor,
Agarwala High Court Bombay and Solicitor England and Wales. He has a vast legal
experience. Presently acting as Arbitrator of Bombay Stock Exchange and as
Director in various companies.
Smt. Sudha Bhushan CA, CS and IRP. Renowned Finance Professional and she is a Co-Founder
of Taxpert Professional, an advisor to Bank of Baroda, NRI and International
operations and Empaneled with HDFC Bank. She is various committee
member of ICSI, ICAI, IMC and IFCCI. She has been awarded with many
awards and recognitions including “Women Empowerment through CA
Profession” by NIRC of CA Institute.
Shri Prakash Kacholia He is Chartered Accountant having vast knowledge and experience in
the dynamic Capital Market. He has made significant contributions as a
member of the SEBI Committee on Derivatives. He is currently a member of
the Advisory Committee of the NSE.
66 West Coast Paper Mills Limited Annual Report 2023-24

Names of the Director Skills / Expertise / Competence

Shri Rajendra Jain He is FCA and ACS having experience in Strategic Planning & Management,
Manufacturing / Plant Operations, Business Process Re-engineering,
Quality assurance, Cost Optimization, Maintenance, Project Management,
Customer Satisfaction, Safety, Continuous Improvement & adoption of best
practices, Commercial Operations, Procurements, Accounting & Financial
Management, Resource Development & Management, Industrial Relations,
CSR, People Development, Liaison & Networking and Sustainability.
(vii) Familiarization Program for Independent directors:
In accordance with the provisions Regulation 25(7) of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 the Company has been conducting familiarization programs for Independent Directors,
are available at the website of the Company : www.westcoastpaper.com/investors.
viii) Declaration of Independent Directors:
Independent Directors submitted declaration under Regulation 25(8) of SEBI(LODR) Regulations, 2015
regarding they meet criteria of independence as required under Regulation 16(1) of SEBI (LODR) and under
Section 149(7) of the Companies Act, 2013, in the meeting held on 27th May, 2024, Board of Directors after
due assessment of the veracity of the same confirmed that in the opinion of the Board, the Independent
Directors fulfill the conditions specified in above said Regulations and are independent of the Management.
ix) No Independent Director has resigned before the expiry of his tenure.
x) Separate Independent Directors meeting:
Pursuant to the provisions of Schedule IV to the Companies Act, 2013 and Regulation 25 of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 the Independent Directors meet at least once
in a year without the presence of Executive Director or CMD or Management representatives and inter-alia
discussed:
a) The Performance of Non-Independent Directors and the Board as a whole.
b) The Performance of Chairman of the Company.
c) Assessment of the quality, quantity and timeliness flow of information between Management and the
Board.
In addition to this meeting, interactions outside the Board Meeting also take place between the Chairman
and the Independent Directors.
This year meeting was held on 31st January, 2024.
xi) Board Evaluation:
In terms of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, the Board has carried out annual performance evaluation of its own performance, the Directors
individually as well as the evaluation of the Committees. A structured questionnaire was circulated, covering
various aspects of the Board’s and Committee’s functioning, cultures, performance and governance and
feedback received from the directors for evaluation of the performance.
3) COMMITTEES OF THE BOARD
A) AUDIT COMMITTEE
i) Brief description of terms of reference:
Terms of Reference of the Audit Committee is as per Section 177 of the Companies Act, 2013 and Regulation
18 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015 that inter-alia, include
overseeing financial reporting processes, reviewing periodic financial results, approval of remuneration and
terms of appointment and payment to statutory auditors for any other services, auditor’s independence
and performance, audit process, financial statements and auditor’s report thereon, review of adequacy of
internal control systems with the management and adequacy of internal audit functions, discussions with
the auditors about the scope of audit including the observations of the auditors and discussion with internal
auditor on any significant findings, review of transactions with related parties, scrutiny of inter-corporate
 Report on Corporate Governance 67

loans and investments, valuation of undertakings or assets, approval of appointment of Chief Financial
Officer, evaluation of internal financial controls and risk management systems and review the functioning of
the Whistle Blower Mechanism.

01-81
ii) Composition, name of members and Chairperson:
The Audit Committee comprises four Directors, of whom three are Independent Non-Executive Directors and

>>>
one is Executive Director, all of them possessing knowledge of corporate finance, accounts and company
law. The Chairman of the Committee is an Independent Non-Executive Director. The Company Secretary
acts as the Secretary to the Committee. The Composition of the Audit Committee is as follows:

Statutory Reports
Name of the Director Category Chairman/Member
Shri Shiv Ratan Goenka I/NED Chairman
Shri Ashok Kumar Garg I/NED Member
Shri Sudarshan Somani (till 09.11.2023) I/NED Member
Shri Prakash Kacholia (w.e.f.10.11.2023) I/NED Member

82-144
Shri Rajendra Jain ED Member
iii) Meetings and Attendance during the year:

>>>
During the year ended March 31, 2024, four meetings of the Audit Committee were held on May 19, August
10, November 09, 2023 and February 13, 2024. The Attendance of the Chairman and the Members of Audit
Committee at the meetings held during the year review as under: -

Standalone Financials
Name of the Director No. of Meetings attended
Shri Shiv Ratan Goenka 4
Shri Ashok Kumar Garg 4
Shri Prakash Kacholia (w.e.f.10.11.2023) 1
Shri Rajendra Jain 4
Shri Sudarshan Somani(till 09.11.2023) 3

145-212 >>>
B) NOMINATION AND REMUNERATION COMMITTEE
i) Brief description of terms of reference:
Terms of Reference of the Nomination and Remuneration Committee is as per Section 178 of the Companies
Act, 2013 and Regulation 19 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015
the Committee periodically approve the remuneration package of Whole-time Directors/KMPs and ensure
appropriate disclosure of the same, determining qualifications, positive attributes and independence of a Consolidated Financials
director, formulation of criteria for evaluation of Independent Directors and the Board, devising a policy
on the Board, diversity and recommend appointment of directors, appointment and removal in senior
management.
ii) Composition, name of Members and Chairperson:
The Nomination and Remuneration Committee comprises three Independent Non-Executive Directors, one
Non-Executive Director and the Company Secretary acts as Ex-officio Secretary of the Committee. The Name
of the Members & Chairperson of the Nomination and Remuneration Committee is as under:

Name of the Director Category Chairman/Member

Shri Sudarshan Somani (till 09.11.2023) I/NED Chairman
Shri Vinod Balmukand Agarwala
I/NED Chairman
(w.e.f.10.11.2023)
Shri Saurabh Bangur NED Member
Shri Shiv Ratan Goenka I/NED Member
Shri Prakash Kacholia (w.e.f. 10.11.2023) I/NED Member
68 West Coast Paper Mills Limited Annual Report 2023-24

iii) Meetings and attendance during the year:

During the year ended March 31, 2024, two meetings of the Nomination and Remuneration Committee held
on May18, and November 09, 2023. The Attendance of the Chairman and the Members of the Nomination
and Remuneration Committee at the meetings held during the year review as under:

Name of the Director No. of Meetings attended

Shri Vinod Balmukand Agarwala 2
Shri Saurabh Bangur 1
Shri Shiv Ratan Goenka 2
Shri Prakash Kacholia (w.e.f. 10.11.2023) 0
Shri Sudarshan Somani (till 09.11.2023) 2
C) STAKEHOLDERS RELATIONSHIP COMMITTEE
i) Brief description of terms of reference:
Terms of Reference of the Stakeholders Relationship Committee is as per Section 178 of the Companies Act,
2013 and Regulation 20 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015 the
Stakeholders Relationship Committee deals with approval of share transfer/transmission, issue of duplicate
share certificates, split and consolidation requests, dematerialization/remat of shares, transfer of shares to
IEPF and other matters relating to transfer and registration of shares.
ii) Composition, name of Members and Chairperson:
The Composition of Stakeholders Relationship Committee is as under:

Name of the Director Category Chairman/Member

Smt. Shashi Bangur NED Chairperson
Shri Saurabh Bangur NED Member
Shri Ashok Kumar Garg I/NED Member
Shri Rajendra Jain ED Member
Shri Brajmohan Prasad, Company Secretary & Compliance Officer acts as Ex-officio secretary of the
Committee.
iii) Meeting and Attendance during the year:
During the year, one meeting was held on February 13, 2024. Details of attendance at the meeting are as
follows:

Name of the Director No. of Meetings attended

Smt. Shashi Bangur 1
Shri Saurabh Bangur 1
Shri Ashok Kumar Garg 1
Shri Rajendra Jain 1
iv) Complaints Status:
The Share Department of the Company and Link Intime India Pvt. Ltd., the RTA of the Company attend
to all grievances of the shareholders and investors received directly or through SEBI, Stock Exchanges etc.
Continuous efforts are made to ensure that grievances are more expeditiously redressed to the satisfaction
of the investors.
During the year under review, the Company has received 12 complaints from shareholders/investors, which
inter-alia included non-receipt of Dividend, non-receipt of sub-divided Shares Certificate, Transmission/
Duplicate Share Certificate, not updated KYC, Mismatch of TDS, the complaints were resolved.
No complaint was pending as on March 31, 2024.
 Report on Corporate Governance 69

D) CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

i) Brief description of terms of reference:

01-81
Pursuant to the provisions of Section 135 of the Companies Act, 2013, the Corporate Social Responsibility
Committee deals with formulation and recommend annual action plan to the Board and monitor, decide the
CSR activities and /or projects and recommend the amount of expenditure to be incurred on the activities

>>>
under the same.
ii) Composition, name of Members and Chairperson:

Statutory Reports
The Composition of Corporate Social Responsibility Committee is as under:

Name of the Director Category Chairman/Member

Shri Virendraa Bangur JMD Chairman
Shri Saurabh Bangur NED Member
Smt. Arpita Vinay (till 25.06.2023) I/NED Member

82-144
Smt. Sudha Bhushan (w.e.f 26.06.2023) I/NED Member
Shri Rajendra Jain ED Member

>>>
iii) Meetings and Attendance during the year:
During the year, one meeting was held on May18, 2023. Details of attendance at the meeting are as follows:

Standalone Financials
Name of the Director No. of Meetings attended
Shri Virendraa Bangur 1
Shri Saurabh Bangur 0
Smt. Arpita Vinay (till 25.06.2023) 1
Smt. Sudha Bhushan (w.e.f 26.06.2023) 0
Shri Rajendra Jain 1

145-212 >>>
E) FINANCE AND CORPORATE AFFAIRS COMMITTEE
i) Brief description of terms of reference:
Finance and Corporate Affairs Committee deals with borrowing money, inter-corporate Loans/Deposit,
parking/investing surplus funds and open/ close Bank Accounts, with enhanced powers like review Financial
Planning, Strategic Planning, Monitor Adequate Funds, Investment of Surplus Funds in Mutual Funds,
Derivatives, Inter Corporate Deposits, Alternate Investment Funds registered with SEBI, Commercial Paper, Consolidated Financials
Government Securities issued by Central/State Government and in IPO/FPO of the Companies etc.
ii) Composition, name of Members and Chairperson:
The Composition of Finance and Corporate Affairs Committee is as under:

Name of the Director Category Chairman/Member

Shri Saurabh Bangur NED Chairman
Shri S.K.Bangur CMD Member
Shri Shiv Ratan Goenka I/NED Member
Shri Rajendra Jain ED Member
70 West Coast Paper Mills Limited Annual Report 2023-24

iii) Meetings and Attendance during the year:

During the year, two meetings were held on April 22 and May 13, 2023. Details of attendance at the meetings
are as follows:

Name of the Director No. of Meetings attended

Shri Saurabh Bangur 2
Shri S.K. Bangur 2
Shri Shiv Ratan Goenka 2
Shri Rajendra Jain 0
F) RISK MANAGEMENT COMMITTEE
i) Brief description of terms of reference:
Terms of Reference of the Risk Management Committee is as per Regulation 21 read with Schedule
II Part D of the SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015, the role of the
Committee includes inter alia to formulate, monitor & oversee implementation and periodically review the
Risk Management Policy Including Cyber Security and also keep the Board of Directors informed about the
nature and content of its discussion, recommendation and action to be taken.
ii) Composition, name of Members and Chairperson:
The Composition of Risk Management Committee is as under:

Name of the Director Category Chairman/Member

Shri Virendraa Bangur JMD Chairman
Smt. Arpita Vinay (till 25.06.2023) I/NED Member
Smt. Sudha Bhushan (w.e.f 26.06.2023) I/NED Member
Shri Rajendra Jain ED Member
iii) Meetings and Attendance during the year:
During the year, three meetings were held on May 12, November 07, 2023 and February 15, 2024. Details of
attendance at the meetings are as follows:

Name of the Director No. of Meetings attended

Shri Virendraa Bangur 3
Smt. Arpita Vinay (till 26.06.2023) 1
Smt. Sudha Bhushan (w.e.f 19.05.2023) 2
Shri Rajendra Jain 3

4) SENIOR MANAGEMENT
Regulation 16 of SEBI(LODR) Regulations, 2015 defines the “senior management” shall mean the officers and
personnel of the listed entity who are members of its core management team, excluding the Board of Directors,
and shall also comprise all the members of the management one level below the Chief Executive Officer or
Managing Director or Whole Time Director or Manager (including Chief Executive Officer and Manager, in case
they are not part of the Board of Directors) and shall specifically include the functional heads, by whatever name
called and the Company Secretary and the Chief Financial Officer.
Particulars of senior management including the changes therein since the close of the previous financial year
shall be included in the Corporate Governance Report of Annual Report vide SEBI(LODR) (Second Amendment)
Regulations, 2023 w.e.f.15.07.2023.
 Report on Corporate Governance 71

Name Designation
Paper and Duplex Board Division

01-81
Shri Rajendra Jain (CFO till 01.06.2023) Executive Director & CFO
Shri Rajesh Bothra (CFO w.e.f. 01.06.2023) Chief Financial Officer

>>>
Shri P. C. Maloo Senior Vice President (Marketing)
Shri Ashok Kumar Sharma Senior Vice President (F&A)
Shri Anuj Kumar Tayal Senior Vice President (Technical)

Statutory Reports
Shri Velu V. Asstt. Vice President(IR)
Shri Brajmohan Prasad Company Secretary & Compliance Officer
Telecom Cable Division
Shri Pramod Kumar Srivastava Chief Executive Officer
Shri Sunil Kumar Agarwal Chief Financial Officer

82-144
5) PERFORMANCE EVALUATION CRITERIA FOR INDEPENDENT DIRECTORS
Performance evaluation criteria for independent directors are covered in Directors’ Report.

>>>
6) REMUNERATION OF DIRECTORS
i) There is no pecuniary relationship or transactions between Non-Executive Directors and the Company

Standalone Financials
except payment of sitting fees for attending Board and Committee Meetings as mentioned below.
ii) Remuneration Policy:
Except Chairman & Managing Director, Joint Managing Director and Executive Director, the remaining
Directors do not receive any remuneration, other than sitting fees for attending the meetings of the Board of
Directors and all Committee’s Meeting including Independent Directors Meeting in terms of the resolution
passed by the Board of Directors in its meeting held on 10th February, 2022.

145-212 >>>
iii) Details of remuneration:
The details of Remuneration package, sitting fees paid etc., to Directors during the year ended March 31,
2024, for information of members, are furnished here below:
(a) Remuneration to Non-executive Directors :

Sl. Name of the Director Sitting fees paid Remarks Consolidated Financials
No. (₹ in Lakhs)
1. Smt. Shashi Bangur 2.25 Except sitting fees for meetings of Board or
2. Shri Saurabh Bangur 3.00 its Committees, to Independent Directors
3. Smt. Arpita Vinay* 1.00 and Non-Executive Directors, are not paid
4. Shri Sudarshan Somani** 2.75 any salary, benefits, bonuses, stock options,
5. Shri Shiv Ratan Goenka 4.25 pension etc.
There is no contract, Notice period or
6. Shri Ashok Kumar Garg 3.50
severance fees applicable.
7. Shri Vinod Balmukand 2.75 Stock Option details - Not applicable as the
Agarwala same is not given.
8. Smt. Sudha Bhushan 2.25
9. Shri Prakash Kacholia 1.00
TOTAL 22.75
*Director was retired after completing her First Term w.e.f.26.06.2023.
**Director was retired after completing his Second Term w.e.f. 10.11.2023.
72 West Coast Paper Mills Limited Annual Report 2023-24

( b) Remuneration to Chairman & Managing Director/Joint Managing Director/Executive

Director:
Sl. Particulars Shri S.K. Bangur Shri Virendraa Shri Rajendra Jain
No. (Chairman & Bangur (Executive Director)
Managing (Joint Managing
Director) Director)
(i) Remuneration: (` in Lakhs)
- Salary(including bonus) 240.00 189.55 202.41
- Contribution to Provident, 76.32 21.33 23.37
Gratuity and Superannuation
Fund
- Benefits-Allowances/Perks 69.83 9.28 25.06
- Commission 2138.95 613.82 -
TOTAL 2525.1 833.98 250.84
(ii) Details of fixed component
and performance linked
incentives along with the
performance criteria:
(a) Fixed Component: (` per month) (` per month) (` per month)
- Salary – per month 20,00,000 10,87,194 11,13,289
- Contribution to Provident As per Rules As per Rules As per Rules
Fund & Superannuation
Fund
As per Rules As per Rules As per Rules
- Perks and other allowances
(b) Performance Linked
Incentive: Up to 4% of net
Commission (Based on Net profit by way 1.50% of net profit
Profit for the year within the of Salary and -
individual/overall ceiling for Commission, all
managerial remuneration taken together.
from time to time)
(c) Minimum Remuneration:
In case of inadequacy Within the ceiling Within the ceiling The remuneration paid
of profit in any year as of Schedule V, as of Schedule V, as to Shri Rajendra Jain,
calculated under section amended from amended from who is functioning in the
197/198 of the Companies time to time. time to time. professional capacity,
Act, 2013. is in line with Clause
B of Section II of Part
II of Schedule V of the
Companies Act, 2013.
(iii) Service contracts, notice
period, severance fees:
(a) Service Contract The re-appointment The re-appointment The re-appointment is for
is for a further period is for a period of a period of three years i.e.,
of five years i.e., till three years i.e., till till July 30, 2024.
April 30, 2026. June 25, 2026
(b) Notice period Not specified Not specified
Three months from
either side
(c) Severance fees Not specified Not specified Not specified
(iv) Stock Option details, if any No Stock option No Stock option No Stock option issued,
issued, hence not issued, hence not hence not applicable.
applicable. applicable.
Note: Shri S.K. Bangur, Smt. Shashi Bangur, Shri Saurabh Bangur and Shri Virendraa Bangur are relatives.
 Report on Corporate Governance 73

7) GENERAL BODY MEETINGS

The details of General Body Meetings held in the last three years are as under:

01-81
(i) Annual General Meetings :
AGM Day Date Time Location
Bangur Nagar, Dandeli

>>>
66th Wednesday 22.09.2021 11:30 A.M
(through Video Conference)
Bangur Nagar, Dandeli
67th Wednesday 17.08.2022 11:30 A.M

Statutory Reports
(through Video Conference)
Bangur Nagar, Dandeli
68th Thursday 17.08.2023 11:30 A.M
(through Video Conference)
(ii) Special Resolutions passed in the previous three Annual General Meetings:
1 At the 68th Annual General Meeting held on 17th August, 2023, following Special Resolutions were
passed:
i. Appointment of Smt. Sudha Bhushan (DIN: 01749008) as an Independent Director of the Company

82-144
ii. Re-appointment of Shri Virendraa Bangur (DIN: 00237043)) as Joint Managing Director of the
Company.

>>>
2 At the 67th Annual General Meeting held on 17th August, 2022, following Special Resolutions were
passed:
i. Appointment of Shri Vinod Balmukand Agarwala (DIN:01725158) as an Independent Director of

Standalone Financials
the Company
3 At the 66th Annual General Meeting held on 22nd September, 2021, following Special Resolutions were
passed:
i. Re-appointment of Shri Sudarshan Somani (DIN: 00137568) as Independent Director of the
Company.
ii. Re-appointment of Shri S.K.Bangur (DIN: 00053237) as Chairman & Managing Director of the
Company.

145-212 >>>
iii. Re-appointment of Shri Rajendra Jain (DIN: 07250797) as Executive Director of the Company.
(iii) Special Resolution passed last year through postal ballot (under Section 110) and details of
voting pattern:
During the financial year 2023-24 following Special Resolution passed through postal ballot:
i. Appointment of Shri Prakash Kacholia (DIN: 00002626) as Independent Director of the Company
with 98.78% voting. Consolidated Financials
ii. Continuation to hold the office of Director by Shri Shiv Ratan Goenka (DIN: 00225734), Non-
Executive Independent Director of the Company with 98.21% voting.
iii. Re-appointment of Shri Shiv Ratan Goenka (DIN:00225734), as Non-Executive Independent
Director of the Company with 98.38% voting.
8) MEANS OF COMMUNICATION
i) The Board of Directors of the Company approves the quarterly and half-yearly unaudited financial results
in the proforma prescribed pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 from time to time within forty-five days of the close of the respective
periods (except audited results for the year/last quarter within sixty days of the end of the financial
year).
ii) The approved financial results are submitted online immediately after the Board Meeting to the Stock
Exchanges where the Company’s shares are listed and are published in Business Standard/Financial Express
(English) and Karavali Munjavu (Kannada) newspapers, within forty-eight hours of approval thereof by the
Board of Directors.
iii) The Company’s financial results, official news releases and presentations are displayed on the Company’s
website:www.westcoastpaper.com.
74 West Coast Paper Mills Limited Annual Report 2023-24

9) GENERAL SHAREHOLDER INFORMATION

A) 69th Annual General Meeting:
Date : 14th August, 2024
Time : 11.30A.M.
Mode : Through Video Conference (VC)/ Other Audio-Visual Means (OAVM).
B) Tentative Financial Calendar 2024-25:
Adoption of Quarterly Results of the quarter ending 1st/2nd week of -
- June 30, 2024 August 2024
- September 30, 2024 November 2024
- December 31, 2024 February 2025
- March 31, 2025 (year ending) 3rd /4th week of May, 2025
C) Book Closure date: 7th August, 2024 to 14th August, 2024
(Both days inclusive)
D) Dividend payment date: 19th August, 2024 Onwards
E) Listing of Equity Shares on Stock Exchanges:
The Company’s equity shares are listed on the following Stock Exchanges, having nationwide trading
terminals –
(a) BSE Limited
Corporate Services
Floor 25, P.J.Towers
Dalal Street
Mumbai - 400 001
(b) National Stock Exchange of India Limited
Listing Department
Exchange Plaza
Bandra-Kurla Complex, Bandra (E)
Mumbai - 400 051
F) Listing Fees:
Listing fee for the year 2023-24 and 2024-25 has been paid to BSE Limited (BSE) and National Stock Exchange
of India Limited (NSE).
G) Stock Code:
1) BSE Limited - 500444
2) National Stock Exchange of India Ltd. - WSTCSTPAPR
3) ISIN No. - INE976A01021
MARKET PRICE DATA OF EQUITY SHARES (`)
Month BSE Limited (BSE) National Stock Exchange
of India Ltd. (NSE)
High Low High Low
April, 2023 580.00 515.90 578.00 515.35
May, 2023 585.00 515.10 585.00 517.00
June, 2023 551.40 492.95 551.40 493.00
July, 2023 508.45 465.30 507.70 465.00
August, 2023 636.75 471.90 636.85 474.60
September, 2023 748.20 582.05 749.00 587.10
 Report on Corporate Governance 75

MARKET PRICE DATA OF EQUITY SHARES (`)

Month BSE Limited (BSE) National Stock Exchange
of India Ltd. (NSE)

01-81
High Low High Low
October, 2023 778.00 671.10 780.00 671.35
November, 2023 746.10 648.00 748.95 640.90

>>>
December, 2023 768.15 651.80 768.05 651.90
January, 2024 815.00 695.40 815.00 695.00

Statutory Reports
February, 2024 784.75 618.00 784.55 618.15
March, 2024 695.95 577.50 694.65 582.85

WCPM Share Price Performance (on NSE)

22000 900

82-144
20000 800

WCPM Share Price (`)

18000
700
NSE NIFTY 500

16000

>>>
14000 600
12000 500
10000 400

Standalone Financials
8000
300
6000
4000 200
2000 100
0 0
APR 23

MAY 23

JUN 23

JUL 23

AUG 23

SEP 23

OCT 23

NOV 23

DEC 23

JAN 24

FEB 24

MAR 24

Months

145-212 >>>
NSE NIFTY 500 Monthly High (NSE) Monthly Low (NSE)

WCPM Share Price Performance (on BSE)

Consolidated Financials
80000 900

70000 800

60000 700
WCPM Share Price (`)
BSE SENSEX

50000 600

40000 500

30000 400

20000 200

10000 100

0 0
APR 23

MAY 23

JUN 23

JUL 23

AUG 23

SEP 23

OCT 23

NOV 23

DEC 23

JAN 24

FEB 24

MAR 24

Months
BSE SENSEX Monthly High (BSE) Monthly Low (BSE)
76 West Coast Paper Mills Limited Annual Report 2023-24

H) Registrar and Share Transfer Agent:

For Shares held in physical form as well as in dematerialized form -
Link Intime India Private Ltd.,
C-101, 247 Park
LBS Marg, Vikhroli (West), Mumbai - 400 083.
Ph: (022) 49186000; Fax: (022) 49186060;
E-mail: [email protected]
I) Share Transfer System:
Pursuant to Regulation 40 of SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015
and SEBI circular dated 25.01.2022 read with Gazette Notification dated 24.01.2022, requests for transfer
of securities shall be processed only in dematerialized form with depository. Transmission or transposition
of securities held in physical or dematerialized form shall be effected only in dematerialized form. “Letter
of Confirmation” in lieu of physical securities certificate(s) shall be issued within 30 days of receipt of such
request after removing objections for duplicate/ renewal / exchange / endorsement / sub-division /
consolidation / Transmission / Transposition.
Swayam:
Pursuant to SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/72 dated June 08, 2023, Link
Intime India Private Ltd (RTA) has launched ‘SWAYAM’, is a secure, user-friendly web-based application, that
empowers shareholders to effortlessly access various services. Shareholders are requested to get registered
and have first-hand experience of the portal. The application available at RTA’s website https://swayam.
linkintime.co.in.
J) Shareholding Pattern as on March 31, 2024:
Category No. of shares held % of shareholding
Promoters 37337535 56.53
Mutual Funds 4369127 6.62
Foreign Nationals, FPIs, NRIs 5843845 8.85
Banks, Financial Institutions AIF, Insurance
Companies 344728 0.52
Private Corporate Bodies, Trusts, LLP 2426014 3.67
Indian Public, CM, HUF, Others 15375809 23.28
IEPF 351850 0.53
Total 66048908 100.00
K) Distribution of Shareholding as on March 31, 2024:
No. of shareholders No. of shares
From- To
Number % Number %
1 - 500 57768 93.24 3742539 5.67
501-1000 1911 3.08 1515537 2.29
1001-2000 1032 1.67 1535713 2.32
2001-5000 776 1.25 2501046 3.79
5001-10000 206 0.33 1511016 2.29
10001& Above 265 0.43 55243057 83.64
Total 61958 100.00 66048908 100.00
L) Dematerialization of Shares:
The Shares of the Company are in compulsory demat segment w.e.f. July 2000. The Company’s shares are
available for trading in the depository systems of both the National Securities Depository Limited and the
Central Depository Services (India) Limited. As on 31st March 2024, 98.78% of the Shares of the Company
 Report on Corporate Governance 77

were held in dematerialized form and rest in physical form. All the requests for nomination, change of address
and rematerialisation etc. are to be made only to the Depository Participant with whom the shareholders
have opened their Demat Account.

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M) Plant Location of the Company:
i) Paper & Paperboard and Duplex Board

>>>
Bangur Nagar, Dandeli -581 325

Statutory Reports
Uttara Kannada, Karnataka
ii) Optical Fibre Cable Unit
West Coast Optilinks
Plant 1: Plot No.386/387, KIADB, Electronic City
Hebbal Industrial Area, Mysore -570 016, Karnataka

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Plant 2: Plot No. S-9B and S-9C, Electronic City,
Raviryala Village, Maheswaram,

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Ranga Reddy-501359, Telangana
N) Address for Correspondence:

Standalone Financials
The shareholders may address their communications/suggestions/grievances/queries pertaining to share
transfer and demat requisition forms, to the Company’s RTA at the following address –
Link Intime India Pvt.Ltd.,
(Unit: West Coast Paper Mills Ltd.)
C-101, 247 Park

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LBS Marg, Vikhroli (West), Mumbai-400 083.
Ph: (022) 49186000;Fax: (022) 49186060;
E-mail:[email protected]
O) Credit rating of the Company done by India Ratings and Research Limited as under:
a) Long Term : Affirmed at ‘IND AA/Stable’ Consolidated Financials

b) Short Term : Affirmed at ‘IND A1+’

10) DISCLOSURES
A) Related Party Transactions:
The Company has not entered into any transaction of material nature with the Promoters, the Directors or the
Management, their subsidiaries or relatives etc. that may have any potential conflict with the interests of the
Company. Policy on dealing with related party transactions is available on the website of the Company:www.
westcoastpaper.com/investors.
B) Compliance of various legal requirements by the Company:
The Company has complied with the various requirements of the Stock Exchanges, SEBI and other statutory
authorities on all matters related to capital markets during the last three years and no penalties/strictures
have been imposed on the Company by the Stock Exchanges or SEBI or any other statutory authorities
relating to the above.
78 West Coast Paper Mills Limited Annual Report 2023-24

C) The Company has formed Whistle Blower Policy and no personnel has been denied access to the Audit
Committee.
D) The Company has complied with all the mandatory requirements prescribed under SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 and also adopted the following non-mandatory
requirements:
 The Company is maintaining office for the Non-Executive Vice-Chairman.
 The Company is normally publishing unaudited/audited financial results without any qualifications.
 The Board members are having adequate experience and expertise to deal with business matters
E. Subsidiary Company: The Financial Statements and Investments if any, made by the unlisted subsidiary
company, reviewed by the Audit Committee of the Company.
The Minutes of the unlisted subsidiary company are placed at the Board Meeting of the Company. A
statement of all significant transactions and arrangements if any, entered into by the unlisted subsidiary
company are also placed at the Board Meeting.
The Company has formulated a policy for determining material subsidiary as required under Regulation 16
of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the same is disclosed on
the Company’s website:www.westcoastpaper.com.
F. The Company has no material subsidiaries.
G. During the year, Company has not raised any funds through preferential allotment or qualified institutions
placement as specified under Regulation 32(7A) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
H. A Certificate has been issued by Shri Naman G. Joshi, Company Secretary in practice that none of the
Directors on the Board of the Company have been debarred or disqualified, is attached.
I. As per SEBI Notification dated May 9, 2018, total fees paid for all services rendered by Statutory Auditor for
the financial year ended on 31st March, 2024 is Rs. 37.58 Lakhs.
J. The Company has complied with requirements specified in Regulation 17 to 27 and clause (b) to (i) of Sub-
regulation (2) of Regulation 46 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015.
K. Outstanding GDRs or ADRs or Warrants or any Convertible Instruments, conversion date and likely impact on
equity: Nil
L. There is no Commodity Price Risk and Commodity Hedging activity during the year ended on 31st March,
2024.
M. Pertaining to the Prevention of Sexual Harassment of Women at the Workplace: As required under
the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013 and
the Companies (Accounts) Amendment Rules, 2018, the Company has a formal policy to ensure safety of
women and prevention of sexual harassment and set up a Complaints Committee at its work place(s) to
redress the complaints of women employees and requisite disclosures in relation thereto as under:
i) number of complaints filed during the financial year:Nil
ii) number of complaints disposed during of the financial year:Nil
iii) number of complaints pending as at the end of the financial year: Nil
N. Dividend Distribution Policy: In accordance with the Regulation 43A of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, the Board of Directors of the Company has
approved the Dividend Distribution Policy and the same is available at the Company’s website
https://www.westcoastpaper.com/policies/
 Report on Corporate Governance 79

11) CEO/CFO CERTIFICATION

As required by the Regulation 17(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,

01-81
2015, the Certificate from CEO and CFO was placed before the Board of Directors at the meeting held on 27th
May, 2024.
12) COMPLIANCE CERTIFICATE OF THE AUDITORS

>>>
The Independent Auditors have certified that the Company has complied with the conditions of Corporate
Governance as stipulated in Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,

Statutory Reports
2015 and the same forms a part of this report.
The Certificate from the Independent Auditors will be sent to the Stock Exchanges along with the Annual Report
of the Company.
13) TRANSFER OF SHARES TO THE IEPF AUTHORITY
Pursuant to the provisions under Section 124(5) & (6) of the Companies Act, 2013 and read with Investor

82-144
Education Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 and Investor Education
and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2017 i.e.,
G.S.R. 1267(E) notified on 13.10.2017, shares in respect of which Dividend has not been paid or claimed for 7

>>>
consecutive years or more were transmitted to the demat account of IEPF authority bearing DP/Cl Id No. IN300708
10656671 opened with NSDL by Ministry of Corporate Affairs.

Standalone Financials
Pursuant to the provisions of Section 124 of the Companies Act, 2013 read with the Investor Education and
Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, the Company has not transferred
any Equity Shares to IEPF Authority during the financial year 2023-24.
DECLARATION
As provided under Regulation 26(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,
all Board members and Senior Management personnel have affirmed compliance with Code of Conduct adopted by

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the Board, in its meeting held on 13th February, 2024.
For West Coast Paper Mills Limited
Place: Dandeli S.K. BANGUR
Date: 27th May, 2024 Chairman & Managing Director
DIN: 00053237
Consolidated Financials
80 West Coast Paper Mills Limited Annual Report 2023-24

Certificate of Non-Disqualification of Directors

(pursuant to Regulation 34(3) and Schedule V Para C Clause (10)(i) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015)

To,
The Members of
WEST COAST PAPER MILLS LIMITED
Registered Office: P B No. 5 Bangur Nagar,
Dandeli, Uttara Kannada-581325, Karnataka

I have examined the relevant registers, records, forms, returns and disclosures received from the Directors of WEST
COAST PAPER MILLS LIMITED, having CIN L02101KA1955PLC001936 and having registered office at P B No.5, Bangur
Nagar, Dandeli, Uttara Kannada, KA 581325 IN(hereinafter referred to as ‘the Company’), produced before me/us by the
Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C
Clause 10(i) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015.
In my/our opinion and to the best of my 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 me by the Company & its officers, I hereby certify that none of the Directors on the Board of the Company as stated
below for the Financial Year ending on 31st March, 2024 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.

Sl. No. Name of the Director DIN Designation Date of Appointment

1. SHREE KUMAR BANGUR 00053237 Managing Director 24.02.1988
2. SHASHI BANGUR 00053300 Director 30.05.1994
3. SAURABH BANGUR 00236894 Director 28.06.2004
4. VIRENDRAA BANGUR 00237043 Whole Time Director 12.11.2019
5. SUDHA BHUSHAN 01749008 Director 19.05.2023
6. RAJENDRA JAIN 07250797 Whole Time Director 31.07.2015
7. PRAKASH KACHOLIA 00002626 Director 09.11.2023
8. SHIV RATAN GOENKA 00225734 Director 29.01.2021
9. ASHOK KUMAR GARG 07633091 Director 10.02.2022
10. VINOD BALMUKAND AGARWALA 01725158 Director 26.05.2022
Ensuring the eligibility for the appointment / continuity of every Director on the Board 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 N G JOSHI & CO

CS NAMAN G JOSHI
Practicing Company Secretary
Place: Bengaluru CP: 9579 M NO. F8389
Date:25.04.2024 UDIN: F008389F000244911
 Report on Corporate Governance 81

Independent Auditor’s Certificate on Corporate Governance

01-81
To,
The Members of
WEST COAST PAPER MILLS LIMITED

>>>
1. This certificate is issued in accordance with the terms of our engagement letter.
2. We have examined the compliance of conditions of corporate governance by West Coast Paper Mills Limited (the

Statutory Reports
‘Company’) for the year ended 31 March 2024, as stipulated in Regulations 17 to 27, clauses (b) to (i) of Regulation
46(2), and paragraphs C, D and E of Schedule V of the Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015 (the ‘Listing Regulations’).
Management’s Responsibility
3. The compliance of conditions of corporate governance is the responsibility of the management. This responsibility
includes the designing, implementing and maintaining operating effectiveness of internal control to ensure
compliance with the conditions of corporate governance as stipulated in the Listing Regulations.

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Auditor’s Responsibility
4. Pursuant to the requirements of the Listing Regulations, our responsibility is to express a reasonable assurance in

>>>
the form of an opinion as to whether the Company has complied with the conditions of corporate governance
as stated in paragraph 2 above. Our responsibility is limited to examining the procedures and implementation
thereof, adopted by the Company for ensuring the compliance with the conditions of corporate governance. It

Standalone Financials
is neither an audit nor an expression of opinion on the financial statements of the Company.
5. We have examined the relevant records of the Company in accordance with the applicable Generally Accepted
Auditing Standards in India, the Guidance Note on Certification of Corporate Governance issued by the Institute of
Chartered Accountants of India (the ‘ICAI’), and the Guidance Note on Reports or Certificates for Special Purposes
issued by the ICAI which requires that we comply with the ethical requirements of the Code of Ethics issued by
the ICAI.
6. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality

145-212 >>>
Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and
Related Services Engagements.
Opinion
7. Based on the procedures performed by us and to the best of our information and according to the explanations
provided to us, in our opinion, the Company has complied, in all material respects, with the conditions of

Consolidated Financials
corporate governance as stipulated in the Listing Regulations during the year ended 31st March 2024.
We 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.
Restriction on use
8. This certificate is issued solely for the purpose of complying with the aforesaid regulations and may not be
suitable for any other purpose.

For Singhi & Co.

Chartered Accountants
Firm Registration No: 302049E
Sudesh Choraria
Partner
Date: 27th May 2024 Membership No. 204936
Place: Mumbai UDIN: 24204936BKGEAX9630
82 West Coast Paper Mills Limited Annual Report 2023-24

Financial Statements
 Standalone 83

Independent Auditor’s Report

To the Members of West Coast Paper Mills Limited
Report on the Audit of the Standalone Financial Statements

01-81
Opinion
We have audited the accompanying standalone financial statements of West Coast Paper Mills Limited(“the

>>>
Company”), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss, including the
statement of Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity for the
year then ended, and notes to the standalone financial statements, including a summary of significant accounting

Statutory Reports
policies and other explanatory information (hereinafter referred to as “the financial statements”).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
standalone financial statements give the information required by the Companies Act 2013 (“The Act” or “Act”) in the
manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed
under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind
AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,

82-144
2024, its profit including other comprehensive income, its cash flows and the changes in equity for the year ended on
that date.
Basis for Opinion

>>>
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs),
as specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in

Standalone Financials
the ‘Auditor’s Responsibilities for the Audit of the standalone Financial Statements section of our report. We are
independent of the Company in accordance with the ‘Code of Ethics’ issued by the Institute of Chartered Accountants
of India together with the ethical requirements that are relevant to our audit of the financial statements under the
provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities
in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Key Audit Matters

145-212 >>>
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
standalone financial statements for the financial year ended March 31, 2024. These matters were addressed in the
context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed
the matter is provided in that context.

Key audit matters How our audit addressed the key audit matter Consolidated Financials
1. Revenue Recognition (Refer Note 1 (III) (h) and 28 to the Standalone financial Statements)
Revenue is recognized at an amount that reflects As part of our audit procedures, we:
the consideration to which the Company expects  Read the Company’s accounting policy for revenue recognition
to be entitled in exchange for transferring goods and assessed compliance with the requirements of Ind AS 115.
to a customer. The revenue recognition occurs
 Evaluated the design, tested the implementation and
at a point in time when the control of the goods
operating effectiveness of the Company’s internal controls
is transferred to the customer.
including general IT controls and key IT application controls
We focussed on this area as a key audit matter over recognition of revenue.
as the value is significant and inherent risk exists
 On a sample basis, tested supporting documentation for
of revenue being recognized before the control
sales transactions which included sales invoices, customer
is transferred, including risk of incorrect timing
contracts and shipping documents.
of estimation related to recording the discounts
and rebates.  Tested revenue samples focused on sales recorded
immediately before the year-end, obtained evidence as
regards timing of revenue recognition, based on terms and
conditions of sales contracts and delivery documents.
 Assessed disclosures in financial statements in respect of
revenue, as specified in Ind AS 115.
84 West Coast Paper Mills Limited Annual Report 2023-24

Independent Auditor’s Report (Contd.)

2. Provisions and contingent liabilities related to taxation, litigation and claims (Refer Note 39 to the Standalone
financial statements)
The Company has ongoing litigations with As part of our audit procedures, we:
various regulatory and tax authorities and third  Obtained an understanding of management’s process to
parties. Where an outflow of funds is believed identify new obligations and changes in existing obligations
to be probable and a reliable estimate of the for compliance with Ind AS 12 – Income taxes and Ind AS 37 -
outcome of the dispute can be made based Provisions, Contingent Liabilities and Contingent Assets.
on management’s assessment of specific  analysed significant changes in material provisions from prior
circumstances of each dispute and relevant periods and obtained a detailed understanding of these
external advice, management provides for its changes and assumptions applied.
reliable estimate of the liability. Such accruals  Our audit procedures related to material provisions recognised
are by nature complex and can take number and contingent liabilities disclosed in the standalone financial
of years to resolve and can involve estimation statements included:
uncertainty. • Assessment of the recognition criteria for the liability;
• Evaluation of the methodology adopted by management
Due to the level of judgement relating to for the measurement of the liability;
recognition, valuation and presentation of • Assessment of the other key measurement assumptions
provisions and contingent liabilities, this is and inputs.
considered to be a key audit matter. • We have obtained opinions and confirmations from
internal /external experts and legal counsel, where
necessary, which we have relied upon.
 We reviewed the minutes of the Board meetings including
other committees to evaluate the process and controls over
obligations operated by management.
 Testing of the mathematical accuracy of the measurement
calculation;
 We assessed the appropriateness of the presentation of
the most significant contingent liabilities in the financial
statements.
3. Capital Expenditure in respect of property, plant and equipment and capital work in progress (as described in
notes 2 and 3 of the standalone Ind AS financial statements)
The Company has incurred significant Our audit procedures included the following:
expenditure on capital projects, as reflected by  We obtained an understanding of the Company’s
the total value of additions in property plant and capitalisation policy and assessed for compliance with the
equipment and capital work in progress in notes relevant accounting standards.
2 and 3 of the standalone financial statements.
 We obtained understanding, evaluated the design and tested
The Company is in the process of executing a the operating effectiveness of controls related to capital
project for expansion of existing capacity at one expenditure and capitalisation of assets.
of its Division. These projects take a substantial
 We performed substantive testing on a test basis for each
period of time to get ready for intended use. We
element of capitalised costs including inventory issued to
considered Capital expenditure as a Key audit
contractors for the purpose of these projects, process of
matter due to:
identification of directly attributable cost by the management,
• Significance of amount incurred on such including verification of underlying supporting evidence and
items during the year ended March 31, understanding nature of the costs capitalised.
2024.
 In relation to borrowing costs we obtained the supporting
• Judgement and estimate required by calculations, verified the inputs to the calculation and tested
management in assessing assets meeting the arithmetical accuracy of the model.
the capitalisation criteria set out in IndAS 16
 We verified the necessary evidence for determining the date
Property, Plant and Equipment.
of capitalization of the assets.
• Judgement involved in determining the
 We obtained understanding on management assessment
eligibility of costs including borrowing cost
relating to progress of projects and their intention to bring the
and other directly attributable costs for
asset to its intended use
capitalisation as per the criteria set out in
IndAS 16 Property, Plant and Equipment.
 Standalone 85
Independent Auditor’s Report (Contd.)
Information Other than the Financial Statements and Auditor’s Report Thereon
The Company’s management and Board of Directors is responsible for the other information. The other information
comprises the information included in the Annual report, but does not include the standalone financial statements

01-81
and our auditor’s report thereon. The Annual Report is expected to be made available to us after the date of this
auditor’s report.

>>>
Our opinion on the standalone financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.

Statutory Reports
In connection with our audit of the standalone financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the standalone financial
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on
the work we have performed, we conclude that there is a material misstatement of this other information; we are
required to report that fact. We have nothing to report in this regard.When we read the Annual Report, if we conclude
that there is a material misstatement therein, we are required to communicate the matter to those charged with
governance and take necessary actions, as applicable under the applicable laws and regulations.

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Responsibilities of Management for the Standalone Financial Statements
The Company’s management and Board of Directors are responsible for the matters stated in section 134(5) of the

>>>
Act with respect to the preparation of these standalone financial statements that give a true and fair view of the
financial position, financial performance including other comprehensive income, cash flows and changes in equity
of the Company in accordance with the accounting principles generally accepted in India, including the Indian

Standalone Financials
Accounting Standards (Ind AS) specified under section 133 of the Act read with [the Companies (Indian Accounting
Standards) Rules, 2015, as amended]. This responsibility also includes maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the standalone financial statements that give
a true and fair view and are free from material misstatement, whether due to fraud or error.

145-212 >>>
In preparing the standalone financial statements, management is responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

Consolidated Financials
Those charged with governance are also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our
86 West Coast Paper Mills Limited Annual Report 2023-24

Independent Auditor’s Report (Contd.)

opinion on whether the Company has adequate internal financial controls system in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may
cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the standalone financial statements, including the
disclosures and whether the standalone financial statements represent the underlying transactions and events in
a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial
statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of
our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements
in the standalone financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the standalone financial statements for the financial year ended March 31, 2024 and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes
public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not
be communicated in our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor’s Report) Order, 2020, issued by the Central Government of India in terms
of sub-section (11) of section 143 of the Act, (hereinafter referred to as the “Order”), we give in the “Annexure
A”statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it
appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss including the Statement of Other Comprehensive Income,
the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with
the books of account.
(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified
under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended.
(e) On the basis of the written representations received from the directors and taken on record by the Board
of Directors, none of the directors is disqualified as on March 31, 2024 from being appointed as a director in
terms of Section 164 (2) of the Act.
 Standalone 87
Independent Auditor’s Report (Contd.)
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company with
reference to these standalone financial statements and the operating effectiveness of such controls, refer to
our separate Report in “Annexure B” to this report.

01-81
(g) In our opinion and according to the information and explanations given to us, the managerial remuneration
for the year ended March 31, 2024 has been paid / provided by the Company to its directors in accordance

>>>
with the provisions of section 197 read with Schedule V to the Act.
(h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information

Statutory Reports
and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone
financial statements – Refer Note 39 to the standalone financial statements.
ii. The Company has accounted for material foreseeable losses, if any, for long-term contracts including
derivative contracts.

82-144
iii. There has been no delay in transferring amounts required to be transferred to the Investor Education and
Protection Fund by the Company.
iv. a) The management has represented that, to the best of their knowledge and belief, other than as

>>>
disclosed in the notes to the standalone financial statements, if any, no funds have been advanced or
loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds)
by the Company to or in any other persons or entities, including foreign entities (“Intermediaries”),

Standalone Financials
with the understanding, whether recorded in writing or otherwise, that the Intermediaries shall,
whether, directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.
b) The management has represented, that, to the best of their knowledge and belief, other than as
disclosed in the notes to the standalone financial statements, if any, no funds have been received
by the Company from any persons or entities, including foreign entities (“Funding Parties”), with the
understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly

145-212 >>>
or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries, and
c) Based on such audit procedures, we have considered reasonable and appropriate in the circumstances,
nothing has come to their notice that has caused them to believe that the representations under

Consolidated Financials
sub-clause (i) and (ii) contain any material mis-statement.
v) The dividend declared or paid during the year as well as the dividend proposed (which is subject to
members approval at the ensuing Annual General Meeting) by the Company are in compliance with
Section 123 of the Act.
vi) Based on our examination which included test checks, the Company has used accounting software for
maintaining its books of account which has a feature of recording audit trail (edit log) facility and the
same has not operated throughout the year for all relevant transactions recorded in the software and also
audit trail feature was not enabled at database level, as described in note 61 to the financial statements.
Further, during the course of our audit we did not come across any instance of audit trail feature being
tampered with in respect of other accounting software.
For Singhi & Co.,
Chartered Accountants
Firm Registration no: 302049E
Sudesh Choraria
Partner
Date: May 27,2024 Membership no: 204936
Place: Mumbai UDIN: 24204936BKGEAU5481
88 West Coast Paper Mills Limited Annual Report 2023-24

Annexure – A
to the Independent Auditor’s Report
(Referred to in paragraph 1 of our Report on Other legal and regulatory requirements)
We report that:
i. In respect of its Property, Plant and Equipment and Intangible Assets:
a) (A) The Company has maintained proper records showing full particulars, including. quantitative details and
situation of its property, plant and equipment.
(B) The Company has maintained proper records showing full particulars of intangible. assets.
b) As explained to us, the property, plant and equipment have been physically verified by management and
no material discrepancies have been noticed on such verification. In our opinion this periodicity of physical
verification is reasonable having regard to the size of company and nature of its assets.
c) According to the information and explanations given to us and on the basis of our examination, title deeds
of the immovable property (other than cases where the Company is the lessee and the lease agreements are
duly executed in favour of the lessees stated below) as disclosed in schedule of Property, Plant and Equipment
to the financial statements, are held in the name of the Company.

Asset Category Gross Block Net Block Remarks

(` Lakhs) (` Lakhs)
Leasehold Land 162.00 162.00 289.68 acres of leasehold land for which Government
approval for renewal for next 30 years received but lease
agreement is yet to be executed; and
109.10 acres of other leasehold land of which lease
agreement is expired and pending to be renewed and
registered with the government.
d) The Company has not revalued its property, plant and equipment (including right of use assets) and
intangible assets during the year. Therefore, the provisions of clause 3(i)(d) of the Order are not applicable to
the Company.
e) According to information and explanations given by the management, no proceedings have been initiated or
are pending against the Company for holding any benami property under the Prohibition of Benami Property
Transactions Act, 1988 and rules made thereunder. Therefore, provisions of clause 3(i)(e) of the Order are not
applicable to the Company.
ii. In respect of its Inventories:
a) As per information and explanations provided to us, physical verification has been conducted by the
management at reasonable intervals during the year in respect of inventory of raw materials, work in progress,
finished goods and by products and no material discrepancies were noticed on such physical verification.
b) Based on our examination of the books of accounts of the Company, with respect to the sanctioned working
capital limits availed in excess of Rs Five Crore from banks or financial institutions during the year on the basis
of security of current assets of the Company, the Quarterly return / statements have been regularly submitted
by the company and no material discrepancies were noticed.
iii. a) According to the information and explanations provided to us, the Company has made investments in,
provided guarantee or security or granted loans or advances in the nature of loans, secured or unsecured to
companies, firms, limited liability partnership or any other parties during the year as per details given below:
Particulars Loans Advanced (` In Lakhs)
Aggregate amount granted/ provided during the year:
- Uniply Décor Limited (Subsidiary) 1,414.26
- Others -
Balance outstanding as at balance sheet date in respect of above cases :
- Uniply Décor Limited (Subsidiary) 1,414.26
- Others 1,000.00
b) The investments made, the securities granted and the terms and conditions of the grant of loans are, in our
opinion, prima facie, not prejudicial to the company’s interest.
 Standalone 89

Annexure – A
to the Independent Auditor’s Report (Contd.)
c) As per the information and explanation provided to us, with respect to the Inter corporate deposits made
with other parties, the schedule of repayment of principal and payment of interest thereon are stipulated and

01-81
the repayments are regular, except in case of acquisition of Uniply Décor Limited under the Insolvency and
Bankruptcy Code 2016 wherein the acquisition cost has been partly structured in the form of unsecured Loan
amounting to Rs.1414.26 Lakhs in compliance with the NCLT, Chennai Order. The said loan is repayable on

>>>
demand and there is no stipulation of schedule of repayment of principal and payment of interest thereon.
d) As per the information and explanation provided to us, there was no overdue loan amount remaining
outstanding as at the year-end.

Statutory Reports
e) According to the information and explanations given to us, no amount of loan or advances has been renewed
or extended or fresh loan granted to settle the overdue of existing loan given to the same parties.
f) The Company has granted loan to its subsidiary as stated in clause 3(c ) above which is repayable on demand
and the terms or period of repayment has not been specified. The aggregate amount of such Loans amounted
to Rs.1414.26 Lakhs as on 31st March 2024 and forms 58 % of all Loans granted by the Company.
iv. In our opinion and according to the information and explanations given to us and records examined by us,

82-144
Company has not given any loan, made investments or given Guarantee and Securities to the parties covered
under Section 185 / 186, accordingly the clause is not applicable to the Company.
v. According to the information and explanations given to us, the Company has not accepted any deposits from the

>>>
public or amount which are deemed to be deposits within the meaning of sections 73 to 76 of the Act and the
Companies (Acceptance of Deposits) rules 2014 (as amended).

Standalone Financials
vi. We have broadly reviewed the books of account maintained by the Company in respect of products for which
maintenance of prescribed cost records is mandated by Government of India U/S 148 (1) of the Act and are of the
opinion that, prima facie, the prescribed records have been made and maintained. We have, however, not made
a detailed examination of these records with a view to determine whether they are accurate or complete.
vii. According to the information and explanations given to us and the records of the Company examined by us:
a) According to the records of the Company examined by us, the Company has been generally regular in
depositing amounts deducted/accrued in the books of accounts in respect of undisputed statutory dues,
including Goods and Services Tax, provident fund, employees’ state insurance, income-tax, sales-tax, service

145-212 >>>
tax, duty of customs, duty of excise, value added tax, cess and any other material statutory dues, as applicable.
There was no material undisputed outstanding statutory dues as at the year end, for a period of more than six
months from the date they became payable.
b) There are no dues of Goods and Services Tax, provident fund, employees’ state insurance, income-tax, sales-
tax, service tax, duty of customs, duty of excise, value added tax, cess and any other material statutory dues
which have not been deposited with the appropriate authorities on account of any dispute, except as stated
below: Consolidated Financials
Name of the Statute Nature of Amount in dispute Period to which Forum where
the Dispute (` Lakhs) the amount dispute is pending
relates
Income Tax Act 1961 Income Tax ` 4586.19 Lakhs Asst. year 1999- Commissioner
(net of refunds adjusted and 2000 to 2016-17 (Appeals) / ITAT/
payments of 657 Lakhs) Hon’ble High Court
Central Excise Act 1944 Excise Duty ` 87.71 Lakhs 2007-08 to 2014- CESTAT
15
The Custom Act 1962 Customs ` 540.27 Lakhs 2012-13 & 2013-14 Honourable Supreme
Duty (Net of recoveries done by Court / CESTAT
department ` 21.48 Lakhs)
Karnataka Tax on Entry of Special Entry ` 112.99 Lakhs 2004-05 & 2005-06 Hon'ble High Court of
Goods Act, 1979 Tax Karnataka
The Water (Prevention and Water Cess ` 30.14 Lakhs 2002-03 to 2004- Water Cess Appellate
Control of Pollution) Cess 05 Authority
Act , 1977
90 West Coast Paper Mills Limited Annual Report 2023-24

Annexure – A
to the Independent Auditor’s Report (Contd.)
Name of the Statute Nature of Amount in dispute Period to which Forum where
the Dispute (` Lakhs) the amount dispute is pending
relates
Karnataka Forest Forest ` 1,016.86Lakhs 2017-18 to 2020- Hon'ble Supreme
(Amendment) Act, 2016 Development 21 Court
Fees
Goa rural improvement Goa Rural ` 262.65Lakhs 2014-15 to 2018- Hon’ble High Court of
and welfare cess act 2000 Improvement 19 Mumbai, Goa Bench
Cess
Goa Cess on Products Goa Green ` 104.51 Lakhs 2014-15 to 2022- Hon’ble Supreme
and substances causing Cess (Net of deposit of `104.51 23 Court of India
Pollution (Green Cess) Act, Lakhs)
2013
Karnataka Municipalities Property Tax ` 82.78 Lakhs 2002-03 to 2013- JMFC, Dandeli
Act, 1964 14
CGST/KGST Act. 2017 GST ` 460.83 Lakhs 2017-18 Hon'ble High Court of
Karnataka
viii. According to the information and explanation given to us, there were no transactions which have not been
recorded in the books of account, which have been surrendered or disclosed as income in the tax assessments
under the Income Tax Act, 1961 (43 of 1961) during the year. Therefore, provisions of clause 3(viii) of the Order are
not applicable to the Company.
ix. a) According to the information and explanations give to us and based on our examination of the records of
the Company, the Company has not defaulted in repayment of loans or borrowings to any financial institution,
bank, Government or debenture holders.
b) Basis the information and explanation provided to us, the Company has not been declared a wilful defaulter
by any bank or financial institution or other lender.
c) According to the information and explanations given to us and based on our examination of the records of
the Company, the Company has availed loans from banks and financial institutions. The amount of loan was
applied for the purpose for which the loan was obtained. Further the Company has not availed any loans from
Government or has not issued any debenture during the year.
d) Based on the information and explanation given to us, and the books of account examined by us, short term
funds raised during the year have not been utilized for long term purposes.
e) Based on the information and explanation given to us, and the books of account examined by us, during the
year, the company has not taken any funds from any entity or person on account of or to meet the obligations
of its subsidiaries, associates or joint ventures.
f) The Company has not raised any loan during the year on the pledge of securities held in its subsidiaries, joint
ventures or associate companies.
x. a) According to the information and explanations given to us and based on our examination of the records of the
Company, the Company did not raise any money by way of initial public offer or further public offer (including
debt instruments) during the year. Thus, the provisions of clause 3(x)(a) of the order are not applicable to the
Company.
b) According to the information and explanations give to us and based on our examination of the records
of the Company, the Company has not made any preferential allotment or private placement of shares or
convertible debentures (fully, partially or optionally convertible) during the year. Therefore, the provisions of
clause 3(x)(b) of the Order are not applicable to the Company.
xi. a) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial
statements and according to the information and explanations given to us, we have neither come across any
instance of fraud by the Company or on the Company noticed or reported during the year nor have we been
informed of any such case by the management.
b) We have not come across any instance of fraud, therefore report under sub-section 12 of section 143 of
the Companies Act, 2013 is not required to be filed by us in Form ADT-4 as prescribed under rule 13 of the
Companies (Audit and Auditors) Rules, 2014 with the Central Government.
c) As reported to us by the management, there are no whistle-blower complaints received by the Company
during the year.
 Standalone 91
Annexure – A
to the Independent Auditor’s Report (Contd.)
xii. In our opinion and according to the information and explanations given to us, the Company is not a Nidhi
Company. Accordingly, paragraph 3(xii) of the Order is not applicable to the Company.

01-81
xiii. According to the information and explanations given to us and based on our examination of the records of the
Company, the Company has entered into transactions with related parties in compliance with the provisions of
sections 177 and 188 of the Act. The details of such related party transactions have been disclosed in the financial

>>>
statements as required under the Indian Accounting Standards (Ind AS) 24, Related Party Disclosures specified
under section 133 of the Act, read with Rule 4 of the Companies (Indian Accounting Standards) Rules, 2015 (as
amended).

Statutory Reports
xiv. In our opinion and based on our examination, the Company has an internal audit system commensurate with the
size and nature of its business; We have considered internal audit reports of the Company issued till date for the
period under audit.
xv. According to the information and explanations given to us and based on our examination of the records of the
Company, the Company has not entered into non-cash transactions with directors or persons connected with
him. Accordingly, paragraph 3(xv) of the Order is not applicable.
xvi. a) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934.
Accordingly, paragraph 3 (xvi)(a) of the Order is not applicable to the Company.

82-144
b) In our opinion, the Company has not conducted any Non-Banking Financial or Housing Finance activities
during the year. Therefore, the provisions of clause 3(xvi)(b) of the Order are not applicable to the Company;

>>>
c) In our opinion, the Company is not a Core Investment Company (CIC) as defined in the regulations made by
the Reserve Bank of India. Therefore, the provisions of clause 3(xvi)(c) of the Order are not applicable to the
Company;

Standalone Financials
d) According to the representations given by the management, the Group does not have any CIC. Therefore, the
provisions of clause 3(xvi)(d) of the Order are not applicable to the Company;
xvii. The Company has not incurred cash losses in the financial year and in the immediately preceding financial
year. Therefore, the provisions of clause 3(xvii) of the Order are not applicable to the Company.
xviii. There has been no resignation of statutory auditors during the year. Therefore, the provisions of clause 3(xviii)
of the Order are not applicable to the Company.
xix. According to the information and explanations given to us and on the basis of the financial ratios, ageing
and expected dates of realization of financial assets and payment of financial liabilities, other information

145-212 >>>
accompanying the standalone financial statements, our knowledge of the Board of Directors and management
plans and based on our examination of the evidence supporting the assumptions, nothing has come to our
attention, which causes us to believe that any material uncertainty exists as on the date of the audit report
that the Company is not capable of meeting its liabilities existing at the date of balance sheet as and when
they fall due within a period of one year from the balance sheet date. We, however, state that this is not an
assurance as to the future viability of the Company. We further state that our reporting is based on the facts

Consolidated Financials
up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling
due within a period of one year from the balance sheet date, will get discharged by the Company as and
when they fall due.
xx. In respect of Corporate Social Responsibility Expenditure:
a) According to the information and explanations given to us and based on our examination of the records
of the Company, in respect of CSR Expenditure other than ongoing CSR projects, there were no amount
remaining unspent u/s 135 (5) of the Companies Act, Hence no amount was required to be transferred to a
Fund specified in Schedule VII to the Companies Act.
b) In our opinion, there are no ongoing projects towards Corporate Social Responsibility (CSR) requiring a
transfer to special account in compliance with the provision of sub-section (6) of section 135 of the said Act.
Accordingly, reporting under clause 3(xx)(b) of the Order is not applicable for the year;

For Singhi & Co.,

Chartered Accountants
Firm Registration no: 302049E
Sudesh Choraria
Partner
Date: May 27,2024 Membership no: 204936
Place: Mumbai UDIN: 24204936BKGEAU5481
92 West Coast Paper Mills Limited Annual Report 2023-24

Annexure - B
to the Independent Auditor’s Report
(Referred to in paragraph 2 (f) of the Independent Auditors’ Report of even date to the members of West Coast Paper
Mills Limited on the Standalone financial Statements as of and for the year ended March 31, 2024)
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies
Act, 2013 (‘the Act’)
1. We have audited the internal financial controls over financial reporting of West Coast Paper Mills Limited (‘the
Company’) as of March 31, 2024 in conjunction with our audit of the Financial Statements of the Company for the
year ended on that date.
Management’s Responsibility for Internal Financial Controls
2. The Company’s management is responsible for establishing and maintaining internal financial controls based
on the internal control over financial reporting criteria established by the Company considering the essential
components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial
Reporting issued by the Institute of Chartered Accountants of India (‘ICAI’). These responsibilities include the
design, implementation and maintenance of adequate internal financial controls that were operating effectively
for ensuring the orderly and efficient conduct of its business, including adherence to Company’s policies, the
safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of
the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditor’s Responsibility
3. Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting
based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial
Controls over Financial Reporting (the ‘Guidance Note’) and the Standards on Auditing, issued by ICAI and
deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit
of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the
Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate
internal financial controls over financial reporting was established and maintained and if such controls operated
effectively in all material respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial
controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls
over financial reporting included obtaining an understanding of internal financial controls over financial
reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s
judgment, including the assessment of the risks of material misstatement of the standalone financial statements,
whether due to fraud or error.
5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the Company’s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
6. Company’s internal financial control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of standalone financial statements for external
purposes in accordance with generally accepted accounting principles. A Company’s internal financial control
over financial reporting includes those policies and procedures that
(1) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions
and dispositions of the assets of the Company;
(2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of standalone
financial statements in accordance with generally accepted accounting principles, and that receipts and
 Standalone 93
Annexure – B
to the Independent Auditor’s Report (Contd.)
expenditures of the Company are being made only in accordance with authorizations of management and
directors of the Company; and

01-81
(3) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of the Company’s assets that could have a material effect on the standalone financial statements.

>>>
Inherent Limitations of Internal Financial Controls Over Financial Reporting
7. Because of the inherent limitations of internal financial controls over financial reporting, including the possibility

Statutory Reports
of collusion or improper management override of controls, material misstatements due to error or fraud may
occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control over financial reporting may
become inadequate because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
Opinion

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8. In our opinion, the Company has, in all material respects, an adequate internal financial controls system over
financial reporting and such internal financial controls over financial reporting were operating effectively as
at March 31, 2024, based on the internal control over financial reporting criteria established by the Company

>>>
considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For Singhi & Co.,

Standalone Financials
Chartered Accountants
Firm Registration no: 302049E
Sudesh Choraria
Partner
Date: May 27,2024 Membership no: 204936
Place: Mumbai UDIN: 24204936BKGEAU5481

145-212 >>>
Consolidated Financials
94 West Coast Paper Mills Limited Annual Report 2023-24

Standalone Balance Sheet (` in Lakhs)

as at March 31, 2024

Note As at
Mar 31, 2024 Mar 31, 2023
ASSETS
Non-Current Assets
Property, Plant and Equipment 2 64,763.95 64,264.35
Capital Work-in-Progress 3 9,117.22 2,389.74
Right of Use Assets 2 1,787.14 2,058.99
Intangible Assets 4 52.82 48.25
Intangible Assets Under Development 5 502.12 144.76
Biological Assets Other Than Bearer Plants 6 788.87 733.43
Financial Assets:
i. Investment in Subsidiaries and Associates 7 92,836.86 91,209.48
ii. Other Investments 7 19,121.05 9,658.29
iii. Loans 8 - 1,000.00
iv. Other Financial Assets 9 432.29 622.40
Current Tax Assets (Net) 10 2,259.56 1,652.85
Deferred Tax Assets (Net) 11 - 1,049.04
Other Non-Current Assets 12 975.74 1,182.09
Total Non-Current Assets 192,637.62 176,013.67
Current Assets
Inventories 13 44,152.15 31,114.54
Financial Assets :
i. Investments 7 50,934.69 32,672.27
ii. Trade Receivables 14 19,461.84 18,517.13
iii. Cash and Cash Equivalents 15 1,240.91 1,459.33
iv. Other Bank Balances 16 238.63 1,261.20
v. Loans 8 2,457.54 1,289.05
vi. Other Financial Assets 9 1,777.67 624.70
Other Current Assets 17 4,434.77 4,765.17
Total Current Assets 124,698.20 91,703.39
Total Assets 317,335.82 267,717.06
EQUITY AND LIABILITIES
Equity
Equity Share Capital 18 1,320.98 1,320.98
Other Equity 19 246,724.61 203,730.35
Total Equity 248,045.59 205,051.33
Liabilities
Non-Current Liabilities
Financial Liabilities:
i. Borrowings 20 9,187.39 6,428.68
ii. Lease liabilities 21 1,410.69 1,694.74
iii. Other Financial Liabilities 22 4,447.06 4,726.71
Deferred Tax Liabilities (Net) 11 2,771.25 -
Other Non-Current Liabilities 23 8,806.54 8,380.16
Provisions 27 1,176.99 1,020.83
Total Non-Current Liabilities 27,799.92 22,251.12
Current Liabilities
Financial Liabilities:
i. Borrowings 24 5,089.64 8,903.06
ii. Lease Liabilities 21 429.14 370.42
iii. Trade Payables
a) Total outstanding dues of micro and small enterprises 25 1,519.27 1,411.54
b) Total outstanding dues of creditors other than micro and small enterprises 25 8,458.67 9,055.72
iv. Other Financial Liabilities 22 17,585.67 13,717.56
Other Current Liabilities 26 7,314.48 6,190.13
Provisions 27 1,093.44 766.18
Total Current Liabilities 41,490.31 40,414.61
Total Equity and Liabilities 317,335.82 267,717.06
Material Accounting Policies 1
The accompanying notes are an integral part of the Standalone Financial Statements.
As per our Report of even date For and on behalf of the Board
For Singhi & Co.
Chartered Accountants
Firm Registration No. 302049E S. K. Bangur Virendraa Bangur
Sudesh Choraria Chairman & Managing Director Joint Managing Director
Partner
M.No. 204936 Rajendra Jain Rajesh Bothra Brajmohan Prasad
Place: Dandeli Executive Director Chief Financial Officer Company Secretary
Date: May 27, 2024
 Standalone 95

Standalone Statement of Profit and Loss (` in Lakhs)

for the year ended March 31, 2024

01-81
Note For the year ended
Mar 31, 2024 Mar 31, 2023
Revenue

>>>
Revenue from Operations 28 262,269.67 280,234.13
Revenue from Trading Operation 29 34.92 799.07

Statutory Reports
Other Income 30 9,684.35 4,565.16
Total Income 271,988.94 285,598.36
Expenses
Cost of Materials Consumed 31 125,072.95 122,146.25
Purchases of Stock in Trade 32 37.10 731.35
Changes in Inventories of Finished Goods & Work-in-Progress 33 331.66 (2,891.54)

82-144
Employee Benefits Expense 34 22,007.38 19,955.08
Finance Cost 35 1,912.87 2,934.21

>>>
Depreciation and Amortization Expense 36 10,904.52 11,935.56
Other Expense 37 49,296.98 50,851.29
Total Expenses 209,563.46 205,662.20

Standalone Financials
Profit / (Loss) Before Exceptional Items and Tax 62,425.48 79,936.16
Exceptional Items - -
Profit / (Loss) Before Tax 62,425.48 79,936.16
Income Tax Expense 38
Current Tax 15,784.41 22,692.53
MAT Credit (Entitlement) / Reversal 138.19 (18.54)
Deferred Tax (1,116.10) (1,450.29)

145-212 >>>
Total Tax Expenses 14,806.50 21,223.70
Profit / (Loss ) for the period from Continuing Operations 47,618.98 58,712.46
Other Comprehensive Income / (Loss) 19
Items that will not be reclassified to Profit or Loss

Consolidated Financials
Remeasurement of Employees Benefit Obligations (543.31) (352.06)
Remeasurement of Equity Instruments 2,641.35 (252.52)
Income Tax relating to Items that will not be reclassified to Profit or (117.86) 153.22
Loss
Other Comprehensive Income / (Loss) for the period ( net of tax ) 1,980.18 (451.36)
Total Comprehensive Income / (Loss) 49,599.16 58,261.11
Earnings Per Share (Basic / Diluted ) (in `) 72.10 88.89
Material Accounting Policies 1
The accompanying notes are an integral part of the Standalone Financial Statements.

As per our Report of even date For and on behalf of the Board
For Singhi & Co.
Chartered Accountants
Firm Registration No. 302049E
Sudesh Choraria S. K. Bangur Virendraa Bangur
Partner Chairman & Managing Director Joint Managing Director
M.No. 204936
Place: Dandeli Rajendra Jain Rajesh Bothra Brajmohan Prasad
Date: May 27, 2024 Executive Director Chief Financial Officer Company Secretary
96 West Coast Paper Mills Limited Annual Report 2023-24

Standalone Statement of Changes in Equity

for the year ended March 31, 2024 (All amounts of ` In Lakhs except share data and unless otherwise stated)

A. EQUITY SHARE CAPITAL

Particulars Balance at the beginning of Changes in equity share Balance at the end of the
the reporting year capital during the year* reporting year
No. of Shares Amount in No. of Shares Amount in No. of Shares Amount in
Lakhs Lakhs Lakhs
For the year ended March 31, 2023 66,048,908 1,320.98 - - 66,048,908 1,320.98
For the year ended March 31, 2024 66,048,908 1,320.98 - - 66,048,908 1,320.98
* There were no changes in Equity Share capital due to prior period errors.

B. OTHER EQUITY
Particulars Reserves & Surplus Other Total
Comprehen-
sive
Income
Security Retained Capital Equity General Remeasurement Equity
Premium Earnings Redemption Share Reserve of Net instruments
Account Reserve Warrant Defined through OCI
Forfeited Benefit Plan
Opening as on April 01, 2022 14,572.54 92,680.88 6,500.00 277.50 36,934.35 (1,533.14) - 149,432.14
Profit for the year 58,712.47 58,712.47
Remeasurement Gain / (Loss) of (229.03) (229.03)
Defined Benefit Plan (Net of Tax)
Remeasurement of Equity (222.32) (222.32)
Instruments (Net of Tax)
Dividends paid (3,962.93) (3,962.93)
Balance as on March 31, 2023 14,572.54 147,430.42 6,500.00 277.50 36,934.35 (1,762.18) (222.32) 203,730.35
Opening as on April 01, 2023 14,572.54 147,430.42 6,500.00 277.50 36,934.35 (1,762.18) (222.32) 203,730.35
Profit for the year 47,618.98 47,618.98
Remeasurement Gain / (Loss) of (353.46) (353.46)
Defined Benefit Plan (Net of Tax)
Remeasurement of Equity 2,333.64 2,333.64
Instruments (Net of Tax )
Dividends paid (6,604.89) (6,604.89)
Balance as on March 31, 2024 14,572.54 188,444.51 6,500.00 277.50 36,934.35 (2,115.63) 2,111.32 246,724.61

The accompanying notes are an integral part of the Standalone Financial Statements.

As per our Report of even date For and on behalf of the Board
For Singhi & Co.
Chartered Accountants
Firm Registration No. 302049E
Sudesh Choraria S. K. Bangur Virendraa Bangur
Partner Chairman & Managing Director Joint Managing Director
M.No. 204936
Place: Dandeli Rajendra Jain Rajesh Bothra Brajmohan Prasad
Date: May 27, 2024 Executive Director Chief Financial Officer Company Secretary
 Standalone 97

Standalone Cash Flow Statement (` in Lakhs)

for the year ended March 31, 2024

01-81
Particulars For the year ended
March 31, 2024 March 31, 2023

>>>
CASH FLOW FROM OPERATING ACTIVITIES
Profit / (Loss) before Income Tax 62,425.48 79,936.16
Adjustments for:

Statutory Reports
Depreciation and Amortisation 10,904.52 11,935.56
Loss / (Gain) on Sale / Discard of Property, Plant and Equipment 83.94 106.95
Loss / (Gain) on Sale / Reinvestment of Investments (2,240.67) (399.70)
Dividend and Interest income classified as Investing Cash Flow (6,403.90) (3,195.69)
Rent Receipt (177.42) (49.60)
Finance Cost 1,699.39 2,892.64

82-144
Government Grant Income (522.08) (520.65)
Provision for Doubtful Debt 90.84 39.91
Net Exchange Differences 20.16 41.57

>>>
Fair Value adjustment in Investment (19.80) 5.26
Liabilities & Provisions written back (40.11) (38.60)
Total 3,394.87 10,817.65

Standalone Financials
Operating profit before working capital changes 65,820.35 90,753.81
Adjustments for :
(Increase) / Decrease in Trade Receivables (1,035.55) (5,199.15)
(Increase) / Decrease in Inventories (13,093.06) (6,545.00)
(Increase) / Decrease in Other Financial Assets (436.21) 344.62
(Increase) / Decrease in Other Non-Current Assets 206.34 (1,698.77)
(Increase) / Decrease in Other Current Assets 330.40 2,139.33

145-212 >>>
Increase / (Decrease) in Trade Liabilities (449.21) (417.60)
Increase / (Decrease) in Provisions 483.43 (171.66)
Increase / (Decrease) in Other Financial Liabilities 4,110.53 3,830.34
Increase / (Decrease) in Current Liabilities 1,007.42 1,224.63
Total (8,875.91) (6,493.26)
Cash Generated from Operations 56,944.43 84,260.55
Consolidated Financials
Less: Income Tax Paid (11,714.89) (14,784.35)
Net Cash Inflow / (Outflow) from Operating Activities 45,229.54 69,476.20
CASH FLOW FROM INVESTING ACTIVITIES
Payment for Property, Plant and Equipment (17,757.60) (4,631.04)
Purchase of Intangible Assets (409.63) (146.58)
Investment in Subsidiary (1,627.38) (47.56)
Proceeds from Sale of Property, Plant and Equipment 67.83 69.71
Rent Received 177.42 49.60
Interest Received 1,870.63 641.85
Dividend Income Received 3,741.50 2,174.78
Bank Deposits 1,292.46 (1,249.78)
Loan to Subsidiary (1,174.26) 211.00
Inter Corporate Deposits given 1,001.00 (5,351.00)
Inter Corporate Deposits matured - 4,450.00
Purchase of Non-Current Investments (6,801.61) (9,845.76)
Purchase of Current Investments (107,235.99) (128,738.60)
Proceeds from Sale of Current Investments 91,214.24 105,320.24
Net Cash Inflow / (Outflow) from Investing Activities (35,641.39) (37,093.14)
98 West Coast Paper Mills Limited Annual Report 2023-24

Standalone Cash Flow Statement (Contd.) (` in Lakhs)

for the year ended March 31, 2024

Particulars For the year ended
March 31, 2024 March 31, 2023
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds / (Repayment) of Long Term Borrowings 2,754.48 (21,052.02)
Proceeds / (Repayment) of Short Term Borrowings (Net) (3,813.41) (3,027.25)
Interest and Finance charges (1,529.71) (2,482.82)
Dividends paid to Company's Shareholders (including interim) (6,604.89) (3,962.93)
Repayment of Lease liabilities (613.04) (534.03)
Net Cash Inflow / (Outflow) from Financing Activities (9,806.58) (31,059.05)
Net Increase / (Decrease) in Cash and Cash Equivalents (218.42) 1,324.04
Net Increase / (Decrease) in Cash and Cash Equivalents during (218.42) 1,324.04
the year
Cash and Cash Equivalents at the beginning of the financial year 1,459.33 135.29
Cash and Cash Equivalents at the end of the financial year 1,240.91 1,459.33

Reconciliation of Financial Liabilities - Borrowings 2023-24 2022-23

Opening balance 16,498.57 40,844.28
Add: Proceeds / (Repayment) of Borrowings 2,754.48 (21,052.02)
Less: Proceeds / (Repayments) of Borrowings (Short Term) (net) (3,813.42) (3,027.25)
Add / (Less) Non-Cash movement (517.84) (266.44)
14,921.79 16,498.57
The accompanying notes are an integral part of the Standalone Financial Statements.

As per our Report of even date For and on behalf of the Board
For Singhi & Co.
Chartered Accountants
Firm Registration No. 302049E
Sudesh Choraria S. K. Bangur Virendraa Bangur
Partner Chairman & Managing Director Joint Managing Director
M.No. 204936
Place: Dandeli Rajendra Jain Rajesh Bothra Brajmohan Prasad
Date: May 27, 2024 Executive Director Chief Financial Officer Company Secretary
 Standalone 99

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024

01-81
Note 1 – Company Overview, Basis of Preparation and Material Accounting Policies
I. The Company Overview:

>>>
West Coast Paper Mills Limited, a Public Limited Company listed on the National Stock Exchange of India Limited
and the Bombay Stock Exchange Limited. The registered office of the Company is situated at Bangur Nagar,
Dandeli 581325 District Uttar Kannada, Karnataka. The Company was established in 1955. The Company has two

Statutory Reports
business activities: Paper & Paper Board at Dandeli and Optical Fibre Cable at Mysore. The Company’s Dandeli
Plant is integrated Pulp & Paper Plant and produce various type of quality Paper & Paper Board. This caters to
needs of innumerable industries in printing, writing, publishing, stationary, notebooks and packaging sectors
in India. The Company strongly believes on Continuous Improvement in product quality, reduction in cost, and
Environment Management. The Company is ISO 9001:2015 (QMS), ISO 14001:2015 (EMS) and ISO 45001:2018
(OHSMS) Certified. The Company’s Mysore Plant produces Optical Fibre Cable which cater requirement of
telecom sector of India.

82-144
II. Basis of Preparation of Financial Statements:
a) Statement of Compliance:

>>>
The Financial Statements of the Company, are prepared in accordance with the Indian Accounting Standards
(Ind AS) under the historical cost convention on the accrual basis. The Ind AS are prescribed under section

Standalone Financials
133 of the Companies Act, 2013, and the relevant provisions thereof.
b) Basis of Preparation:
Accounting policies have been consistently applied except where a newly issued Accounting Standard is
initially adopted or a revision to an existing Accounting Standard requires a change in the accounting policy
hitherto in use. The Company has prepared these Financial Statements as per the format prescribed in
Schedule III to the Companies Act, 2013.
c) Functional and Presentation Currency:

145-212 >>>
The Financial Statements have been presented in Indian Rupees (INR), which is the Company’s functional
currency. All financial information presented in INR has been rounded off to the nearest two decimals of
Lakhs unless otherwise stated.
d) Use of Estimates:

Consolidated Financials
The preparation of the Financial Statements in conformity with the Ind AS requires Management to make
estimates and assumptions. These estimates and assumptions affect the reported amount of assets and
liabilities, disclosure of contingent liabilities as on the date of the Financial Statements and the reported
amount of revenues and expenses during the reporting period. Difference between the actual results and
estimates are recognized in the period in which the results are known / materialized.
e) Classification of Assets and Liabilities as Current and Non-Current:
All Assets and Liabilities have been classified as Current or Non-Current as per the Company’s normal
operating cycle and other criteria set out in the Schedule III to the Companies Act, 2013. Based on the nature
of product & activities of the Company and their realisation in cash and cash equivalent, the Company has
determined its operating cycle as twelve months for the purpose of Current and Non-Current classification
of assets and liabilities. Deferred tax assets and liabilities are classified as non-current assets and liabilities.
III. Material Accounting Policies:
a) Property, Plant and Equipments (PPE):
PPE are stated at cost of acquisition (net of Tax / Duty credit availed) or construction less accumulated
depreciation and impairment loss, if any. Cost includes any directly attributable cost of bringing each asset
to its working condition for intended use.
100 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.)
Assets under installation or under construction as at Balance Sheet date are shown as Capital work in
progress together with project expenses.
Subsequent expenditure on major maintenance or repairs includes the cost of the replacement of parts
of assets and overhaul costs. Where an asset or part of an asset is replaced and it is probable that future
economic benefits associated with the item will be available to the Company, the expenditure is capitalised
and the carrying amount of the item replaced is derecognised. Similarly, overhaul costs associated with
major maintenance are capitalised and depreciated over their useful lives where it is probable that future
economic benefits will be available and any remaining carrying amounts of the cost of previous overhauls
are derecognised.
Decommissioning Liability:
Cost of PPE also includes the estimate of the costs of dismantling and removing the item and restoring the
land back on vacant conditions at the end of lease period. The Company has estimated such costs being
the present value of future liability for decommissioning. Such costs are capitalized and a provision of the
equivalent amount has been created. The provision is periodically increased by adding the interest cost at
the IRR determined by the Company.
Disposal of Assets:
An item of PPE is derecognised upon disposal or when no future economic benefits are expected to arise
from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of PPE
is determined as the difference between net disposal proceeds and the carrying amount of the asset and is
recognised in the Statement of Profit and Loss.
Intangible Assets:
Intangible Assets are stated at cost of acquisition less accumulated depreciation & impairment loss, if any.
An intangible asset is derecognised on disposal, or when no future economic benefits are expected from
use. Gains or losses arising from derecognition of an intangible asset, measured as the difference between
the net disposal proceeds and the carrying amount of the asset are recognised in the Statement of Profit
and Loss when the asset is derecognised.
b) Depreciation & Amortization:
The Company depreciates PPE over their estimated useful lives as per the provisions of the Schedule II of the
Companies Act, 2013. The estimated useful lives of PPE are as follows:
Sr. No. Particulars Useful Life Method
1. Factory Buildings 30 WDV
2. Non Factory Buildings 60 WDV
3. Plant, Machinery & Equipments* 05-20 WDV
4 Leasehold Improvement 08 WDV
5. Furniture, Fixtures and Office Equipments* 05-10 WDV
6. Motor Vehicles 08-10 WDV
7. Computers & other IT Assets 03 WDV
8. Roads & Drainage* 20 WDV
9. Intangible Assets* 03 WDV
*Based on technical evaluation, the Management believes that the useful lives as given above best represents
the period over which Management expects to use these assets. Hence, the useful lives for these assets are
different from the useful lives as prescribed under Part C of Schedule II of the Companies Act 2013.
In respect of incremental cost arising on account of realized / notional gain / loss on foreign currency liability
for acquisition of fixed assets, depreciation is provided over the remaining residual life of the respective
assets.
 Standalone 101

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.)

01-81
Assets individually costing `.5,000 and below are fully depreciated in the period of acquisition in the year of
acquisition.

>>>
Right to use assets (Lease Hold Land) is amortised on straight line method over the period of lease.
Depreciation methods, useful lives and residual values are reviewed at least at the end of each financial year.

Statutory Reports
c) Investment Properties:
Investment properties held to earn rentals or for capital appreciation or both are stated in the Balance Sheet
at cost, less accumulated depreciation and subsequent impairment losses. Any gain or loss on disposal
of investment property is determined as the difference between net disposal proceeds and the carrying
amount of the property and is recognised in the Statement of Profit and Loss. Transfer to, or from, investment
property is done at the carrying amount of the property.
d) Impairment of Assets:

82-144
The carrying amounts of assets are reviewed at each Balance Sheet date to determine if there is any indication
of impairment based on internal / external factors. An impairment loss is recognized whenever the carrying

>>>
amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of the net selling
price and value in use. In assessing the value in use, the estimated future cash flows are discounted to
their present value based on an appropriate discount factor. The impairment loss recognized in the prior

Standalone Financials
accounting years is reversed if there has been a change in the estimate of recoverable amount.
e) Assets held for Sale:
The Company recognize Assets for Sale of those assets which are not in use and identified for sale / disposal.
The same is valued at net carrying amount or realizable value, whichever is lower.
f) Investments:
Investment in subsidiaries & associates

145-212 >>>
The investments are classified as Non-current Investment and the same is accounted at Cost.
Other Investments
Current investments are carried at the lower of cost or quoted / fair value, computed category-wise.
g) Valuation of Inventories:
Inventories of raw materials, stores, spares, machinery parts, building materials, loose tools etc. are valued at Consolidated Financials
weighted average cost, after providing for obsolescence, if any.
Work in process is valued at cost.
Finished goods & Stock-in-trade are valued at lower of cost or net realizable value.
The cost of finished goods and work in progress includes raw materials, direct labour, other direct costs and
related production overheads.
Net realizable value represents the estimated selling price for inventories less all estimated costs of
completion costs necessary to make the sale.
Stock of scrap is valued at realizable value.
Biological assets other than bearer plants which are matured and have market value are valued at fair value.
Biological Assets which are immature are valued at cost.
h) Revenue Recognition:
Revenue is recognized on transfer of significant risks and rewards of ownership to the buyer and are adjusted
for discounts (net), Taxes and foreign exchange differences. Turnover is net of Goods & Service Tax collected
on behalf of the Government.
102 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.)
Revenue from contracts with customers is recognised in accordance with Ind AS 115, when control of the
goods or services are transferred to the customer at an amount that reflects the consideration to which the
Company expects to be entitled in exchange for those goods or services.
Revenue is measured at the fair value of the consideration received / receivable taking into account
contractually defined terms of payment and excluding taxes or duties collected on behalf of the Government.
Sale of goods is recognised at the point in time when control of the goods is transferred to the customer. The
revenue is measured on the basis of the consideration defined in the contract with a customer, including
variable consideration, such as discounts, volume rebates, or other contractual reductions. As the period
between the date on which the Company transfers the promised goods to the customer and the date on
which the customer pays for these goods is generally one year or less, no financing components are taken
into account.
Export Incentive Scheme Benefits are recognized on accrual basis.
Interest income is recognized on time proportion basis taking into account the amount outstanding and
rate applicable.
Dividend income from investments purchased is recognised when the shareholder’s right to receive
payment has been established.
Rental income from investment properties and subletting of properties is recognised on a straight line basis
over the term of the relevant leases.
Insurance and other claims, to the extent considered recoverable, are accounted for in the year of claim.
i) Cash and Cash Equivalents:
Cash and cash equivalents comprise cash on hand, Cash at Bank and demand deposits with banks which are
subject to an insignificant risk of change in value.
j) Research and Development Expenditure:
Revenue expenditure on research & development is charged to Profit & Loss account and capital expenditure
is added to the cost of fixed assets in the year in which it is Incurred.
k) Employee Benefits:
Contribution to Provident Fund is accounted for on accrual basis. The Provident Fund contributions are
made to a Trust administered by the Company. The interest rate payable to the members of the Trust is not
lower than statutory rate of interest declared by the Central Government under the Employees Provident
Funds and Miscellaneous’ Provisions Act, 1952 and shortfall, if any, is made good by the Company. Such
shortfall on account of interest, if any, is recognized in the Statement of Profit and Loss.
Company’s defined contributions made to Pension Fund of Government and Superannuation Scheme of
Life Insurance Corporation of India are charged to the Statement of Profit and Loss on accrual basis.
Contribution to Gratuity Fund and provision for Leave Encashment is based on actuarial valuation carried
out as on the Balance Sheet date as per Projected Unit Credit Method.
The Company recognizes the net obligation of a defined benefit plan in its balance sheet as an asset or
liability. Gains or losses through re-measurements of the net defined benefit liability / (asset) are recognized
in other comprehensive income.
l) Earnings Per Share(EPS):
Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of
the company by the weighted average number of equity shares outstanding during the period.
The number of equity shares are adjusted retrospectively for all periods presented for any share splits and
bonus shares issues including for changes effected prior to the approval of the financial statements by the
Board of Directors.
 Standalone 103

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.)

01-81
m) Foreign Currency Transactions:
Foreign currency transactions are accounted at the exchange rates prevailing on the date of transactions.

>>>
Foreign currency current assets and current liabilities outstanding at the balance sheet date are translated
at the exchange rate prevailing on that date and the resultant gain or loss is recognized in the Statement of
Profit & Loss.

Statutory Reports
Any income or expenses on account of exchange difference either on settlement or on translation is
recognized in the Statement of Profit and Loss except in case of long term liabilities, where they relate to
acquisition or construction of fixed assets, in which case they are adjusted to the carrying cost of such assets
in accordance with the exemption under Para D13AA of Ind AS 101.
n) Financial Instruments:
Financial Assets :

82-144
Financial Assets are classified as ‘equity instrument’ if it is a non-derivative and meets the definition of ‘equity’
for the issuer. All other non-derivative financial assets are ‘debt’.

>>>
All Financial Assets are recognised on trade date when the purchase of a financial asset is under a contract
whose term requires delivery of the financial asset within the timeframe established by the market concerned.
Financial assets are initially measured at fair value, plus transaction costs, except for those financial assets

Standalone Financials
which are classified as at fair value through profit or loss (FVTPL) at inception. All recognised financial assets
are subsequently measured in their entirety at either amortised cost or fair value.
Trade Receivables:
A Receivable is classified as a ‘trade receivable’ if it is in respect to the amount due from customers on account
of goods sold or services rendered in the ordinary course of business. Trade receivables are recognised at
transaction value and subsequently measured at transaction value less provision for impairment. For some
trade receivables the Company may obtain security in the form of guarantee, security deposit or letter of

145-212 >>>
credit which can be called upon if the counterparty is in default under the terms of the agreement.
Impairment is made on the expected credit losses, which are the present value of the cash shortfalls over
the expected life of financial assets. The estimated impairment losses are recognised in a separate provision
for impairment and the impairment losses are recognised in the Statement of Profit and Loss within other
expenses.
Financial assets at Fair Value through Profit and Loss (FVTPL): Consolidated Financials

Financial assets that do not meet the criteria of classifying as amortised cost or fair value through other
comprehensive income described above, or that meet the criteria but the entity has chosen to designate as
at FVTPL at initial recognition, are measured at FVTPL.
Investments in equity instruments are classified as at FVTPL, unless the Company designates an investment
that is not held for trading at FVTOCI at initial recognition.
Financial assets classified at FVTPL are initially measured at fair value excluding transaction costs.
Financial assets at FVTPL are subsequently measured at fair value, with any gains or losses arising on
remeasurement recognised in the statement of profit and loss.
Dividend income on investments in equity instruments at FVTPL is recognised in the statement of profit and
loss in investment income when the Company’s right to receive the dividends is established, it is probable
that the economic benefits associated with the dividend will flow to the entity; and the amount of the
dividend can be measured reliably.
104 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.)
Derecognition of Financial Assets:
The Company derecognises a financial asset on trade date only when it transfers the financial asset and
substantially all the risks and rewards of ownership of the asset to another entity.
On derecognition of a financial asset other than in its entirety (e.g. when the Company retains an option
to repurchase part of a transferred asset), the Company allocates the previous carrying amount of the
financial asset between the part it continues to recognise under continuing involvement, and the part it
no longer recognises on the basis of the relative fair values of those parts on the date of the transfer. The
difference between the carrying amount allocated to the part that is no longer recognised and the sum of
the consideration received for the part no longer recognised and any cumulative gain or loss allocated to it
that had been recognised in other comprehensive income is recognised in the statement of profit and loss.
Cumulative gain or loss that had been recognised in other comprehensive income is allocated between the
part that continues to be recognised and the part that is no longer recognised on the basis of the relative
fair values of those parts.
Financial Liability:
Financial liabilities are classified as either financial liabilities ‘at FVTPL’ or ‘other financial liabilities’.
Financial liabilities are classified as at FVTPL when the financial liability is either held for trading or it is
designated as at FVTPL.
Financial Liabilities are subsequently carried at amortized cost using the effective interest method, except
for loans where the difference between IRR and normal rate of interest was immaterial.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date, regardless of whether that price is
directly observable or estimated using another valuation technique. In estimating the fair value of an asset
or a liability, the Company take into account the characteristics of the asset or liability if market participants
would take those characteristics into account when pricing the asset or liability at the measurement date.
Fair value for measurement and/or disclosure purposes in these financial statements is determined on
such a basis, except for employee share-based payment, leasing transactions and measurements that have
some similarities to fair value but are not fair value, such as net realisable value in Inventories or value in
use in Impairment of Assets. The basis of fair valuation of these items are given as part of their respective
accounting policies.
Derivative Financial Instruments:
The Company uses derivative financial instruments, such as forward currency contracts and interest rate
swaps to hedge its foreign currency risks and interest rate risks. Derivative financial instruments are initially
recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured
at their fair value at the end of each period. The method of recognizing the resulting gain or loss depends
on whether the derivative is designated as a hedging instrument, and if so, on the nature of the item being
hedged. Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or
loss.
Trade and Other Payables:
A payable is classified as ’trade payable’ if it is in respect of the amount due on account of goods purchased
or services received in the normal course of business. These amounts represent liabilities for goods and
services provided to the Company prior to the end of financial year which are unpaid. Trade and other
payables are presented as current liabilities unless payment is not due within 12 months after the reporting
period.
Other Financial Liabilities:
Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs.
 Standalone 105

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.)

01-81
Other financial liabilities are subsequently measured at amortised cost using the effective interest method,
with interest expense recognised on an effective yield basis.

>>>
The effective interest method is a method of calculating the amortised cost of a financial liability and
of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly
discounts estimated future cash payments through the expected life of the financial liability, or (where

Statutory Reports
appropriate) a shorter period, to the net carrying amount on initial recognition.
o) Borrowing Cost:
Borrowings costs that are attributable to the acquisition or construction of qualifying assets up to the date
when they are ready for their intended use and other borrowing costs are charged to profit and loss account.
p) Taxation:
Provision for Taxation is determined on the basis of the Taxable profits computed for the current accounting

82-144
period in accordance with the Income Tax Act, 1961.
Deferred Tax resulting from “ temporary difference” between the carrying amount of an asset or liability in

>>>
the balance sheet and its tax base book profit and taxable profit for the year is accounted for using the tax
rates and laws that have been enacted or substantially enacted as on the balance sheet date. The deferred
tax asset is recognized and carried forward only to the extent that there is a virtual certainty that the asset

Standalone Financials
will be adjusted in future.
Minimum Alternate Tax credit is recognized, as an asset only when and to the extent there is convincing
evidence that the Company will pay normal income tax during the specified period.
q) Provisions, Contingent Liabilities & Contingent Assets:
Provisions are recognized when there is a present obligation (legal or constructive) as a result of a past event
and it is probable (“more likely than not”) that it is required to settle the obligation and a reliable estimate

145-212 >>>
can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the
present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding
the obligation. Where a provision is measured using the estimated cash flow to settle the present obligation,
its carrying amount is the present value of those cash flows. The discount rate used is a pre-tax rate that
reflects current market assessments of the time value of money in that jurisdiction and the risks specific to
the liability. Consolidated Financials
Contingent Liability is disclosed after careful evaluation of facts, uncertainties and possibility of reimbursement.
Contingent liabilities are not recognised but are disclosed in notes.
Contingent Assets are not recognised in financial statements but are disclosed, since the former treatment
may result in the recognition of income that may or may not be realised. However, when the realisation of
income is virtually certain, then the related asset is not a contingent asset and its recognition is appropriate.
r) Government Grants:
Incentive received from the Government under sales tax deferral scheme, which is interest free in nature is
determined based on fair value. Fair value is determined on the present value technique based on cash flow
payable under the scheme & the same is amortized over the remaining period of sales tax deferral loan.
s) Leases:
On April 1, 2019, the Company adopted Ind AS 116, Leases. Accordingly, the policy for Leases as presented
in the Company’s Annual Report is amended as under:
The Company evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116,
Leases. Identification of a lease requires significant judgment. The Company uses significant judgement in
106 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.)
assessing the lease term (including anticipated renewals) and the applicable discount rate. The Company
determines the lease term as the non-cancellable period of a lease, together with both periods covered
by an option to extend the lease if the Company is reasonably certain to exercise that option; and periods
covered by an option to terminate the lease if the Group is reasonably certain not to exercise that option.
In assessing whether the Company is reasonably certain to exercise an option to extend a lease, or not
to exercise an option to terminate a lease, it considers all relevant facts and circumstances that create an
economic incentive for the Company to exercise the option to extend the lease, or not to exercise the
option to terminate the lease. The Company revises the lease term if there is a change in the non-cancellable
period of a lease. The discount rate is generally based on the incremental borrowing rate specific to the lease
being evaluated or for a portfolio of leases with similar characteristics.
The Company as lessee:
At the inception of the contract, the Company assesses whether a contract contains a lease. A contract is, or
contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time
in exchange for consideration. For the purpose of identifying if a contract contains a lease, the Company
assesses whether:
(i) the contract involves the use of an identified asset
(ii) the Company has substantially all of the economic benefits from use of the asset through the period of
the lease, and
(iii) the Company has the right to direct the use of the asset.
At the date of commencement of the lease, the Company recognizes a right-of-use asset (“ROU”) and a
corresponding lease liability for all lease arrangements in which it is a lessee, except in case of low value
leases and short term leases (a term of less than twelve months) wherein the lease payments are recognized
as an operating expense on a straight-line basis over the term of the lease.
The lease liability is initially measured at amortized cost at the present value of the future lease payments.
The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable,
using the incremental borrowing rates.
Certain lease arrangements includes the options to extend or terminate the lease before the end of the lease
term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be
exercised. Lease liabilities are re-measured with a corresponding adjustment to the related right of use asset
if the Company changes its assessment if whether it will exercise an extension or a termination option.
The right-of-use assets are initially recognized at cost. Cost includes the initial amount of the lease liability
adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial
direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation
and impairment losses.
Right-of-use assets are depreciated from the commencement date on a straight-line basis over the useful life
of the underlying asset or the lease term, whichever is shorter. Right of use assets are tested for impairment
whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable.
Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have
been classified as financing cash flows.
t) Recent accounting pronouncements:
Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31,
2024, MCA has not notified any new standards or amendments to the existing standards applicable to the
Company.
 Standalone 107

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.)

01-81
u) Significant accounting judgements, estimates and assumptions
- The preparation of financial statements requires the use of accounting estimates which, by definition,

>>>
will seldom equal the actual results. Management also needs to exercise judgement in applying the
company’s accounting policies.
- The estimates and judgements involves a higher degree of judgement or complexity, and of items

Statutory Reports
which are more likely to be materially adjusted due to estimates and assumptions turning out to
be different than those originally assessed. Detailed information about each of these estimates and
judgements is included in relevant notes together with information about the basis of calculation for
each affected line item in the financial statements.
Critical estimates and judgements
The areas involving critical estimates or judgements are:

82-144
- Estimation of current tax expense and payable
- Estimated useful life of PPE & Intangible Assets

>>>
- Estimation of defined benefit obligation
- Recognition of revenue

Standalone Financials
- Recognition of deferred tax assets for carried forward tax losses
- Impairment of trade receivables and other financial assets
Estimates and judgements are continually evaluated. They are based on historical experience and other
factors, including expectations of future events that may have a financial impact on the company and that
are believed to be reasonable under the circumstances.

145-212 >>>
Consolidated Financials
 108
Notes to Standalone Financial Statements
as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)
Note 2 PROPERTY, PLANT AND EQUIPMENT
sr. Particulars Property Plant and Equipment Right of use Assets Grand Total
no.
Freehold land Buildings Plant and Leasehold Furniture's Motor Office Other Assets Total Lease Lease hold Lease hold Total Right of
incl. land Machinery improvement and Fixtures vehicle & Equipments Property hold land land premises use assets
development Trucks Plant and (finance
Equipment lease)
Gross Carrying Value as at 61.61 24,629.71 228,562.45 - 708.05 650.62 829.36 86.14 255,689.97 162.04 56.91 2,512.77 2,731.72 258,421.69
April 01, 2022
1 Additions - 343.66 3,002.09 - 86.09 126.17 90.35 0.74 3,649.10 - - 87.12 87.12 3,736.22
2 Deletions / Adjustments - - (1,579.16) - - (31.69) (0.33) - (1,611.18) - - - - (1,611.18)
Gross Carrying Value as at 61.61 24,973.37 229,985.38 - 794.14 745.10 919.38 86.88 257,727.89 162.04 56.91 2,599.89 2,818.84 260,546.73
March 31, 2023
Accumulated Depreciation - 16,221.44 165,070.15 - 539.22 595.97 728.12 65.21 183,220.11 - 4.18 353.30 357.48 183,577.59
West Coast Paper Mills Limited

as at April 01, 2022

1 Depreciation - 863.30 10,509.92 - 53.20 19.22 64.92 5.35 11,515.91 - 2.09 400.27 402.36 11,918.27
2 Eliminated on Disposal of - - (1,404.37) - - (29.84) (0.31) - (1,434.52) - - - - (1,434.52)
Asset / Adjustments
Accumulated Depreciation - 17,084.74 174,175.70 - 592.42 585.35 792.73 70.56 193,301.50 - 6.27 753.57 759.84 194,061.34
as at March 31, 2023
Net Carrying Value as at 61.61 7,888.63 55,809.68 - 201.72 159.75 126.65 16.32 64,426.39 162.04 50.64 1,846.32 2,058.99 66,485.38
March 31, 2023
Gross Carrying Value as at 61.61 24,973.37 229,985.38 - 794.14 745.10 919.38 86.88 257,727.89 162.04 56.91 2,599.89 2,818.84 260,546.73
April 01, 2023
1 Additions 1,431.76 2,448.81 6,051.01 457.05 396.53 102.09 78.32 68.67 11,034.24 - - 202.11 202.11 11,236.35
2 Deletions / Adjustments - (13.34) (2,031.37) - - (95.11) - - (2,139.82) - - - - (2,139.82)
Gross Carrying Value as at 1,493.37 27,408.84 234,005.02 457.05 1,190.67 752.08 997.70 155.55 266,622.31 162.04 56.91 2,802.00 3,020.95 269,643.26
March 31, 2024
Accumulated Depreciation - 17,084.74 174,175.70 - 592.42 585.35 792.73 70.56 193,301.51 - 6.28 753.57 759.85 194,061.36
as at April 01, 2023
1 Depreciation - 835.80 9,350.13 0.39 70.20 49.05 71.69 5.61 10,382.86 - 2.10 471.86 473.96 10,856.82
2 Eliminated on Disposal of - (8.16) (1,886.45) - - (93.43) - - (1,988.04) - - - - (1,988.04)
Asset / Adjustments
Accumulated Depreciation - 17,912.38 181,639.38 0.39 662.62 540.97 864.42 76.17 201,696.33 - 8.38 1,225.43 1,233.81 202,930.14
as at March 31, 2024
Net Carrying Value as at 1,493.37 9,496.46 52,365.64 456.66 528.05 211.11 133.28 79.38 64,925.98 162.04 48.53 1,576.57 1,787.14 66,713.13
March 31, 2024
1. Leasehold Land represents the amount paid to Karnataka Industrial Area Development Board ( KIADB), Bangalore against allotment of land at Kesaroli Village, Haliyal on Lease cum sale basis.
2. The Telangana State Industrial Infrastructure Corporation Ltd has given possession of 20 Acres Land to the Company situated at Raviryala( V), Maheshwaram(M), Ranga Reddy District,
Telangana for establishment of Optic Fibre and Cable Plant. As per the Agreement terms the Sale Deed in favour of the Company shall be executed and registered on completion of the
envisaged project, start of commercial production and compliance with other terms and conditions of the Agreement.
3. Construction period Expenditure Capitalised :
During the year, the Company has transferred the following expenses which are attributable to the construction activity and are included in the cost of Capital Work-in-Progress / Property,
Annual Report 2023-24

Plant and Equipment as the case may be. Consequently, expenses disclosed under the respective notes are net of such amounts.
 Standalone 109

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

01-81
Particulars Note No. 31st March 2024 31st March 2023
Balance at the beginning of the year included in capital 163.99

>>>
work-in-progress
Add : Expenditure during construction for projects
Employee Benefits Expenses 34 243.54 71.89

Statutory Reports
Finance Cost 35 121.95 19.95
Power & Fuel 37 6.80 -
Other Expenses 37 19.18 72.15
555.46 163.99
Less : Capitalised during the year (102.04) -
Balance at the end of the year included in capital work-in- 453.42 163.99
progress

82-144
Note 3 CAPITAL WORK-IN-PROGRESS

As at

>>>
March 31, 2024 March 31, 2023
Opening Balance 2,389.74 1,407.80

Standalone Financials
Add: Additions during the year 17,761.72 4,631.69
20,151.46 6,039.49
Less: Capitalised during the year 11,034.24 3,649.75
Closing Balance 9,117.22 2,389.74

Capital work in progress ageing schedule

Sl. Particulars Amount in CWIP as at 31st March 2024 Total
No.

145-212 >>>
Less than 1 year 1 - 2 years 2 - 3 years More than 3 years
i) Projects in progress 8,575.35 390.72 72.60 78.55 9,117.22
ii) Projects temporarily suspended - - - - -

Sl. Particulars Amount in CWIP as at 31st March 2023 Total

No. Less than 1 year 1 - 2 years 2 - 3 years More than 3 years

Consolidated Financials
i) Projects in progress 1,407.90 176.52 123.14 682.18 2,389.74
ii) Projects temporarily suspended - - - - -
Note 4 INTANGIBLE ASSETS

Computer Software
Cost 768.81 766.99
Additions 52.26 1.82
Deletion / Adjustments - -
Closing Gross Value 821.07 768.81
Accumulated Amortization 720.56 703.28
Amortization Expense 47.69 17.28
Deletion / Adjustments - -
Closing Accumulated Amortization 768.25 720.56
Net Carrying Value of Intangible Assets 52.82 48.25
110 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

Note 5 INTANGIBLE ASSETS UNDER DEVELOPMENT

As at
March 31, 2024 March 31, 2023
Computer Software
Opening Balance 144.76 -
Additions 357.36 144.76
Less: Capitalized during the year - -
Closing Balance 502.12 144.76
Intangible asset under development ageing schedule
Particulars Amount in Intangible assets under development as at 31st March 2024
Less than 1 year 1-2 years 2-3 years More than 3 years Total
Projects in progress 357.36 144.76 - - 502.12

Particulars Amount in Intangible assets under development as at 31st March 2023

Less than 1 year 1-2 years 2-3 years More than 3 years Total
Projects in progress 144.76 - - - 144.76
Note 6 BIOLOGICAL ASSETS OTHER THAN BEARER PLANTS
Opening balance 733.43 674.34
Expenses during the year 55.44 59.09
Consumption during the year - -
Closing balance 788.87 733.43
Reconciliation
Non-Current Assets
Immature Crops [Refer Note no.48] 788.87 733.43
Total Non-Current Assets 788.87 733.43
Current Assets
Matured Crops - -
Total Current Assets - -
Total Biological Assets Other Than Bearer Plants 788.87 733.43
Note 7 INVESTMENTS
Particulars As at March 31, 2024 As at March 31, 2023
Face Number Amount Face Number Amount
Value ₹ Value ₹
Non-current
Investment in Subsidiaries
Unquoted Investments (all fully paid)
(i) Investment in Equity Shares of Subsidiary at cost
-West Coast Opticables Limited 10 19,940 1.99 10 19,940 1.99
-Wesco Defence System Limited 10 999,940 99.99
-Uniply Decor Limited 2 70,000,000 1,400.00
Quoted Investments (all fully paid)
(i) Investment in Equity Shares of Subsidiary at cost
-Andhra Papers Limited (Formerly known as International 10 28,758,400 91,334.88 10 28,728,400 91,207.49
Paper APPM Limited)*
Investment in Associates
Unquoted Investments (all fully paid)
(ii) Investment in Equity Shares of Associate at cost
 Standalone 111

Notes to Standalone Financial Statements (` in Lakhs)

as at and for the year ended March 31, 2024 (Contd.)

01-81
Particulars As at March 31, 2024 As at March 31, 2023
Face Number Amount Face Number Amount
Value ₹ Value ₹

>>>
-Speciality Coatings & Lamination Limited 10 1,850,130 - 10 1,850,130 -
Total Investment in Subsidiaries & Associates 92,836.86 91,209.48
Investment in Others

Statutory Reports
Unquoted Investments (all fully paid) - at fair value
through Profit or Loss
-Kilkotagiri and Thirumbadi Plantations Ltd., 10 20,943 35.27 10 20,943 35.27
-Placid Limited 100 37 0.01 100 37 0.01
35.28 35.28
Quoted Investments (all fully paid) - at fair value
through Profit or Loss
-Jayashree Chemicals Ltd 10 542,399 49.47 10 542,399 29.67

82-144
Investments in Equity Instruments at FVTOCI:
-Life Insurance Corporation 10 66,515 609.38 10 66,515 355.42
-Coal India Limited 10 204,444 887.49 10 59,994 128.18
-Power Finance Corporation Limited 10 122,947 479.80 10 60,000 91.05

>>>
-REC Limited 10 189,150 853.07 10 162,000 187.03
-HDFC Bank Limited 1 26,678 386.27 1 3,230 51.99
-ITC Limited 1 69,305 296.87 1 26,500 101.63

Standalone Financials
-NMDC Limited 1 286,340 577.69 1 101,700 113.45
-State Bank Of India 1 51,715 389.08 1 22,000 115.23
-NTPC Limited 10 139,260 467.63
-Bharat Electronics Ltd. 1 108,730 219.09
-Oil India Ltd 10 75,790 454.93
-Power Grid Corporation of India Ltd 10 130,500 361.35
-Reliance Industries Ltd. 10 10,683 317.47
-Tata Motors Ltd - DVR 2 47,795 314.11
-Jio Financial Services 10 12,970 45.88

145-212 >>>
-Chennai Petroleum Corporation Ltd. 10 21,225 192.47
-Exide Industries Ltd. 1 26,835 81.72
-ICICI Bank Ltd 2 20,460 223.69
-Indian Oil Corp. Ltd. 10 124,230 208.39
-Infosys Ltd. 5 12,175 182.39
-JSW Steel Ltd 1 20,520 170.36

Consolidated Financials
-Mahanagar Gas Ltd 10 14,020 191.24
-Oil And Natural Gas Corporation Ltd. 5 74,855 200.65
-RITES Limited 10 31,250 207.44
-Tata Consultancy Services Ltd 1 4,829 187.19
-Tata Technologies Limited 2 420 4.29
-Bharat Petroleum Corporation Limited 10 7,210 43.43
-Canara Bank 10 9,520 55.31
-Hemisphere Properties India Limited 10 628 1.26
8,609.94 1,143.98
Investments in Government Securities (at amortised
cost)
6 Year National Savings Certificate 0.10 0.10
Investments carried at amortised cost:
Investments in Bonds
-Power Finance Corporation Limited 2024, 8.98% 1,000,000 100 1,037.23
-National Bank For Agriculture And Rural Development 1,000,000 100 1,055.22
2024, 7.69%
-Rural Electrification Corporation Limited (Series 12 Tranche 1,000,000 100 1,067.20
3, 9.34%, 25 Aug 2024
-Rural Electrification Corporation Limited 25JUN24, '8.10 1,000,000 50 529.21
-Rural Electrification Corporation Limited 2024, '8.10% 1,000,000 100 1,058.54
-Indian Railway Financre Corporation 2024, '8.20% 1,000,000 100 1,038.15
112 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Standalone Financial Statements (` in Lakhs)

as at and for the year ended March 31, 2024 (Contd.)

Particulars As at March 31, 2024 As at March 31, 2023
Face Number Amount Face Number Amount
Value ₹ Value ₹
-National Thermal Power Corporation Limited 22SEP24, 1,000,000 150 1,593.59
'9.17%
-Rural Electrification Corporation Limited Bonds (Series 12 1,000,000 100 1,070.13
Tranche 3), '9.34% 25/08/2024
-7.57 NABARD 19 MARCH 2026 1,000 1,000 1,001.17 - - -
-8.37% National Highways Authority Of India 2029 1,000,000 100 1,048.20 - - -
-9.35 PGC 29AUG27 1,000,000 100 1,075.26 - - -
-8.19 NTPC 15DEC25 1,000,000 100 1,021.35 - - -
-8.45 IRFC 04DEC28 1,000,000 100 1,053.60 - - -
-7.44% REC Limited 2026 100,000 1,000 1,009.86
6,209.44 8,449.27
Investments in Non-Convertible Debentures
-9.05% Reliance Industries Limited 17/10/2028 1,000,000 96 1,032.20
-7.95 Sikka Ports & Terminals Limited, 2026 1,000,000 100 1,007.54
-8.25% NIIF Infrastructure Finance Limited 2025 1,000,000 50 520.25
-7.9050% Tata Capital Financial Services Limited 2026 100,000 1,000 1,010.53
-8.56% Rural Electrification Corporation Limited 29/11/2028 1,000,000 14 146.30
-Power Finance Corpoaration Ltd Tranche- I 1,000 50,000 500.00
4,216.82 -
Total Investment in Others 19,121.05 9,658.29
Aggregate Carrying Value of Quoted & Unquoted Non- 111,957.91 100,867.78
Current Investments
Investments
Unquoted Investments carried at amortised cost
Investments in Bonds
-ICICI Home Finance Company Limited 2024, 5.85% 1,000,000 100 977.71
-National Bank For Agriculture And Rural Development 1,000,000 100 977.93
2024, 5.44%
-Power Grid Corporation 2023, 8.85% 1,250,000 16 207.21
-ICICI Bank Ltd Perpetual Bonds (SERIES DMR18AT), 9.15% 1,000,000 100 1,068.99
-Power Grid Corporation Limited 15/07/2023, 8.70% 1,000,000 100 1,063.40
-National Bank For Agriculture And Rural Development 1,000,000 100 1,001.49
2024, 7.69%
-Rural Electrification Corporation Limited 25JUN24, '8.10 1,000,000 50 501.69
-Rural Electrification Corporation Limited 2024, '8.10% 1,000,000 100 1,003.50
-Indian Railway Financre Corporation 2024, '8.20% 1,000,000 100 1,007.15
-Rural Electrification Corporation Limited (Series 12 Tranche 1,000,000 100 1,020.62
3, 9.34%, 25 Aug 2024
-National Thermal Power Corporation Limited 22SEP24, 1,000,000 150 1,530.66
'9.17%
-Rural Electrification Corporation Limited Bonds (Series 12 1,000,000 100 1,018.70
Tranche 3), '9.34% 25/08/2024
-9.17 NTPC 22SEP24 1,000,000 50 510.61
-Power Finance Corporation Limited 2024, 8.98% 1,000,000 100 1,025.42
-8.48% Power Finance Corporation Limited 1,000,000 100 1,014.99
-8.50% SBI Perpetual Bond 1,000,000 100 1,007.11
10,641.94 4,295.24
Investments in Non-Convertible Debentures
Cholamandalam Investment and Fin. Co. Ltd, April 2023, 1,000,000 100 1,015.13
6.26%
Aditya Birla Finance Limited 2023, 6.15% 1,000,000 100 992.12
Jamnagar Utilities & Power Pvt Ltd 2023, 8.95% 1,000,000 100 1,050.12
Aditya Birla Finance Limited 2023, 9.15% 1,000,000 100 1,013.50
The Tata power Company Limited 2023, 7.99% 1,000,000 50 499.89
Sikka Ports And Terminals Limited, 8.45 % 1,000,000 100 1,040.37
Sikka Ports And Terminals Limited, 8.45 % 1,000,000 100 1,043.89
 Standalone 113

Notes to Standalone Financial Statements (` in Lakhs)

as at and for the year ended March 31, 2024 (Contd.)

01-81
Particulars As at March 31, 2024 As at March 31, 2023
Face Number Amount Face Number Amount
Value ₹ Value ₹

>>>
Reliance Industries Limited, 8% 1,000,000 50 530.92
HDFC LTD 20/11/2023, 9.05% 1,000,000 100 1,026.98
9.25% Reliance Industries Limited 2024 1,000,000 100 1,020.11
7.38% Cholamandalam Investment And Fin. Co. Ltd 1,000,000 50 497.24

Statutory Reports
Aditya Birla Finance Limited 2024 1,000,000 50 513.82
Iifl Finance Limited Sr D 14 Br Ncd 07Sp24 Fvrs10lac Gsec 1,000,000 20 230.89
Linked Secured Rated Listed Redeemable Nin Convertible
Debenture
Piramal Enterprises Limited Br Ncd 24My24 Fvrs10lac Igb 1,000,000 80 882.93
Corp Linked Secured Rated Listed Redeemable Principal
Protected Market Linked Nin Convertible Debenture
8.55% Shriram Trnasport Finance Company Limited 2032 1,000,000 150 1,503.86

82-144
Shriram Transport Finance Company Limited Sr Ppml 1,000,000 50 545.47
Y06 Br Ncd 01Ot24 Fvrs10lac Gsec Linked Secured Rated
Listed Redeemable Principal Protected Market Linked Nin
Convertible Debenture. Stfcl Sep 2022-23 Ppml Y-06

>>>
7.53% Housing Development Finance Corporation Ltd 1,000,000 100 995.31
Cholamandalam Investment And Finance Company Limited 1,000 9,653 96.53
Mahindra & Mahindra Financial Services Ltd Sr Ah2022 1,000,000 20 218.60

Standalone Financials
Br Ncd 19Dc24 Fvrs10lac G-Sec Linked Secured Rated
Listed Redeemable Principal Protected Market Linked Nin
Convertible Debenture Series Ah2022 Date Of Maturity
19/12/2024
6,504.76 8,212.92
Investment in Commercial Papers
-ICICI Securities, 7.75% 500,000 200 981.04
-Standard Chartered Capital Limited, 8.05% 500,000 300 1,470.49
Julius Baer Capital (India) Private Limited 500,000 416 1,999.97
ICICI Securities Limited, 8.45% 500,000 200 959.78

145-212 >>>
2,959.75 2,451.53
Unquoted instruments at FVTPL
Investments in Mutual funds
Abakkus Diversified Alpha Fund 20,172 289.62 20,172 200.20
ABSL Crisil IBX GiltApr 2029 Incex Fund Dir Growth 3,395,416 382.85 3,395,416 354.87
ABSL Money Manager Fund Gr-DIRECT 265,251 903.95

Consolidated Financials
ABSL Liquid Fund - Direct Growth 141,120 512.38
ABSL Saving Fund - Direct Growth 241,209 1,221.00 107,326 504.71
Axis Banking & PSU Debt Fund - Direct Growth (BDDGG) 17,313 424.84
Axis Fixed Term Plan - Series 112 (1143 Days) Direct Growth 5,000,406 544.99 5,000,406 505.97
(WRDGG)
Axis Fixed Term Plan - Series 114 4,999,750 500.99
Axis Money Market Fund Direct Growth (MMDGG) 66,449 809.09
DSP FMP S270 - 1144 Days - Dir - G. M 13-04-26 5,000,378 542.20 5,000,378 503.99
DSP Ultra Fund - Direct Growth 19,355 651.57 16,134 504.59
HDFC Nifty G Sec Apr 2029 Index Direct Growth 2,502,932 273.63 2,502,932 253.64
ICICI All Seasons Bond Fund - DP Growth 4,017,217 1,432.89
ICICI Nifty G Sec Dec 2030 Index Fund-DP-Growth 9,575,680 1,080.00 9,575,680 999.95
ICICI Gilt Fund - Direct Plan Growth 1,179,386 1,170.99
ICICI Corporate Bond Fund - DP Growth 3,030,209 852.87
ICICI FMP - Series 88 - Plan U - DP - Growth 4,999,750 500.89
ICICI Banking & Financial Plan 45,316 54.18
ICICI Prudential Emerging Leader Fund 197,020 299.82
ICICI Liquid Fund - DP Growth 75,229 250.65
Kotak Corp Bond Direct Growth 14,975 529.40
KOTAK FMP 307 - Direct Growth 5,000,405 503.56
Kotak Money Market 3,650 150.48
Mirae Asset Ultra Short Duration Fund - Direct Plan Growth 256,941 3,086.91
114 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)
Particulars As at March 31, 2024 As at March 31, 2023
Face Number Amount Face Number Amount
Value ₹ Value ₹
Mirae FMP Series - V Plan 6,499,675 656.06
Nippon India Fixed Horizon XLV Series 4 - Direct Growth 10,001,499 1,073.98 10,001,499 1,000.15
(U7AGG)
Nippon India Liquid Fund - Direct Plan Growth Plan (LFAGG) 15,463 851.56
Nippon India Qtr Interval Fund-Series III 3,012,236 553.50
Tata Money Market Fund Direct Growth 19,562 853.90
Nippon India ETF Nifty BeEs 23,000 56.80
Nippon India Ultra Short Duration Fund - Direct Growth 13,492 504.88
Plan (CPAGG)
Nippon India Corporate Bond Fund - Direct Plan Growth 2,456,332 1,385.33
Plan - Growth option (IPAGG)
Nippon India Nifty G-Sec Jun 2036 Maturity Index Fund 1,415,852 158.45
SBI ETF Nifty 50 150,000 350.31 150,000 269.39

Tata Crisil-IBX Gilt Index - April 2026 Index Fund - Direct 25,326,023 2,822.26 25,326,023 2,629.20
Plan - Growth
TATA Liquid Fund - Direct Growth 43,018 1,527.75
Tata Money Market Fund Direct Growth 19,839 803.11
Tata Corporate Bond Fund Direct Plan Growth : (Launched 19,651,124 2,227.99
On: 22-Nov-2021)
Tata Nifty G-Sec Dec 2029 Index Fund - Direct Plan - Growth 9,834,284 1,079.25 9,834,284 999.95
Tata Nifty G Sec Fund Direct Growth 4,999,750 506.83

Tata Ultra Short Term Fund - Direct Plan - Growth . 4,011,385 504.71
Tata Nifty G-Sec Dec 2026 Index Fund - Direct Plan - Growth 4,999,750 544.22
Baroda BNP Paribas Gilt Fund - Direct Growth 4,776,255 1,996.53
Nippon India Nivesh Lakshya Fund - Direct Growth Plan 8,338,031 1,372.80
(NLAGG)
Kotak Equity Arbitrage Dir Gr 1,401,697 510.02
Mirae Asset Arbitrage Fund - Direct Plan Growth 8,771,807 1,079.11
PGIM India Equity Growth Opportunities Fund - Series I 191,541 203.05
Tata Equity Plus Absolute Returns Fund 89,996 922.07
Helios India Long Short Fund 299,985 299.98
30,828.24 17,712.57
Aggregate carrying value of quoted & unquoted 50,934.69 32,672.27
current investments
Total of Current & Non Current Investments 162,892.60 133,540.04

Aggregate cost of quoted investments 97,650.95 92,698.95

Aggregate market value of quoted investments 148,352.08 120,066.13
Aggregate amount of unquoted investments 62,898.31 41,158.89

* Investment in associates are valued at ` Nil due to erosion in net worth of associate companies resulting in impairment
of value recognised in earlier years. The cost of investment was ` 185.01 Lakhs
 Standalone 115

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

01-81
Note 8 LOANS

As at

>>>
March 31, 2024 March 31, 2023
Non-Current

Statutory Reports
Unsecured, Considered good
Inter-Corporate Deposits / Deposit with NBFC* - 1,000.00
Total of Non-Current Loans - 1,000.00
Current
Unsecured, considered good
a) Loan to Employees 43.28 48.05

82-144
b) Loans to Related Parties (Subsidiary) 1,414.26 240.00
c) Inter-Corporate Deposits / Deposit with NBFC* 1,000.00 1,001.00
Total of Current Loans 2,457.54 1,289.05

>>>
Total of Current and Non-Current Loans 2,457.54 2,289.05

*Inter-Corporate Deposit (ICD) / Deposit with NBFC placed at different corporates, maximum amount outstanding

Standalone Financials
during the year was ` 2001 lakhs (Previous Year: ` 4451.00 Lakhs) and amount outstanding as at March 31, 2024 is
`1000.00 lakhs (Previous Year: ` 2001 Lakhs) at the interest rate of 8.10% (Previous Year: 6.51%) per annum.

Note 9 OTHER FINANCIAL ASSETS (Unsecured considered good unless otherwise stated)

Non-Current
Security Deposit 388.97 263.12
Fixed Deposit with Banks with maturity more than 12 months # 43.32 359.28

145-212 >>>
Total Non-Current Other Financial Assets 432.29 622.40
Current
Security Deposit* 606.84 245.63
Interest Accrued on Bank Deposits and current Investments 1,170.83 379.07
Total Current Other Financial Assets 1,777.67 624.70
Total Other Financial Assets 2,209.96 1,247.10 Consolidated Financials

* includes Security Deposit with Related Parties ` 55.38 Lakhs (Previous Year - ` 46.80 Lakhs)

# Margin Money against Bank Guarantees.

Note 10 CURRENT TAX ASSETS (NET)

Advance Tax / Tax Paid at Source (Net of Provision)* 2,259.56 1,652.85

(Refer Note No. 39(1)(b)
Total of Current Tax Assets (Net) 2,259.56 1,652.85

* Provision For Tax ` 15919.99 Lakhs and Advance Tax ` 11714.89 Lakhs is pertaining to current year.
116 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

Note 11 DEFERRED TAX LIABILITIES / ASSETS (NET)

As at
March 31, 2024 March 31, 2023
Deferred Tax Liabilities on account of :
Deferred Tax Liabilities on account of WDV of Property, Plant and (6,388.79) (7,111.47)
Equipment
Provision for Fair Value of Investment in Equity & Debt (512.08) -
(6,900.87) (7,111.47)
Deferred Tax Assets on account of:
Disallowances under section 43B of Income Tax Act (1,358.53) (977.94)
Adjustments to Ind AS (2,207.10) (2,038.85)
Provision for Contingent Liability (324.92) -
Provision for Doubtful Debt (203.71) (171.97)
OCI on Equity instruments and Defined Benefit Liability (35.36) (153.22)
(4,129.62) (3,341.98)
Total Deferred Tax Liabilities (2,771.25) (3,769.49)
Less: MAT Credit (Entitlement) / Reversal - (4,818.53)
Total Deferred Tax (Liabilities) / Assets (Net) (2,771.25) 1,049.04
Note 12 OTHER NON-CURRENT ASSETS

Capital Advances 915.17 1,083.08

Deposit with Customs 1.42 1.42
Prepaid Expenses 59.15 97.59
Total Other Non-Current Assets 975.74 1,182.09
Note 13 INVENTORIES

Raw Materials 20,330.05 9,028.10

Work in Progress 625.63 860.59
Finished Goods 5,003.35 5,100.05
Stores and Spares # 17,779.93 15,642.67
Loose Tools 380.48 356.87
Stock at Scrap 32.71 126.26
Total Inventories 44,152.15 31,114.54
# includes Stores and Spares in transit of ` 1,143.17 Lakhs (Previous Year : ` 767.85 Lakhs)
Note 14 TRADE RECEIVABLES

Current
Considered good - Secured 4,068.57 3,923.03
Considered good - Unsecured * 15,393.27 14,570.96
Trade Receivable which have significant increase in credit risk - 23.14
Trade Receivable - Credit Impaired 582.97 492.13
20,044.81 19,009.26
Less: Allowances for Credit Losses 582.97 492.13
Total Trade Receivables 19,461.84 18,517.13
There are no outstanding receivables due from Directors or Key Management Persons of the Company.
* includes Due from Subsidiary of ` 7.11 Lakhs (Previous Year ` 167.29 Lakhs) and from Other Related Party - Nil
(Previous Year - Nil)
 Standalone 117

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.)

01-81
Ageing analysis of Trade Receivables (` in Lakhs)

Outstanding for following periods from due date of

>>>
Sl. payment as on 31.03.2024
Particulars Not Due Total
No Less than 6 6 months- 1-2 2-3 More than
months 1 year years years 3 years

Statutory Reports
1 Undisputed Trade Receivables :
i) considered good 18,257.84 994.39 134.66 22.44 49.50 19,458.83
ii) which have significant increase in -
credit risk
iii) credit impaired 6.71 13.47 19.44 40.67 5.00 235.08 320.37
2 Disputed Trade Receivables :
i) considered good 3.01 3.01
ii) which have significant increase in -

82-144
credit risk
iii) credit impaired 89.55 173.05 262.60
Total Trade Receivable (Gross) 18,264.55 1,097.41 154.10 63.11 5.00 460.64 20,044.81

>>>
Outstanding for following periods from due date of
payment as on 31.03.2023
Sl.

Standalone Financials
Particulars Not Due Less than 6 6 1-2 2-3 More than 3 Total
No
months months- years years years
1 year
1 Undisputed Trade Receivables :
i) considered good 17,249.39 1,133.12 8.82 53.16 - 49.50 18,493.99
ii) which have significant increase in 14.23 3.22 4.91 0.78 - - 23.14
credit risk
iii) credit impaired - 64.43 7.90 3.18 5.94 237.64 319.08
2 Disputed Trade Receivables :

145-212 >>>
i) considered good - - - - - - -
ii) which have significant increase in - - - - - - -
credit risk
iii) credit impaired - - - - 23.11 149.94 173.05
Total Trade Receivable (Gross) 17,263.62 1,200.77 21.63 57.12 29.05 437.08 19,009.26

Consolidated Financials
Note 15 CASH AND CASH EQUIVALENTS

As at
March 31, 2024 March 31, 2023
Balance with banks
In Current Account 430.87 750.11
In Demand Deposit accounts with original maturity less than 3 months 803.22 700.08
Cash on Hand 6.82 9.14
Total Cash and Cash Equivalents 1,240.91 1,459.33
Note 16 OTHER BANK BALANCES

In Unpaid Dividend Accounts 172.66 142.61

In Margin Money Deposits against Bank Guarantees 65.97 42.46
In Unspent CSR Account - 76.13
Bank Deposits with maturity more than 3 months but less than 12 - 1,000.00
months
Total Other Bank Balances 238.63 1,261.20
118 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (All amounts of ` In Lakhs except share data and unless otherwise stated)

Note 17 OTHER CURRENT ASSETS

As at
March 31, 2024 March 31, 2023
Advance to Suppliers 1,508.33 3,973.79
Prepaid Expenses 180.93 206.94
Other Assets 153.47 195.00
Balances with Government Authorities 2,592.04 389.44
Total Other Current Assets 4,434.77 4,765.17
Note 18 EQUITY SHARE CAPITAL

Authorized
15,00,00,000 (Previous Year : 15,00,00,000) Equity Share ` 2/- each 3,000.00 3,000.00
65,00,000 (Previous Year : 65,00,000) Cumulative Redeemable Non- 6,500.00 6,500.00
convertible Preference Shares of ` 100 each
Total 9,500.00 9,500.00
Issued, Subscribed and Paid-Up
6,60,48,908 (Previous Year : 6,60,48,908) Equity Shares ` 2/- each fully 1,320.98 1,320.98
paid up
Total Equity Share Capital 1,320.98 1,320.98
Rights, preference and restrictions attached to equity shares
The Company has only one class of equity shares having a par value of ` 2 per share. Each Shareholder is eligible for
one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except
in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining
assets of the company, after distribution of all preferential amounts, in proportion of their shareholding.
The Company has neither bought back any shares nor issued any bonus shares during five years immediately preceding
the Balance Sheet date.

Movements in equity share capital No. of Shares ` in Lakhs

As at April 01, 2022 66,048,908 1,320.98
Shares issued during the year - -
As at March 31, 2023 66,048,908 1,320.98
Shares issued during the year - -
As at March 31, 2024 66,048,908 1,320.98
Shares held by promoters at the end of the year
Sr. Promoter Name As at
No FY-2023-2024 FY-2022-2023 change
No. Shares %of Total No. Shares %of Total during
shares shares the year
1 Shri Shree Kumar Bangur 27,92,339 4.23% 27,92,339 4.23% -
2 Smt. Shashi Bangur 23,43,362 3.55% 23,43,362 3.55% -
3 Shri Saurabh Bangur 16,51,228 2.50% 16,51,228 2.50% -
4 Shri Virendraa Bangur 11,22,956 1.70% 11,22,956 1.70% -
5 Smt. Bharti Bangur 1,27,300 0.19% 1,27,300 0.19% -
6 Master Shrivatsa Bangur 62,300 0.09% 62,300 0.09% -
7 Saurabh Bangur (HUF) 2,71,480 0.41% 2,71,480 0.41% -
8 Shree Satyanarayan Investments Company Ltd. 1,04,61,891 15.84% 1,04,61,891 15.84% -
9 Veer Enterprises Limited 1,07,34,434 16.25% 1,07,34,434 16.25% -
10 Orbit Udyog Pvt Ltd. 24,09,855 3.65% 24,09,855 3.65% -
 Standalone 119

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (All amounts of ` In Lakhs except share data and unless otherwise stated)

01-81
Sr. Promoter Name As at
No FY-2023-2024 FY-2022-2023 change
No. Shares %of Total No. Shares %of Total during

>>>
shares shares the year
11 Union Company Limited 4,450 0.01% 4,450 0.01% -
12 The Indra Company Limited 22,21,259 3.36% 22,21,259 3.36% -

Statutory Reports
13 The Diamond Company Limited 19,83,197 3.00% 19,83,197 3.00% -
14 Kilkotagiri And Thirumbadi Plantations Limited 5,03,939 0.76% 5,03,939 0.76% -
15 Gold Mohore Investment Co Ltd. 6,47,545 0.98% 6,47,545 0.98% -
Total 3,73,37,535 56.53% 3,73,37,535 56.53% -
Details of shareholders holding more than 5% shares

Sr Name of shareholders As at
No

82-144
March 31, 2024 March 31, 2023
No. of Shares % of No. of Shares % of
Holding Holding

>>>
1 Veer Enterprises Limited 1,07,34,434 16.25% 1,07,34,434 16.25%
2 Shree Satyanarayan Investments Company Limited 1,04,61,891 15.84% 1,04,61,891 15.84%

Standalone Financials
3 Nippon Life India Trustee Limited-A/C Nippon India 33,48,310 5.07% 33,49,491 5.07%
Small Cap Fund
Note 19 OTHER EQUITY
Particulars Reserves & Surplus Other Total
Comprehen-
sive
Income
Security Retained Capital Equity General Remeasurement Equity

145-212 >>>
Premium Earnings Redemption Share Reserve of Net Defined instruments
Account Reserve Warrant Benefit Plan through
Forfeited OCI
Opening as on April 01, 2022 14,572.54 92,680.88 6,500.00 277.50 36,934.35 (1,533.14) - 149,432.14
Profit for the year - 58,712.47 - - - - - 58,712.47
Remeasurement Gain / (Loss) - - - - - (229.03) - (229.03)

Consolidated Financials
of Defined Benefit Plan (Net
of Tax)
Remeasurement of Equity - - - - - - (222.32) (222.32)
Instruments (Net of Tax)
Dividends paid - (3,962.93) - - - - - (3,962.93)
Balance as on March 31, 2023 14,572.54 147,430.42 6,500.00 277.50 36,934.35 (1,762.18) (222.32) 203,730.35
Opening as on April 01, 2023 14,572.54 147,430.42 6,500.00 277.50 36,934.35 (1,762.18) (222.32) 203,730.35
Profit for the year 47,618.98 47,618.98
Remeasurement Gain / (Loss) (353.46) (353.46)
of Defined Benefit Plan (Net
of Tax)
Remeasurement of Equity 2,333.64 2,333.64
Instruments (Net of Tax)
Dividends paid (6,604.89) (6,604.89)
Balance as on March 31, 2024 14,572.54 188,444.51 6,500.00 277.50 36,934.35 (2,115.63) 2,111.32 246,724.61
The Board of Directors of the Company recommended a Dividend of ` 8.00/- per share (for the year ended March 31,
2023 dividend of ` 10.00/- per share) be paid on fully paid Equity Shares. This equity dividend is subject to approval
by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements.
The total equity dividend to be paid is `5,283.91 Lakhs (for the year ended March 31, 2023 dividend ` 6,604.89
Lakhs).
120 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

a. Security Premium Account : This Reserve represents the premium on issue of shares and can be utilised in
accordance with the provisions of the Companies Act, 2013.
b. Retained Earnings : This Reserve represents the cumulative profits of the Company and effects of measurement
of defined benefit obligations. This reserve can be utilised in accordance with the provisions of the Companies Act,
2013.
c. Capital Redemption Reserve : This Reserve has been created in relation to issuance of debentures and can be
utilised in accordance with the provisions of the Companies Act, 2013.
d. Equity Share Warrant Forfeited: This Reserve represents forfeiture of share warrant by failing to meet purchase
requirements and can be utilised in accordance with the provisions of the Companies Act, 2013.
e. General Reserve : This Reserve created by an appropriation from one component of Equity (generally retained
earnings) to another, not being an item of Other Comprehensive Income. The same can be utilised by the Company
in accordance with the provisions of the Companies Act, 2013.
f. Other Comprehensive Income: Other Comprehensive Income is created in compliance with Ind AS notified
under the Companies (Indian Accounting Standard) Rules, 2015, as amended.
Note 20 NON CURRENT BORROWINGS

As at
March 31, 2024 March 31, 2023
Non-Current Borrowings
Secured (At amortized cost)
Term Loans
From Banks
Rupee Loans 6,754.61 -
Foreign Currency Loans 875.13 4,354.44
Total Term Loans 7,629.74 4,354.44
Less: Unamortised value of transaction cost - 8.60
Less: Current maturities of Long Term Borrowings 1,953.26 3,483.55
Total Non-Current Term Loans 5,676.48 862.29
Unsecured (At amortized cost)
Other Loans
From Others
Interest Free Loan under Sales Tax Deferment Scheme
from State Government of Karnataka 5,798.98 7,182.56
Add: Ind AS Fair value adjustment 244.66 289.49
Less: Current Maturity of Long Term Borrowings 2,532.73 1,905.66
Total Other Loans 3,510.91 5,566.39
Total Non-Current Borrowings 9,187.39 6,428.68
Nature of Security
Term Loans
1 ECB Euro Loan from Standard Chartered Bank (SCB) is secured by way of a first charge on the movable fixed assets
of the Company pertaining to the Paper Division at Dandeli ranking pari passu with other term loan facilities and
Short Term Loan from SCB.
2 Term loan from State Bank of India are secured by way of first charge on the entire movable and immovable fixed
assets of the Company, present and future, with respect to its factory located at Telangana.
 Standalone 121

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

01-81
Terms of repayment of term loan and other loans
As at March 31, 2024

>>>
Particulars Amount Period Terms of Repayment
Outstanding

Statutory Reports
Standard Chartered Bank - ECB € Loan (3 Months 875.13 May 2019 - April 2024 Quarterly Instalments
EURIBOR + 2.25%)
Interest Free Sales tax Loan 5,798.98 June 2014 - June 2025 Yearly Instalments
State Bank of India - Phase I 3,084.64 Apr 2023 - Dec 2028 Quarterly Instalments
State Bank of India - Phase II 3,669.97 Apr 2023 - Sep 2028 Quarterly Instalments
Total Term Loan 13,428.71

82-144
As at March 31, 2023

Particulars Amount Period Terms of Repayment

>>>
Outstanding
Standard Chartered Bank - ECB € Loan (3 Months 4,354.44 May 2019 - April 2024 Quarterly Instalments
EURIBOR + 2.25%)

Standalone Financials
Interest Free Sales tax Loan 7,182.56 June 2014 - June 2025 Yearly Instalments
Total Term Loan 11,537.00
Note 21 LEASE LIABILITIES

As at
March 31, 2024 March 31, 2023
Non-Current

145-212 >>>
Lease Liabilities 1,410.69 1,694.74
Total Non-Current Lease Liabilities 1,410.69 1,694.74
Current
Lease Liabilities 429.14 370.42
Total Current Lease Liabilities 429.14 370.42

Consolidated Financials
Total of Non-Current & Current Lease Liabilities 1,839.83 2,065.16
Note 22 OTHER FINANCIAL LIABILITIES

Non-Current
Dealer Deposits 4,322.96 4,081.96
Deferred Government Grant 124.10 644.75
Total Non-Current Other Financial Liabilities 4,447.06 4,726.71
Current
Current maturities of Deferred Government Grant 520.65 522.08
Interest Accrued but not due on Borrowings 52.51 33.44
Unpaid Dividend 172.66 142.61
Other Financial Liabilities 16,521.40 12,971.52
Payable on Purchase of Property, Plant and Equipment 318.45 47.91
Total Current Other Financial Liabilities 17,585.67 13,717.56
Total Other Financial Liabilities 22,032.73 18,444.27
122 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

Note 23 OTHER NON-CURRENT LIABILITIES

As at
March 31, 2024 March 31, 2023
Decommissioning & Dismantling liability 8,806.54 8,380.16
Total Other Non-Current Liabilities 8,806.54 8,380.16
Reconciliation
Opening Balance 8,380.16 7,974.55
Unwinding of interest and effect of change in discount rate 426.38 405.61
Reduction arising from payments - -
Closing balance 8,806.54 8,380.16
Note 24 CURRENT BORROWINGS

Current
Secured
Loan Repayable on Demand from Banks* 603.65 3,513.85
Current Maturities of Long Term Debts 1,953.26 3,483.55
Unsecured
Current Maturities of Long Term Debts 2,532.73 1,905.66
Total Current Borrowings 5,089.64 8,903.06
* The short term loans from Banks are secured by Joint hypothecation of Stores, Spares, Raw Materials, Stock-in-process,
Finished Goods, Book Debts etc., ranking pari-passu charge.
Note 25 TRADE PAYABLES

Total outstanding dues of Micro, and Small Enterprises [Refer Note no. 1,519.27 1,411.54
50]
Total outstanding dues of creditors other than Micro, and Small 8,458.67 9,055.72
Enterprises
Total Trade Payables 9,977.94 10,467.26
Trade Payable ageing schedule
Sl. Particulars Outstanding for following periods from Total
No due date of payment as on 31.03.2024
Not Due Less than 1 - 2 years 2 - 3 years More than
1 year 3 years
i) MSME 1,026.31 434.79 - - - 1,461.10
ii) Others 4,939.83 3,452.68 23.16 9.47 33.53 8,458.67
iii) Disputed Dues - MSME - 58.17 - - - 58.17
iv) Disputed Dues - Others - - - - - -
Total 5,966.14 3,945.63 23.16 9.47 33.53 9,977.94

Sl. Particulars Outstanding for following periods from Total

No due date of payment as on 31.03.2023
Not Due Less than 1 - 2 years 2 - 3 years More than
1 year 3 years
i) MSME 1,128.02 283.52 - - - 1,411.54
ii) Others 4,826.53 4,179.53 - 12.15 37.51 9,055.72
iii) Disputed Dues - MSME - - - - - -
iv) Disputed Dues - Others - - - - - -
Total 5,954.55 4,463.05 - 12.15 37.51 10,467.26
 Standalone 123

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

01-81
Note 26 OTHER CURRENT LIABILITIES
As at

>>>
March 31, 2024 March 31, 2023
Statutory Liabilities 621.50 1,784.65
Other Liabilities 6,692.98 4,405.48

Statutory Reports
Total Other Current Liabilities 7,314.48 6,190.13
Note 27 PROVISIONS

Non-Current
Provision for Employee Benefit (Refer Note:44) 1,176.99 1,020.83
Total Non-Current Provisions 1,176.99 1,020.83
Current

82-144
Provision for Employee Benefit (Refer Note:44) 1,093.44 766.18
Total Current Provisions 1,093.44 766.18
Total Provisions 2,270.43 1,787.01

>>>
Note 28 REVENUE FROM OPERATIONS

For the year ended

Standalone Financials
March 31, 2024 March 31, 2023
Sales of Products
Paper and Board 242,662.70 260,466.22
Cables 18,770.42 18,601.90
Wind Power 21.83 18.17
Other Operating Revenues
Export Promotion Incentive 42.27 48.51

145-212 >>>
Scrap Sales 772.45 1,099.33
Total Revenue from Operations 262,269.67 280,234.13
Note 29 REVENUE FROM TRADING OPERATIONS

Revenue from Trading Operations 34.92 799.07

Total Revenue from Trading Operations 34.92 799.07
Note 30 OTHER INCOME Consolidated Financials

Interest Income
From Banks 72.85 13.37
From Others 2,589.54 1,007.55
Other Non - Operating Income
Profit on Sale of Property, Plant & Equipment 58.78 7.30
Rent Received 144.88 141.42
Income from Government Grant 522.08 520.65
Profit on Sale / Fair Value of Investment 2,260.47 394.44
Liabilities and Provisions written back 40.11 38.61
Dividend Income 3,741.50 2,174.78
Others 254.14 267.04
Total Other Income 9,684.35 4,565.16
124 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

Note 31 COST OF MATERIALS CONSUMED

For the year ended

March 31, 2024 March 31, 2023
Pulp Wood, Pulp & Waste Paper 75,860.87 68,922.36
Optical Fiber, PBT, HDPE & Others 13,392.94 14,341.01
Chemicals & Dyes 29,760.07 32,599.20
Packing Materials 6,059.07 6,283.68
Total Cost of Materials Consumed 125,072.95 122,146.25

Note 32 PURCHASES OF STOCK IN TRADE

Purchase of Trading Goods 37.10 731.35

Total Purchases of Stock in Trade 37.10 731.35

Note 33 CHANGES IN INVENTORIES OF FINISHED GOODS AND WORK IN PROGRESS

Opening Stock of Finished Goods

- Paper and Board 4,171.47 1,439.02
- O. F. C. Cables, etc. 928.58 1,060.21
5,100.05 2,499.23
Closing Stock of Finished Goods
- Paper and Board 3,536.79 4,171.47
- O. F. C. Cables, etc. 1,466.56 928.58
5,003.35 5,100.05
Change in Inventory of Finished Goods 96.70 (2,600.82)
Opening Stock of Work-in-progress 860.59 569.87
Closing Stock of Work-in-progress 625.63 860.59
Change in inventory of Work-in-Progress 234.96 (290.72)
Total Change in Inventory of Finished Goods & WIP 331.66 (2,891.54)

Note 34 EMPLOYEE BENEFITS EXPENSE

Salaries, Wages, Bonus, Allowances, etc. 19,021.09 17,116.43

Contribution to Provident & Other Funds 1,534.86 1,496.90
Staff Welfare Expense 1,451.43 1,341.75
Total Employee Benefits Expense 22,007.38 19,955.08

Note 35 FINANCE COSTS

Interest Expense :
Term Loans 120.75 822.05
Others 942.74 1,085.16
Interest on Lease Liabilities 193.32 197.14
Interest Cost on Sales Tax Loan 477.25 574.83
Other Borrowing Costs 158.65 213.46
Net Loss / ( Gain ) on Foreign Currency Transactions & Translations 20.16 41.57
Total Finance Costs 1,912.87 2,934.21
 Standalone 125

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

01-81
Note 36 DEPRECIATION AND AMORTISATION EXPENSE

For the year ended

>>>
March 31, 2024 March 31, 2023
Depreciation on Property, Plant and Equipment 10,382.88 11,515.92

Statutory Reports
Depreciation of Right of Use Assets 473.95 402.36
Amortisation of Intangible Assets 47.69 17.28
Total Depreciation and Amortisation 10,904.52 11,935.56
Note 37 OTHER EXPENSES

Consumption of stores & spare parts 7,903.84 7,511.10

Power, coal and water 25,629.19 28,704.45

82-144
Rent 36.87 114.76
Repair and maintenance of buildings 2,326.66 2,664.67
Repair and maintenance of plant and machinery 2,728.05 2,060.54

>>>
Repair and maintenance of other assets 537.97 572.06
Insurance 728.90 711.77

Standalone Financials
Rates & taxes 206.73 113.99
Payments to auditors (Refer Note 51) 49.49 38.12
Forwarding Charges on Sales 1,279.41 1,135.96
Commission on Sales 1,186.86 749.24
Provision for doubtful debts (net) 90.84 39.91
Commission to director 2,752.76 3,693.35
Director's fees 22.75 24.25
Charity & donations 77.21 75.00

145-212 >>>
Corporate social responsibility expenses (Refer Note 49) 703.23 351.21
Loss on discard of assets 142.73 114.25
Miscellaneous expenses 2,893.49 2,176.66
Total Other Expenses 49,296.98 50,851.29
Note 38 INCOME TAX EXPENSE

Current Tax Expense Consolidated Financials

Current Tax on profits for the year 15,919.99 23,163.41
Current Tax on profits for earlier years (135.58) (470.88)
MAT Credit (Entitlement) / Reversal for earlier years 138.19 (18.54)
Total Current Tax Expense 15,922.60 22,673.99
Deferred Tax
(Decrease) / Increase in Deferred Tax Liabilities
Property, Plant and Equipment (722.68) (1,337.73)
Provision for Fair Value of Investment in Equity & Debt 512.08 -
Decrease / (Increase) in Deferred Tax Assets
Disallowance under section 43B (380.59) 73.37
Adjustments to Ind AS (168.26) (171.98)
Provision for Contingent Liability (324.91) -
Provision for Doubtful Debt (31.74) (13.95)
Total Deferred Tax Expense / (Income) (1,116.10) (1,450.29)
Total Income Tax Expense 14,806.50 21,223.70
126 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

Note 39 CONTINGENT LIABILITIES AND COMMITMENTS

As at
March 31, 2024 March 31, 2023
Contingent Liabilities & Commitments
a. Contingent Liabilities :
I. Claims against the Company not acknowledged as debts in respect
of
a. Income tax matters, pending decisions on various appeals made 4,586.19 2,794.22
by the Company and by the Department (refer Note I below)
(refund adjusted against demand ` 657 Lakhs, Previous Year
` 657 Lakhs)
b. Excise matters, Service Tax & GST under dispute 460.83 548.64
c. Custom matter under dispute - 540.27
d. Other matters under dispute - 82.78
b. Commitments :
I. Estimated amount of contracts remaining to be executed on 10,171.05 12,005.51
Capital account and not provided for (net of advance of ` 915.16
Lakhs - Previous Year ` 1083.09 Lakhs).
II. The Company has applied for benefits under the Export Promotion Capital goods (EPCG) Scheme for duty
free import of certain Capital Goods with a commitment to export the specified value of goods within the
stipulated timelines. In the opinion of the management, it will be able to fulfil the export commitments and
do not expect any custom duty and Interest liability in this regard.
Notes :
I Income Tax
a. During the year the Income Tax assessments of the Company have been completed for AY 2020-21 & AY
2021-22.
b. In the books of Accounts, the company is accounting Income tax refunds after adjustment of tax demands
by IT authorities, if any. The matters are pending before High Court and ITAT for various issues. Based on legal
opinion the Company is contesting those tax demands / disallowances at appropriate level. The company has
therefore not recorded adjustment of taxes / order in books.
c. MATERIAL DEMANDS AND DISPUTES CONSIDERED AS “REMOTE” BY THE COMPANY:
The Company claimed deduction under Section 80 IA of the Income Tax Act 1961, in its return for Power
Undertaking for Financial Year 1998-99 to 2022-23 and for Effluent ( Water ) treatment for financial year
2016-17 to 2021-22. The assessing officer partly disallowed the benefit of deductions at assessment stage
for Financial year(s) 2019-20 and 2021-22 and fully disallowed deduction upto FY 2016-17. The Company
had preferred appeals with Commissioner Appeals and / or ITAT. The ITAT partly allowed the appeals of
the company. Department / Company have preferred appeal against the order of ITAT. As advised by legal
advisors, Company has a strong case / merit for claiming the deduction and thus expects a favorable outcome.
d. The total demand outstanding as on 31.03.2024 on account of income tax dues is ` 4,586.19 lakhs (Previous
year ` 2,794.22 lakhs), net of tax paid / adjusted under protest ` 657 Lakhs.
Note 40 LOAN PURCHASE AGREEMENT
The Company had entered into a loan purchase agreement with ICICI Bank Ltd. for ` 4,000.00 Lakhs in respect
of borrowings of Shree Rama Newsprint Limited (SRNL) after sale of its investment in shares of SRNL. The loan
purchase agreement stipulates that upon occurrence of default ICICI Bank Ltd. will have “a right” to require the
Company to purchase the loan outstanding of SRNL along with transfer of underlying security by ICICI Bank Ltd.,
 Standalone 127

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (All amounts of ` In Lakhs except share data and unless otherwise stated)

01-81
to the Company. The outstanding balance as at March 31, 2024 of SRNL loan is ` 2,100.00 Lakhs with principal
repayment due by June 30, 2025. The Company does not foresee any event of default, further the security value is
significantly higher than the outstanding loan balance and hence no liability is envisaged in this respect.

>>>
Note 41 EARNINGS PER SHARE [EPS] COMPUTED IN ACCORDANCE WITH IND AS 33 :

Statutory Reports
For the year ended
March 31, 2024 March 31, 2023
Earnings
Profit / (Loss) for the year 47,618.98 58,712.46
Shares
Number of shares at the beginning of the period 6,60,48,908 6,60,48,908

82-144
Add : Shares issued during the period - -
Total number of equity shares outstanding at the end of the period 6,60,48,908 6,60,48,908
Weighted average number of equity shares outstanding during the 6,60,48,908 6,60,48,908

>>>
period
Earnings per share (Basic / Diluted) (Face value ` 2/- per share) 72.10 88.89

Standalone Financials
Note 42 RELATED PARTY DISCLOSURES AS PER IND AS 24

I. Relationship :
a. Associate Company
1) Speciality Coatings and Laminations Ltd.
b. Subsidiary Company
1) West Coast Opticable Limited
2) Andhra Paper Ltd.

145-212 >>>
3) Uniply Décor Ltd. (w.e.f. close of 31.10.2023)
4) Wesco Defence Systems Ltd. (w.e.f. 26.04.2023)
c. Enterprises where principal shareholders have control
1) Veer Enterprises Ltd.
2) Shree Satyanarayan Investments Company Ltd.
3) Siddhi Trade & Holdings Pvt. Ltd.
4) Rangnath Bangur Charitable Trust Consolidated Financials
5) Shree Ram Trust
6) Bangur Trust
7) The Marwar Textiles Agency Pvt. Ltd.
8) Kilkotagiri & Thirumbadi Plantations Ltd.
d. Key Management Personnel (KMP)
1) Shri S.K.Bangur (Chairman & Managing Director)
2) Shri Virendraa Bangur (Joint Managing Director)
3) Shri Rajendra Jain (Executive Director)
4) Shri Rajesh Bothra (Chief Financial Officer)
5) Shri Brajmohan Prasad (Company Secretary)
e. Relative of Key Management Personnel
1) Smt. Shashi Bangur
2) Shri Saurabh Bangur
f. Company in which Director is common
1) Gloster Cables Ltd.
128 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

g. Non-Executive / Independent Directors on the Board

1) Smt Shashi Bangur
2) Shri Saurabh Bangur
3) Shri Sudarshan Somani (retired w.e.f. 10.11.2023)
4) Smt Arpita Vinay (retired w.e.f. 26.06.2023)
5) Shri Shiv Ratan Goenka
6) Shri Ashok Kumar Garg
7) Shri Vinod Balmukand Agarwala
8) Smt Sudha Bhushan (w.e.f. 19.05.2023)
9) Shri Prakash Kacholia (w.e.f. 09.11.2023)
h. Post Employment Benefit Plan
1) Employees Provident Fund of West Coast Paper Mills Ltd.
2) Gratuity Fund of West Coast Paper Mills Ltd.
II. The following is a summary of related party transactions

Particulars As at
March 31, 2024 March 31, 2023
i. Rent paid / reimbursement of expenses to :
1) Veer Enterprises Ltd. 147.27 139.97
2) Shree Satyanarayan Investment Company Ltd. 107.38 103.72
3) Siddhi Trade & Holdings Pvt. Ltd. 19.51 19.33
4) Shri S. K. Bangur 30.50 27.02
5) Smt. Shashi Bangur 6.00 6.00
6) The Marwar Textiles Agency Pvt Ltd 7.16 4.54
ii. Charity & Donations :
1) Rangnath Bangur Charitable Trust 75.00 75.00
2) Shree Ram Trust - -
3) Bangur Trust - -
iii. Compensation to KMP :
Salary & other Employee benefits to Directors and Executive 3,695.41 4,535.09
Officers
Director’s sitting Fees 22.75 24.25
iv. Purchases from Gloster Cables Ltd. 223.17 123.62
v. Rent received from Gloster Cables Ltd. 13.35 12.42
vi. Sales to Kilkotagiri & Thirumbadi Plantations Ltd. 4.18 2.60
vii. Sales to West Coast Opticable Ltd. 127.05 387.87
viii. Electricity, Water and other charges recovered from West Coast 96.90 105.37
Opticable Ltd.
ix. Rent received from West Coast Opticable Ltd. 61.36 57.77
x. Job work charges paid to West Coast Opticable Ltd. 406.68 552.70
xi. Reimbursement of other expenses from West Coast Opticable 0.42 -
Ltd.
xii. Repayment of ICD received from West Coast Opticable Ltd. 240.00 211.00
xiii. Interest on ICD received from West Coast Opticable Ltd. 17.45 22.46
xiv. Corporate Guarantee commission received from West Coast - 2.54
Opticable Ltd.
 Standalone 129

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` In Lakhs)

01-81
Particulars As at
March 31, 2024 March 31, 2023

>>>
xv. Job work income from West Coast Opticable Ltd. 59.93 8.67
xvi. Rental expenses paid to Andhra Paper Ltd. 9.19 8.89
xvii. Materials purchased from Andhra Paper Ltd. 373.94 84.29

Statutory Reports
xviii. Professional charges recovered from Andhra Paper Ltd. 32.00 32.00
xix. Rent recovered from Andhra Paper Ltd. 44.65 44.08
xx. Materials sold to Andhra Paper Ltd. 501.83 -
xxi. Unsecured loan provided to Uniply Decor Ltd. 1,414.26 -
xxii. Contribution to Post Employment Benefit Plan :
1) Employees Provident Fund of West Coast Paper Mills Ltd. 852.95 804.19

82-144
2) Gratuity Fund of West Coast Paper Mills Ltd. 266.34 279.05
III. The Company has the following amounts due to / from related parties :

>>>
i. Due to related Parties
1) Employees Provident Fund of West Coast Paper Mills Ltd. 72.66 68.34

Standalone Financials
2) Gratuity Fund of West Coast Paper Mills Ltd. 710.59 471.24
3) Gloster Cables Ltd. - 43.19
4) West Coast Opticable Ltd.- Trade payable 32.54 -
ii. Due from related Parties
1) Veer Enterprises Ltd. - Security Deposit 31.68 23.10
2) Shree Satyanarayan Investments Company Ltd. - Security 21.10 21.10
Deposit

145-212 >>>
3) Smt. Shashi Bangur - Security Deposit 2.40 2.40
4) The Marwar Textiles Agency Pvt Ltd. 0.20 0.20
5) Kilkotagiri & Thirumbadi Plantations Ltd. - Sales 3.24 3.44
6) West Coast Opticable Ltd. - Unsecured Loans - ICD - 240.00
7) West Coast Opticable Ltd.- Trade receivable 7.11 167.29

Consolidated Financials
8) Andhra Paper Ltd. - -
9) Uniply Decor Ltd. - Unsecured Loans 1,414.26 -
10) Gloster Cables Ltd. 10.10 -
Note 43
Disclosure as per Regulation 34 (3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and
Section 186 of the Companies Act, 2013

Company Maximum Balance Amount Outstanding

Outstanding during as on
2023-24 2022-23 March 31, March 31,
2024 2023
West Coast Opticable Ltd.
a) Inter Corporate Deposits 240.00 451.00 - 240.00
b) Corporate Gaurantee - - - -
Excludes - ` 1,414.26 paid for acquisition of Uniply Décor Limited under insolvency and Bankruptcy Code, 2016.
130 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

Note 44 EMPLOYEE BENEFIT PLANS

As per Ind AS 19 “Employee Benefits”, the disclosures of Employee benefits as defined in the Accounting Standard are
given below :
[A] Defined Contribution Plan
Contribution to Defined Contribution Plan, recognised as expenses for the year are as under :

Particulars For the year

2023-24 2022-23
Employer's Contribution to Provident Fund / Pension Fund 1,219.48 1,167.99
Employer's Contribution to Superannuation Fund 47.05 46.79
[B] Defined Benefit Plan
The following table sets out the status of the Gratuity Plan as required under IND AS-19 :
Reconciliation of opening and closing balances of the present value of the defined benefit obligation
Opening Defined Benefit Obligation 5,278.73 4,857.70
Current Service Cost 230.99 230.99
Interest Cost 390.41 351.21
Benefits Paid (440.43) (475.94)
Actuarial Losses / (Gain) 678.31 314.77
Obligations at the end of the period 6,138.01 5,278.73
Change in Plan Assets

Opening fair value of Plan Assets 4,807.49 4,193.06

Interest income on Plan Assets 355.07 303.16
Return on Plan Assets, excluding interest income 134.99 (37.29)
Contributions by Employer 570.30 824.50
Benefits Paid (440.43) (475.94)
Closing fair value of Plan Assets 5,427.42 4,807.49
Amount recognized in Balance Sheet
Present value of Funded Obligations (6,138.01) (5,278.73)
Fair Value of Plan Asset 5,427.42 4,807.49
Net Asset / (Liability) (710.59) (471.24)
Expense recognised in statement of Profit and Loss Account

Current Service cost 230.99 230.99

Interest Cost 390.41 351.21
Interest income on Plan Assets (355.07) (303.16)
Net Income / Expenses recognized in Statement of Profit & Loss 266.34 279.04
Expense recognised in OCI

Actuarial (Gain) / Losses on Obligation for the period 678.31 314.77

Return on Plan Assets, Excluding Interest Income (134.99) 37.29
Net (Income) / Expenses recognized in OCI 543.32 352.06
 Standalone 131

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

01-81
Sensitivity Analysis

Particulars For the year

>>>
2023-24 2022-23
Effect of +1% increase in discount rate (326.36) (270.05)

Statutory Reports
Effect of -1% decrease in discount rate 365.95 305.50
Effect of +1% increase in Salary rate 378.01 319.66
Effect of -1% decrease in Salary rate (342.13) (289.62)
Effect of +1% increase in Employee turnover 108.56 125.21
Effect of -1% decrease in Employee turnover (118.74) (136.60)
Maturity Profile of projected benefit obligation from the fund

82-144
1st following year 1,199.08 1,033.07
2nd following year 346.15 403.89

>>>
3rd following year 548.37 435.79
4th following year 711.94 486.59
5th following year 495.70 630.15

Standalone Financials
Sum of years 6 to 10 2,898.18 2,278.11
Sum of years 11 and above 4,020.97 3,588.80
Category of Plan Assets

Managed by:
LIC 62.28% 62.74%
Aditya Birla Capital 1.49% 1.49%

145-212 >>>
ICICI Prudential Life Insurance 36.23% 35.77%
Financial assumptions at the valuation date

Discount rate 7.23% 7.50%

Estimated rate of return on plan assets 7.23% 7.50%

Consolidated Financials
Salary escalation over and above highest of salary in grade 3.00% 2.00%
Note 45 DIVIDEND REMITTANCE TO FOREIGN INVESTORS (INR
(All amounts of ` In Lakhs except share data and unless otherwise stated)
As at
2023-24 2022-23
Number of Non-Resident Shareholders 1185 630
Number of shares held by them on which dividend was paid 5,72,937 3,37,062
Amount remitted - net of tax ( ` lakhs) 45.37 16.01
Note 46 SEGMENT INFORMATION
Pursuant to Accounting Ind AS 108 – Segment Reporting, information about Business Segments (Information
provided in respect of revenue items for the year ended March 31, 2024 and in respect of assets / liabilities as at March
31, 2024 ) is disclosed as under :
a) Revenue and Expenses have been identified to a segment on the basis of relationship to operating activities of
the segment. Revenue and Expenses which relate to enterprise as a whole and are not allocable to a segment
on reasonable basis have been disclosed as “Unallocable”.
b) Segment Assets and Segment Liabilities represent Assets and Liabilities in respective segments. Investments, tax
related assets and other assets and liabilities that can not be allocated to a segment on reasonable basis have been
disclosed as “ Unallocable”.
132 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

Particulars Paper Cables Others Total

2023-24 2022-23 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23
Segment Revenue* 243,422.67 261,560.74 18,860.09 19,454.29 21.83 18.17 262,304.59 281,033.20
Segment result before Interest and Taxes 56,950.24 80,337.85 2,367.14 1,541.77 (5.64) (6.56) 59,311.74 81,873.06
Less : Unallocable Finance Cost 1,912.87 2,934.21
Less : Other Unallocable expenditure )5,026.60( )997.31(
Profit / (Loss) Before Tax 62,425.48 79,936.16
Tax Expenses :
Less : Current Tax 15,784.41 22,692.53
Less : MAT Credit (Entitlement) / Reversal 138.19 (18.54)
Less : Deferred Tax (1,116.10) (1,450.29)
Total Tax Expenses 14,806.50 21,223.70
Profit / (Loss) for the year 47,618.98 58,712.46
Other Informations
Segment Assets 292,671.75 254,634.56 24,612.98 13,031.40 51.10 51.10 317,335.82 267,717.06
Segment Liabilities 57,323.85 58,988.57 11,966.38 3,677.16 - - 69,290.23 62,665.73
Capital Expenditure 11,573.87 4,709.06 6,593.36 68.56 - - 18,167.23 4,777.62
Depreciation/Amortisation 10,613.06 11,788.38 291.46 147.18 - - 10,904.52 11,935.56
* Intersegmental Revenue during the year was ` Nil (Previous Year ` Nil)
Note 47 EVENT OCCURING AFTER BALANCE SHEET DATE

Particulars As at
March 31, 2024 March 31, 2023
Dividend proposed for equity share holders @ ` 8 /- per share (Previous 5,283.91 6,604.89
Year ` 10/- per share)
Note 48
As per Ind AS 41 on “Agriculture” the company has fair valued its matured crops except for the crops fully matured
at its Kuluwali plantation, Karnataka, since there is an on-going litigation and same will be accounted in the books of
accounts upon the final disposal of the case.
Note 49 EXPENDITURE INCURRED ON CORPORATE SOCIAL RESPONSIBILITIES
[a] Details of expenditure on Corporate Social Responsibility Activities as per Section 135 of Companies Act, 2013
read with schedule VII are as below :

Particulars For the year ended

2023-24 2022-23
a Gross amount required to be spent by the Company (Budget) 690.89 351.93
b Amount required to be set off for the financial year 1.73 2.45
c Gross amount required to be spent by the Company (Obligation) 689.16 349.48
d Amount spent during the year 703.23 351.21
e Excess Amount spent during the year 14.07 1.73
 Standalone 133

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

01-81
[b] Details of ongoing projects along with :

As per Sec.135(6) (Ongoing Project)

>>>
Opening Balance Amount Amount spent Closing Balance
required to be during the year

Statutory Reports
spent during
With Company In Separate CSR From From Separate With In Separate
the year
unspent A/c Company's CSR unspent Company CSR unspent
A/c A/c A/c
- 73.89 - - 73.89 - -
[c] Nature of CSR Activities : Healthcare, Education and Rural Development etc
Note 50 THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT (MSMED) ACT, 2006

82-144
Based on the information available, there are certain vendors who have confirmed that they are covered under the
Micro, Small and Medium Enterprises Development Act, 2006. Disclosures as required by section 22 of The Micro, Small

>>>
and Medium Enterprises Development Act, 2006, are given below:

Particulars As at
March 31, 2024 March 31, 2023

Standalone Financials
a Principal amount remaining unpaid to suppliers at the end of the year 1,519.27 1,411.54
b Interest due thereon remaining unpaid to suppliers at the end of the - -
year
c The amount of interest paid along with the amounts of the payment - -
made to suppliers beyond the appointed day
d The amount of interest due and payable - -
e The amount of interest accrued and remaining unpaid at the end of - -
accounting year

145-212 >>>
1,519.27 1,411.54
Note 51 OTHER DISCLOSURE REQUIRED BY STATUTE

Particulars For the year ended

March 31, 2024 March 31, 2023
Auditor's Remuneration ( including taxes) Consolidated Financials
1 Statutory Auditors
i. Audit Fees 24.00 18.00
ii. Limited review under listing agreement 8.00 7.00
iii. Taxation Matters 5.00 5.00
vi. Other Services 5.52 3.00
v. Reimbursement of Expenses 4.97 3.75
47.49 36.75
2 Cost Auditors
i Audit Fee 2.00 1.20
ii Reimbursement of Expenses - 0.17
2.00 1.37
134 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

Note 52 INCOME TAX

a. Amount recognised in Statement of Profit and Loss

Particulars For the year ended

March 31, 2024 March 31, 2023
Current Income Tax
- Current Year 15,784.41 22,692.53
- MAT Credit Entitlement / Reversal 138.19 (18.54)
Total 15,922.60 22,673.99
Deferred Tax (1,116.10) (1,450.29)
Income Tax Expense reported in the Statement of Profit & 14,806.50 21,223.70
Loss
b. Reconciliation of effective tax rate
Profit Before Tax 62,425.49 79,936.16
Tax At applicable Statutory Income Tax Rate 21,812.33 27,932.89
Effect of Various Disallowance of expenses 488.52 370.99
Effect of Deduction under chapter VIA of IT Act (7,418.02) (6,530.04)
Effect of reinstatement on Ind AS adoption 169.78 210.69
Effect of Ind AS Adjustments to reduce DTL (152.00) (151.56)
Effect of timing differences in Depreciation 222.99 120.66
Other Differences (317.09) (729.93)
Tax Expense recognised in Statement of Profit & Loss 14,806.50 21,223.70

Note 53 INFORMATION RELATED TO CONSOLIDATED FINANCIAL STATEMENTS (IND AS 110)

The Company is listed on stock exchange in India. The Company has prepared consolidated financial statements as
required under Ind AS110, Section 129 of Companies Act, 2013 and listing requirements. The consolidated financial
statements are available on Company’s web site for public use.

Note 54 FINANCIAL INSTRUMENTS AND RELATED DISCLOSURES

Categories of Financial Instruments
Financial Assets
Sl. Particulars Note As at
No March 31, 2024 March 31, 2023
Carrying Fair Carrying Fair
Value Value * Value Value *
1 Financial Assets Designated at Fair Value through Profit
or Loss
i) Derivatives - not designated as hedging instruments - - - -
ii) Investment in Equity Shares 7 84.75 84.75 64.95 64.95
iii) Investment in Mutual Funds 7 30,828.24 30,828.24 17,712.58 17,712.58
2 Financial Assets designated at Fair Value through Other
Comprehensive Income
i) Investment in Equity Shares 7 8,609.94 8,609.94 1,143.98 1,143.98
3 Financial Assets designated at Amortised Cost
i) Investment in Bonds, NCD & CP 7 30,532.70 30,532.70 23,408.95 23,408.95
ii) Investment in Government Securities 7 0.10 0.10 0.10 0.10
 Standalone 135

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

01-81
Sl. Particulars Note As at
No March 31, 2024 March 31, 2023
Carrying Fair Carrying Fair

>>>
Value Value * Value Value *
iii) Trade Receivables 14 19,461.84 19,461.84 18,517.13 18,517.13
iv) Cash and Cash Equivalents 15 1,240.91 1,240.91 1,459.33 1,459.33

Statutory Reports
v) Other Bank Balances 16 238.63 238.63 1,261.20 1,261.20
vi) Loans to Subsidiary / Employees 8 2,457.54 2,457.54 2,289.05 2,289.05
vii) Other Financial Assets 9 2,209.96 2,209.96 1,247.10 1,247.10
4 Investment in Subsidiary Company 7 92,836.86 92,836.86 91,209.48 91,209.48

* There are no Financial Assets or Liabilities which fall under level 2 & 3.
Financial Liabilities

82-144
Sl. Particulars Note As at
No March 31, 2024 March 31, 2023
Carrying Fair Carrying Fair

>>>
Value Value * Value Value *
1 Financial Liability Designated at Fair Value through
Profit or Loss

Standalone Financials
i) Derivatives - not designated as hedging instruments - - - -
2 Financial Liability designated at Amortised Cost
i) Borrowings 20,24 14,277.03 14277.03 15,331.74 15331.74
ii) Trade Payables 25 9,977.94 9977.94 10,467.26 10467.26
iii) Other Financial Liabilities 22 21,215.32 21215.32 17,134.83 17134.83
iv) Lease Liabilities 21 1,839.83 1839.83 2,065.16 2065.16
*The fair value of financial assets and financial liabilities are included at the amount at which the instrument could be

145-212 >>>
exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
Note 55 FINANCIAL RISK MANAGEMENT OBJECTIVES, POLICIES AND DISCLOSURES
1 Financial Risk
The company’s operational activities expose to various financial risks i.e., market risk, credit risk and risk of liquidity.

Consolidated Financials
The company realizes that risks are inherent and integral aspect of any business. The primary focus is to foresee the
unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance.
The primary market risk to the Company is foreign exchange risk & interest rate risk. The Company uses derivative
financial instruments to reduce foreign exchange risk exposures.
i Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
fluctuation in market prices. These comprise three types i.e., currency rate, interest rate and other price related risks.
Financial instruments affected by market risk include loans and borrowings, deposits, investments and derivative
financial instruments. Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument
will fluctuate because of changes in foreign exchange rates. Interest rate risk is the risk that the fair value or future
cash flows of a financial instrument will fluctuate because of changes in market interest rates. Regular interaction
with bankers, intermediaries and the market participants help us to mitigate such risk.
a Foreign currency risk and sensitivity
The primary market risk to the company is foreign exchange risk. The Company uses derivative financial instruments
to reduce foreign exchange risk exposure and follows its risk management policies to mitigate the same. After
taking cognizance of the natural hedge, the company takes appropriate hedges to mitigate its risk resulting from
fluctuation in foreign currency exchange rate(s).
136 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

Particulars USD / EURO outstanding in

terms of ` Lakhs
As at
March 31, 2024 March 31, 2023
Financial Assets
Trade Receivables 117.41 628.25
Financial Liabilities
Trade Payables 324.17 445.64
Borrowings 875.13 4,354.44
Interest Accrued but not due 4.92 23.76
Net Assets / Liabilities 1,086.81 4,195.59
The following significant exchange rates have been applied; (Currency in `)

Particulars As at
March 31, 2024 March 31, 2023
USD 83.41 82.17
Euro 89.88 89.44
Foreign currency sensitivity
Sensitivity analysis is computed based on the changes in the income and expenses in foreign currency upto conversion
into functional currency, due to exchange rate fluctuation between the previous reporting period and the current
reporting period.
0.25% increase and decrease in foreign exchanges rates will have the following impact on profit before tax.

Particulars 2023-24 2022-23

0.25% 0.25% 0.25% 0.25%
increase decrease increase decrease
USD / EURO Sensitivity (2.72) 2.72 (10.49) 10.49
Summary of Exchange difference accounted in Statement of Profit and Loss :

For the year ended

March 31, 2024 March 31, 2023
Currency fluctuations
Net foreign exchange (gain)/ losses shown as Operating Expenses - 35.55
Net foreign exchange (gain)/ losses shown as Finance Cost 20.16 41.57
Net foreign exchange (gain)/ losses shown as Other Income - -
Derivatives
Currency forwards (gain) / losses shown as Operating Expenses - -
Interest rate swaps (gain) / losses shown as finance cost - -
Net foreign exchange (gain)/ losses shown as Other Income - -
Total 20.16 77.12
b. Interest rate risk and sensitivity
The Company’s exposure to the risk of changes in market interest rates relates primarily to long term debt. The
Company has entered into various interest rate swap contracts, in which it agrees to exchange, at specific intervals,
the difference between fixed and variable interest amounts calculated by reference to an agreed upon principal
amount. Borrowings at variable rates expose the Company to cash flow interest rate risk. With all other variables
 Standalone 137

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

01-81
held constant, the following table demonstrates composition of fixed and floating rate borrowing of the company
and impact of floating rate borrowings on company’s profitability.

>>>
Interest rate risk exposure

Particulars For the year ended

Statutory Reports
March 31, 2024 March 31, 2023
Fixed Rate Borrowings - - - -
Variable Rate Borrowings 7,629.74 100% 4,354.44 100%
Total 7,629.74 100% 4,354.44 100%
Sensitivity on variable rate borrowings

Particulars Impact on Impact on Equity

82-144
Profit and Loss A/c
March 31, March 31, March 31, March 31,
2024 2023 2024 2023

>>>
Interest rate increase by 0.25% (19.07) (10.89) (19.07) (10.89)
Interest rate decrease by 0.25% 19.07 10.89 19.07 10.89
ii Credit Risk

Standalone Financials
The Company evaluates the customer credentials carefully from trade sources before appointment of any distributor
and only financially sound parties are appointed as distributors. The Company secures adequate deposits from its
distributor and hence risk of bad debt is limited. The credit outstanding is sought to be limited to the sum of
advances / deposits and credit limit determined by the company. The company have stop supply mechanism in
place in case outstanding goes beyond agreed limits.
Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The maximum
exposure to the credit risk at the reporting date is primarily from trade receivables amounting to ` 15,976.24

145-212 >>>
Lakhs and `15,086.23 Lakhs as of March 31, 2024 and March 31, 2023, respectively. Trade receivables are typically
unsecured and are derived from revenue earned from customers primarily located in India. Credit risk has always
been managed by the company through credit approvals, establishing credit limits and continuously monitoring
the creditworthiness of customers to which the Company grants credit terms in the normal course of business. On
account of adoption of Ind AS 109, the company uses expected credit loss model to assess the impairment loss or
gain. The Company uses a provision matrix to compute the expected credit loss allowance for trade receivables.
Consolidated Financials
The provision matrix takes into account as per the Company’s historical experience for customers.
The following table gives details in respect of percentage of revenues generated from top customer and top five
customers:

Particulars For the year ended

March 31, 2024 March 31, 2023
Revenue from top customer 5.09% 5.22%
Revenue from top five customers 22.76% 22.37%
a Credit risk exposure
The allowance for life time expected credit loss on customer balances for the year ended 31st March 2024 was `
582.97 Lakhs

Balance at the beginning 492.13 452.22

Impairment Loss reversed - -
Additional Provision created during the year 90.84 39.91
Balance at end 582.97 492.13
138 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

b Ageing analysis of Trade Receivables (Unsecured)

Particulars As at March 31, 2024 As at March 31, 2023

Not due Upto 6 6 - 12 Above 12 Not due Upto 6 6 - 12 Above 12
months months months months months months
Unsecured 14,287.48 1,055.41 154.10 479.25 13,340.59 1,200.77 21.63 523.24
iii Liquidity Risk
Liquidity risk arises when the Company will not be able to meet its present and future cash and collateral obligations.
The risk management action focuses on the unpredictability of financial markets and tries to minimise adverse
effects. The Company uses derivative financial instruments to hedge risk exposures. Risk management is carried
out by the Finance department under Forex Policies as adopted and duly approved by the Board. The Company’s
approach is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when due and
company monitors rolling forecasts of its liquidity requirements.
The table below provides details regarding the contractual maturities of significant financial liabilities as
of March 31, 2024

Particulars Carrying Less than 1-5 More than Total

amount 1 Year Years 5 Years
Borrowings - Current 5,089.64 5,089.64 - - 5,089.64
Borrowings - Non-current 9,187.39 - 9,187.39 - 9,187.39
Trade Payables 9,977.94 9,977.94 - - 9,977.94
Lease Liability - Current 429.14 429.14 - - 429.14
Lease Liability - Non-current 1,410.69 - 1,410.69 - 1,410.69
Other Financial Liabilities
a)Interest Accrued but not due on Loans 52.51 52.51 - - 52.51
b)Deferred Government Grant 644.75 520.65 124.10 - 644.75
c)Unpaid Dividend 172.66 172.66 - - 172.66
d)Other Financial Liabilities 16,521.40 16,521.40 - - 16,521.40
e)Payable on Purchase of Property, Plant and 318.45 318.45 - - 318.45
Equipment
f )Trade Deposits 4,322.96 - 4,322.96 - 4,322.96
The table below provides details regarding the contractual maturities of significant financial liabilities as
of March 31, 2023

Particulars Carrying Less than 1 - 5 Years More than Total

amount 1 Year 5 Years
Borrowings - Current 8,903.06 8,903.06 - - 8,903.06
Borrowings - Non-current 6,428.68 - 6,428.68 - 6,428.68
Trade payables 10,467.26 10,467.26 - - 10,467.26
Lease Liability - Current 370.42 370.42 - - 370.42
Lease Liability - Non-current 1,694.74 - 1,481.68 213.06 1,694.74
Other Financial Liabilities
a)Interest accrued but not due on loans 33.44 33.44 - - 33.44
b)Deferred Government Grant 1,166.83 522.08 644.75 - 1,166.83
c)Unpaid Dividend 142.61 142.61 - - 142.61
d)Other Financial Liabilities 12,971.52 12,971.52 - - 12,971.52
e)Payable on purchase of Fixed Assets 47.91 47.91 - - 47.91
f )Trade deposits 4,081.96 - 4,081.96 - 4,081.96
 Standalone 139

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

01-81
2 Competition and price risk
The Company faces competition from local and foreign competitors. Nevertheless, it believes that it has competitive

>>>
advantage in terms of high quality products and by continuously upgrading its expertise and range of products to
meet the needs of its customers.
3 Capital risk management

Statutory Reports
The Company’s policy is to maintain an adequate capital base so as to maintain creditor and market confidence
and to sustain future development. Capital includes issued capital, share premium and all other equity reserves
attributable to equity holders. In order to strengthen the capital base, the company may use appropriate means to
enhance or reduce capital, as the case may be.

Particulars March 31, 2024 March 31, 2023

Borrowings 14,277.03 15,331.74

82-144
Less: Cash and Cash Equivalents including Bank Balance 1,240.91 1,459.33
Less: Current Investments 51,934.69 34,673.27

>>>
Net Debt (38,898.57) (20,800.86)
Equity 248,045.59 205,051.33
Capital and Net Debt 209,147.02 184,250.47

Standalone Financials
Gearing Ratio {Net Debt / Capital and Net Debt} (18.60%) (11.29%)
Note 56 DERIVATIVE FINANCIAL INSTRUMENTS
a The company has variable interest foreign currency borrowings, to offset the risk of variation in interest rates, the
company has entered into, fix pay and variable receipt, interest rate swaps. Outstanding amortised notional value
of loan for swap contracts and MTM taken there on are as follows :

Particulars March 31, 2024 March 31, 2023

145-212 >>>
FC MTM in FC MTM in
in Mn ` Lakhs in Mn ` Lakhs
US Dollar - - - -
EURO 0.97 4.24 4.87 254.25
0.97 4.24 4.87 254.25

Consolidated Financials
b Foreign currency exposure not hedged as at the Balance Sheet date

The foreign currency exposures that have not been specifically hedged by a derivative instrument or otherwise are
given below:

Particulars March 31, 2024 March 31, 2023

FC MTM in FC MTM in
in Mn ` Lakhs in Mn ` Lakhs
US Dollar* 0.85 742.90 2.70 2,254.08
Euro 0.69 622.85 4.87 4,354.32
1.54 1,365.75 7.57 6,608.40
* Net of receivables - US Dollar 0.00264 Lakhs - ` 0.22 Lakhs (Previous Year US Dollar Nil - ` Nil Lakhs)
140 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

Note 57 LEASES

i) The following is the breakup of current & non-current Lease Liabilities as at March,31 2024 and March, 31 2023

Particulars For the year ended

March 31, 2024 March 31, 2023
Current Lease Liabilities 429.14 370.42
Non Current Lease Liabilities 1,410.69 1,694.74
Total 1,839.84 2,065.16

ii) The following is the movement in Lease Liabilities during the year ended:

Opening balance 2,065.16 2,314.93

Add: Lease Liabilities recognised during the year 194.40 87.12
Add: Interest cost accrued during the year 193.32 197.14
Less: Payment of Lease Liabilities including interest (613.04) (534.03)
Balance at the year end 1,839.84 2,065.16

iii) Maturity analysis of Lease Liabilities on an undiscounted basis:

Not later than one year 552.63 590.73

Later than 1 year and not later than five years 1,377.28 1,700.13
Later than five years 294.44 524.22
Total Lease Liabilities 2,224.35 2,815.08

Note 58 DISCLOSURE OF VARIOUS RATIOS

Particulars For the year ended Variance

March 31, 2024 March 31, 2023
"Current Ratio (Times) (Refer Note 1 below) 3.37 2.62 28.63%
[Current assets / Current liabilities excluding current
maturity of long term debts]"
"Debt Equity Ratio (Times) (Refer Note 2 below) 0.06 0.08 -25.00%
[Total Debt / Total Equity]"
"Debt Service Coverage Ratio (Times) (Refer Note 2 8.30 3.00 176.67%
below)
[EBITDA / (Interest expenses + Repayment of Long-term
borrowings)"
"Return on Equity Ratio (%) (Refer Note 3 below) 21.02% 33.00% -36.30%
[Net profit After Taxes / Average Shareholders Equity]"
"Inventory Turnover (Times - annualised) 6.97 10.08 -30.85%
[Revenue from operations / Average inventory]"
"Trade Receivables Turnover Ratio (Times - Annualised) 13.81 17.63 -21.67%
[Revenue from operations / Average trade receivables]"
"Trade Payables Turnover Ratio ( Times - Annualised ) 18.73 17.00 10.18%
(Refer Note 4 below)
[Net Credit purchases / Average Trade payables] "
 Standalone 141

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

01-81
Particulars For the year ended Variance
March 31, 2024 March 31, 2023

>>>
"Net Capital Turnover Ratio (Refer Note 3 below) 2.99 4.29 -30.30%
[Net Sales / Working capital]"
"Net Profit Margin ( % ) (Refer Note 3 below) 18.15% 20.89% -13.12%

Statutory Reports
[PAT / Revenue from operations]"
"Return on Capital Employed (%) (Refer Note 3 below) 26.60% 41.34% -35.66%
[Earning before interest & Tax / Capital employed]"
"Return on Investment (%) (Refer Note 5 below) 9.01% 5.95% 51.43%
[Earnings from Invested Funds / Average Invested Funds
in treasury investments] "

82-144
Reasons for variances are as follows :

1. Current Ratio has improved due to substantial increase in current assets vis a vis current liabilities during the year.

>>>
2. Debt Equity ratio reduced & Debt service coverage ratio improved due to reduction in debts.

3. Return on Equity, Net capital turnover ratio and Return on Capital employed Ratios have reduced due to lower

Standalone Financials
revenues and profits during the year.

4. Inventory Turnover Ratio decreased due to drop in sales volume and consequential increase in total inventory.

5. Return on Investment Ratio improved during the year due to favourable Market conditions and higher investment
activities.

Note 59 OTHER STATUTORY INFORMATION

145-212 >>>
a) The Company does not have any benami property, where any proceeding has been initiated or pending
against the Company for holding any benami property.

b) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

c) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including
foreign entities (intermediaries) with the understanding that the intermediary shall;

i. Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or Consolidated Financials
on behalf of the company (ultimate beneficiaries) or

ii. Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

d) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (funding
party) with the understanding (whether recorded in writing or otherwise) that the Company shall;

i. Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or
on behalf of the funding party (ultimate beneficiaries) or

ii. Provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

e) The Company does not have any such transaction which is not recorded in the books of accounts that has
been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act,
1961 (such as search, survey or any other relevant provisions of the Income Tax Act, 1961)

f) The Company has complied with number of layers prescribed under clause (87) of section 2 of the Act read
with the Companies (Restriction of number of layers) Rules, 2017.
142 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Standalone Financial Statements

as at and for the year ended March 31, 2024 (Contd.)
g) The Company is not declared wilful defaulter by any bank or financial institutions or lender during the year.

h) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period.

i) Quarterly returns or statements of current assets filed by the Company with banks and financial institutions
are in agreement with the books of accounts.

j) The company has not carried out revaluation of items of Property, Plant & Equipment during the year
and accordingly the disclosure as to whether the revaluation is based on the valuation by a registered
valuer as defined under Rule 2 of the Companies (Registered Valuers and Valuation) Rules, 2017 is not
applicable.

k) The Company has used the borrowings from banks and financial statements for the specific purpose for
which it was obtained.

l) The title deeds of all immovable properties (other than immovable properties where the Company is the
lessee, and the lease agreements are duly executed in favour of the Company) disclosed in the financial
statements included in property, plant and equipment and capital work in progress are held in the name of
the Company as at the balance sheet date.

m) The Company does not have any transactions with companies which are struck off under Section 288 of the
Companies Act, 2013 or Section 560 of Companies Act, 1956 during the financial year.

Note 60 Acquisition of Uniply Décor Limited :

The Resolution Plan submitted by the Company for the Corporate Insolvency Resolution of Uniply Décor Limited
(UDL) under the Insolvency and Bankruptcy Code, 2016 was approved by the National Company Law Tribunal (NCLT)
Division Bench-I, Chennai vide its Order CP(IB)/137(CHE) / 2021 dated 20.09.2023. The total consideration of ` 2814.26
lakhs was paid by the Company as per the NCLT Order and UDL became a wholly owned subsidiary of the Company
with effect from close of 31st October, 2023.

Note 61 Audit Trail :

The accounting software used by the Company, to maintain its Books of account have a feature of recording audit trail
(edit log) facility and the same has been operated throughout the year for all transactions recorded in the software.
The Company has an established process of regularly identifying shortcomings, if any, and updating technological
advancements and features including audit trail. The shortcomings identified during the course of audit are being
reviewed and corrective action is being taken wherever required.

Note 62 Previous year’s figures have been regrouped and reclassified wherever necessary.

Note 63 The financial statements are approved and adopted by Board of Directors of the Company in their meeting
held on May 27, 2024.

The accompanying notes are an integral part of the Standalone Financial Statements.
As per our Report of even date For and on behalf of the Board
For Singhi & Co.
Chartered Accountants
Firm Registration No. 302049E
Sudesh Choraria S. K. Bangur Virendraa Bangur
Partner Chairman & Managing Director Joint Managing Director
M.No. 204936
Place: Dandeli Rajendra Jain Rajesh Bothra Brajmohan Prasad
Date: May 27, 2024 Executive Director Chief Financial Officer Company Secretary
 Standalone 143

Form AOC - I
(Pursuant to first proviso to sub-section (3) of Section 129 read with Rule 5 of Companies (Accounts) Rules, 2014)

01-81
Statement containing salient features of the financial statement of Subsidiaries/ associate companies / joint ventures
Part - “A” : Subsidiaries

>>>
(` In Lakhs)
Sl. No. Particulars West Coast Opticable Limited
1 Financial Year ended on 31st March, 2024

Statutory Reports
2 Reporting Currency Indian Rupees
3 Share Capital 1.99
4 Reserve & Surplus / (Accumulated Losses) 649.99
5 Total Assets 933.41
6 Total Liabilities 281.43
7 Investments -
8 Total Turnover 2,829.35

82-144
9 Profit / (Loss) before tax 307.98
10 Provision for Income Tax 75.67
11 Profit / (Loss) after tax 232.31

>>>
12 Proposed Dividend -
13 % of Shareholding 100%

Standalone Financials
Sl. No. Particulars Andhra Paper Limited
1 Financial Year ended on 31st March, 2024
2 Reporting Currency Indian Rupees
3 Share Capital 3,977.00
4 Reserve & Surplus / (Accumulated Losses) 1,85,343.08
5 Total Assets 2,45,095.13
6 Total Liabilities 55,775.05

145-212 >>>
7 Investments 1,02,876.68
8 Total Turnover 1,80,057.97
9 Profit / (Loss) before tax 45,564.29
10 Provision for Income Tax 11,590.37
11 Profit / (Loss) after tax 33,973.92
12 Proposed Dividend -
13 % of Shareholding 72.31% Consolidated Financials

Sl. No. Particulars Uniply Decor Limited

1 Financial Year ended on 31st March, 2024
2 Reporting Currency Indian Rupees
3 Share Capital 1,400.00
4 Reserve & Surplus / (Accumulated Losses) (62.03)
5 Total Assets 2,836.47
6 Total Liabilities 1,498.50
7 Investments -
8 Total Turnover -
9 Profit / (Loss) before tax (62.03)
10 Provision for Income Tax -
11 Profit / (Loss) after tax (62.03)
12 Proposed Dividend -
13 % of Shareholding 100%
144 West Coast Paper Mills Limited Annual Report 2023-24

Form AOC - I (contd.)

(` In Lakhs)
Sl. No. Particulars Wesco Defence Systems
Limited
1 Financial Year ended on 31st March, 2024
2 Reporting Currency Indian Rupees
3 Share Capital 100.00
4 Reserve & Surplus / (Accumulated Losses) 1.92
5 Total Assets 102.54
6 Total Liabilities 0.62
7 Investments 101.99
8 Total Turnover 2.60
9 Profit / (Loss) before tax 2.35
10 Provision for Income Tax 0.43
11 Profit / (Loss) after tax 1.92
12 Proposed Dividend -
13 % of Shareholding 100%
Part - “B” : Associates and Joint Ventures
Statement pursuant to Section 129(3) of the Companies Act, 2013 related to Associate Companies

Sl. No. Particulars Speciality Coatings &

Lamination Limited
1 Financial Year / period ended on 31st March, 2024
2 Shares of Associate held by the company on the year end
a. Number of Equity Shares 18,50,130
b. Amount of investment in Associate * -
c. Extent of holding % 37.33%
3 Description of how there is significant influence Based on shareholding
4 Reason why the associate is not considered for consolidation* -
5 Net worth attributable to Shareholding as per latest Un-audited Balance (192.06)
Sheet
6 Loss for the year (2.06)
i) Considered in consolidation Nil
ii)Not considered in consolidation (2.06)

* Investment value is ` 185.01 Lakhs which was fully impaired in earlier years.

For and on behalf of the Board

S. K. Bangur Virendraa Bangur

Chairman & Managing Director Joint Managing Director

Place: Dandeli Rajendra Jain Rajesh Bothra Brajmohan Prasad

Date: May 27, 2024 Executive Director Chief Financial Officer Company Secretary
 Consolidated 145

Independent Auditor’s Report

To the Members of West Coast Paper Mills Limited
Report on the Audit of the Consolidated Financial Statements

01-81
Opinion
We have audited the consolidated financial statements of West Coast Paper Mills Limited (hereinafter referred to

>>>
as the ‘Holding Company”) and its subsidiaries (Holding Company and its subsidiaries together referred to as “the
Group”), which comprise of the consolidated balance sheet as at 31 March, 2024, and the consolidated statement
of profit and loss (including other comprehensive income), consolidated statement of changes in equity and

Statutory Reports
consolidated statement of cash flows for the year then ended, and notes to the Consolidated Financial Statements,
including a summary of significant accounting policies and other explanatory information (hereinafter referred to as
“the Consolidated Financial Statements”).
In our opinion and to the best of our information and according to the explanations given to us, and based on
the consideration of report of other auditors on separate financial statements of subsidiaries as was audited by the
other auditors, the aforesaid Consolidated Financial Statements give the information required by the Companies Act,
2013 (“Act”) in the manner so required and give a true and fair view in conformity with Indian Accounting Standards

82-144
prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended, (“Ind AS”) and otherthe accounting principles generally accepted in India, of the consolidated state of affairs
of the Group as at 31 March 2024, of its consolidated profit including other comprehensive income, consolidated

>>>
changes in equity and their consolidated cash flows for the year then ended on that date.
Basis for Opinion

Standalone Financials
We conducted our audit of the consolidated financial statements in accordance with the Standards on Auditing (SAs)
specified under section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditor’s
Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the
Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with
the ethical requirements that are relevant to our audit of the consolidated financial statements under the provisions
of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that the audit evidence obtained by us along with the consideration
of audit report of the other auditor referred to “Other Matters” paragraph below, is sufficient and appropriate to
provide a basis for our opinion on the Consolidated Financial Statements.

145-212 >>>
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
consolidated financial statements of the current period. These matters were addressed in the context of our audit
of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is
provided in that context Consolidated Financials
Key audit matters How our audit addressed the key audit matter
1. Revenue Recognition (Refer note no. 1 (III) (G) and 28 to Consolidated Financial Statements)
Revenue is recognized at an amount that reflects As part of our audit procedures, we:
the consideration to which the Company expects  Read the Group’s accounting policy for revenue recognition
to be entitled in exchange for transferring goods and assessed compliance with the requirements of Ind AS 115.
to a customer. The revenue recognition occurs
 Evaluated the design, tested the implementation and
at a point in time when the control of the goods
operating effectiveness of the Group’s internal controls
is transferred to the customer.
including general IT controls and key IT application controls
We focused on this area as a key audit matter over recognition of revenue.
as the value is significant and inherent risk exists
 On a sample basis, tested supporting documentation for
of revenue being recognized before the control
sales transactions which included sales invoices, customer
is transferred, including risk of incorrect timing
contracts and shipping documents.
of estimation related to recording the discounts
and rebates.  Tested revenue samples focused on sales recorded
immediately before the year-end, obtained evidence as
regards timing of revenue recognition, based on terms and
conditions of sales contracts and delivery documents.
 Assessed disclosures in financial statements in respect of
revenue, as specified in Ind AS 115.
146 West Coast Paper Mills Limited Annual Report 2023-24

Independent Auditor’s Report (Contd.)

2. Provision and contingent liability related to taxation, litigation and claims (Refer note no. 39 to
Consolidated Financial Statements)
The Group has ongoing litigations with various As part of our audit procedures, we:
regulatory and tax authorities and third parties.  Obtained an understanding of management’s process to
Where an outflow of funds is believed to identify new obligations and changes in existing obligations
be probable and a reliable estimate of the for compliance with Ind AS 12 – Income taxes and Ind AS 37 -
outcome of the dispute can be made based Provisions, Contingent Liabilities and Contingent Assets.
on management’s assessment of specific
 analysed significant changes in material provisions from prior
circumstances of each dispute and relevant
periods and obtained a detailed understanding of these
external advice, management provides for its
changes and assumptions applied.
reliable estimate of the liability. Such accruals
are by nature complex and can take number  Our audit procedures related to material provisions recognised
of years to resolve and can involve estimation and contingent liabilities disclosed in the Consolidated
uncertainty. financial statements included:
• Assessment of the recognition criteria for the liability;
Due to the level of judgement relating to • Evaluation of the methodology adopted by management
recognition, valuation and presentation of for the measurement of the liability;
provisions and contingent liabilities, this is • Assessment of the other key measurement assumptions
considered to be a key audit matter and inputs.
• We have obtained opinions and confirmations from
internal /external experts and legal counsel, where
necessary, which we have relied upon.
 We reviewed the minutes of the Board meetings including
other committees to evaluate the process and controls over
obligations operated by management.
 Testing of the mathematical accuracy of the measurement
calculation.
 We assessed the appropriateness of the presentation of
the most significant contingent liabilities in the financial
statements.
3. Capital Expenditure in respect of property, plant and equipment and capital work in progress (as described
in notes 2 and 5 of the consolidated Ind AS financial statements)
The Company has incurred significant Our audit procedures included the following:
expenditure on capital projects, as reflected by  We obtained an understanding of the Company’s
the total value of additions in property plant and capitalisation policy and assessed for compliance with the
equipment and capital work in progress in notes relevant accounting standards.
2 and 5 of the consolidated financial statements.
 We obtained understanding, evaluated the design and tested
The Company is in the process of executing a the operating effectiveness of controls related to capital
project for expansion of existing capacity at one expenditure and capitalisation of assets.
of its Division. These projects take a substantial
 We performed substantive testing on a test basis for each
period of time to get ready for intended use. We
element of capitalised costs including inventory issued to
considered Capital expenditure as a Key audit
contractors for the purpose of these projects, process of
matter due to:
identification of directly attributable cost by the management,
• Significance of amount incurred on such including verification of underlying supporting evidence and
items during the year ended March 31, understanding nature of the costs capitalised.
2024.
 In relation to borrowing costs we obtained the supporting
• Judgement and estimate required by calculations, verified the inputs to the calculation and tested
management in assessing assets meeting the arithmetical accuracy of the model.
the capitalisation criteria set out in Ind AS
 We verified the necessary evidence for determining the date
16 Property, Plant and Equipment.
of capitalization of the assets.
• Judgement involved in determining the
We obtained understanding on management assessment relating
eligibility of costs including borrowing cost
to progress of projects and their intention to bring the asset to its
and other directly attributable costs for
intended use
capitalisation as per the criteria set out in
Ind AS 16 Property, Plant and Equipment.
 Consolidated 147
Independent Auditor’s Report (Contd.)
Information Other than the Financial Statements and Auditor’s Report Thereon

The Holding Company’s management and Board of Directors are responsible for the other information. The other

01-81
information comprises the information included in the Holding Company’s annual report, but does not include the
Consolidated Financial Statements and our Auditor’s Report thereon.The Annual Report is expected to be made
available to us after the date of this auditor’s report.

>>>
Our opinion on the Consolidated Financial Statements does not cover the other information and we do not express
any form of assurance thereon.

Statutory Reports
In connection with our audit of the Consolidated Financial Statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the Consolidated
Financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based
on the work we have performed and based on the work done/ audit report of other auditor, we conclude that there
is a material misstatement of this other information, we are required to report that fact. We have nothing to report in
this regard.

82-144
Responsibilities of the Management for the Consolidated Financial Statements

>>>
The Holding Company’s management and Board of Directors are responsible for the preparation and presentation
of these Consolidated Financial Statements in term of the requirements of the Act that give a true and fair view
of the consolidated financial position, consolidated financial performance including other comprehensive income,

Standalone Financials
consolidated statement of changes in equity and consolidated cash flows of the Group in accordance with the
accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified
under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. The
respective Management and Board of Directors of the companies/entities included in the Group are responsible
for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the
assets of each company and for preventing and detecting frauds and other irregularities; the selection and application
of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the

145-212 >>>
design, implementation and maintenance of adequate internal financial controls, that were operating effectively for
ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the
Consolidated Financial Statements that give a true and fair view and are free from material misstatement, whether due
to fraud or error, which have been used for the purpose of preparation of the Consolidated Financial Statements by
the Directors of the Holding Company, as aforesaid.

In preparing the Consolidated Financial Statements, the respective management and Board of Directors of the Consolidated Financials
Company and of its subsidiaries included in the Group are responsible for assessing the ability of each company to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

The respective management and Board of Directors of the Company and of its subsidiaries included in the Group are
responsible for overseeing the financial reporting process of each Group.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an Auditor’s Report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these Consolidated Financial Statements.
148 West Coast Paper Mills Limited Annual Report 2023-24

Independent Auditor’s Report (Contd.)

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism
throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Consolidated Financial Statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing
our opinion on the internal financial controls with reference to the Consolidated Financial Statements and the
operating effectiveness of such controls based on our audit.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by Management and Board of Directors.

• Conclude on the appropriateness of Management and Board of Directors use of the going concern basis of
accounting in preparation of Consolidated Financial Statements and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may cast significant doubt on ability
of the Group to continue as a going concerns. If we conclude that a material uncertainty exists, we are required
to draw attention in our Auditor’s Report to the related disclosures in the Consolidated Financial Statements
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our Auditor’s Report. However, future events or conditions may cause the Group
(Holding Company and Subsidiaries) to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Consolidated Financial Statements, including the
disclosures, and whether the Consolidated Financial Statements represent the underlying transactions and events
in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of such entities or business
activities within the Group to express an opinion on the Consolidated Financial Statements, of which we are the
independent auditors. We are responsible for the direction, supervision and performance of the audit of financial
information of such entities included in the Consolidated Financial Statements of which we are the independent
auditors. For the other entity included in the Consolidated Financial Statements, which has been audited by other
auditor, such other auditor remains responsible for the direction, supervision and performance of the audit carried
out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further
described in the section titled ‘Other Matters’ in this audit report.

Materiality is the magnitude of misstatements in the Consolidated Financial Statements that, individually or in
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Consolidated
Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning
the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified
misstatements in the Consolidated Financial Statements.

We believe that the audit evidence obtained by us along with the consideration of audit report of the other auditor
referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion
on the Consolidated Financial Statements.

We communicate with those charged with governance of the Holding Company and such other entities included in
the Consolidated Financial Statements of which we are the independent auditors regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.
 Consolidated 149
Independent Auditor’s Report (Contd.)
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.

01-81
From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the Consolidated Financial Statements for the financial year ended March 31, 2024

>>>
and are therefore the key audit matters. We describe these matters in our Auditor’s Report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter

Statutory Reports
should not be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.

Other Matters

We did not audit the financials statements of 4 subsidiaries whose financial statements includes total assets of
` 2,48,968.01 Lakhs as at March 31, 2024, total revenues of `1,92,394.02 Lakhs, total net profit after tax of `34,146.20
Lakhs, total comprehensive income of `36,246.96 Lakhs for the year ended March 31, 2024 and net cash inflow of

82-144
`(-) 847.01 Lakhs for the year ended March 31, 2024, as considered in the Consolidated Financial Statements. These
Financial Statements have been audited by other auditor whose report has been furnished to us by the Management

>>>
and our opinion on the Consolidated Financial Statements and our report in terms of sub-section (3) of Section 143 of
the Act, in so far as it relates to the amounts and disclosures included in respect of the subsidiary, are based solely on
the reports of the other auditor.

Standalone Financials
Our opinion on the Consolidated Financial Statements is not modified in respect of the above matters with respect to
our reliance on the work done and the reports of the other auditors.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020, issued by the Central Government of India in terms
of sub-section (11) of section 143 of the Act, (hereinafter referred to as the “Order”), to report on the matters

145-212 >>>
specified in paragraphs 3 and 4 of the Order, to the extent applicable, we report that there have not been any
qualifications or adverse remarks by the respective auditors in the Companies (Auditor’s Report) Order (CARO)
reports of the companies included in these consolidated financial statements.

2. As required by section 143(3) of the Act, based on our audit and on the consideration of report of the other auditor
on separate financial statements of such subsidiaries as was audited by other auditors, as noted in the ‘Other
Matters’ paragraph, we report, to the extent applicable, that: Consolidated Financials

a) We have sought and obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit of the aforesaid Consolidated Financial Statements.

b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid Consolidated
Financial Statements have been kept so far as it appears from our examination of those books and the report
of the other auditor.

c) The consolidated balance sheet, the consolidated statement of profit and loss (including other comprehensive
income), the consolidated statement of changes in equity and the consolidated statement of cash flows dealt
with by this Report are in agreement with the relevant books of account maintained for the purpose of
preparation of the Consolidated Financial Statements.

d) In our opinion, the aforesaid Consolidated Financial Statements comply with the IndAS specified under
Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended.
150 West Coast Paper Mills Limited Annual Report 2023-24

Independent Auditor’s Report (Contd.)

e) On the basis of the written representations received from the directors of the Holding Company as on 31
March 2024 taken on record by the Board of Directors of the Holding Company and the reports of the statutory
auditors of its subsidiary companies incorporated in India, none of the directors of the Group companies
incorporated in India are disqualified as on 31 March 2024 from being appointed as a director in terms of
section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls with reference to financial statements of the
Holding Company and its subsidiary companies incorporated in India and the operating effectiveness of such
controls, refer to our separate Report in “Annexure A”.

g) With respect to the matter to be included in the Auditor’s Report under section 197(16): In our opinion and
according to the information and explanations given to us the remuneration paid during the current year by
the Holding Company and its subsidiary companies, where applicable, to its directors is in accordance with
the provisions of section 197 of the Act. The remuneration paid to any director by the Holding Company and
its subsidiary companies is not in excess of the limit laid down under section 197 of the Act,

h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according
to the explanations given to us and based on the consideration of the reports of the other auditors on separate
financial statements of the subsidiaries as noted in the ‘Other Matters’ paragraph:

i. The Consolidated Financial Statements disclose the impact of pending litigations as at 31 March 2024 on
the consolidated financial position of the Group. Refer Note 39 to the Consolidated Financial Statements;

ii. The Group has accounted for material foreseeable losses, if any, for long-term contracts including
derivative contracts, during the year end March 31, 2024.

iii. There has been no delay in transferring amounts to the Investor Education and Protection Fund by the
Holding Company or its subsidiary companies incorporated in India during the year ended 31 March
2024;

iv. The Management has represented that, to the best of its knowledge and belief:

(a) No funds have been advanced or loaned or invested (either from borrowed funds or share premium
or any other sources or kind of funds) by the Group to or in any other person(s) or entity(ies) including
foreign entities (“Intermediaries”) with the understanding, recorded in writing or otherwise, that the
intermediary shall, either directly or indirectly lend or invest in other persons or entities identified
in any manner whatsoever by or on behalf of the Group (‘Ultimate Beneficiaries’) or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(b) No funds have been received by the Group from any person(s) or entity(ies) including foreign
entities (“Funding Parties”), with the understanding, recorded in writing or otherwise, that the Group
shall, either directly or indirectly, lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.

(c) Based on audit procedures, as considered reasonable and appropriate in the circumstances,
performed by us and the auditors of the subsidiaries, we report that nothing has come to our notice
that has caused us to believe that the representations as above contain any material mis-statement.
 Consolidated 151
Independent Auditor’s Report (Contd.)
v. The dividend declared or paid during the year as well as the dividend proposed (which is subject to
members approval at the ensuing Annual General Meeting) by the Holding Company and its Indian
subsidiaries are in compliance with Section 123 of the Act.

01-81
vi. Based on our examination which included test checks, the Company has used accounting software for
maintaining its books of account which has a feature of recording audit trail (edit log) facility and the

>>>
same has not operated throughout the year for all relevant transactions recorded in the software and also
audit trail feature was not enabled at database level, as described in note 66 to the financial statements.

Statutory Reports
Further, during the course of our audit we did not come across any instance of audit trail feature being
tampered with in respect of other accounting software.

For Singhi & Co.,

Chartered Accountants
Firm Registration no: 302049E
Sudesh Choraria

82-144
Partner
Date: May 27,2024 Membership no: 204936
Place: Mumbai UDIN: 24204936BKGEAV4250

>>>
Standalone Financials
145-212 >>>
Consolidated Financials
152 West Coast Paper Mills Limited Annual Report 2023-24

Annexure – A
to the Independent Auditor’s Report of even date to the members of West Coast Paper Mills Limited on the Consolidated
Financial Statements as of and for the year ended March 31, 2024

(Referred to in paragraph 2 (f) of our Report on Other legal and regulatory requirements)
In conjunction with our audit of the Consolidated Financial Statements of West Coast Paper Mills Limited (‘the Holding
Company’) as of and for the year ended 31st March 2024, we have audited the internal financial controls over financial
reporting of the Holding Company and its subsidiary companies incorporate in India, as of that date.
Management’s Responsibility for Internal Financial Controls
The respective Company’s management and the Board of Directors are responsible for establishing and maintaining
internal financial controls with reference to Consolidated Financial Statements based on the criteria established by
the respective Company considering the essential components of internal control stated in the Guidance Note. These
responsibilities include the design, implementation and maintenance of adequate internal financial controls that
were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the
respective company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as
required under the Companies Act, 2013 (hereinafter referred to as “the Act”).
Auditor’s Responsibility
Our responsibility is to express an opinion on the internal financial controls with reference to Consolidated Financial
Statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on
Auditing, prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls
with reference to Consolidated Financial Statements. Those Standards and the Guidance Note require that we comply
with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate
internal financial controls with reference to Consolidated Financial Statements were established and maintained and
if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial
controls with reference to Consolidated Financial Statements and their operating effectiveness. Our audit of internal
financial controls with reference to Consolidated Financial Statements included obtaining an understanding of
internal financial controls with reference to Consolidated Financial Statements, assessing the risk that a material
weakness exists, and testing and evaluating the design and operating effectiveness of the internal controls based on
the assessed risk. The procedures selected depend on the Auditor’s judgement, including the assessment of the risks
of material misstatement of the Consolidated Financial Statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the internal financial controls with reference to Consolidated Financial Statements.
Meaning of Internal Financial Controls with reference to Consolidated Financial Statements
A company’s internal financial controls with reference to Consolidated Financial Statements are a process designed to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles. A company’s internal financial
controls with reference to Consolidated Financial Statements includes those policies and procedures that (1) pertain
to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions
of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorisations of management and directors
of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised
acquisition, use, or disposition of the company’s assets that could have a material effect on the consolidated financial
statements.
 Consolidated 153
Annexure – A
to the Independent Auditor’s Report (Contd.)
Inherent Limitations of Internal Financial Controls with reference to Consolidated Financial Statements
Because of the inherent limitations of internal financial controls with reference to Consolidated Financial Statements,

01-81
including the possibility of collusion or improper management override of controls, material misstatements due to
error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls

>>>
with reference to Consolidated Financial Statements to future periods are subject to the risk that the internal financial
controls with reference to Consolidated Financial Statements may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Statutory Reports
Opinion
In our opinion, the Holding Company and its subsidiary companies incorporated in India have, in all material respects,
adequate internal financial controls with reference to Consolidated Financial Statements and such internal financial
controls were operating effectively as at March 31, 2024, based on the internal financial controls with reference to
Consolidated Financial Statements criteria established by such companies considering the essential components of
such internal controls stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting

82-144
issued by the Institute of Chartered Accountants of India.
Other Matter

>>>
Our aforesaid reports are under section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal
financial controls over financial reporting insofar as it relates to subsidiaries, which are incorporated in India, is based
on the corresponding reports of the auditors of such companies. Our opinion is not qualified in respect of this matter.

Standalone Financials
For Singhi & Co.,
Chartered Accountants
Firm Registration no: 302049E
Sudesh Choraria
Partner

145-212 >>>
Date: May 27,2024 Membership no: 204936
Place: Mumbai UDIN: 24204936BKGEAV4250

Consolidated Financials
154 West Coast Paper Mills Limited Annual Report 2023-24

Consolidated Balance Sheet (` in Lakhs)

as at March 31, 2024

Note March 31, 2024 March 31, 2023
ASSETS
Non-Current Assets
Property, Plant and Equipment 2 1,57,338.00 1,33,795.62
Capital Work-in-Progress 5 20,512.27 5,327.92
Right of Use Assets 2 2,354.21 2,747.00
Goodwill 3 18,371.29 18,371.29
Intangible Assets 3 9,319.82 10,250.40
Intangible Assets Under Development 4 502.12 144.76
Biological Assets Other Than Bearer Plants 6 788.87 733.43
Financial Assets :
i. Other Investments 7 36,336.13 27,137.53
ii. Loans 8 - 1,000.00
iii. Other Financial Assets 9 923.49 1,053.09
Current Tax Assets (net) 10 4,113.54 1,225.05
Deferred Tax Assets (net) 11 - 1,049.04
Other Non-Current Assets 12 9,133.93 8,243.23
Total Non-Current Assets 2,59,693.67 2,11,078.37
Current Assets
Inventories 13 68,153.62 49,231.14
Financial Assets :
i. Investments 7 1,36,698.28 1,03,854.83
ii. Trade Receivables 14 25,717.76 33,230.49
iii. Cash and Cash Equivalents 15 2,547.31 3,609.34
iv. Other Bank Balances 16 1,799.65 3,894.70
v. Loans 8 1,191.73 2,686.07
vi. Other Financial Assets 9 2,015.73 904.70
Other Current Assets 17 14,024.87 9,826.06
Total Current Assets 2,52,148.95 2,07,237.33
Total Assets 5,11,842.62 4,18,315.70
EQUITY AND LIABILITIES
Equity
Equity Share Capital 18 1,320.98 1,320.98
Other Equity 19 3,22,849.60 2,56,753.97
Non-Controlling Interest 19 56,868.44 48,383.33
Total Equity 3,81,039.02 3,06,458.28
Liabilities
Non-Current Liabilities
Financial Liabilities
i. Borrowings 20 13,950.25 6,957.59
ii. Lease Liabilities 21 1,945.63 2,359.07
iii. Other Financial Liabilities 22 4,517.67 4,856.76
Deferred Tax Liabilities (net) 23 14,117.07 9,970.52
Other Non-Current Liabilities 24 8,806.54 8,380.16
Provisions 28 1,434.71 1,054.14
Total Non-Current Liabilities 44,771.87 33,578.24
Current Liabilities
Financial Liabilities :
i. Borrowings 25 11,140.22 13,274.95
ii. Lease Liabilities 21 596.05 512.17
iii. Trade Payables
a) Total outstanding dues of micro and small enterprises 26 4,566.67 3,580.37
b) Total outstanding dues of creditors other than micro and small enterprises 26 28,333.49 26,901.78
iv. Other Financial Liabilities 22 24,433.93 17,339.46
Other Current Liabilities 27 9,787.42 8,192.26
Provisions 28 7,173.95 8,478.20
Total Current Liabilities 86,031.73 78,279.18
Total Equity and Liabilities 5,11,842.62 4,18,315.70
Material Accounting Policies 1
The accompanying notes are an integral part of the Consolidated Financial Statements.
As per our Report of even date For and on behalf of the Board
For Singhi & Co.
Chartered Accountants
Firm Registration No. 302049E S. K. Bangur Virendraa Bangur
Sudesh Choraria Chairman & Managing Director Joint Managing Director
Partner
M.No. 204936 Rajendra Jain Rajesh Bothra Brajmohan Prasad
Place: Dandeli Executive Director Chief Financial Officer Company Secretary
Date: May 27, 2024
 Consolidated 155

Consolidated Statement of Profit and Loss (` in Lakhs)

for the year ended March 31, 2024

01-81
Note For the year ended
March 31, 2024 March 31, 2023
REVENUE

>>>
Revenue from Operations 29 4,44,724.36 4,91,198.08
Revenue from Trading Operations 30 43.80 878.19
Other Income 31 17,033.98 7,756.65

Statutory Reports
Total Income 4,61,802.14 4,99,832.92
EXPENSES
Cost of Materials Consumed 32 2,14,412.97 2,06,317.13
Purchases of Stock in Trade 33 38.83 750.36
Changes in Inventories of Finished Goods & Work-in-Progress 34 (994.76) (2,848.66)
Employee Benefits Expense 35 39,067.68 36,668.43
Finance Costs 36 2,390.01 3,707.29
Depreciation and Amortization Expense 37 18,510.42 18,947.01

82-144
Other Expenses 38 83,048.49 86,970.07
Total Expenses 3,56,473.64 3,50,511.63
Profit / (Loss) Before Exceptional Items and Tax 1,05,328.50 1,49,321.29

>>>
Exceptions Items (Refer Note 65) - (1,538.37)
Profit / (Loss) Before Tax 1,05,328.50 1,47,782.92
Income Tax Expense 39

Standalone Financials
Current Tax 26,946.27 41,427.42
Mat Credit (Entitlement) / Reversals 138.19 (18.54)
Deferred Tax (364.48) (2,327.17)
Total Tax Expenses 26,719.98 39,081.71
Profit / (Loss ) for the Period from Continuing Operations 78,608.52 1,08,701.21
Other Comprehensive Income 19
Items that will not be reclassified to Profit or Loss
(a) Remeasurement of Employees Benefit Obligations (545.44) (459.95)
(b) Equity Instruments through Other Comprehensive Income 5,367.39 (740.58)

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(c) Income Tax on above (741.01) 293.62
Other Comprehensive Income / (Loss) for the Period ( Net of Tax ) 4,080.94 (906.91)
Total Comprehensive Income / (Loss) for the year 82,689.46 1,07,794.30
Net Profit / (Loss) attributable to :
Owners 69,201.16 94,197.62
Non-Controlling Interests 9,407.36 14,503.59

Consolidated Financials
78,608.52 1,08,701.21
Other Comprehensive Income / (Loss) attributable to :
Owners 3,499.35 (780.41)
Non-Controlling Interests 581.59 (126.50)
4,080.94 (906.91)
Total Comprehensive Income / (Loss) attributable to :
Owners 72,700.51 93,417.21
Non-Controlling Interests 9,988.95 14,377.09
82,689.46 1,07,794.30
Earnings Per Share ( Basic / Diluted) (in `) 104.77 142.62
Material Accounting Policies 1
The accompanying notes are an integral part of the Consolidated Financial Statements.

As per our Report of even date For and on behalf of the Board
For Singhi & Co.
Chartered Accountants
Firm Registration No. 302049E S. K. Bangur Virendraa Bangur
Sudesh Choraria Chairman & Managing Director Joint Managing Director
Partner
M.No. 204936 Rajendra Jain Rajesh Bothra Brajmohan Prasad
Place: Dandeli Executive Director Chief Financial Officer Company Secretary
Date: May 27, 2024
156 West Coast Paper Mills Limited Annual Report 2023-24

Consolidated Statement of Changes in Equity

for the year ended March 31, 2024 (All amounts of ` In Lakhs except share data and unless otherwise stated)

A. EQUITY SHARE CAPITAL

Particulars Balance at the beginning of Changes in equity share Balance at the end of the
the reporting year capital during the year* reporting year
No. of Shares Amount in No. of Shares Amount in No. of Shares Amount in
Lakhs Lakhs Lakhs
For the year ended March 31, 2023 6,60,48,908 1,320.98 - - 6,60,48,908 1,320.98
For the year ended March 31, 2024 6,60,48,908 1,320.98 - - 6,60,48,908 1,320.98

* There were no change in Equity Share Capital due to prior period errors.
B. OTHER EQUITY
Particulars Reserves & Surplus Other Total Total
Security Retained Capital Equity General Remeasure- Comprehensive attributable to Attributable
Premium Earnings Redemption Share Reserve ment Income Owners of the to Non
Account Reserve Warrant of Net Company Controlling
Forfeited Defined Interest
Benefit Plan
Opening as on April 01, 2022 14,572.54 1,10,446.32 6,500.00 277.50 36,934.35 (1,561.80) 130.78 1,67,299.69 34,882.55 2,02,182.24
Non-Controlling Interest on - - - - - - - - (47.55) (47.55)
Acquisition of Subsidiary
Profit for the year - 94,197.62 - - - - - 94,197.62 14,503.59 1,08,701.21
Remeasurement Gain / (Loss) - - - - - (257.12) - (257.12) (22.45) (279.58)
Defined Benefit Plan ( Net of Tax )
Remeasurement of Equity - - - - - - (523.29) (523.29) (104.05) (627.33)
Instruments ( Net of Tax )
Dividends paid (including - (3,962.93) - - - - - (3,962.93) (828.76) (4,791.69)
Dividend Distribution Tax)
Balance as on March 31, 2023 14,572.54 2,00,681.00 6,500.00 277.50 36,934.35 (1,818.92) (392.51) 2,56,753.97 48,383.34 3,05,137.30
Opening as on April 01, 2023 14,572.54 2,00,681.00 6,500.00 277.50 36,934.35 (1,818.92) (392.51) 2,56,753.97 48,383.34 3,05,137.30
Non-Controlling Interest on - - - - - - - - (127.38) (127.38)
Acquisition of Subsidiary
Profit for the year - 69,201.16 - - - - - 69,201.16 9,407.36 78,608.52
Remeasurement Gain / (Loss) - - - - - (354.47) - (354.47) (0.54) (355.01)
Defined Benefit Plan ( Net of Tax )
Remeasurement of Equity - - - - - - 3,853.83 3,853.83 582.13 4,435.96
Instruments ( Net of Tax )
Dividends paid (including - (6,604.89) - - - - - (6,604.89) (1,376.45) (7,981.34)
Dividend Distribution Tax)
Balance as on Mar 31, 2024 14,572.54 2,63,277.27 6,500.00 277.50 36,934.35 (2,173.39) 3,461.32 3,22,849.60 56,868.44 3,79,718.04

The accompanying notes are an integral part of the Consolidated Financial Statements.

As per our Report of even date For and on behalf of the Board
For Singhi & Co.
Chartered Accountants
Firm Registration No. 302049E S. K. Bangur Virendraa Bangur
Sudesh Choraria Chairman & Managing Director Joint Managing Director
Partner
M.No. 204936 Rajendra Jain Rajesh Bothra Brajmohan Prasad
Place: Dandeli Executive Director Chief Financial Officer Company Secretary
Date: May 27, 2024
 Consolidated 157

Consolidated Cash Flow Statement (` in Lakhs)

for the year ended March 31, 2024

01-81
PARTICULARS For the year ended
March, 31,2024 March, 31,2023

>>>
CASH FLOW FROM OPERATING ACTIVITIES
Profit / (Loss) Before Income Tax 1,05,328.50 1,47,782.92

Statutory Reports
Adjustments for:
Depreciation and Amortisation 18,510.42 18,947.01
Loss / (Gain) on Disposal of Property, Plant and Equipment 238.14 1,987.94
Loss / (Gain) on Sale of Investments (3,418.59) (605.32)
Net Loss / (Gain) on Financial Assets designated on FVTPL (3,332.35) (464.62)
Interest Income classified as Investing Cash Flow (6,833.65) (4,574.95)
Rent Receipt (83.85) -

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Finance Costs 2,369.85 3,665.72
Government Grant Income (580.17) (578.74)
Provision for Doubtful Debts 90.84 39.91

>>>
Net Exchange Differences 34.67 39.40
Fair Value adjustment in Investments (19.80) 5.27
Dividend Income (160.35) -

Standalone Financials
Changes in actuarial valuation of Employee Benefit 0.41 -
Liabilities & Provisions written back (2,222.74) (794.77)
Total 4,592.83 17,666.85
Operating Profit before Working Capital changes 1,09,921.33 1,65,449.77
Adjustment for:
(Increase) / Decrease in Trade Receivables 7,567.47 (8,910.87)
(Increase) / Decrease in Inventories (18,905.13) (9,712.70)

145-212 >>>
(Increase) / Decrease in Other Financial Assets (498.18) 327.29
(Increase) / Decrease in Other Non-Current Assets 191.46 (1,705.38)
(Increase) / Decrease in Other Current Assets (4,113.62) 3,833.70
Increase / (Decrease) in Trade Liabilities 4,472.24 3,308.24
Increase / (Decrease) in Provisions (926.30) (255.00)
Increase/ (Decrease) in Current Tax Liabilities (Net) (10.10) (12.62)
Consolidated Financials
Increase / (Decrease) in Other Financial Liabilities 4,024.35 3,982.56
Increase / (Decrease) in Current Liabilities 84.53 -
Increase / (Decrease) in Non-Current Liabilities 1,397.99 596.04
Acquisition of inventories of Subsidiary (72.81) -
Acquisition of Other Financial Assets of Subsidiary (1,550.23) -
Total (8,338.33) (8,548.74)
Cash Generated from Operations 1,01,583.00 1,56,901.03
Less: Income Tax paid (25,147.76) (33,129.58)
Net Cash Inflow / (Outflow) from Operating Activities 76,435.24 1,23,771.45
CASH FLOW FROM INVESTING ACTIVITIES
Payments for Property, Plant and Equipment (50,895.19) (16,134.92)
Acquisition of Property, Plant and Equipment of Subsidiary (1,192.84) -
Purchase of Intangible Assets (409.63) (146.58)
Proceeds from Sale of Property, Plant and Equipment 73.41 208.22
Purchase of Non-Current Investments (16,147.75) (31,078.27)
Proceeds from Sale of Non-Current Investments 1,073.23 5,482.38
Purchase of Current Investments (2,88,669.61) (3,73,578.62)
Proceeds from Sale of Current Investments 2,74,124.39 3,14,226.54
158 West Coast Paper Mills Limited Annual Report 2023-24

Consolidated Cash Flow Statement (Contd.) (` in Lakhs)

for the year ended March 31, 2024

Investment In Subsidaries (127.38) (47.56)
Inter-Corporate Deposits given 2,501.00 (7,936.00)
Inter-Corporate Deposits matured - 15,830.00
Term / Margin Money Deposits placed during the year (1,068.38) (1,992.10)
Term / Margin Money Deposits matured during the year 2,000.00 2,587.00
Bank Deposits 1,283.33 (1,243.56)
Rent Received 83.85 -
Interest Received 5,657.98 4,403.71
Dividend Income Received 307.06 20.15
Net Cash Inflow / (Outflow) from Investing Activities (71,406.53) (89,399.62)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds / (Repayment) of Long Term Borrowings 7,619.52 (21,644.79)
Proceeds / (Repayment) of Short Term Borrowings (2,818.62) (3,027.25)
Interest and Finance charges (2,093.39) (3,182.68)
Dividends paid to Company's Shareholders (7,981.34) (4,791.05)
Repayment of Lease Liabilities (816.91) (733.01)
Net Cash Inflow / (Outflow) from Financing Activities (6,090.74) (33,378.78)
Net increase / (Decrease) in Cash and Cash Equivalents (1,062.03) 993.05
Net increase / (Decrease) in Cash and Cash Equivalents during the (1,062.03) 993.05
year
Cash and Cash Equivalents at the Beginning of the Financial Year 3,609.34 2,616.29
Cash and Cash Equivalents at the End of the Financial Year 2,547.31 3,609.34

Reconciliation of Financial Liabilities - Borrowings 2023-24 2022-23

Opening Balance 21,587.51 46,522.48
Add: Proceeds / (Repayment) of Long Term Borrowings 7,619.52 (21,644.79)
Less: Proceeds / (Repayment) of Short Term Borrowings (2,818.62) (3,027.25)
Add / (Less): Non-Cash movement (524.49) (262.94)
25,863.92 21,587.51
The accompanying notes are an integral part of the Consolidated Financial Statements..
As per our Report of even date For and on behalf of the Board
For Singhi & Co.
Chartered Accountants
Firm Registration No. 302049E S. K. Bangur Virendraa Bangur
Sudesh Choraria Chairman & Managing Director Joint Managing Director
Partner
M.No. 204936 Rajendra Jain Rajesh Bothra Brajmohan Prasad
Place: Dandeli Executive Director Chief Financial Officer Company Secretary
Date: May 27, 2024
 Consolidated 159

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024

01-81
Note 1 – Company Overview, Basis of Preparation and Material Accounting Policies
I. The Company Overview:

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West Coast Paper Mills Limited, a Public Limited Company listed on the National Stock Exchange of India Limited
and the Bombay Stock Exchange Limited. The registered office of the Parent Company is situated at Bangur

Statutory Reports
Nagar, Dandeli 581325 District Uttar Kannada, Karnataka which was established in 1955. The Parent Company has
two business activities: Paper & Paper Board at Dandeli and Optical Fibre Cable at Mysore. The Company’s Dandeli
Plant and one of its subsidiary is integrated Pulp & Paper Plant and produce various type of quality Paper &
Paper Board. This caters to needs of innumerable industries in printing, writing, publishing, stationary, notebooks
and packaging sectors in India. The Company strongly believes on Continuous Improvement in product quality,
reduction in cost, and Environment Management. The Company is ISO 9001:2015 (QMS), ISO 14001:2015 (EMS)
and ISO 45001:2018 (OHSMS) Certified. The Company’s Mysore Plant and one of its other subsidiary produces

82-144
Optical Fibre Cable which cater requirement of telecom sector of India.
II. Basis of Preparation of Financial Statements:

>>>
a) Basis of Preparation:
The Consolidated Financial Statements (“the financial statements”) relate to the Company and its
subsidiaries (collectively “the group”) and its interest in associates. The Consolidated Financial Statements of

Standalone Financials
the Group, are prepared in accordance with the Indian Accounting Standards (Ind AS) under the historical
cost convention on the accrual basis.The Ind AS are prescribed under section 133 of the Companies Act,
2013, and the relevant provisions thereof. The financial statements of the subsidiary companies used in the
preparation of the Consolidated financial statements have been drawn upto the same report date as that of
the parent Company.
Accounting policies have been consistently applied except where a newly issued Accounting Standard
is initially adopted or a revision to an existing Accounting Standard requires a change in the accounting

145-212 >>>
policy hitherto in use.The Group has prepared these Consolidated Financial Statements as per the format
prescribed in Schedule III to the Companies Act, 2013.
b) Principles of consolidation and equity accounting:
i. Subsidiaries:

Consolidated Financials
Subsidiaries are all entities over which the Group has control. The Group controls an entity when
the Group is exposed to, or has rights to, variable returns from its involvement with the entity and
has the ability to affect those returns through its power to direct the relevant activities of the entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are
deconsolidated from the date that control ceases. The acquisition method of accounting is used to
account for business combinations by the Group. The Group combines the financial statements of the
Holding Company and its subsidiaries line by line adding together like items of assets, liabilities, equity,
income and expenses. Intercompany transactions, balances and unrealised gains on transactions
between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction
provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have
been changed where necessary to ensure consistency with the policies adopted by the Group.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the
consolidated statement of profit and loss, consolidated statement of changes in equity and
consolidated balance sheet respectively.
ii. Associates:
Associates are all entities over which the Group has significant influence but not control or joint
control. This is generally the case where the Group holds between 20% and 50% of the voting rights.
160 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.)
Investments in associates are accounted for using the equity method of accounting, after initially being
recognised at cost.
c) Business Combination and Goodwill:
The Group applies the acquisition method in accounting for business combinations. The consideration
transferred by the Group to obtain control of a subsidiary is calculated as the sum of the fair values of assets
transferred on acquisition-date, liabilities assumed and the equity interests issued by the Group, which
includes the fair value of any asset or liability arising from a contingent consideration arrangement. For this
purpose, the liabilities assumed include contingent liabilities representing present obligation and they are
measured at their acquisition date fair values irrespective of the fact that outflow of resources embodying
economic benefits is not probable. Acquisition costs are expensed as incurred.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are
measured initially at their fair values on acquisition-date. Deferred tax asset or liability arising from a business
combination are recognized in accordance with the requirements of Ind AS 12 “Income Taxes”.
Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred
and the amount recognised for non-controlling interests, and any previous interest held, over the net
identifiable assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of
the aggregate consideration transferred, the excess is recognised as capital reserve.
d) Functional and Presentation Currency:
The Consolidated Financial Statements have been presented in Indian Rupees (INR), which is the Company’s
functional currency. All financial information presented in INR has been rounded off to the nearest two
decimals of Lakhs unless otherwise stated.
e) Use of Estimates:
The preparation of the Financial Statements in conformity with the Ind AS requires Management to make
estimates and assumptions. These estimates and assumptions affect the reported amount of assets and
liabilities, disclosure of contingent liabilities as on the date of the Financial Statements and the reported
amount of revenues and expenses during the reporting period. Difference between the actual results and
estimates are recognized in the period in which the results are known/ materialized.
f) Classification of Assets and Liabilities as Current and Non-Current:
All Assets and Liabilities have been classified as Current or Non-Current as per the Group’s normal operating
cycle and other criteria set out in the Schedule III to the Companies Act, 2013. Based on the nature of
product & activities of the Group and their realisation in cash and cash equivalent, the Group has determined
its operating cycle as twelve months for the purpose of Current and Non-Current classification of assets and
liabilities. Deferred tax assets and liabilities are classified as non-current assets and liabilities.
III. Material Accounting Policies:
a) Property, Plant and Equipments (PPE):
PPE are stated at cost of acquisition (net of Cenvat & VAT / GST wherever applicable) or construction less
accumulated depreciation and impairment loss, if any. Cost includes any directly attributable cost of bringing
each asset to its working condition for intended use.
Assets under installation or under construction as at Balance Sheet date are shown as Capital work in
progress together with project expenses.
Subsequent expenditure on major maintenance or repairs includes the cost of the replacement of parts
of assets and overhaul costs. Where an asset or part of an asset is replaced and it is probable that future
economic benefits associated with the item will be available to the Group, the expenditure is capitalised
 Consolidated 161

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.)

01-81
and the carrying amount of the item replaced is derecognised. Similarly, overhaul costs associated with
major maintenance are capitalised and depreciated over their useful lives where it is probable that future
economic benefits will be available and any remaining carrying amounts of the cost of previous overhauls

>>>
are derecognised.
Decommissioning Liability:

Statutory Reports
Cost of PPE also includes the estimate of the costs of dismantling and removing the item and restoring
the land back on vacant conditions at the end of lease period. The Group has estimated such costs being
the present value of future liability for decommissioning. Such costs are capitalized and a provision of the
equivalent amount has been created. The provision is periodically increased by adding the interest cost at
the IRR determined by the Group.
Disposal of Assets:

82-144
An item of PPE is derecognised upon disposal or when no future economic benefits are expected to arise
from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of PPE

>>>
is determined as the difference between net disposal proceeds and the carrying amount of the asset and is
recognised in the Statement of Profit and Loss.
Intangible Assets:

Standalone Financials
Intangible Assets are stated at cost of acquisition less accumulated depreciation & impairment loss, if any.
An intangible asset is derecognised on disposal, or when no future economic benefits are expected from
use. Gains or losses arising from derecognition of an intangible asset, measured as the difference between
the net disposal proceeds and the carrying amount of the asset are recognised in the Statement of Profit
and Loss when the asset is derecognised.
b) Depreciation & Amortization:

145-212 >>>
The Parent Company and a subsidiary depreciates PPE over their estimated useful lives as per the provisions
of the Schedule II of the Companies Act, 2013. The estimated useful lives of PPE are as follows:

Sr. No. Particulars Useful Life Method

1. Factory Buildings 30 WDV
2. Non Factory Buildings 60 WDV
3. Plant, Machinery & Equipments* 05-20 WDV Consolidated Financials
4. Lease hold Improvement 08 WDV
5. Furniture, Fixtures and office equipments* 05-10 WDV
6. Motor Vehicles 08-10 WDV
7. Computers & other IT Assets 03 WDV
8. Roads & Drainage* 20 WDV
9. Intangible Assets* 03 WDV
*Based on technical evaluation, the Management believes that the useful lives as given above best represents
the period over which Management expects to use these assets. Hence, the useful lives for these assets are
different from the useful lives as prescribed under Part C of Schedule II of the Companies Act 2013.
In case of one of the Subsidiary Andhra Papers Ltd (APL), the estimated useful lives of PPE determined are as
follows:

Sr. No. Particulars Useful Life Method

1. Building Free-hold – Factory 30 SLM
2. Building Free-hold – Residential 60 SLM
3. Plant & Machinery 15-25 SLM
4. Lease Hold Improvements 4-8 SLM
162 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.)

Sr. No. Particulars Useful Life Method

5. Furniture 10 WDV
6. Office Equipments 5 WDV
7. Vehicles 8 WDV
8. Software 5-15 SLM
In respect of incremental cost arising on account of realized / notional gain / loss on foreign currency liability
for acquisition of fixed assets, depreciation is provided over the remaining residual life of the respective
assets.
Depreciation methods, useful lives and residual values are reviewed at least at the end of each financial year
Assets individually costing Rs.5,000 and below are fully depreciated in the year of acquisition.
c) Investment Properties:
Investment properties held to earn rentals or for capital appreciation or both are stated in the Balance Sheet
at cost, less accumulated depreciation and subsequent impairment losses. Any gain or loss on disposal
of investment property is determined as the difference between net disposal proceeds and the carrying
amount of the property and is recognised in the Statement of Profit and Loss. Transfer to, or from, investment
property is done at the carrying amount of the property.
d) Impairment of Non Financial Assets:
The carrying amounts of non financial assets are reviewed at each Balance Sheet date to determine if
there is any indication of impairment based on internal / external factors. An impairment loss is recognized
whenever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the
greater of fair value less cost of disposal and value in use. In assessing the value in use, the estimated future
cash flows are discounted to their present value based on an appropriate discount factor.
An impairment loss is recognized as an expense in the Statement of Profit and loss in the year in which an
asset is identified as impaired. The impairment loss recognized in the prior accounting years is reversed if
there has been a change in the estimate of recoverable amount.
e) Assets held for Sale:
The Group recognize Assets for Sale of those assets which are not in use and identified for sale / disposal. The
same is valued at carrying amount net or realizable value whichever is lower.
f) Valuation of Inventories:
Inventories of raw materials, stores, spares, machinery parts, building materials, loose tools etc. are valued at
weighted average cost, after providing for obsolescence, if any.
Work in process is valued at cost.
Finished goods & Stock-in-trade are valued at lower of cost or net realizable value.
The cost of finished goods and work in progress includes raw materials, direct labour, other direct costs and
related production overheads.
Net realizable value represents the estimated selling price for inventories less all estimated costs of
completion costs necessary to make the sale.
Stock of scrap is valued at realizable value.
Biological assets other than bearer plants which are matured and have market value are valued at fair value
Biological Assets which are immature are valued at cost.
g) Revenue Recognition:
Revenue is recognized on transfer of significant risks and rewards of ownership to the buyer and are adjusted
for discounts (net), Taxes and foreign exchange differences. Turnover is net of Goods & Service Tax collected
on behalf of the Government.
 Consolidated 163

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.)

01-81
Revenue from contracts with customers is recognised in accordance with Ind AS 115, when control of the
goods or services are transferred to the customer at an amount that reflects the consideration to which the
Company expects to be entitled in exchange for those goods or services.

>>>
Revenue is measured at the fair value of the consideration received / receivable taking into account
contractually defined terms of payment and excluding taxes or duties collected on behalf of the Government.

Statutory Reports
Sale of goods is recognised at the point in time when control of the goods is transferred to the customer. The
revenue is measured on the basis of the consideration defined in the contract with a customer, including
variable consideration, such as discounts, volume rebates, or other contractual reductions. As the period
between the date on which the Company transfers the promised goods to the customer and the date on
which the customer pays for these goods is generally one year or less, no financing components are taken
into account.
Export Incentive Scheme Benefits are recognized on accrual basis.

82-144
Interest income is recognized on time proportion basis taking into account the amount outstanding and
rate applicable.

>>>
Dividend income from investments purchased is recognised when the shareholder’s right to receive
payment has been established.
Rental income from investment properties and subletting of properties is recognised on a straight line basis

Standalone Financials
over the term of the relevant leases.
Insurance and other claims, to the extent considered recoverable, are accounted for in the year of claim.
h) Cash and Cash Equivalents:
Cash and cash equivalents comprise cash on hand, Cash at Bank and demand deposits with banks which are
subject to an insignificant risk of change in value.
i) Research and Development Expenditure:

145-212 >>>
Revenue expenditure on research & development is charged to Profit & Loss account and capital expenditure
is added to the cost of fixed assets in the year in which it is Incurred.
j) Employee Benefits:
Contribution to Provident Fund is accounted for on accrual basis. The Provident Fund contributions are
made to a Trust administered by the Company. The interest rate payable to the members of the Trust is not
lower than statutory rate of interest declared by the Central Government under the Employees Provident Consolidated Financials
Funds and Miscellaneous’ Provisions Act, 1952 and shortfall, if any, is made good by the Company. Such
shortfall on account of interest, if any, is recognized in the Statement of Profit and Loss.
Company’s defined contributions made to Pension Fund of Government and Superannuation Scheme of
Life Insurance Corporation of India are charged to the Statement of Profit and Loss on accrual basis.
Contribution to Gratuity Fund and provision for Leave Encashment is based on actuarial valuation carried
out as on the Balance Sheet date as per Projected Unit Credit Method.
The Company recognizes the net obligation of a defined benefit plan in its balance sheet as an asset or
liability. Gains or losses through re-measurements of the net defined benefit liability/ (asset) are recognized
in other comprehensive income.
k) Earnings Per Share(EPS):
Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of
the company by the weighted average number of equity shares outstanding during the period.
The number of equity shares are adjusted retrospectively for all periods presented for any share splits and
bonus shares issues including for changes effected prior to the approval of the financial statements by the
Board of Directors.
164 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.)

l) Foreign Currency Transactions:

Foreign currency transactions are accounted at the exchange rates prevailing on the date of transactions.
Foreign currency current assets and current liabilities outstanding at the balance sheet date are translated
at the exchange rate prevailing on that date and the resultant gain or loss is recognized in the Statement of
Profit & Loss.
Any income or expenses on account of exchange difference either on settlement or on translation is
recognized in the Statement of Profit and Loss except in case of long term liabilities, where they relate to
acquisition or construction of fixed assets, in which case they are adjusted to the carrying cost of such assets
in accordance with the exemption under Para D13AA of Ind AS 101.
m) Financial Instruments:
Financial Assets :
Financial assets are classified as ‘equity instrument’ if it is a non-derivative and meets the definition of ‘equity’
for the issuer. All other non-derivative financial assets are ‘debt’.
All Financial Assets are recognised on trade date when the purchase of a financial asset is under a contract
whose term requires delivery of the financial asset within the timeframe established by the market concerned.
Financial assets are initially measured at fair value, plus transaction costs, except for those financial assets
which are classified as at fair value through profit or loss (FVTPL) at inception. All recognised financial assets
are subsequently measured in their entirety at either amortised cost or fair value.
Trade Receivables:
A Receivable is classified as a ‘trade receivable’ if it is in respect to the amount due from customers on account
of goods sold or services rendered in the ordinary course of business. Trade receivables are recognised at
transaction value and subsequently measured at transaction value less provision for impairment. For some
trade receivables the Company may obtain security in the form of guarantee, security deposit or letter of
credit which can be called upon if the counterparty is in default under the terms of the agreement.
Impairment is made on the expected credit losses, which are the present value of the cash shortfalls over
the expected life of financial assets. The estimated impairment losses are recognised in a separate provision
for impairment and the impairment losses are recognised in the Statement of Profit and Loss within other
expenses.
Financial assets at Fair Value through Profit and Loss (FVTPL):
Financial assets that do not meet the criteria of classifying as amortised cost or fair value through other
comprehensive income described above, or that meet the criteria but the entity has chosen to designate as
at FVTPL at initial recognition, are measured at FVTPL.
Investments in equity instruments are classified as at FVTPL, unless the Company designates an investment
that is not held for trading at FVTOCI at initial recognition.
Financial assets classified at FVTPL are initially measured at fair value excluding transaction costs.
Financial assets at FVTPL are subsequently measured at fair value, with any gains or losses arising on
remeasurementrecognised in the statement of profit and loss.
Dividend income on investments in equity instruments at FVTPL is recognised in the statement of profit and
loss in investment income when the Company’s right to receive the dividends is established, it is probable
that the economic benefits associated with the dividend will flow to the entity; and the amount of the
dividend can be measured reliably.
Derecognition of Financial Assets:
The Group derecognises a financial asset on trade date only when it transfers the financial asset and
substantially all the risks and rewards of ownership of the asset to another entity.
 Consolidated 165

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.)

01-81
On derecognition of a financial asset other than in its entirety (e.g. when the Company retains an option
to repurchase part of a transferred asset), the Group allocates the previous carrying amount of the financial
asset between the part it continues to recognise under continuing involvement, and the part it no longer

>>>
recognises on the basis of the relative fair values of those parts on the date of the transfer. The difference
between the carrying amount allocated to the part that is no longer recognised and the sum of the
consideration received for the part no longer recognised and any cumulative gain or loss allocated to it

Statutory Reports
that had been recognised in other comprehensive income is recognised in the statement of profit and loss.
Cumulative gain or loss that had been recognised in other comprehensive income is allocated between the
part that continues to be recognised and the part that is no longer recognised on the basis of the relative
fair values of those parts.
Financial Liability:
Financial liabilities are classified as either financial liabilities ‘at FVTPL’ or ‘other financial liabilities’.

82-144
Financial liabilities are classified as at FVTPL when the financial liability is either held for trading or it is
designated as at FVTPL.

>>>
Financial Liabilities are subsequently carried at amortized cost using the effective interest method, except
for loans where the difference between IRR and normal rate of interest was immaterial.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly

Standalone Financials
transaction between market participants at the measurement date, regardless of whether that price is
directly observable or estimated using another valuation technique. In estimating the fair value of an asset
or a liability, the Company take into account the characteristics of the asset or liability if market participants
would take those characteristics into account when pricing the asset or liability at the measurement date.
Fair value for measurement and/or disclosure purposes in these financial statements is determined on
such a basis, except for employee share-based payment, leasing transactions, and measurements that have
some similarities to fair value but are not fair value, such as net realisable value in Inventories or value in
use in Impairment of Assets. The basis of fair valuation of these items are given as part of their respective

145-212 >>>
accounting policies.
Derivative Financial Instruments:
The Group uses derivative financial instruments, such as forward currency contracts and interest rate
swaps to hedge its foreign currency risks and interest rate risks. Derivative financial instruments are initially
recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured

Consolidated Financials
at their fair value at the end of each period. The method of recognizing the resulting gain or loss depends
on whether the derivative is designated as a hedging instrument, and if so, on the nature of the item being
hedged. Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or
loss.
Trade and Other Payables:
A payable is classified as ’trade payable’ if it is in respect of the amount due on account of goods purchased
or services received in the normal course of business. These amounts represent liabilities for goods and
services provided to the Company prior to the end of financial year which are unpaid. Trade and other
payables are presented as current liabilities unless payment is not due within 12 months after the reporting
period.
Other Financial Liabilities:
Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs.
Other financial liabilities are subsequently measured at amortised cost using the effective interest method,
with interest expense recognised on an effective yield basis.
The effective interest method is a method of calculating the amortised cost of a financial liability and
of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly
discounts estimated future cash payments through the expected life of the financial liability, or (where
appropriate) a shorter period, to the net carrying amount on initial recognition.
166 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.)
n) Borrowing Cost:
Borrowings costs that are attributable to the acquisition or construction of qualifying assets up to the date
when they are ready for their intended use and other borrowing costs are charged to profit and loss account.
o) Taxation:
Provision for Taxation is determined on the basis of the Taxable profits computed for the current accounting
period in accordance with the Income Tax Act, 1961.
Deferred Tax resulting from “temporary difference” between the carrying amount of an asset or liability in
the balance sheet and its tax base book profit and taxable profit for the year is accounted for using the tax
rates and laws that have been enacted or substantially enacted as on the balance sheet date. The deferred
tax asset is recognized and carried forward only to the extent that there is a virtual certainty that the asset
will be adjusted in future.
Minimum Alternate Tax credit is recognized, as an asset only when and to the extent there is convincing
evidence that the Company will pay normal income tax during the specified period.
p) Provisions & Contingent Liabilities/ Assets:
Provisions are recognized when there is a present obligation (legal or constructive) as a result of a past event
and it is probable (“more likely than not”) that it is required to settle the obligation, and a reliable estimate
can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the
present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding
the obligation. Where a provision is measured using the estimated cash flow to settle the present obligation,
its carrying amount is the present value of those cash flows. The discount rate used is a pre-tax rate that
reflects current market assessments of the time value of money in that jurisdiction and the risks specific to
the liability.
Contingent Liability is disclosed after careful evaluation of facts, uncertainties and possibility of reimbursement.
Contingent liabilities are not recognised but are disclosed in notes.
Contingent Assets are not recognised in financial statements but are disclosed, since the former treatment
may result in the recognition of income that may or may not be realised. However, when the realisation of
income is virtually certain, then the related asset is not a contingent asset and its recognition is appropriate.
q) Government Grants:
Incentive received from the Government under sales tax deferral scheme, which is interest free in nature is
determined based on fair value. Fair value is determined on the present value technique based on cash flow
payable under the scheme & the same is amortized over the remaining period of sales tax deferral loan.
r) Leases:
On April 1, 2019, the Company adopted Ind AS 116, Leases.
The Company evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116
Leases. Identification of a lease requires significant judgment. The Company uses significant judgement in
assessing the lease term (including anticipated renewals) and the applicable discount rate. The Company
determines the lease term as the non-cancellable period of a lease, together with both periods covered
by an option to extend the lease if the Company is reasonably certain to exercise that option; and periods
covered by an option to terminate the lease if the Group is reasonably certain not to exercise that option.
In assessing whether the Company is reasonably certain to exercise an option to extend a lease, or not
to exercise an option to terminate a lease, it considers all relevant facts and circumstances that create an
economic incentive for the Company to exercise the option to extend the lease, or not to exercise the
option to terminate the lease. The Company revises the lease term if there is a change in the non-cancellable
period of a lease. The discount rate is generally based on the incremental borrowing rate specific to the lease
being evaluated or for a portfolio of leases with similar characteristics
 Consolidated 167

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.)

01-81
The Company as lessee:
The Group’s lease asset classes primarily consist of leases for Land, building, plant & machinery and vehicles.

>>>
At the inception of the contract, the Company assesses whether a contract contains a lease. A contract is,
or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of
timein exchange for consideration. For the purpose of identifying if a contract contains a lease, the Company

Statutory Reports
assesses whether:
(i) the contract involves the use of an identified asset,
(ii) the Company has substantially all of the economic benefits from use of the asset through the period of
the lease, and
(iii) the Company has the right to direct the use of the asset.
At the date of commencement of the lease, the Company recognizes a right-of-use asset (“ROU”) and a

82-144
corresponding lease liability for all lease arrangements in which it is a lessee, except in case of low value
leases and short term leases (a term of less than twelve months) wherein the lease payments are recognized
as an operating expense on a straight-line basis over the term of the lease.

>>>
The lease liability is initially measured at amortized cost at the present value of the future lease payments.
The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable,

Standalone Financials
using the incremental borrowing rates.
Certain lease arrangements includes the options to extend or terminate the lease before the end of the lease
term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be
exercised. Lease liabilities are re-measured with a corresponding adjustment to the related right of use asset
if the Company changes its assessment if whether it will exercise an extension or a termination option.
The right-of-use assets are initially recognized at cost. Cost includes the initial amount of the lease liability
adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial
direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation

145-212 >>>
and impairment losses.
Right-of-use assets are depreciated from the commencement date on a straight-line basis over the useful life
of the underlying asset or the lease term whichever is shorter. Right of use assets are tested for impairment
whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable.
Lease liability and ROU asset have been presented in the Balance Sheet and lease payments have been
Consolidated Financials
classified as financing cash flows.
The Group adopted Ind AS 116 –“ Leases” using retrospective / modified retrospective methods as permitted
in the Accounting Standard..
s) Recent accounting pronouncements:
Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31,
2024, MCA has not notified any new standards or amendments to the existing standards applicable to the
Company.
t) Significant accounting judgements, estimates and assumptions
- The preparation of financial statements requires the use of accounting estimates which, by definition,
will seldom equal the actual results. Management also needs to exercise judgement in applying the
company’s accounting policies.
- The estimates and judgements involves a higher degree of judgement or complexity, and of items
which are more likely to be materially adjusted due to estimates and assumptions turning out to
be different than those originally assessed. Detailed information about each of these estimates and
judgements is included in relevant notes together with information about the basis of calculation for
each affected line item in the financial statements.
168 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.)
Critical estimates and judgements
The areas involving critical estimates or judgements are:
- Estimation of Current Tax Expense and Payable
- Estimated useful life PPE & Intangible Asset
- Estimation of Defined Benefit Obligation
- Recognition of Revenue
- Recognition of Deferred Tax Assets for Carried Forward Tax Losses
- Impairment of Trade Receivables and Other Financial Assets
- Fair Valuation for the purpose of Business Combination
Estimates and judgements are continually evaluated. They are based on historical experience and other factors,
including expectations of future events that may have a financial impact on the company and that are believed to be
reasonable under the circumstances.
Notes to Consolidated Financial Statements
as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)
Note 2 PROPERTY, PLANT AND EQUIPMENT
Sr. Particulars Property, Plant and Equipment Right of Use Assets
no.
Freehold Leasehold Building Plant and Furniture Motor Vehicle Office Other Asset Subtotal Leasehold Leasehold Land (ROU Building Plant and Other Asset Subtotal Total
Land Improvement Machinery and Fixture and Truck Equipment Land (Finance Lease] Assets] Machinery

Gross Carrying Value as at 7,437.71 9.41 34,093.24 2,94,974.56 817.11 650.62 829.36 1,065.70 3,39,877.71 162.04 56.91 3,435.51 (630.00) 23.75 3,048.21 3,42,925.92
April 01, 2022
1 Additions - - 630.63 8,533.04 109.93 126.17 90.35 32.98 9,523.10 - - 87.12 - 13.59 100.71 9,623.81
2 Deletions / Adjustments - - - (2,038.55) (23.41) (31.69) (0.33) (42.21) (2,136.19) - - (1.08) - (15.60) (16.68) (2,152.87)
Gross Carrying Value as at 7,437.71 9.41 34,723.87 3,01,469.05 903.63 745.10 919.38 1,056.47 3,47,264.62 162.04 56.91 3,521.55 (630.00) 21.74 3,132.24 3,50,396.86
March 31, 2023
Accumulated Depreciation - 2.56 18,091.46 1,76,985.91 620.47 595.97 728.12 626.24 1,97,650.73 - 4.18 436.72 (630.00) 21.72 (167.38) 1,97,483.35
as at April 01, 2022
1 Depreciation - 1.21 1,306.18 15,797.90 67.04 19.22 64.91 165.27 17,421.73 - 2.09 559.29 - 6.83 568.21 17,989.94
2 Eliminated on Disposal of - - - (1,517.85) (22.45) (29.84) (0.31) (33.01) (1,603.46) - - - - (15.59) (15.59) (1,619.05)
Asset / Adjustments
Accumulated Depreciation - 3.77 19,397.64 1,91,265.96 665.06 585.35 792.72 758.50 2,13,469.00 - 6.27 996.01 (630.00) 12.96 385.24 2,13,854.24
as at March 31, 2023
Net Carrying Value as at 7,437.71 5.64 15,326.22 1,10,203.09 238.58 159.75 126.66 297.97 1,33,795.62 162.04 50.64 2,525.54 - 8.78 2,747.00 1,36,542.62
March 31, 2023
Gross Carrying Value as at 7,437.71 9.41 34,723.87 3,01,469.05 903.63 745.10 919.38 1,056.47 3,47,264.62 162.04 56.91 3,521.55 (630.00) 21.74 3,132.24 3,50,396.86
April 01, 2023
1 Additions 2,278.63 457.05 4,967.43 32,050.59 399.45 104.76 79.15 397.81 40,734.87 - - 249.94 - - 249.94 40,984.81
2 Deletions / Adjustments - - (13.34) (2,272.40) - (95.11) - (18.97) (2,399.82) - - (49.47) - - (49.47) (2,449.29)
Gross Carrying Value as at 9,716.34 466.46 39,677.96 3,31,247.24 1,303.08 754.75 998.53 1,435.31 3,85,599.67 162.04 56.91 3,722.02 (630.00) 21.74 3,332.71 3,88,932.38
March 31, 2024
Accumulated Depreciation - 3.77 19,397.64 1,91,265.96 665.06 585.35 792.72 758.50 2,13,469.00 - 6.27 996.01 (630.00) 12.96 385.24 2,13,854.24
as at April 01, 2023
1 Depreciation - 1.61 1,361.60 15,194.41 78.24 50.05 72.44 122.57 16,880.92 - 2.10 632.76 - 6.80 641.66 17,522.58
2 Eliminated on Disposal of - - (8.16) (1,970.38) - (93.43) - (16.28) (2,088.25) - - (48.40) - - (48.40) (2,136.65)
Asset / Adjustments
Accumulated Depreciation - 5.38 20,751.08 2,04,489.99 743.30 541.97 865.16 864.79 2,28,261.67 - 8.37 1,580.37 (630.00) 19.76 978.50 2,29,240.17
as at March 31, 2024
Net Carrying Value as at 9,716.34 461.08 18,926.88 1,26,757.25 559.78 212.78 133.37 570.52 1,57,338.00 162.04 48.54 2,141.65 - 1.98 2,354.21 1,59,692.21
March 31, 2024

1. Leasehold Land represents the amount paid to Karnataka Industrial Area Development Board ( KIADB), Bangalore against allotment of Land at Kesaroli Village, Haliyal on Lease cum sale
basis.

2. The Telangana State Industrial Infrastructure Corporation Ltd has given possession of 20 Acres Land to the Company situated at Raviryala( V), Maheshwaram(M), Ranga Reddy District,
Telangana for establishment of Optic Fibre and Cable Plant. As per the Agreement terms, the Sale Deed in favour of the Company shall be executed and registered on completion of the
envisaged project, start of commercial production and compliance with other terms and conditions of the Agreement.

3. Construction period Expenditure Capitalised:

During the year, the Company has transferred the following expenses which are attributable to the construction activity and are included in the cost of Capital Work-in-Progress / Property,
Consolidated

Plant and Equipment as the case may be. Consequently, expenses disclosed under the respective notes are net of such amounts.
169

Consolidated Financials 145-212 >>> Standalone Financials >>> 82-144 Statutory Reports >>> 01-81
170 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

Particulars Note No. As at

March 31, 2024 March 31, 2023
Balance at the beginning of the year included in Capital 163.99
Work-in-Progress
Add : Expenditure during construction for Projects
Employee Benefits Expenses 35 243.54 71.89
Finance Cost 36 121.95 19.95
Power & Fuel 38 6.80
Other Expenses 38 19.18 72.15
555.46 163.99
Less : Capitalised during the year (102.04) -
Balance at the end of the year included in Capital Work- 453.42 163.99
in-Progress
Note 3 INTANGIBLE ASSETS

Particulars Computer Distribution Trade Total Goodwill

Software Relationships Name
Opening Gross Value as at April 1,341.75 9,600.00 3,300.00 14,241.75 18,371.29
01, 2022
1 Additions 3.00 3.00 -
2 Deletions/Adjustments - - - -
Closing Gross Value as at March 1,344.75 9,600.00 3,300.00 14,244.75 18,371.29
31, 2023
Accumulated Amortisation as at 958.97 1,546.67 531.67 3,037.30 -
April 01, 2022
1 Amortisation expenses 97.05 640.00 220.00 957.05 -
2 Eliminated on Disposal of Asset/ - - - - -
Adjustments
Accumulated Amortisation as at 1,056.01 2,186.67 751.67 3,994.35 -
March 31, 2023
Net Carrying Value as at March 31, 288.74 7,413.33 2,548.33 10,250.40 18,371.29
2023
Opening Gross Value as at April 1,344.75 9,600.00 3,300.00 14,244.75 18,371.29
01, 2023
1 Additions 57.23 57.23 -
2 Deletions/Adjustments (37.49) - (37.49) -
Closing Gross Value as at March 1,364.49 9,600.00 3,300.00 14,264.49 18,371.29
31, 2024
Accumulated Amortisation as at April 1,056.01 2,186.67 751.67 3,994.35 -
01, 2023
1 Amortisation expenses 127.81 640.00 220.00 987.81 -
2 Eliminated on disposal of Asset/ (37.49) - - (37.49) -
Adjustments
Accumulated Amortisation as at 1,146.33 2,826.67 971.67 4,944.67 -
March 31, 2024
Net Carrying Value as at March 31, 218.16 6,773.33 2,328.33 9,319.82 18,371.29
2024
 Consolidated 171

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

01-81
Note 4 INTANGIBLE ASSETS UNDER DEVELOPMENT

Particulars As at

>>>
March 31, 2024 March 31, 2023
Computer Software

Statutory Reports
Cost 144.76 -
Additions 357.36 144.76
Deletion / Adjustments - -
Closing Gross Value 502.12 144.76

Particulars Amount in Intangible Assets Under Development as at 31st March 2024

Less than 1 year 1-2 years 2-3 years More than 3 years Total

82-144
Projects in progress 357.36 144.76 - - 502.12

Particulars Amount in Intangible Assets Under Development as at 31st March 2023

>>>
Less than 1 year 1-2 years 2-3 years More than 3 years Total
Projects in progress 144.76 - - - 144.76

Standalone Financials
Note 5 CAPITAL WORK IN PROGRESS

Particulars As at
March 31, 2024 March 31, 2023
Opening Balance 5,327.92 2,175.46
Add: Additions during the year 54,654.28 12,657.14
59,982.21 14,832.60

145-212 >>>
Less: Capitalised during the year 39,469.94 9,504.68
Closing Balance 20,512.27 5,327.92
Capital Work In Progress Ageing Schedule

Sl. Particulars Amount in CWIP as a 31st March 2024

No Less than 1 1-2 2-3 More than 3 Total
year years years years Consolidated Financials
i) Projects in progress 19,667.68 589.42 176.62 78.55 20,512.27
ii) Projects temporarily suspended - - - - -
Total 19,667.68 589.42 176.62 78.55 20,512.27

Sl. Particulars Amount in CWIP as a 31st March 2023

No Less than 1 1-2 2-3 More than 3 Total
year years years years
i) Projects in progress 4,212.26 310.34 123.14 682.18 5,327.92
ii) Projects temporarily suspended - - - - -
Total 4,212.26 310.34 123.14 682.18 5,327.92
172 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Consolidated Financial Statements (` in Lakhs)

as at and for the year ended March 31, 2024 (Contd.)

Note 6 BIOLOGICAL ASSETS OTHER THAN BEARER PLANTS

Particulars As at
March 31, 2024 March 31, 2023
Opening balance 733.43 674.34
Expenses during the year 55.44 59.09
Consumption during the year - -
Closing balance 788.87 733.43
Reconciliation
Non-Current assets (Refer Note 48)
Immature crops 788.87 733.43
Total Non-Current Assets 788.87 733.43
Current Assets
Matured crops - -
Total Current Assets - -
Total Biological Assets Other Than Bearer Plants 788.87 733.43
Note 7 INVESTMENTS
Particulars As at March 31, 2024 As at March 31, 2023
Face Value Number Amount Face Number Amount
` Value `
Non-current
Investment in Subsidiaries
Unquoted Investments (all fully paid)
(i) Investment in Equity Shares of Subsidiary at Cost
-Andhra Paper Foundation 10 50000 5.00 10 50,000 5.00
Less: Provision for diminution in value of Investments (5.00)
Investment in Associates
Unquoted Investments (all fully paid)
(ii) Investment in Equity Shares of Associate at Cost
-Speciality Coatings & Lamination Limited 10 1,850,130 - 10 1,850,130 -
Total Investment in Subsidiaries & Associates - 5.00
Investment in Others
Unquoted Investments (all fully paid) - at fair value
through Profit or Loss
-Kilkotagiri and Thirumbadi Plantations Ltd. 10 20,943 35.27 10 20,943 35.27
-Placid Limited 100 37 0.01 100 37 0.01
35.28 35.27
Quoted Investments (all fully paid) - at fair value through
Profit or Loss
-Jayashree Chemicals Ltd 10 542,399 49.47 10 542,399 29.67
Investments in Equity Instruments at FVTOCI:
-Bharat Electronics Ltd. 1 108,730 219.09 - - -
-Bharat Petroleum Corporation Limited 10 7,210 43.43 - - -
-Canara Bank 10 9,520 55.32 - - -
-Chennai Petroleum Corporation Ltd. 10 21,225 192.47 - - -
-Coal India Limited 10 204,444 887.49 10 59,994 128.18
-Exide Industries Ltd. 1 26,835 81.73 - - -
-HDFC Bank Limited 1 26,678 386.27 1 3,230 51.99
-Hemisphere Properties India Limited 10 628 1.26 - - -
-ICICI Bank Ltd 2 20,460 223.69 - - -
-Indian Oil Corp. Ltd. 10 124,230 208.40 - - -
-Infosys Ltd. 5 12,175 182.39 - - -
-ITC Limited 1 69,305 296.87 1 26,500 101.63
 Consolidated 173

Notes to Consolidated Financial Statements (` in Lakhs)

as at and for the year ended March 31, 2024 (Contd.)

01-81
Particulars As at March 31, 2024 As at March 31, 2023
Face Value Number Amount Face Number Amount
` Value `

>>>
-Jio Financial Services Ltd 10 12,970 45.88 - - -
JSW Steel Ltd 1 20,520 170.36 - - -
-Life Insurance Corporation 10 66,515 609.38 10 66,515 355.42

Statutory Reports
-Mahanagar Gas Ltd 10 14,020 191.24 - - -
-NMDC Limited 1 286,340 577.69 1 101,700 113.45
-NTPC Limited 10 139,260 467.64 - - -
-Oil And Natural Gas Corporation Ltd. 5 74,855 200.65 - - -
-Oil India Ltd 10 75,790 454.93 - - -
-Power Grid Corporation of India Ltd 10 130,500 361.35 - - -
-Power Finance Corporation Limited 10 122,947 479.80 10 60,000 91.05
-REC Limited 10 189,150 853.07 10 162,000 187.03
-Reliance Industries Ltd. 10 10,683 317.47 - - -

82-144
-RITES Limited 10 31,250 207.44 - - -
-State Bank Of India 1 51,715 389.08 1 22,000 115.23
-Tata Consultancy Services Ltd 1 4,829 187.19 - - -

>>>
-Tata Motors Ltd - DVR 2 47,795 314.11 - - -
-TATA Technologies Limited 2 420 4.29 - - -
-Andhra Pradesh Gas Power Corporation Limited, equity 10 1,340,000 1,538 10 1,340,000 1,538.37
shares of Rs. 10 each

Standalone Financials
Less: Provision for Impairment of APGPCL Investments - - (1,538.37) - - (1,538.37)
-Bharat Electronic Limited 1 108,730 219.18 - - -
-Bharat Petroleum Corporation Limited 10 7,210 43.46 - - -
-Canara Bank 10 9,520 55.34 - - -
-Chennai Petroleum Corporation 10 21,225 192.55 - - -
-Coal India Limited-EQ 10 203,399 883.25 10 58,944 125.93
-Exide Industries Limited 1 26,835 81.77 - - -
-HDFC Bank Limited, EQ New FV Re.1/- 1 36,718 531.92 1 14,580 234.67
-ICICI Bank Limited 10 20,470 223.90 - - -

145-212 >>>
-Indian Oil Corporation Limited 10 124,230 208.48 - - -
-Infosys Limited 10 6,985 104.69 - - -
-ITC Limited, equity shares of Rs. 1 each 1 104,050 445.89 1 63,500 243.52
-JIO Financial Services Limited 10 12,970 45.90 - - -
-JSW Steels Limited 10 20,520 170.44 - - -
-Life Insurance Corporation of India, equity shares of Rs. 10 10 44,339 406.21 10 44,339 236.93
each

Consolidated Financials
-Mahanagar Gas Limited 10 14,020 191.33 - - -
-NMDC Ltd 10 279,390 563.85 10 101,700 113.45
-NTPC Limited 10 139,170 467.49 - - -
-Oil India Limited 10 74,290 446.04 - - -
-Oil and Natural Gas Corporation 10 74,855 200.73 - - -
-Power Grid Corporation Limited 10 125,873 348.67 - - -
-Power Finance Corporation Ltd 10 179,860 702.03 10 101,000 153.27
-REC Limited 10 203,080 916.02 10 176,000 203.19
-Reliance Industries Limited 10 10,683 317.61 - - -
-RITES Limited 10 31,250 207.52 - - -
-State Bank of India 10 48425 364.46 10 22,000 115.23
-Tata Consultency Services Limited 10 2,706 104.94 - - -
-Tata Motors Limited 10 3,250 32.28 - - -
-Tata Motors Limited (differential voting rights) 10 47,795 314.22 - - -
17,400.07 2,570.15
Investments in Government Securities (at amortised
cost)
6 Year National Savings Certificate 10000 0.10 0.10
Total Investment in Others 17,484.92 2,635.20
Investments carried at amortised cost:
Investments in Bonds
-Indian Railway Financre Corporation 2024, '8.20% - - - 1,000,000 100 1,038.15
174 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Consolidated Financial Statements (` in Lakhs)

as at and for the year ended March 31, 2024 (Contd.)

Particulars As at March 31, 2024 As at March 31, 2023
Face Value Number Amount Face Number Amount
` Value `
-National Bank For Agriculture And Rural Development 2024, - - - 1,000,000 100 1,055.22
7.69%
-National Thermal Power Corporation Limited 22SEP24, '9.17% - - - 1,000,000 150 1,593.59
-Power Finance Corporation Limited 2024, 8.98% - - - 1,000,000 100 1,037.23

-Rural Electrification Corporation Limited (Series 12 Tranche 3, - - - 1,000,000 100 1,067.20

9.34%, 25 Aug 2024
-Rural Electrification Corporation Limited 25JUN24, '8.10 - - - 1,000,000 50 529.21
-Rural Electrification Corporation Limited 2024, '8.10% - - - 1,000,000 100 1,058.54
-Rural Electrification Corporation Limited Bonds (Series 12 - - 1,000,000 100 1,070.13
Tranche 3), '9.34% 25/08/2024 -
-7.57 NABARD 19 MARCH 2026 1,000 1000 1,001.17 - - -
-8.37% National Highways Authority of India 2029 1,000,000 100 1,048.20 - - -
-9.35 PGC 29AUG27 1,000,000 100 1,075.26 - - -
-8.19 NTPC 15DEC25 1,000,000 100 1,021.35 - - -
-8.45 IRFC 04DEC28 1,000,000 100 1,053.60 - - -
-7.44% REC Limited 2026 100,000 1000 1,009.86 - - -
-Bharati Telecom Limited, 8.60%, 12 Dec 2025 1,000,000 100 1,023.71 - - -
-Government of India,8.24% 10 Nov 2033 500,000 100 559.78 - - -
-Government of india,8.26% 02 Aug 2027 100 100,000 103.84 - - -
-Govenrnment of india,8.33% 09 July 2026 100 200,000 207.83 - - -
-State Bank of India, SR -I , 7.74%, 8 Sep 2025 1,000,000 50 526.49 1,000,000 50 529.32
-State Bank of India Series II, 8.50%, 22 Nov 2024 - - - 1,000,000 155 1,610.59
-State Bank of India Series III,7.55%,14 Dec 2026 10,000,000 1 100.42 - - -
-National Bank For Agriculture and Rural Development, 5.27%, - - - 1,000,000 50 504.78
23 July 2024
-National Bank For Agriculture and Rural Development, 7.4%, 1,000,000 100.00 1,012.69 1,000,000 100 1,012.33
30 Jan 2026
-Power Finance Corporation Ltd , 8.65%, 28 Dec 24 - - - 1,000,000 50 519.44
-Power Grid Corporation Ltd ,9.25%, 26 Dec 2024 - - - 1,250,000 40 524.67
-Power Finance Corporation Ltd , 9.37%,19AUG 24 - - - 1,000,000 18 193.41
-Power grid Corporation of Inda Limited,9.30%,04 Sep 2029 1,000,000 25 283.77 - - -
10,027.97 13,343.81
Investments in Non-Convertible Debentures at
amortised cost
-9.05% Reliance Industries Limited 17/10/2028 1,000,000 96 1,032.20 - - -
-7.95 Sikka Ports & Terminals Limited, 2026 1,000,000 100 1,007.54 - - -
-8.25% NIIF Infrastructure Finance Limited 2025 1,000,000 50 520.25 - - -
-7.9050% Tata Capital Financial Services Limited 2026 100,000 1000 1,010.53 - - -
-8.56% Rural Electrification Corporation Limited 29/11/2028 1,000,000 14 146.30 - - -
-Power Finance Corporation Ltd TRANCHE- I, 31/07/2026 1,000 50000 500.00 - - -
-Aditya Birla Finance Limited, 7.9%, 19 Sep 25 1,000,000 100 1,036.67 1,000,000 100 1,036.54
-Aditya Birla Finance Limited, 7.6%, 6 Jun 2025 1,000,000 100 1,061.85 1,000,000 100 1,061.63
-Housing Development Finance Corporation Limited, 5.90%, - - - 1,000,000 100 983.83
25 Feb 2025
-HDFC Credila Financial Services Ltd, 8.62%, 17 Jun 2024 - - - 1,000,000 32 350.04
-Housing Development Finance Corporation Limited, 7.40%, 1,000,000 100 1,059.84 1,000,000 100 1,058.33
02 Jul 2025
-Housing Development Finance Corporation Limited, 7.99%, - - - 1,000,000 50 529.55
11 July 24
-Housing Development Finance Corporation Limited,8.40%, - - - 500,000 200 1,023.02
23 Jan 25
-Kotak Mahindra Investments Limited SR III NCD, 0%, 29 Jan 1,000,000 35 302.61 - - -
2026
-Kotak Mahindra Investments Limited , 8.0415%, 26 Sep 2025 100,000 1,000 1,039.89 - - -
-Kotak Mahindra Investments Limited, 0%, 29 Apr 24 - - - 1,000,000 100 922.80
-Kotak Mahindra Prime Limited, 7.8955% , 23 Dec 24 - - - 1,000,000 100 1,021.76
-Kotak Mahindra Prime Limited,7.8815%,17 Feb 25 - - - 1,000,000 100 1,008.35
-L & T Finance Limited, 6.45%,10 May 2024 - - - 1,000,000 150 1,509.25
 Consolidated 175

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

01-81
Particulars As at March 31, 2024 As at March 31, 2023
Face Value Number Amount Face Number Amount
` Value `

>>>
-LIC Housing Finance, 8.33%, 31 May 2024 - - - 1,000,000 50 541.84
-Mahindra & Mahindra Financial Services Ltd, 8,90%, 27 Oct 1,000,000 10 105.57 1,000,000 10 106.57
2025

Statutory Reports
8,823.25 11,153.51
Aggregate Carrying Value of Unquoted Non-Current 36,336.13 27,137.51
Investments
Current
Unquoted Investments carried at amortised cost
Investments in Bonds
-ICICI Home Finance Company Limited 2024, 5.85% - - - 1,000,000 100 977.71
-National Bank For Agriculture And Rural Development 2024, - - - 1,000,000 100 977.93
5.44%

82-144
-Power Grid Corporation 2023, 8.85% - - - 1,250,000 16 207.21
-ICICI Bank Ltd Perpetual Bonds (Series DMR18AT), 9.15% - - - 1,000,000 100 1,068.99
-Power Grid Corporation Limited 15/07/2023, 8.70% - - - 1,000,000 100 1,063.40
-National Bank For Agriculture And Rural Development 2024, 1,000,000 100 1,001.49 - - -

>>>
7.69% , 29th May, 2024
-Rural Electrification Corporation Limited 25JUN24, '8.10 1,000,000 50 501.69 - - -
-Rural Electrification Corporation Limited 2024, '8.10% , 25th 1,000,000 100 1,003.50 - - -

Standalone Financials
June, 2024
-Indian Railway Financre Corporation 2024, '8.20% , 27th April, 1,000,000 100 1,007.15 - - -
2024
-Rural Electrification Corporation Limited (Series 12 Tranche 3, 1,000,000 100 1,020.62 - - -
9.34%, 25 Aug 2024
-National Thermal Power Corporation Limited 22SEP24, '9.17% 1,000,000 150 1,530.66 - - -
-Rural Electrification Corporation Limited Bonds (Series 12 1,000,000 100 1,018.70 - - -
Tranche 3), '9.34% 25/08/2024
-9.17 NTPC 22SEP24 1,000,000 50 510.61 - - -
-Power Finance Corporation Limited 2024, 8.98%, 08th Oct, 1,000,000 100 1,025.42 - - -

145-212 >>>
2024
-8.48% Power Finance Corporation Limited, 09th Dec, 2024 1,000,000 100 1,014.99 - - -
-8.50% SBI Perpetual Bond, 22nd Nov, 2024 1,000,000 100 1,007.11 - - -
-Bank Of Baroda, 9.73%, 17 Dec 2023 - - - 1,000,000 30 314.83
-Bank Of India, 9.80%, 30 Sep 2023 - - - 1,000,000 30 334.04
-ICICI Bank Limited Perpetual, 9.15%, 20 June 2023 - - - 1,000,000 100 1,075.38
-Indian Oil Corporation Limited SR XXII,5.84%,19 Apr 2024 1,000,000 100 1,054.49 - - -

Consolidated Financials
-Indian Oil Corporation Limited, 6.44%, 14 Apr 2023 - - - 1,000,000 100 1,013.39
-Indian Railway Finance Corporation Limited, 6.19%, 28 Apr - - - 1,000,000 100 1,058.63
2023
-Indian Renewable Energy Development Agency Limited, - - - 1,000,000 17 183.16
8.44%, 10 May 2023
-L&T Finance Limited, 9.25%, 13 Mar 2024 - - - 1,000 140,000 1,445.85
-LIC Housing Finanace Limited, 6.19% , 25 Nov 2024 1,000,000 50 506.43
-LIC Housing Finance Limited, 6.8975%, 16 Nov 2023 - - - 1,000,000 50 511.43
-National Bank For Agriculture and Rural Development, 5.14%, - - - 1,000,000 50 495.14
31 Jan 2024
-National Bank For Agriculture and Rural Development, 5.27%, 1,000,000 50 515.01 - - -
23 July 2024
-National Bank for Agriculture and Rural Development, 5.44%, - - - 1,000,000 200 1,982.31
05 Feb 24
-Power Finance Corporation Limited, 8.19%, 14 Jun 2023 - - - 1,000,000 7 74.90
-Power Finance Corporation Limited,6.72%, 09 June 2023 - - - 1,000,000 50 525.82
-Power Finance Corporation Limited , 9.37%,19AUG 2024 1,000,000 18 191.35 - - -
-Power Finance Corporation Ltd 2023, 5.47%, 19 Aug 2023 - - - 1,000,000 100 1,026.44
-Power FinanceCorporation Limited ,8.65%, 28 Dec 2024 1,000,000 140 1,442.24 - - -
-Power Grid Corporation Limited ,9.25%, 26 Dec 2024 1,250,000 40 517.79 - - -
-Power Grid Corporation Limited, 8.64% , 8 July 2024 1,250,000 80 1,065.79 - - -
-Power Grid Corp of India Limited,8.93%, 20 Oct 2024 1,000,000 100 1,048.76 - - -
-Reliance Industries Limited,9.25%, 16 Jun 2024 1,000,000 100 1,077.13 - - -
-Rural Electrification Corporation Limited, 5.79%, 20 Mar 24 - - - 1,000,000 100 984.98
176 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

Particulars As at March 31, 2024 As at March 31, 2023

Face Value Number Amount Face Number Amount
` Value `
-Rural Electrification Corporation Limited, 8.82%, 12 Apr 2023 - - - 1,000,000 4 43.45
-Rural electrification corporation limited,8.57%,21 Dec 2024 1,000,000 100 1,083.67 - - -
-SBI Cards And Payment Services, 8.30%, 17 May 2023 - - - 1,000,000 100 1,059.48
-State Bank Of India Series - II , 9.37%, 21 Dec 2023 - - - 1,000,000 50 518.64
-State Bank of India Series - III, 9.45%, 22 Mar 2024 - - - 1,000,000 5 51.22
-State Bank of India Series II, 8.50%, 22 Nov 2024 1,000,000 341 3,524.86 - - -
-TVS Motors Company Limited, 7.5%, 15 May 2023 - - - 1,000,000 50 533.26
22,669.46 17,527.59
Investments in Non-Convertible Debentures
Cholamandalam investment and Fin. Co. Ltd Apr 2023. 6.26% - - - 10,00,000 100 1,015.13
-Aditya Birla Finance Limited 2023, 6.15% - - - 1,000,000 100 992.12
-Jamnagar Utilities & Power Pvt Ltd 2023, 8.95% - - - 1,000,000 100 1,050.12
-Aditya Birla Finance Limited 2023, 9.15% - - - 1,000,000 100 1,013.50
-The Tata power Company Limited 2023, 7.99% - - - 1,000,000 50 499.89
-Sikka Ports And Terminals Limited, 8.45 % - - - 1,000,000 100 1,040.37
-Sikka Ports And Terminals Limited, 8.45 % - - - 1,000,000 100 1,043.89
-Reliance Industries Limited, 8% - - - 1,000,000 50 530.92
-9.05% HDFC Ltd 20/11/2023 - - - 1,000,000 100 1,026.98
-9.25% Reliance Industries Limited 2024, 16th June, 2024 1,000,000 100 1,020.11 - - -
-7.38% Cholamandalam Investment and Fin. Co. Ltd, 31st July, 1,000,000 50 497.23 - - -
2024
-Aditya Birla Finance Limited 2024, 12th June, 2024 1,000,000 50 513.82 - - -
-IIFL Finance Limited SR D 14 BR NCD 07SP24 FVRS10LAC 1,000,000 20 230.89 - - -
GSEC Linked Secured Rated Listed Redeemable Nin
Convertible Debenture, 07th Sept, 2024
-Piramal Enterprises Limited BR NCD 24MY24 FVRS10LAC 1,000,000 80 882.93 - - -
IGB Corp Linked Secured Rated Listed Redeemable Principal
Protected Market Linked Nin Convertible Debenture, 24th
May, 2024
-8.55% Shriram Transport Finance Company Limited 2032 1,000,000 150 1,503.86 - - -
-Shriram Transport Finance Company Limited SR PPML Y06 1,000,000 50 545.47 - - -
BR NCD 01OT24 FVRS10LAC GSEC Linked Secured Rated
Listed Redeemable Principal Protected Market Linked Nin
Convertible Debenture. STFCL SEP 2022-23 PPML Y-06, 01st
Oct, 2024
-7.53% Housing Development Finance Corporation Ltd, 10th 1,000,000 100 995.31 - - -
Feb , 2025
-Cholamandalam Investment and Fin. Co. Ltd, 04th Mar, 2025 1,000 9653 96.53 - - -
-Mahindra & Mahindra Financial Services Ltd SR AH2022 1,000,000 20 218.60 - - -
BR NCD 19DC24 FVRS10LAC G-SEC Linked Ssecured Rated
Listed Redeemable Principal Pprotected Market Linked Nin
Convertible Debenture Series AH2022 Date Of Maturity
19/12/2024
-Aditya Birla Finance Ltd, 6.15%, 30 May 2023 - - - 1,000,000 100 2,009.10
-Bajaj Finance Limited, 5.75%, 16 Feb 2024 - - - 1,000,000 250 2,515.79
-Cholamandalam Investment and Fin Co Ltd, 6.26%, 18 Apr - - - 1,000,000 150 1,588.76
2023
-Housing Development Finance Corporation Limited, 7.28%, - - - 1,000,000 100 1,003.76
01 Mar 2024
-Housing Development Finance Corporation Limited, 9.05%, - - - 1,000,000 50 522.84
20 Nov 2023
-IIFL Finance Limited, 8.25%, 14 Oct 2023 - - - 1,000 50,000 523.81
-IIFL Home Finance Limited, 8.93%, 14 Apr 2023 - - - 1,000,000 50 530.69
-Kotak Mahindra Prime Limited, 5.00%, 20 Dec 23 - - - 1,000,000 100 1,009.25
-Kotak Mahindra Prime Limited, 5.80%, 20 Feb 2024 - - - 1,000,000 100 991.67
-Kotak Mahindra Prime Limited, 6%, 15 Mar 2024 - - - 1,000,000 250 2,475.56
-L&T Finance Limited, 6.15%, 17 May 2023 - - - 1,000,000 50 500.46
-LIC Housing Finance Limited, 9.19%, 06 Jun 2023 - - - 1,000,000 160 1,666.67
-Mahindra & Mahindra Financial services Ltd, 5.9%, 31 July,23 - - - 1,000,000 100 1,033.17
 Consolidated 177

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

01-81
Particulars As at March 31, 2024 As at March 31, 2023
Face Value Number Amount Face Number Amount
` Value `

>>>
-Muthoot finance Limited ,6.60%, 20 June 2023 - - - 1,000 100,000 1,060.70
-Muthoot Finance Limited, 7.40%, 05 Jan 24 - - - 1,000 25,994 269.34
-Reliance Industries Limited, 8.00%, 09 Apr 2023 - - - 1,000,000 200 2,156.36

Statutory Reports
-Shriram Finance Limited, 7.50%, 22 May 2023 - - - 1,000,000 100 1,007.89
-Shriram Finance Ltd 2023, 9.10%, 28 Apr 2023 - - - 1,000,000 100 1,039.24
-State Bank Of India SERIES -1, 9.56%, 04 Dec 2023 - - - 1,000,000 0 834.16
-TATA Capital Limited, 6.4912%, 16 Feb 24 - - - 1,000,000 200 2,010.36
-Tata Capital Financial Services Limited, 6.1%, 29 Mar 24 - - - 1,000,000 50 500.99
-Tata Capital Housing Finance Limited, 0%, 24 Jan 2024 - - - 1,000,000 50 573.24
-Tata Capital Housing Finance Limited, 5.86%, 23 Feb 2024 - - - 1,000,000 200 2,009.87
-HDFC Credila Financial Services Limited, 8.62%, 17 Jun 2024 1,000,000 32 343.38 - - -
-Housing Development Finance Corporation Limited, 7.99%, 1,000,000 50 529.12 - - -

82-144
11 July 2024
-Kotak Mahindra Investments Limited, 0%, 29 Apr 2024 1,000,000 100 994.33 - - -
-Kotak Mahindra Prime Limited, 7.8955% , 23 Dec 2024 1,000,000 100 1,021.78 - - -

>>>
-L & T Finance Limited, 6.45%,10 May 2024 1,000,000 150 1,506.43 - - -
-LIC Housing Finance, 8.33%, 31 May 2024 1,000,000 50 535.95 - - -
-Shriram Finance Limited SR ,9.00%, 24 Jun 2024 100,000 500 501.54 - - -
-Shriram Finance Limited SR ,9.55%, 15 Nov 24 1,000,000 50 558.89 - - -

Standalone Financials
-Housing Development Finance Corporation Limited, 5.90%, 1,000,000 100 995.03 - - -
25 Feb 2025
-Housing Development Finance Corporation Limited,8.40%, 500,000 200 1,019.34 - - -
23 Jan 2025
-Housing Development Finance Corporation Limited,7.50%, 1,000,000 100 1,012.23 - - -
08 Jan 2025
-Kotak Mahindra Prime Limited, 7.8815%, 17 Feb 2025 1,000,000 100 1,009.05 - - -
16,531.82 36,046.60
Investments in Commercial papers
-ICICI Securities, 7.75% - - - 200 500,000 981.04

145-212 >>>
-Standard Chartered Capital Limited, 8.05% - - - 300 500,000 1,470.49
-Julius Baer Capital (India) Private Limited, 500,000 416 1,999.97 - - -
-ICICI Securities Limited, 8.45% 500,000 200 959.78 - - -
-Standard Chartered Capital Limited, 07 Aug 2024 100,000,000 200 971.23 - - -
-ICICI Securities Limited, 21 May 2024 100,000,000 200 988.34 - - -
-Juilus Baer Capital India Private Limited, 27, Aug 2024 100,000,000 208 1,005.24 - - -
-ICICI Securities Limited, 14 Nov 2023 - - - 200 953.75
Consolidated Financials
-ICICI Securities Limited, 16 May 2023 - - - 200 990.86
-Standard Chartered Capital Ltd, 16 May 23 - - - 400 1,981.61
-ICICI Securities Limited, 19 June 2023 - - - 300 1,474.53
-Standard Chartered Capital Ltd, 19 Jun 23 - - - 400 1,965.41
-Piramal Enterprises Limited, 19 Jun 23 - - - 200 981.34
5,924.56 10,799.03
Unquoted instruments at FVTPL
Investments in Mutual funds
-ICICI Pru Liquid Fund - Direct Growth - - 75,229 250.65
-TATA Liquid Fund - Direct Growth - - 43,018 1,527.75
-ICICI Pru FMP 88 Plan - Direct Growth - - 4,999,750 500.89
-Kotak FMP 307 - Direct Growth - - 5,000,405 503.56
-ABSL Liquid Fund - Direct Growth - - 141,120 512.38
-ABSL Saving Fund - Direct Growth 241,209 1,221.00 107,326 504.71
-Axis Banking & PSU Debt Fund - Direct Growth (BDDGG) 17,313 424.84
-HDFC Nifty G Sec - Direct Growth 2,502,932 273.63 2,502,932 253.64
-ICICI All Seasons Bond Fund - DP Growth 4,017,217 1,432.89
-ICICI Nifty G Sec - Direct Growth 9,575,680 1,080.00 9,575,680 999.95
-ICICI Gilt Fund - Direct Plan Growth 1,179,386 1,170.99 - -
-ICICI Corporate Bond Fund - DP Growth 3,030,209 852.87 - -
-ICICI Banking & Financial Plan 45,316 54.18 - -
-ICICI Prudential Emerging Leader Fund 197,020 299.82 - -
178 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

Particulars As at March 31, 2024 As at March 31, 2023

Face Value Number Amount Face Number Amount
` Value `
-Kotak Corp Bond Direct Growth 14,975 529.40 - -
-Kotak Money Market 3,650 150.48 - -
-Mirae Asset Ultra Short Duration Fund - Direct Plan Growth 256,941 3,086.91 - -
-TATA Nifty G Sec - Direct Growth 9,834,284 1,079.25 9,834,284 999.95
-Tata Nifty G-Sec Dec 2026 Index Fund - Direct Plan - Growth 4,999,750 544.22 - -
-Baroda BNP Paribas Gilt Fund - Direct Growth 4,776,255 1,996.53 - -
-Nippon India Nivesh Lakshya Fund - Direct Growth Plan 8,338,031 1,372.80 - -
(NLAGG)
-Kotak Equity Arbitrage Dir Gr 1,401,697 510.02 - -
-Mirae Asset Arbitrage Fund - Direct Plan Growth 8,771,807 1,079.11 - -
-PGIM India Equity Growth Opportunities Fund - Series I 191,541 203.05 - -
-Tata Equity Plus Absolute Returns Fund 89,996 922.07 - -
-Helios India Long Short Fund 299,985 299.99 - -
-Mirae FMP Series - V Plan - - 6,499,675 656.06
-Tata Ultra Fund Direct Growth - - 4,011,385 504.71
-DSP Ultra Fund Direct Growth 19,355 651.57 16,134 504.59
-DSP FMP S270 Fund Direct Growth 5,000,378 542.20 5,000,378 503.99
-Tata Crisil IBX Gilt Index Fund Direct Growth 25,326,023 2,822.26 25,326,023 2,629.20
-Tata Corporate Bond Fund Direct Plan Growth : (Launched 19,651,124 2,227.99 - -
On: 22-Nov-2021)
-Tata Nifty G Sec Fund Direct Growth - - 4,999,750 506.83
-Tata Money Market Fund Direct Growth - - 19,839 803.11
-Axis Money Market Fund Direct Growth - - 66,449 809.09
-ABSL Crisil IBX Direct Growth 3,395,416 382.85 3,395,416 354.87
-Abakkus Diversified Alpha Fund 20,172 289.62 20,172 200.20
-ABSL Money Manager Fund Gr-DIRECT 265,251 903.95
-Axis Fixed Term Plan - Series 112 5,000,406 544.99 5,000,406 505.97
-Axis Fixed Term Plan - Series 114 4,999,750 500.99
-Nippon India Liquid Fund - Direct Plan Growth Plan (LFAGG) 15,463 851.56
-Nippon India Ultra Short Duration Fund - Direct Growth Plan 13,492 504.88
-Nippon India Qtr Interval Fund-Series III 3,012,236 553.50
-Nippon India Fixed Horizon XLV Series 4 Direct Growth 10,001,499 1,073.98 10,001,499 1,000.15
(U7AGG)
-Tata Money Market Fund Direct Growth 19,562 853.90
-Nippon India ETF Nifty BeEs 23000 56.80
-Nippon India Corporate Bond Fund - Direct Plan Growth Plan 2,456,332 1,385.33
- Growth option (IPAGG)
-Nippon India Nifty G-Sec Jun 2036 Maturity Index Fund 1,415,852 158.45
-SBI ETF Nifty 50 150,000 350.31 150,000 269.39
-Abakkaus Diversified Alpha Fund 19,906 285.80 10,086 100.10
-Aditya Birla Sunlife Crisil IBX Gilt Apr 2029 Index fund - 2,941,619 331.68 2,941,619 307.44
Direct Growth
-Aditya Birla Sunlife Crisil IBX Gilt Apr 2033 Index fund 3,999,800 410.84
-Aditya Birla Sunlife NIFTY SDL Sep 2025 Index fund - Direct 4,999,750 556.46 4,999,750 519.27
Growth
-Aditya Birla Sunlife NIFTY SDL Sep 2027 Index fund - Direct 999,950 108.70 999,950 101.42
Growth
-Aditya Birla Sunlife Fixed Term Plan - Series UB (1224DAYS) - 4,999,750 546.87 4,999,750 508.92
Direct Growth
-Aditya Birla Sunlife Fixed Term Plan - Series UJ (1110 DAYS) - 8,999,550 968.06 8,999,550 901.94
Direct Growth
-Aditya Birla India Equity Services Fund - Class C1 99,695 129.34 41,860 38.15
-Aditya Birla Sun Life Arbitrage Fund 4,008,050 1,043.34
-Aditya Birla Sun Life Long Duration Fund 10,445,971 1,217.51
-Aditya Birla Sun Life Savings Fund 424,576 2,149.20
-Aditya Birla Sunlife Corporate Bond Fund 490,384 506.30
-Alphamine Absolute Return Fund 99,995 107.85
-Axis Corporate Bond Fund 2,624,300 424.43
 Consolidated 179

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) ( ` In Lakhs)

01-81
Particulars As at March 31, 2024 As at March 31, 2023
Face Value Number Amount Face Number Amount
` Value `

>>>
-Bajaj Finserv Banking and PSU Fund 999,950 103.44
-Bajaj Finserv Money Market Fund 66,652 703.29
-Baroda BNP Paribas Arbitrage Fund 14,019,458 2,165.35

Statutory Reports
-Baroda bnp Paribas Gilt Fund 5,869,878 2,453.67
-Baroda BNP Paribas Ultra Short Duration Fund 58,331 830.46
-Buoyant OS 19nov 2022 class A1 259,765 322.14
-Nuvama Crossover Fund Series 3 2,858,968 333.13
-Dsp Corporate Bond Fund 2,150,230 315.62
-Dsp Savings Fund 1,014,726 502.10
-DSP Ultra Short Fund- Direct plan - Growth 38,087 1,282.16 9,684 302.86
-Emkay Emerging Star Fund - V - 401,055 436.73 401,055 393.11
-Emkay Emerging Star Fund - VI - AIF 163,734 175.22

82-144
-HDFC Long Duration Debt Fund 9,915,275 1,112.42
-HDFC NIFTY G-SEC APR 2029 Index Direct Growth 4,004,691 437.81 4,004,691 405.82
-Helios India Long Short Fund 199,990 199.99

>>>
-ICICI Prudential Money Market Fund - Direct plan-Growth 185,551 601.76
-ICICI Prudential Fixed Maturity Plan - Series 88 - Plan U -Direct 4,999,750 500.89
Plan- Growth
-IDFC Crisil IBX GLIT APRIL 2028 Index Fund Direct Plan 9,261,369 1,090.56 9,261,369 1,014.06

Standalone Financials
-Growth
-InCred Liquid Alternative Fund - I 18,488 200.77
-Mirae Asset Fixed Maturity Plan-Series V-91 Days-Direct Plan- 7,999,600 807.46
Growth
-Mirae Asset Fixed Maturity -Series V- Plan 2- 91 Days Direct 4,999,750 502.13
Plan-Growth
-Aditya Birla Sunlife Money Manager Fund - Growth - Direct 265,343 904.26 63,249 199.99
-Nuvama Crossover Opportunities Fund Series III 1,901,567 235.24
-ICICI Prudential Banking & Financial Services Fund-Direct 326,214 390.05 232,636 221.26
Plan-Growth

145-212 >>>
-ICICI Prudential Large & Midcap Fund - Direct Plan - Growth 64,670 592.41 53,138 330.56
-ICICI PrudentiaL All Seasons Fund 1,189,981 424.45
-ICICI Prudential Corporate Bond Fund 14,580,407 4,103.74
-ICICI Prudential Gilt Fund 1,848,612 1,835.45
-ICICI Prudential Long Term Bond Fund 342,510 300.89
-Kotak Emerging Equity Fund - Direct plan- Growth 639,957 748.86 639,957 536.64
-Kotak Equity Arbitrage Fund 1,536,862 559.21
Consolidated Financials
-Kotak Flexicap Fund - Direct Growth 904,298 719.65 856,572 501.51
-Kotak Iconic Fund Class D1 168 206.94
-Kotak Long Duration Fund 4,999,750 501.86
-Kotak Nifty g-sec apr 2033 Index Fund 1,999,900 210.27
-Mirae Asset Arbitrage Fund 13,660,177 1,680.48
-Mirae Asset Large Cap Fund - Direct Plan - Growth 642,275 689.41 585,257 494.39
-Mirae Asset Nifty SDL Jun 2027 Index Fund Direct Plan - 12,102,055 1,343.59 12,102,055 1,253.29
Growth
-Mirae Asset Ultra Short Duration Fund 357,647 4,296.81
-Nippon India Arbitrage Fund 1,975,989 516.45
-Nippon India Corporate Bond Fund 9,473,877 5,343.11
-Nippon India ETF Nifty Bees 73,000 180.28 50,000 94.97
-Nippon India Nifty g sec jun 2036 Maturity Index Fund 11,347,250 1,269.85
-Nippon India Nivesh Lakshya Fund 2,437,981 401.40
-Northern Arc Money Market Alpha Trust Cat3Class A6 794,595 802.55
-SBI ETF Nifty and Open ended 100,000 233.54 100,000 179.59
-TATA Digital India Fund Direct Plan Growth 1,706,533 826.59 1,570,728 557.05
-Tata Equity plus Absolute Returns Fund 10,000 100.51
-Tata Gilt Securities Fund 644,111 505.91
-Tata Ultra Short Term Fund 7,090,632 959.43
-TATA Liquid Fund Direct Plan - Growth 9,167 325.55
-TATA Money Market Fund Direct Plan Growth 24,851 1,005.99
180 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Consolidated Financial Statements (` in Lakhs)

as at and for the year ended March 31, 2024 (Contd.)

Particulars As at March 31, 2024 As at March 31, 2023

Face Value Number Amount Face Number Amount
` Value `
-Nippon India Money Market-Direct Growth Plan Growth 5,637 199.99
Option
-Nippon India Quarterly Interval Fund - Series III -Direct 2,738,396 503.18
Growth Plan Growth Option
-Nippon India Ultra Short Duration Fund-Direct Growth Plan 21,542 806.16
-Northern Arc Money Market Alpha Trust Cat3Class A2 1,499,925 1,513.03
-SBI Fixed Maturity Plan (FMP)- Series 66 (1361 days) Dir Gro 8,999,550 1,013.47 8,999,550 944.48
-Tata Arbitrage Fund 4,548,087 624.43
-Tata Corporate Bond Fund 20,609,782 2,336.68
-TATA Crisil IBX Gilt Index- Apr 2026 Index fund-Direct Plan 40,995,670 4,568.44 40,995,670 4,255.92
-Growth
-TATA Ultra Short Term Fund-Direct Plan-Growth 4,803,345 604.89
-PGIM India Money Market Fund - Direct Plan - Growth (Total 4,977 61.98
Unit 4976.612)
-Aditya Birla Sun Life Mutual Fund - Direct Growth (Total Unit 343,295 40.01
343,295.112)
91,572.43 39,481.61
Aggregate Carrying Value of Unquoted Current 136,698.28 103,854.83
Investments
Total of Current & Non Current Investments 173,034.41 130,992.34

Aggregate Cost of Quoted Investments 15,106.21 2,997.57

Aggregate Market Value of Quoted Investments 17,550.28 2,599.84
Aggregate Amount of Unquoted Investments 155,484.13 128,392.50
*Investment in Associates are valued at ` Nil due to erosion in net worth of Associate Companies resulting in impairment
of value recognised in earlier years. The cost of Investment was ` 185.01 Lakhs
Note 8 LOANS

Particulars As at
March 31, 2024 March 31, 2023
Non-Current
Unsecured, Considered good
a) Inter-Corporate Deposits / Deposit with NBFC* - 1,000.00
Total Non-Current Loans - 1,000.00
Current
Unsecured, Considered good
a) Loan to Employees 191.73 185.07
b) Inter-Corporate Deposits / Deposit with NBFC* 1,000.00 2,501.00
Total Current Loans 1,191.73 2,686.07
Total Current and Non-Current Loans 1,191.73 3,686.07
*Inter-Corporate Deposit (ICD) / Deposit with NBFC are placed by the Company with Non-Banking financial Companies
as fixed deposits and with different corporates as term loans. Maximum amount outstanding during the year was `
2,500.00 lakhs (2022-23: `16,646.00 lakhs) Amount outstanding as at March 31, 2024 is ` 1,000.00 lakhs (March 31,
2023: ` 3,600.00 lakhs) at the interest rate ranging between 5.25% to 15.00% per annum (2022-23: 5.25% to 15.00% per
annum), which are going to mature on different dates.
 Consolidated 181

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

01-81
Note 9 OTHER FINANCIAL ASSETS (Unsecured considered good unless otherwise stated)

Particulars As at

>>>
March 31, 2024 March 31, 2023
Non-Current

Statutory Reports
a) Security Deposit 880.17 693.81
b) Fixed Deposit with Banks with maturity more than 12 months # 43.32 359.28
Total Non-Current Other Financial Assets 923.49 1,053.09
Current
a) Security Deposit* 700.13 339.18
b) Interest accrued on Bank Deposits and Current Investments 1,315.60 565.52
Total Current Other Financial Assets 2,015.73 904.70

82-144
Total Other Financial Assets 2,939.22 1,957.79
# Margin money with Banks against Bank guarantees

>>>
* Includes Security Deposit with Related Parties ` 55.38 Lakhs (Previous Year - ` 46.80 Lakhs)
Note 10 CURRENT TAX ASSETS (NET)

Standalone Financials
Advance Tax / Tax Paid at Source (Net of Provision)* 4,113.54 1,225.05
Total Current Tax Assets (Net) 4,113.54 1,225.05
*Provision For Tax of ` 27,087.43 Lakhs and Advance Tax of ` 34,284.65 is pertaining to current year.
Note 11 DEFERRED TAX ASSETS (NET)

Deferred Tax Liabilities on account of WDV of Property, Plant & - (7,111.47)

Equipment

145-212 >>>
- (7,111.47)
Deferred Tax Assets on account of:
Carried Forward of Unabsorbed Depreciation - -
Disallowances under section 43B of Income Tax Act - (977.94)

Consolidated Financials
Adjustments to Ind AS - (2,038.85)
Provision For Doubtful Debts - (171.97)
Loss on OCI and Defined Benefit Liability - (153.22)
- (3,341.98)
Total Deferred Tax Liabilities - (3,769.49)
Less: MAT Credit (Entitlement) / Reversals - (4,818.53)
Total Deferred Tax Assets (Net) - 1,049.04
Note 12 OTHER NON-CURRENT ASSETS

Capital Advances 5,647.33 4,798.86

Balances with Statutory / Government Authorities 3,368.92 3,321.76
Prepaid Expenses 117.68 122.61
Total Other Non-Current Assets 9,133.93 8,243.23
182 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

Note 13 INVENTORIES

Particulars As at
March 31, 2024 March 31, 2023
Raw Materials^ 32,128.65 16,506.98
Work-in-Progress 2,022.54 1,974.94
Finished Goods* 6,458.07 5,449.62
Stores and Spares # 27,131.17 24,816.46
Loose Tools 380.48 356.87
Stock at Scrap 32.71 126.26
Total Inventories 68,153.62 49,231.14
^ includes Raw Materials in Transit of ` NIL (Previous Year : ` 709.94 Lakhs)
* includes Finished Goods in Transit of ` 75.35 Lakhs (Previous Year : ` NIL)
# includes Stores and Spares in Transit of ` 2194.15 Lakhs (Previous Year : ` 182.15 Lakhs)
Note 14 TRADE RECEIVABLES (Unsecured considered good unless otherwise stated)
Current
Considered good - Secured 6,238.34 6,497.86
Considered good - Unsecured* 19,479.42 26,709.49
Trade Receivable which have significant increase in credit risk - 23.14
Trade Receivable - Credit Impaired 686.63 581.78
26,404.39 33,812.27
Less: Allowances for Credit Losses 686.63 581.78
Total Trade Receivables 25,717.76 33,230.49
*includes Due from Other Related Party of ` 3.24 Lakhs (Previous Year - ` 167.29 Lakhs).
There are no outstanding receivables due from directors or key management persons of the company.
Ageing Analysis of Trade Receivables
Outstanding for following periods from due date of
Sl. payment as on 31.03.2024
Particulars Not Due Total
No Less than 6 6 months- 1 - 2 years 2 - 3 More than 3
months 1 year years years
1 Undisputed Trade Receivables :
i) considered good 24,275.07 1,076.91 218.41 90.77 4.09 49.50 25,714.75
ii) which have significant increase in credit - - - - - - -
risk
iii) credit impaired 6.72 13.47 36.39 40.67 5.00 241.03 343.28
2 Disputed Trade Receivables :
i) considered good - - - - - 3.01 3.01
ii) which have significant increase in credit - - - - - - -
risk
iii) credit impaired - 89.54 - - - 253.81 343.35
Total 24,281.79 1,179.92 254.80 131.44 9.09 547.35 26,404.39
 Consolidated 183

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

01-81
Outstanding for following periods from due date of
Sl. payment as on 31.03.2023
Particulars Not Due Total

>>>
No Less than 6 6 months- 1 - 2 2-3 More than 3
months 1 year years years years
1 Undisputed Trade Receivables :

Statutory Reports
i) considered good 31,899.38 1,180.49 21.19 55.44 1.35 49.50 33,207.34
ii) which have significant increase in credit 14.24 3.22 4.90 0.78 - - 23.14
risk
iii) credit impaired - 64.49 13.52 5.89 6.44 237.64 327.97
2 Disputed Trade Receivables : -
i) considered good - - - - - - -
ii) which have significant increase in credit - - - - - - -
risk

82-144
iii) credit impaired - - - - 23.11 230.70 253.81
Total 31,913.62 1,248.20 39.61 62.12 30.89 517.83 33,812.27

>>>
Note 15 CASH AND CASH EQUIVALENTS

Particulars As at

Standalone Financials
March 31, 2024 March 31, 2023
Balance with Banks
In Current account 1,185.43 1,185.43
In Demand Deposit account with original maturity less than three 1,354.22 2,413.88
months
Cash on hand 7.66 10.03
Total Cash and Cash Equivalents 2,547.31 3,609.34

145-212 >>>
Note 16 OTHER BANK BALANCES
In Unpaid Dividend Accounts 199.73 154.66
In Unspent CSR Accounts - 241.13
In Margin Money Deposits against guarantee 599.92 498.91
In Deposit Accounts* 1,000.00 3,000.00

Consolidated Financials
Total Other Bank Balances 1,799.65 3,894.70
* Includes term Deposit of ` Nil (Previous year : ` 3,000 Lakhs of Original maturity of more than 12 months.
Note 17 OTHER CURRENT ASSETS

Advance to Suppliers
- Considered good 4,817.19 7,687.19
- Considered doubtful 18.03 18.03
4,835.22 7,705.22
Less: Provision for other doubtful Loans and Advances 18.03 18.03
4,817.19 7,687.19
Prepaid Expenses 495.98 562.39
Other Assets 203.92 412.37
Balances with Government Authorities 8,507.78 1,164.11
Total Other Current Assets 14,024.87 9,826.06
184 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (All amounts of ` in Lakhs except share data and unless otherwise stated)

Note 18 EQUITY SHARE CAPITAL

Particulars As at
March 31, 2024 March 31, 2023
Authorized
150,000,000 (Previous Year : 150,000,000) Equity Share ` 2/- each 3,000.00 3,000.00
65,00,000 (Previous Year : 65,00,000) Cumulative Redeemable Non- 6,500.00 6,500.00
convertible Preference Shares of ` 100 each
Total 9,500.00 9,500.00
Issued, Subscribed and Paid-Up
66,048,908 (Previous Year : 66,048,908) Equity Shares ` 2/- each fully paid 1,320.98 1,320.98
up
Total Equity Share Capital 1,320.98 1,320.98
Rights, preference and restrictions attached to Equity Shares
The Company has only one class of equity shares having a par value of ` 2 per share. Each Shareholder is eligible for
one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except
in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining
assets of the company, after distribution of all preferential amounts, in proportion of their shareholding.
The Company has neither bought back any shares nor issued any bonus shares during five years immediately preceding
the Balance Sheet date.

Movements in Equity Share Capital No. of Shares ` In Lakhs

As at April 01, 2022 6,60,48,908 1,320.98
Shares issued during the year - -
As at March 31, 2023 6,60,48,908 1,320.98
Shares issued during the year - -
As at March 31, 2024 6,60,48,908 1,320.98
Shares held by Promoters at the end of the year
Sr. Promoter Name As at
No FY-2023-2024 FY-2022-2023 change
No. Shares %of Total No. Shares %of Total during
shares shares the year

1 Shri Shree Kumar Bangur 27,92,339 4.23% 27,92,339 4.23% -

2 Smt. Shashi Bangur 23,43,362 3.55% 23,43,362 3.55% -
3 Shri Saurabh Bangur 16,51,228 2.50% 16,51,228 2.50% -
4 Shri Virendraa Bangur 11,22,956 1.70% 11,22,956 1.70% -
5 Smt. Bharti Bangur 1,27,300 0.19% 1,27,300 0.19% -
6 Master Shrivatsa Bangur 62,300 0.09% 62,300 0.09% -
7 Saurabh Bangur (HUF) 2,71,480 0.41% 2,71,480 0.41% -
8 Shree Satyanarayan Investments 1,04,61,891 15.84% 1,04,61,891 15.84% -
Company Ltd.
9 Veer Enterprises Limited 1,07,34,434 16.25% 1,07,34,434 16.25% -
10 Orbit Udyog Pvt Ltd. 24,09,855 3.65% 24,09,855 3.65% -
11 Union Company Limited 4,450 0.01% 4,450 0.01% -
12 The Indra Company Limited 22,21,259 3.36% 22,21,259 3.36% -
13 The Diamond Company Limited 19,83,197 3.00% 19,83,197 3.00% -
14 Kilkotagiri And Thirumbadi 5,03,939 0.76% 5,03,939 0.76% -
Plantations Limited
15 Gold Mohore Investment Co Ltd. 6,47,545 0.98% 6,47,545 0.98% -
Total 3,73,37,535 56.53% 3,73,37,535 56.53% -
 Consolidated 185

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (All amounts of ` in Lakhs except share data and unless otherwise stated)

01-81
Details of Shareholders holding more than 5% shares

Sr Name of Shareholders As at

>>>
No March 31, 2024 March 31, 2023
No.of Shares % of No.of Shares % of
Holding Holding

Statutory Reports
1 Veer Enterprises Limited 1,07,34,434 16.25% 1,07,34,434 16.25%
2 Shree Satyanarayan Investments Company Limited 1,04,61,891 15.84% 1,04,61,891 15.84%
3 Nipon Life India Trustee Limited - A/C Nippon India 33,48,310 5.07% 33,49,491 5.07%
Small Cap Fund
Note 19 OTHER EQUITY

82-144
Particulars Reserves & Surplus Other Total Attributable Total
Security Retained Capital Equity General Remeasurement Comprehensive Attributable to Non
Premium Earnings Redemption Share Reserve of Net Defined Income to Owners of Controlling
Account Reserve Warrant Benefit Plan the Company Interest

>>>
Forfeited
Opening as on April 01, 2022 14,572.54 1,10,446.32 6,500.00 277.50 36,934.35 (1,561.80) 130.78 1,67,299.69 34,882.55 2,02,182.24
Non-Controlling Interest on - - - - - - - (47.55) (47.55)
Acquisition of Subsidiary

Standalone Financials
Profit for the year - 94,197.62 - - - - 94,197.62 14,503.59 1,08,701.21
Remeasurement Gain / (Loss) Defined - - - - - (257.12) - (257.12) (22.45) (279.58)
Benefit Plan ( Net of Tax )
Remeasurement of Equity Instruments - - - - - - (523.29) (523.29) (104.05) (627.33)
( net of tax )
Dividends paid - (3,962.93) - - - - (3,962.93) (828.76) (4,791.69)
Balance as on March 31, 2023 14,572.54 2,00,681.00 6,500.00 277.50 36,934.35 (1,818.92) (392.51) 2,56,753.97 48,383.34 3,05,137.30
Opening as on April 01, 2023 14,572.54 2,00,681.00 6,500.00 277.50 36,934.35 (1,818.92) (392.51) 2,56,753.97 48,383.34 3,05,137.30
Non-Controlling Interest on - - - - - - - (127.38) (127.38)

145-212 >>>
Acquisition of Subsidiary
Profit for the year - 69,201.16 - - - - 69,201.16 9,407.36 78,608.52
Remeasurement Gain / (Loss) Defined - - - - - (354.47) - (354.47) (0.54) (355.01)
Benefit Plan ( Net of Tax )
Remeasurement of Equity Instruments - - - - - - 3,853.83 3,853.83 582.13 4,435.96
( net of tax )
Dividends paid - (6,604.89) - - - - (6,604.89) (1,376.45) (7,981.34)
Balance as on March 31, 2024 14,572.54 2,63,277.27 6,500.00 277.50 36,934.35 (2,173.39) 3,461.32 3,22,849.60 56,868.44 3,79,718.04

The Board of Directors of the Company recommended a Dividend of ` 8.00 /- per share (for the year ended March 31, Consolidated Financials
2023 dividend of ` 10.00/- per share) be paid on fully paid Equity Shares. This equity dividend is subject to approval
by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements.
The total equity dividend to be paid is ` 5,283.91 Lakhs (for the year ended March 31, 2023 dividend ` 6,604.89 Lakhs ).
a. Security Premium Account : This Reserve represents the premium on issue of shares and can be utilised in
accordance with the provisions of the Companies Act, 2013.
b. Retained Earnings : This Reserve represents the cumulative profits of the Company and effects of measurement
of defined benefit obligations. This reserve can be utilised in accordance with the provisions of the Companies Act,
2013.
c. Capital Redemption Reserve : This Reserve has been created in relation to debenture issuance and can be utilised
in accordance with the provisions of the Companies Act, 2013.
d. Equity Share Warrant Forfeited: This Reserve represents forfeiture of share warrant by failing to meet purchase
requirements and can be utilised in accordance with the provisions of the Companies Act, 2013.
e. General Reserve : This Reserve created by an appropriation from one component of Equity (generally retained
earnings) to another, not being an item of Other Comprehensive Income. The same can be utilised by the Company
in accordance with the provisions of the Companies Act, 2013.
186 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

f. Other Comprehensive Income: Other Comprehensive Income is created in compliance with Ind AS notified
under the Companies (Indian Accounting Standard) Rules, 2015, as amended.
Note 20 NON CURRENT BORROWINGS

As at
March 31, 2024 March 31, 2023
Non-Current Borrowings
Secured (at amortized cost)
Term Loans
From Banks
Rupee Loans 12,057.55 66.00
Foreign Currency Loans 875.13 4,354.44
Total Term Loans 12,932.68 4,420.44
Less: Unamortised value of transaction cost - 8.60
Less: Current maturities of Long Term Borrowings 2,772.26 3,483.55
Total Non-Current Term Loans 10,160.42 928.29
Unsecured (at amortized cost)
Other Loans
i) From Others
Interest Free Loan under Sales Tax Defferment Scheme 6,314.68 7,645.47
from State Government of Karnataka
Add: Ind AS fair value adjustment 244.66 289.49
Less: Current maturity of Long Term Borrowings 2,769.51 1,905.66
Total Other Loans 3,789.83 6,029.30
Total Non-Current Borrowings 13,950.25 6,957.59
Nature of Security
Term Loans :
1) ECB Euro Loan from Standard Chartered Bank (SCB) is secured by way of a first charge on the movable fixed assets
of the Company pertaining to the Paper Division at Dandeli ranking pari passu with Non Convertible Debentures,
other term loan facilities and Short Term Loan from SCB.
2) Term loan from State Bank of India are secured by way of first charge on the entire movable and immovable fixed
assets of the Company, present and future, with respect to its factory located at Telangana.
3) Term loan from IDFC First Bank Limited is secured against current assets & moveable fixed assets of the subsidiary,
West Coast Opticable Limited.
4) Term loans from IDBI Bank are secured by way of first pari-passu charge on entire moveable plant & machinery of
the subsidiary, Andhra Paper Limited.
Terms of Repayment of Term Loan and Other Loans
As at March 31, 2024

Particulars Amount Period Terms of Repayment

Outstanding
Rupee Loan
State Bank of India - Phase I 3,084.64 Apr 2023 - Dec 2028 Quartely Instalments
State Bank of India - Phase II 3,669.97 Apr 2023 - Sept 2028 Quartely Instalments
IDBI Bank 5,236.94 Jan 2024 - May 2029 Quartely Instalments
IDFC First Bank (ROI 11.40% as on 31.03.2024 ) 66.00 May 2023 - Feb 2026 Quartely Instalments
 Consolidated 187

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

01-81
Particulars Amount Period Terms of Repayment
Outstanding

>>>
Foreign Currency Loan:
Standard Chartered Bank - ECB € Loan (3 Months 875.13 May 2019 - April 2024 Quartely Instalments
EURIBOR + 2.25%)

Statutory Reports
Other Loan:
Interest Free Sales Tax Loan 6,314.68 June 2014 - June 2025 Yearly Instalments
Total Term Loan 19,247.36
As at March 31, 2023

Particulars Amount Period Terms of Repayment

82-144
Outstanding
Rupee Loan
IDFC First Bank (ROI 8.9%) 211.50 Dec 2020 - Nov 2024 Monthly Instalments

>>>
Foreign Currency Loan:
Standard Chartered Bank - ECB € Loan (3 Months 4,354.44 May 2019 - April 2024 Quarterly Instalments
EURIBOR + 2.25%)

Standalone Financials
Other Loan:
Interest Free Sales Tax Loan 7,864.52 June 2014 - June 2025 Yearly Instalments
Total Term Loan 12,430.46
Note 21 LEASE LIABILITIES

Particulars As at
March 31, 2024 March 31, 2023
Non-Current

145-212 >>>
Lease Liabilities 1,945.63 2,359.07
Total Non-Current Lease Liabilities 1,945.63 2,359.07
Current
Lease Liabilities 596.05 512.17
Total Current Lease Liabilities 596.05 512.17
Total Lease Liabilities 2,541.68 2,871.23 Consolidated Financials

Note 22 OTHER FINANCIAL LIABILITIES

Non-Current
Dealer Deposits 4,322.96 4,081.96
Deferred Government Grant 194.71 774.80
Total Non-Current Other Financial Liabilities 4,517.67 4,856.76
Current
Current Maturities of Deferred Government Grant 578.74 580.17
Interest Accrued but not due on Borrowings 140.72 67.65
Unpaid Dividend 199.73 154.66
Trade or Security Deposits Received 3,086.66 3,230.93
Other Financial Liabilities 16,550.91 13,001.03
Payable on Purchase of Property, Plant & Equipment 3,877.17 305.02
Total Current Other Financial Liabilities 24,433.93 17,339.46
Total Other Financial Liabilities 28,951.60 22,196.22
188 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)
Note 23 DEFFERED TAX LIABILITIES

Particulars As at
March 31, 2024 March 31, 2023
Deferred Tax Liabilities on account of WDV of Property, Plant & 17,779.60 11,658.80
Equipment
Provision for Fair Value of Investment in Equity & Debt 1,528.61 -
19,308.21 11,658.80
Deferred Tax Assets on account of:
Carried Forward of Unabsorbed Depreciation - 5.25
Disallowances under Income Tax Act, 1961 allowed on payment basis (3,092.95) (1,527.81)
Long Term Capital Loss Carried Forward (22.75) (22.75)
Financial Assets at FVTOCI 605.55 (18.17)
Provision for Doubtful Debts (229.96) (22.58)
Others (243.93) (102.23)
Adjustments to Ind AS (2,207.10) -
(5,191.14) (1,688.29)
Total Deferred Tax Liabilities 14,117.07 9,970.52
Less: MAT Credit (Entitlement) / Reversals - -
Total Deferred Tax Liabilities Net of MAT Credit 14,117.07 9,970.52
Note 24 OTHER NON-CURRENT LIABILITIES

Decommissioning & Dismantling Liability 8,806.54 8,380.16

Total Other Non-current Liabilities 8,806.54 8,380.16
Reconciliation
Opening Balance 8,380.16 7,974.55
Unwinding of discounts and effect of change in discount rate 426.38 405.61
Closing Balance 8,806.54 8,380.16
Note 25 CURRENT BORROWINGS

Current
Secured
Loan Repayable on Demand from Banks* 5,598.45 7,513.85
Current Maturities of Long Term Debts 2,772.26 3,855.44
Unsecured
Current Maturities of Long Term Debts 2,769.51 1,905.66
Total Current Borrowings 11,140.22 13,274.95
* The short term loans from Banks are secured by Joint Hypothecation of Stores, Spares, Raw Materials, Stock-in-process,
Finished Goods, Book Debts etc., ranking pari-passu charge.
* Buyer Credit of Rs 4974.09 lakhs are secured by means of first parri passu charge by way of hypothecation on moveable
plant & machinery on the subsidiary, Andhra Paper Limited.
 Consolidated 189

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

01-81
Note 26 TRADE PAYABLES

Particulars As at

>>>
March 31, 2024 March 31, 2023
Trade Payables

Statutory Reports
Total oustanding dues of Micro and Small Enterprises [Refer Note no. 50] 4,566.67 3,580.37
Total oustanding dues of creditors other than Micro and Small 28,333.49 26,901.78
Enterprises
Total Trade Payables 32,900.16 30,482.15
Trade Payable Ageing Schedule
Sl. Particulars Unbilled Not Due Outstanding for following periods from Total

82-144
No due date of payment as on 31.03.2024
Less than 1-2 2-3 More than
1 year years years 3 years

>>>
i) MSME - 2,703.70 1,744.66 25.34 18.95 15.85 4,508.50
ii) Others 14,072.48 9,278.48 4,788.99 47.45 50.09 96.00 28,333.49
iii) Disputed Dues - MSME - - 58.17 - - - 58.17

Standalone Financials
iv) Disputed Dues - Others - - - - - -
Total 14,072.48 11,982.18 6,591.81 72.79 69.04 111.85 32,900.16

Sl. Particulars Unbilled Not Due Outstanding for following periods from Total
No due date of payment as on 31.03.2023
Less than 1-2 2-3 More than
1 year years years 3 years
i) MSME - 2,570.09 962.85 32.12 2.54 12.77 3,580.37
ii) Others 11,583.42 10,319.66 4,840.95 49.57 28.53 79.65 26,901.78

145-212 >>>
iii) Disputed Dues - MSME - - - - - -
iv) Disputed Dues - Others - - - - - -
Total 11,583.42 12,889.75 5,803.81 81.70 31.07 92.42 30,482.15
Note 27 OTHER CURRENT LIABILITIES
Particulars As at
Consolidated Financials
March 31, 2024 March 31, 2023
Statutory Liabilities 1,029.60 2,104.96
Other Liabilities 8,757.82 6,087.30
Total Other Current Liabilities 9,787.42 8,192.26
Note 28 PROVISIONS

Non-Current
Provision for Employee Benefit (Refer Note 44) 1,434.71 1,054.14
Total Non-Current Provisions 1,434.71 1,054.14
Current
Provision for Employee Benefit (Refer Note 44) 1,343.59 1,055.95
Other Provisions
For Contingencies (Refer Note 60) 3,472.94 5,064.83
For Others 2,357.42 2,357.42
Total Current Provisions 7,173.95 8,478.20
Total Provisions 8,608.66 9,532.34
190 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

Note 29 REVENUE FROM OPERATIONS

Particulars For the year ended

March 31, 2024 March 31, 2023
Sales of Products
Paper and Board 4,20,988.48 4,68,687.55
Cables 21,165.07 19,868.88
Wind Power 21.83 18.17
Other Operating Revenues
Export Promotion Incentive 303.44 465.18
Scrap Sales 2,245.54 2,158.30
Total Revenue from Operations 4,44,724.36 4,91,198.08
Note 30 REVENUE FROM TRADING OPERATIONS

Revenue from Trading Operations 43.80 878.19

Total Revenue from Trading Operations 43.80 878.19
Note 31 OTHER INCOME

Interest Income
From Banks 368.13 593.65
From Others 6,318.82 3,961.16
Other Non - Operating Income
Profit on Sale of Property, Plant & Equipment 58.78 9.42
Rent Received 51.30 51.16
Income from Government Grant 581.50 580.07
Profit on Sale / Fair Value of Investment 6,760.86 1,064.67
Liabilities and Provisions written back 2,222.73 794.97
Dividend Income 307.05 20.15
Others 364.81 681.40
Total Other Income 17,033.98 7,756.65
Note 32 COST OF MATERIALS CONSUMED

Pulp Wood, Pulp & Waste Paper 1,34,939.12 1,18,593.00

Optical Fiber, PBT, HDPE & Others 14,817.74 15,100.39
Chemicals & Dyes 54,852.12 62,054.87
Packing Materials 9,803.99 10,568.87
Total Cost Of Materials Consumed 2,14,412.97 2,06,317.13
Note 33 PURCHASES OF STOCK IN TRADE

Purchase of Trading Goods 38.83 750.36

Total Purchase Of Stock in Trade 38.83 750.36
 Consolidated 191

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

01-81
Note 34 CHANGES IN INVENTORIES OF FINISHED GOODS AND WORK IN PROGRESS

Particulars For the year ended

>>>
March 31, 2024 March 31, 2023
Opening Stock of Finished Goods

Statutory Reports
- Paper and Board 4,295.22 1,518.10
- O. F. C. Cables, etc. 1,154.40 1,102.15
Add: Inventory on date of Acquisition of Uniply Décor Limited 56.07 -
5,505.69 2,620.25
Closing Stock of Finished Goods
- Paper and Board 4,820.38 4,295.22
- O. F. C. Cables, etc. 1,581.63 1,154.40

82-144
- Others 56.07 -
6,458.07 5,449.62

>>>
Changes in Inventory of Finished Goods (952.38) (2,829.37)
Opening Stock of Work-in-Progress 1,974.94 1,955.65
Add: Inventory on date of Acquisition of Uniply Decor Limited 5.22 -

Standalone Financials
Closing Stock of Work-in-Progress 2,022.54 1,974.94
Changes in Inventory of Work-in-progress (42.38) (19.29)
Total Changes in Inventory Of Finished Goods and WIP (994.76) (2,848.66)
Note 35 EMPLOYEE BENEFITS EXPENSE

Salaries, Wages and Bonus 33,995.03 31,072.92

Contribution to Provident & Other Funds 2,552.85 2,434.83

145-212 >>>
Staff Welfare Expense 2,519.80 3,160.68
Total Employee Benefits Expense 39,067.68 36,668.43
Note 36 FINANCE COSTS

Interest Expense:

Consolidated Financials
Term Loans 137.19 849.12
Lease Liabilities 245.16 256.70
Others 1,240.74 1,648.68
Interest Cost on Sales Tax Loan 530.04 637.74
Other Borrowing Costs 216.71 273.48
Net Loss / (Gain) on Foreign Currency Transactions & Translations 20.16 41.57
Total Finance Costs 2,390.01 3,707.29
Note 37 DEPRECIATION AND AMORTISATION EXPENSE

Depreciation on Property, Plant and Equipment 16,880.96 17,421.75

Depreciation of Right of Use Assets 641.65 568.21
Amortisation of Intangible Assets 987.81 957.05
Total Depreciation and Amortisation 18,510.42 18,947.01
192 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

Note 38 OTHER EXPENSES

Particulars For the year ended

March 31, 2024 March 31, 2023
Consumption of Stores & Spare Parts 15,485.67 13,510.35
Power, coal and water 39,584.25 46,858.62
Rent 127.02 259.88
Repair and maintenance of Buildings 3,694.18 3,848.40
Repair and maintenance of Plant and Machinery 7,020.18 5,515.04
Repair and maintenance of Other Assets 764.48 996.28
Insurance 1,293.85 1,273.30
Rates & Taxes 529.42 370.46
Research & Development expenses 116.60 74.71
Payment to Auditors 88.29 82.04
Foreign Exchange variation - (11.79)
Forwarding charges on Sales 2,358.55 2,683.91
Commission on Sales 1,204.03 759.48
Provision for Doubtful Debts 107.79 40.17
Commission to Director 3,367.45 4,612.60
Director's fees 42.50 46.75
Charity & Donations 77.21 75.00
Corporate Social Responsibility expenses (Refer Note 49) 1,302.73 630.71
Loss on discard of Assets 142.73 114.25
Loss on sale of Property, Plant & Equipment 154.20 342.62
Miscellaneous expenses 5,587.36 4,887.29
Total Other Expenses 83,048.49 86,970.07
Note 39 INCOME TAX EXPENSE

Current Tax Expense

Current Tax on Profits for the year 27,087.17 41,872.02
Current Tax on Profits for earlier years (140.90) (444.60)
MAT Credit (Entitlement) / Reversals for earlier years 138.19 (18.54)
Total Current Tax Expense 27,084.46 41,408.88
Deferred Tax
Decrease / (Increase) in Deferred Tax Liabilities
Property, Plant and Equipment (994.56) (2,044.07)
Provision for Fair Value of Investment in Equity & Debt 1,347.78 -
(Decrease) / Increase in Deferred Tax Assets
Disallowance under section 43B (587.20) 77.62
Adjustments to Ind AS (168.26) (171.98)
Provision for Doubtful Debts (35.42) (6.66)
Others 73.17 (182.08)
Total Deferred Tax Expense / (Income) (364.48) (2,327.17)
Total Income Tax Expense 26,719.98 39,081.71
 Consolidated 193

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

01-81
Note 40 CONTINGENT LIABILITIES AND COMMITMENTS

Particulars As at

>>>
March 31, 2024 March 31, 2023
Contingent Liabilities & Commitments
a. Contingent Liabilities :

Statutory Reports
I. Claims against the Group not acknowledged as debts in respect of
a. Income tax matters, pending decisions on various appeals made 4,612.12 2,820.15
by the Group and by the Department (refer Note I below) (refund
adjusted against demand ` 657 Lakhs, Previous Year `657 Lakhs)
b. Excise matters, Service Tax & GST under dispute 1,774.45 3,325.91
c. Custom matter under dispute - 540.27
d. Sales Tax matter under dispute 492.41 511.04

82-144
e. Other matters under dispute 2,187.60 2,282.04
b. Commitments :

>>>
I. Estimated amount of contracts remaining to be executed on 22,628.44 34,740.54
Capital account and not provided for (net of advance of ` 5,647.33
Lakhs - Previous Year ` 4,798.86 Lakhs)

Standalone Financials
II. The Company has applied for benefits under the Export Promotion Capital goods (EPCG) Scheme for duty
free import of certain Capital Goods with a commitment to export the specified value of goods within the
stipulated timelines. In the opinion of the management, it will be able to fulfil the export commitments and
do not expect any custom duty and Interest liability in this regard.
Notes :
1 Income Tax :
a. During the year, the Income Tax assessments of the Holding Company have been completed for AY 2020-21 & AY

145-212 >>>
2021-22.
b. In the books of Accounts, the Holding Company is accounting Income Tax refunds after adjustment of tax
demands by IT authorities, if any. The matters are pending before High Court and ITAT for various issues. Based
on legal opinion the Holding Company is contesting those tax demands / disallowances at appropriate level. The
company has therefore not recorded adjustment of taxes / order in books.

Consolidated Financials
c. MATERIAL DEMANDS AND DISPUTES CONSIDERED AS “REMOTE” BY THE HOLDING COMPANY:
The Holding Company claimed deduction under Section 80 IA of the Income Tax Act 1961 in its return for Power
Undertaking for Financial Year 1998-99 to 2022-23 and for Effluent (Water) treatment for financial year 2016-17 to
2021-22. The assessing officer partly disallowed the benefit of deductions at assessment stage for Financial year(s)
2019-20 and 2021-22 and fully disallowed deduction upto FY 2016-17. The Company had preferred appeals with
Commissioner Appeals and / or ITAT. The ITAT partly allowed the appeals of the company. Department / Company
have preferred appeal against the order of ITAT. As advised by legal advisors, Company has a strong case / merit
for claiming the deduction and thus expects a favorable outcome.
d. The total demand outstanding as on 31.03.2024 on account of Income Tax dues is ` 4,612.12 Lakhs (Previous year
` 2,820.15 lakhs), net of tax paid / adjusted under protest ` 657 Lakhs.
Note 41
LOAN PURCHASE AGREEMENT
The Holding Company had entered into a loan purchase agreement with ICICI Bank Ltd. for ` 4,000.00 Lakhs in respect
of borrowings of Shree Rama Newsprint Limited (SRNL) after sale of its investment in shares of SRNL. The loan purchase
agreement stipulates that upon occurrence of default ICICI Bank Ltd. will have “a right” to require the Company to
purchase the loan outstanding of SRNL along with transfer of underlying security by ICICI Bank Ltd., to the Company.
The outstanding balance as at March 31, 2024 of SRNL loan is ` 2,100.00 Lakhs with principal repayment due by June
30, 2025. The Holding Company does not foresee any event of default, further the security value is significantly higher
than the outstanding loan balance and hence no liability is envisaged in this respect.
194 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (All amounts of ` in Lakhs except share data and unless otherwise stated)

Note 42 EARNINGS PER SHARE [EPS] COMPUTED IN ACCORDANCE WITH IND AS 33 :

Particulars For the year ended

March 31, 2024 March 31, 2023
Earnings
Profit / (Loss) for the year attributable to Owners 69,201.16 94,197.62
Shares
Number of shares at the beginning of the period 6,60,48,908 6,60,48,908
Add : Shares issued during the period - -
Total number of equity shares outstanding at the end of the period 6,60,48,908 6,60,48,908
Weighted average number of equity shares outstanding during the 6,60,48,908 6,60,48,908
period
Earnings Per Share (Basic / Diluted) (Face value `2/- per share) 104.77 142.62
Note 43 RELATED PARTY DISCLOSURES AS PER IND AS 24

I. Relationship :
a. Associate Company
1) Speciality Coatings and Laminations Ltd.
b. Enterprises where principal shareholders have control
1) Veer Enterprises Ltd.
2) Shree Satyanarayan Investments Company Ltd.
3) Siddhi Trade & Holdings Pvt. Ltd.
4) Rangnath Bangur Charitable Trust
5) Shree Ram Trust
6) Bangur Trust
7) The Marwar Textiles Agency Pvt. Ltd.
8) Kilkotagiri & Thirumbadi Plantations Ltd.
c. Key Management Personnel (KMP)
1) Shri S.K.Bangur (Chairman & Managing Director)
2) Shri Virendraa Bangur (Joint Managing Director)
3) Shri Rajendra Jain (Executive Director)
4) Shri Rajesh Bothra (Chief Financial Officer)
5) Shri Brajmohan Prasad (Company Secretary)
d. Relative of Key Management Personnel
1) Smt. Shashi Bangur
2) Shri Saurabh Bangur - Relative of KMP and Joint Managing Director of Andhra Paper Limited, a subsidiary
e. Company in which Director is common
1) Gloster Cables Ltd
f. Non-Executive/Independent Directors on the Board
1) Smt Shashi Bangur
2) Shri Saurabh Bangur
3) Shri Sudarshan Somani (retired w.e.f. 10.11.2023)
4) Smt Arpita Vinay (retired w.e.f. 26.06.2023)
5) Shri Shiv Ratan Goenka
6) Shri Ashok Kumar Garg
7) Shri Vinod Balmukand Agarwala
 Consolidated 195

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

01-81
8) Smt Sudha Bhushan (w.e.f. 19.05.2023)
9) Shri Prakash Kacholia (w.e.f. 09.11.2023)

>>>
g. Post Employment Benefit Plan
1) Employees Provident Fund of West Coast Paper Mills Ltd.
2) Gratuity Fund of West Coast Paper Mills Ltd.

Statutory Reports
3) PF Trust of Andhra Paper Ltd.
II. The following is a summary of related party transactions

Particulars As at
March 31, 2024 March 31, 2023
i. Rent paid / reimbursement of expenses to :
1) Veer Enterprises Ltd. 165.21 157.09

82-144
2) Shree Satyanarayan Investment Company Ltd. 107.38 103.72
3) Siddhi Trade & Holdings Pvt. Ltd. 19.51 19.33

>>>
4) Shri S. K. Bangur 30.50 27.02
5) Smt. Shashi Bangur 6.00 6.00
6) The Marwar Textiles Agency Pvt Ltd. 7.16 4.54

Standalone Financials
ii. Charity & Donations :
1) Rangnath Bangur Charitable Trust 75.00 75.00
2) Shree Ram Trust - -
3) Bangur Trust - -
iii. Compensation to KMP and their relative :
Salary & Other Employee Benefit to Directors and Executive 4,473.38 5,585.45
Officers

145-212 >>>
Directors Sitting Fees 31.75 33.75
iv. Purchases from Gloster Cables Ltd. 645.42 123.62
v Rent received from Gloster Cables Ltd. 13.35 12.42
vi Sales to Kilkotagiri & Thirumbadi Plantations Ltd. 4.18 2.60
vii Contribution to Post Employment Benefit Plan
Consolidated Financials
1) Employees Provident Fund of West Coast Paper Mills Ltd. 852.95 804.19
2) Gratuity Fund of West Coast Paper Mills Ltd. 266.34 279.05
3) PF Trust of Andhra Paper Ltd. 265.88 491.88
III. The Company has the following amounts due to/from related parties :

Particulars As at
March 31, 2024 March 31, 2023
i. Due to Related Parties
1) Employees Provident Fund of West Coast Paper Mills Ltd. 72.66 68.34
2) Gratuity Fund of West Coast Paper Mills Ltd. 710.59 471.24
3) PF Trust of Andhra Paper Ltd. 16.96 40.33
4) Gloster Cables Ltd. 56.64 43.19
ii. Due from Related Parties
1) Veer Enterprises Ltd. - Security Deposit 35.46 23.10
2) Shree Satyanarayan Investments Company Ltd. - Security 21.10 21.10
Deposit
3) Smt. Shashi Bangur - Security Deposit 2.40 2.40
196 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

Particulars As at
March 31, 2024 March 31, 2023
4) The Marwar Textiles Agency Pvt Ltd. 0.20 0.20
5) Kilkotagiri & Thirumbadi Plantations Ltd. - Sales 3.24 3.44
6) Gloster Cables Ltd. 10.10 -
Note 44 EMPLOYEE BENEFIT PLANS
As per Ind AS 19 “Employee Benefits”, the disclosures of Employee benefits as defined in the Accounting Standard are
given below :
[A] Defined Contribution Plan
Contribution to Defined Contribution Plan, recognised as expenses for the year are as under :

Particulars For the year

2023-24 2022-23
Employer's Contribution to Provident Fund / Pension Fund 1,958.75 1,837.52
Employer's Contribution to Superannuation Fund 59.83 59.71
[B] Defined Benefit Plan
The following table sets out the status of the Gratuity Plan as required under IND AS-19 :
Reconciliation of opening and closing balances of the present value of the Defined Benefit Obligation

Particulars For the year

2023-24 2022-23
Opening Defined Benefit Obligation 8,385.64 8,201.60
Current Service Cost 463.77 465.19
Interest Cost 602.97 557.45
Benefits Paid (827.09) (1,186.06)
Actuarial Losses / (Gain) 771.76 347.46
Obligations at the end of the period 9,397.05 8,385.64
Change in Plan Assets

Opening Fair Value of Plan Assets 7,631.31 7,395.90

Interest income on Plan Assets 551.93 504.82
Actuarial Gain / (Losses) 226.30 (112.48)
Contributions by employer 854.08 1,029.13
Benefits paid (825.91) (1,186.06)
Closing Fair Value of Plan Assets 8,437.72 7,631.31
Amount recognized in Balance Sheet

Present Value of Funded Obligations (9,397.05) (8,385.64)

Fair Value of Plan Assets 8,437.72 7,631.31
Net Asset / (Liability) (959.33) (754.33)
 Consolidated 197

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

01-81
Expense recognised in statement of Profit and Loss Account

Particulars For the year

>>>
2023-24 2022-23
Current Service Cost 463.77 465.19

Statutory Reports
Interest Cost 602.97 557.45
Interest Income on Plan Assets (551.93) (504.82)
Net Income / Expenses recognized in Statement of Profit & Loss 513.52 517.82
Expense recognised in Other Comprehensive Income

Actuarial (Gain) / Losses on Obligation for the period 771.74 347.46

Return on Plan Assets, Excluding Interest Income (226.30) 112.48

82-144
Net (Income) / Expenses recognized in Other Comprehensive Income 545.44 459.94
Sensitivity Analysis

>>>
Effect of +1% increase in discount rate (582.04) (494.99)
Effect of -1% decrease in discount rate 660.59 564.67

Standalone Financials
Effect of +1% increase in Salary rate 670.31 577.69
Effect of -1% decrease in Salary rate (600.52) (517.63)
Effect of +1% increase in Employee turnover 108.57 125.23
Effect of -1% decrease in Employee turnover (118.74) (136.62)
Maturity Profile of projected benefit obligation from the fund

1st following year 1,620.36 1,616.11

145-212 >>>
2nd following year 619.02 667.84
3rd following year 806.61 684.96
4th following year 1,025.29 730.80
5th following year 780.62 912.22
Sum of years 6 and above 8,634.21 7,358.54
Category of Plan Assets Consolidated Financials

Managed by:
LIC 40.31% 39.78%
Aditya Birla Capital 0.96% 0.95%
ICICI Prudential Life Insurance 23.45% 22.68%
Insurer Managed Funds - APL (LIC- 28.05% & Aditya Birla - 71.95%) 35.28% 36.59%
Financial assumptions at the valuation date

Discount Rate (WCPM / APL) 7.23% / 7.20% 7.50% / 7.55%

Estimated Rate of Return on Plan Assets (WCPM / APL) 7.23% / 7.00% 7.50% / 7.00%
Salary Escalation over and above highest of Salary in Grade (WCPM / 3.00% / 7.00% 2.00% / 7.00%
APL)
198 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (All amounts of ` in Lakhs except share data and unless otherwise stated)

Note 45 DIVIDEND REMITTANCE TO FOREIGN INVESTORS (INR)

Particulars As at
2023-24 2022-23
Number of Non-Resident Shareholders 1185 630
Number of Shares held by them on which dividend was paid 5,72,937 3,37,062
Amount remitted - net of tax (` in lakhs) 45.37 16.01
Note 46 SEGMENT INFORMATION
Pursuant to Accounting Ind As 108 – Segment Reporting, information about Business Segments (Information
provided in respect of revenue items for the year ended March 31, 2024 and in respect of assets / liabilities as at March
31, 2024 is disclosed as under :
a) Revenue and Expenses have been identified to a segment on the basis of relationship to operating activities of
the segment. Revenue and Expenses which relate to enterprise as a whole and are not allocable to a segment on
reasonable basis have been disclosed as “Unallocable”.
b) Segment Assets and Segment Liabilities represent Assets and Liabilities in respective segments. Investments, Tax
Related Assets and Other Assets and Liabilities that cannot be allocated to a segment on reasonable basis have
been disclosed as “ Unallocable”.
Particulars Paper Cables Others Total
2023-24 2022-23 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23
Segment Revenue * 4,23,480.64 4,71,242.05 21,265.69 20,816.05 21.83 18.17 4,44,768.16 4,92,076.27
Segment Result before Interest and Taxes 1,00,029.29 1,51,578.22 2,727.94 1,823.82 (65.32) (6.56) 1,02,691.91 1,53,395.48
Less : Unallocable Finance Cost 2,390.01 3,707.29
Less : Unallocable Other Expenditure )5,026.60( 366.90
Less : Unallocable Exceptional Items - 1,538.37
Profit / (Loss) Before Tax 1,05,328.50 1,47,782.92
Tax Expenses :
Less : Current Tax 26,946.27 41,427.42
Less : MAT Credit (Entitlement) / Reversal 138.19 (18.54)
Less : Deferred Tax (364.48) (2,327.17)
Total Tax Expenses 26,719.98 39,081.71
Profit / (Loss) for the year 78,608.52 1,08,701.21
Other Information :
Segment Assets 4,83,331.87 4,03,944.91 25,520.67 14,319.69 2,990.08 51.10 5,11,842.62 4,18,315.70
Segment Liabilities 1,15,931.12 1,06,084.73 14,847.75 5,772.69 24.73 - 1,30,803.60 1,11,857.42
Capital Expenditure 45,904.30 16,212.94 6,593.36 68.56 - - 52,497.66 16,281.50
Depreciation / Amortisation 18,072.68 18,708.36 372.42 238.65 65.31 - 18,510.42 18,947.01
* Intersegmental Revenue during the year was ` Nil (Previous Year ` Nil)
Note 47 EVENT OCCURING AFTER BALANCE SHEET DATE
Dividend proposed to be distributed

Particulars As at
March 31, 2024 March 31, 2023
The Holding Company has proposed Dividend to Equity Shareholders @ 5,283.91 6,604.89
` 8 /- per share (Previous Year `10/- per share)
 Consolidated 199

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

01-81
Note 48
As per Ind AS 41 on “Agriculture” the Group has fair valued its matured crops except for the crops fully matured at

>>>
its Kuluwali Plantation, Karnataka, since there is an on-going litigation and same will be accounted in the books of
accounts upon the final disposal of the case.
Note 49 EXPENDITURE INCURRED ON CORPORATE SOCIAL RESPONSIBILITIES

Statutory Reports
[a] Corporate Social Responsibility (CSR): Where the company covered under section 135 of the Companies Act, the
following shall be disclosed with regard to CSR activities:-

Particulars For the year ended

2023-24 2022-23
a Gross Amount required to be spent by the Company (Budget) 1,290.39 631.43

82-144
b Amount required to be set off for the financial year 26.44 2.45
c Gross Amount required to be spent by the Company (Obligation) 1,263.95 628.98
d Amount spent during the year 1,156.20 630.71

>>>
e Excess Amount spent during the year (107.75) 1.73
One of the subsidiary, Andhra Paper Limited has transferred the unspent amount of ` 121.82 lacs to a separate

Standalone Financials
bank account on April 29, 2024 for the year ended March 31, 2024 in compliance with Companies (Corporate Social
Responsibility Policy) Amendment Rules, 2021 vide MCA notification dated January 22, 2021.
During the year one of the subsidiary, Andhra Paper Limited has set off the excess CSR amount of ` 24.71 lakhs spent
in the FY 2022-23 against CSR obligation of FY 2023-24.
The shortfall belongs to one of the subsidiary, Andhra Paper Limited and the reason is pertaining to ongoing
projects.

145-212 >>>
[b] Details of ongoing projects along with :

As per Sec.135(6) (Ongoing Project)

Opening Balance Amount Amount spent Closing Balance
required to be during the year
With In Separate spent during From From With In Separate
Consolidated Financials
Company CSR unspent the year Company's Separate CSR Company CSR unspent
A/c A/c unspent A/c A/c
- 73.89 - - 73.89 - -
[c] Nature of CSR Activities : Heathcare, Education, Wellness and Community Engagement, Rural Development.
Note 50 THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT (MSMED) ACT, 2006
Based on the information available, there are certain vendors who have confirmed that they are covered under the
Micro, Small and Medium Enterprises Development Act, 2006. Disclosures as required by section 22 of The Micro, Small
and Medium Enterprises Development Act, 2006, are given below:

Particulars As at
March 31, 2024 March 31, 2023
a Principal amount remaining unpaid to Suppliers at the end of the 4,566.67 3,580.37
year
b Interest due thereon remaining unpaid to Suppliers at the end of 24.52 24.33
the year
c The amount of interest paid along with the amounts of the payment 4.10 6.69
made to Suppliers beyond the appointed day
200 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

Particulars As at
March 31, 2024 March 31, 2023
d The amount of interest due and payable
e The amount of interest accrued and remaining unpaid at the end of 24.52 24.33
accounting year
4,619.81 3,635.72
Note 51 INCOME TAX

Particulars For the year ended

March 31, 2024 March 31, 2023
a. Amount recognised in Statement of Profit and Loss
Current Income Tax
- Current Year 26,946.27 41,427.42
- Previous Year - -
- MAT Credit Entitlement/Reversal 138.19 (18.54)
Total 27,084.45 41,408.88
Deferred Tax (364.48) (2,327.17)
Income Tax Expense reported in the Statement of Profit & Loss 26,719.98 39,081.71
b. Reconciliation of effective tax rate
Profit Before Tax 1,05,328.50 1,47,782.92
Tax at applicable Statutory Income Tax Rate 36,805.99 51,641.25
Effect of Various Disallowance of Expenses 645.23 152.95
Effect of Deduction under chapter VIA of IT Act (7,418.02) (6,530.04)
Effect of Reinstatement on Ind AS Adoption 169.78 210.69
Effect of Ins AS Adjustments to reduce DTL (152.45) (151.56)
Effect of Timing Differences in Depreciation 69.67 (425.71)
Effect of Change in Rate of Tax (3,447.96) (5,874.24)
Other Differences 47.74 58.37
Tax Expense recognised in Statement of Profit & Loss 26,719.98 39,081.71
Note 52 INFORMATION RELATED TO CONSOLIDATED FINANCIAL STATEMENTS (IND AS 110)
a The Company has prepared Consolidated Financial Statements as required under Ind AS110, Sections 129 of
Companies Act, 2013 and listing requirements. The Consolidated Financial Statements is available on Company’s
web site for public use.
b At the end of the year the Company has one Associate Company as defined in Section 2(6) of Companies Act
2013. The Investment in Associate Company has been fully impaired in earlier years, in accordance with Para 38 &
39 of Ind AS 28, the company has not recognised additional loss over the investment during the year.
Note 53 COMPANIES INCLUDED / NOT INCLUDED IN CONSOLIDATION
The wholly owned subsidiary of Andhra Paper Ltd, Andhra Paper Foundation (Formerly known as IP India Foundation),
carries out Corporate Social Responsibility activities. The same is not considered for the purpose of consolidation, as
the objective of control over this entity is not to obtain economic benefits from its activities.
 Consolidated 201

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

01-81
Note 54 FINANCIAL INSTRUMENTS AND RELATED DISCLOSURES
Categories of Financial Instruments

>>>
Financial Assets
Sl. Particulars Note As at

Statutory Reports
No March 31, 2024 March 31, 2023
Carrying Fair Carrying Fair
Value Value * Value Value *
1 Financial Assets Designated at Fair Value through Profit
and Loss
i) Derivatives - not designated as Hedging Instruments - - - -
ii) Investment in Equity Shares 7 84.75 84.75 64.94 64.94
iii) Investment in Mutual Fund 7 91,572.43 91,572.43 39,481.60 39,481.60

82-144
iv) Investment in Bonds 7 - - - -
2
i) Financial Assets designated at Fair Value through Other

>>>
Comprehensive Income
3 Investment in Equity Shares 7 17,400.07 17,400.07 2,570.15 2,570.15
i)

Standalone Financials
ii) Financial Assets designated at Amortised Cost
iii) Investment in Bonds, NCD 7 58,052.50 58,052.50 78,071.55 78,071.55
iv) Investment in Commercial Papers 7 5,924.55 5,924.55 10,799.03 10,799.03
v) Others 7 0.10 0.10 0.10 0.10
vi) Trade Receivables 14 25,717.76 25,717.76 33,230.49 33,230.49
viii) Cash and Cash Equivalents 15 2,547.31 2,547.31 3,609.34 3,609.34
vii) Other Bank Balances 16 1,799.65 1,799.65 3,894.70 3,894.70
4 Loans 8 1,191.73 1191.73 3,686.07 3686.07

145-212 >>>
Other Financial Assets 9 2,939.22 2939.22 1,957.79 1957.79
Investment in step down Subsidiary Company 7 - - 5.00 5.00

* There are no Financial Assets or Liabilities which fall under level 2 & 3.
Financial Liabilities
Sl. Particulars Note As at
No March 31, 2024 March 31, 2023 Consolidated Financials
Carrying Fair Carrying Fair
Value Value * Value Value *
1 Financial Liability Designated at Fair Value through
Profit and Loss
i) Derivatives - not designated as Hedging Instruments - - - -
2 Financial Liability designated at Amortised Cost
i) Borrowings 20,25 25,090.47 25090.47 20,232.54 20232.54
ii) Trade Payables 26 32,900.16 32900.16 30,482.15 30482.15
iii) Other Financial Liabilities 22 27,978.42 27978.42 20,686.59 20686.59
iv) Lease Liabilities 21 2,541.68 2541.68 2,871.23 2871.23
The fair value of Financial Assets and Financial Liabilities are included at the amount at which the instrument could be
exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
202 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

Note 55 FINANCIAL RISK MANAGEMENT OBJECTIVES, POLICIES AND DISCLOSURES

1 Financial Risk
The Group’s operational activities expose to various financial risks i.e., market risk, credit risk and risk of liquidity.
The Group realizes that risks are inherent and integral aspect of any business. The primary focus is to foresee the
unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance.
The primary market risk to the Company is foreign exchange risk & interest rate risk. The Group uses derivative
financial instruments to reduce foreign exchange risk exposures.
i Market Risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
fluctuation in market prices. These comprise three types i.e., currency rate, interest rate and other price related risks.
Financial instruments affected by market risk include loans and borrowings, deposits, investments and derivative
financial instruments. Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument
will fluctuate because of changes in foreign exchange rates. Interest rate risk is the risk that the fair value or future
cash flows of a financial instrument will fluctuate because of changes in market interest rates. Regular interaction
with bankers, intermediaries and the market participants help us to mitigate such risk.
a Foreign Currency Risk and Sensitivity
The primary market risk to the company is foreign exchange risk. The Company uses derivative financial instruments
to reduce foreign exchange risk exposure and follows its risk management policies to mitigate the same. After
taking cognizance of the natural hedge, the company takes appropriate hedges to mitigate its risk resulting from
fluctuation in foreign currency exchange rate(s).

Particulars USD / EURO outstanding in

terms of ` Lakhs
As at
March 31, 2024 March 31, 2023
Financial Assets
Cash and Cash Equivalents 438.04 9.00
Trade Receivables 180.97 1,818.45
Other Financial Assets (including Loans) - -
Financial Liabilities
Trade Payables 2,088.09 1,211.24
Borrowings 875.13 4,354.44
Interest Accrued but not due 68.61 23.76
Buyers Credit 4,994.80 -
Net Assets / Liabilities 7,407.62 3,761.99
The following significant exchange rates have been applied; (Currency in `)

Particulars As at
March 31, 2024 March 31, 2023
USD 83.41 82.17
Euro 89.88 89.44
Foreign Currency Sensitivity
Sensitivity analysis is computed based on the changes in the income and expenses in foreign currency upto conversion
into functional currency, due to exchange rate fluctuation between the previous reporting period and the current
reporting period.
 Consolidated 203

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

01-81
0.25% increase and decrease in foreign exchanges rates will have the following impact on Profit Before Tax.

Particulars 2023-24 2022-23

>>>
0.25% 0.25% 0.25% 0.25%
increase decrease increase decrease
USD / EURO Sensitivity (18.52) 18.52 (9.40) 9.40

Statutory Reports
Summary of Exchange Difference accounted in Statement of Profit and Loss :

Particulars For the year ended

March 31, 2024 March 31, 2023
Currency fluctuations
Net Foreign Exchange (gain) / losses shown as Operating Expenses - 35.55
Net Foreign Exchange (gain) / losses shown as Finance Cost 20.16 41.57

82-144
Net Foreign Exchange (gain) / losses shown as Other Income - -
Derivatives

>>>
Currency Forwards (gain) / losses shown as Operating Expenses - -
Interest Rate Swaps (gain) / losses shown as Finance Cost - -

Standalone Financials
Net Foreign Exchange (gain) / losses shown as Other Income - -
Total 20.16 77.12
b. Interest Rate Risk and Sensitivity
The Group’s exposure to the risk of changes in market interest rates relates primarily to long term debt. The
Group has entered into various interest rate swap contracts, in which it agrees to exchange, at specific intervals,
the difference between fixed and variable interest amounts calculated by reference to an agreed upon principal
amount. Borrowings at variable rates expose the Group to cash flow interest rate risk. With all other variables held
constant, the following table demonstrates composition of fixed and floating rate borrowing of the Group and

145-212 >>>
impact of floating rate borrowings on company’s profitability.
Interest Rate Risk Exposure

Particulars For the year ended

March 31, 2024 March 31, 2023

Consolidated Financials
Fixed Rate Borrowings - - - -
Variable Rate Borrowings 12,932.68 100% 4,354.44 100%
Total 12,932.68 100% 4,354.44 100%
Sensitivity on Variable Rate Borrowings

Particulars Impact on Impact on Equity

Profit and Loss A/c
March 31, March 31, March 31, March 31,
2024 2023 2024 2023
Interest Rate increase by 0.25% (32.33) (10.89) (32.33) (10.89)
Interest Rate decrease by 0.25% 32.33 10.89 32.33 10.89
ii Credit Risk
The Group evaluates the customer credentials carefully from trade sources before appointment of any distributor
and only financially sound parties are appointed as distributors. The Group secures adequate deposits from its
distributor and hence risk of bad debt is limited. The credit outstanding is sought to be limited to the sum of
advances / deposits and credit limit determined by the Group. The Group have stop supply mechanism in place in
case outstanding goes beyond agreed limits.
204 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Consolidated Financial Statements (` in Lakhs)

as at and for the year ended March 31, 2024 (Contd.)
Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The maximum
exposure to the credit risk at the reporting date is primarily from Trade Receivables amounting to `20,166.05
Lakhs and `27,314.41 Lakhs as of March 31, 2024 and March 31, 2023, respectively. Trade Receivables are typically
unsecured and are derived from revenue earned from customers primarily located in India. Credit risk has always
been managed by the Group through credit approvals, establishing credit limits and continuously monitoring the
creditworthiness of customers to which the Group grants credit terms in the normal course of business. On account
of adoption of Ind AS 109, the Group uses expected credit loss model to assess the impairment loss or gain. The
Group uses a provision matrix to compute the expected credit loss allowance for Trade Receivables. The provision
matrix takes into account as per the Group’s historical experience for customers.
The following table gives details in respect of percentage of revenues generated from top customer and top five
customers:

Particulars For the year ended

March 31, 2024 March 31, 2023
Revenue from top customer 3.45% 3.74%
Revenue from top five customers 14.56% 14.20%
a Credit Risk Exposure
The allowance for life time expected credit loss on customer balances for the year ended 31st March 2024 was `
686.63 Lakhs

Particulars For the year ended

March 31, 2024 March 31, 2023
Balance at the beginning 581.78 552.84
Impairment loss reversed - 0.00
Additional provision created during the year (net) 104.85 28.94
Balance at end 686.63 581.78
b Ageing Analysis of Trade Receivables (Unsecured )

Particulars Year Ended March 31, 2024

Not due Upto 6 6 - 12 Above 12
months months months
Unsecured 18,134.95 1,137.92 254.80 638.38

Particulars Year Ended March 31, 2023

Not due Upto 6 6 - 12 Above 12
months months months
Unsecured 25,415.76 1,248.20 39.61 610.84
iii Liquidity Risk
Liquidity risk arises when the Group will not be able to meet its present and future cash and collateral obligations.
The risk management action focuses on the unpredictability of financial markets and tries to minimise adverse
effects. The Group uses derivative financial instruments to hedge risk exposures. Risk management is carried out by
the Finance department under Forex Policies as adopted and duly approved by the Board. The Group’s approach
is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when due and company
monitors rolling forecasts of its liquidity requirements.
 Consolidated 205

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

01-81
The table below provides details regarding the contractual maturities of Significant Financial Liabilities as
of March 31, 2024

>>>
Particulars Carrying Less than 1 - 5 Years More than Total
amount 1 Year 5 Years
Borrowings - Current 11,140.22 11,140.22 - - 11,140.22

Statutory Reports
Borrowings - Non-current 13,950.25 - 13,950.25 - 13,950.25
Trade Payables 32,900.16 32,900.16 - - 32,900.16
Lease Liability - Current 596.05 596.05 - - 596.05
Lease Liability - Non-current 1,945.63 - 1,945.63 - 1,945.63
Other Financial Liabilities
a)Interest accrued but not due on Loans 140.72 140.72 - - 140.72

82-144
b)Deferred Government Grant 773.45 194.71 578.74 - 773.45
c)Unpaid Dividend 199.73 199.73 - - 199.73

>>>
d)Other Financial Liabilities 16,550.91 16,550.91 - - 16,550.91
e)Payable on Purchase of Property, Plant and 3,877.17 3,877.17 - - 3,877.17
Equipment

Standalone Financials
f )Trade or Security Deposits received 7,409.62 3,086.66 4,322.96 - 7,409.62
The table below provides details regarding the contractual maturities of Significant Financial Liabilities as
of March 31, 2023

Particulars Carrying Less than 1 1 - 5 Years More than Total

amount Year 5 Years
Borrowings - Current 13,274.95 13,274.95 - - 13,274.95
Borrowings - Non-current 6,957.59 - 6,957.59 - 6,957.59

145-212 >>>
Trade Payables 30,482.15 30,482.15 - - 30,482.15
Lease Liability - Current 512.16 512.16 - - 512.16
Lease Liability - Non-current 2,359.07 - 2,048.64 310.43 2,359.07
Other Financial Liabilities
a)Interest accrued but not due on Loans 67.65 67.65 - - 67.65
b)Deferred Government Grant 1,354.97 580.17 774.80 - 1,354.97 Consolidated Financials
c)Unpaid Dividend 154.66 154.66 - - 154.66
d)Other Financial Liabilities 13,001.03 13,001.03 - - 13,001.03
e)Payable on Purchase of Property, Plant and 305.02 305.02 - - 305.02
Equipment
f )Trade or Security Deposits received 7,312.89 3,230.93 4,081.96 - 7,312.89
2 Competition and Price Risk
The Group faces competition from local and foreign competitors. Nevertheless, it believes that it has competitive
advantage in terms of high quality products and by continuously upgrading its expertise and range of products to
meet the needs of its customers.
3 Capital Risk Management
The Group’s policy is to maintain an adequate capital base so as to maintain creditor and market confidence
and to sustain future development. Capital includes issued capital, share premium and all other equity reserves
attributable to equity holders. In order to strengthen the capital base, the Group may use appropriate means to
enhance or reduce capital, as the case may be
206 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Consolidated Financial Statements

(` in Lakhs)
as at and for the year ended March 31, 2024 (Contd.)

Particulars March 31, 2024 March 31, 2023

Borrowings 25,090.47 20,232.54
Less: Cash and Cash Equivalents including Bank Balance 2,547.31 3,609.34
Less: Current Investments 1,38,698.28 1,07,854.83
Net Debt (1,16,155.12) (91,231.63)
Equity 3,81,039.02 3,06,458.28
Capital and Net Debt 2,64,883.90 2,15,226.65
Gearing Ratio {Net Debt / Capital and Net Debt} (43.85%) (42.39%)
Note 56 DERIVATIVE FINANCIAL INSTRUMENTS
a The Group has variable interest foreign currency borrowings, to offset the risk of variation in interest rates, the
Group has entered into, fix pay and variable receipt, interest rate swaps, these swap contracts are in US Dollar.
Outstanding amortised notional value of loan for swap contracts and MTM taken there on are as follows :

Particulars March 31, 2024 March 31, 2023

FC MTM in FC MTM in
in Mn ` Lakhs in Mn ` Lakhs
US Dollar - - - -
EURO 0.97 4.24 4.87 254.25
Total 0.97 4.24 4.87 254.25
b Foreign Currency Exposure not hedged as at the Balance Sheet date
The foreign currency exposures that have not been specifically hedged by a derivative instrument or otherwise are
given below:

Particulars March 31, 2024 March 31, 2023

FC MTM in FC MTM in
in Mn ` Lakhs in Mn ` Lakhs
US Dollar* 0.85 742.90 2.76 4,183.85
Euro 0.69 622.85 4.91 4,389.35
1.54 1365.75 7.67 8573.20
* Net of receivables - US Dollar 0.00264 Lakhs - `0.22 Lakhs (Previous Year US Dollar Nil - `Nil Lakhs)
Note 57 LEASES
i) The following is the breakup of current & non-current lease liabilities as at March,31 2024 and March, 31 2023
Particulars For the year ended
March 31, 2024 March 31, 2023
Current Lease Liabilities 596.05 512.16
Non Current Lease Liabilities 1,945.63 2,359.07
Total 2,541.68 2,871.23
ii) The following is the movement in lease liabilities during the year ended:

Opening balance 2,871.23 3,246.84

Add: Lease Liabilities recognised during the year 242.23 100.71
Add: Interest Cost accrued during the year 245.16 256.70
Less: Payment of Lease Liabilities including interest (816.92) (733.01)
Balance at the year end 2,541.70 2,871.24
 Consolidated 207

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

01-81
iii) Maturity analysis of lease liabilities on an undiscounted basis:

Particulars For the year ended

>>>
March 31, 2024 March 31, 2023
Not later than one year 759.03 781.55

Statutory Reports
Later than 1 year and not later than five years 1,720.26 2,210.63
Later than five years 647.96 877.14
Note 58 DISCLOSURE OF VARIOUS RATIOS:-

Particulars For the year ended Variance

March 31, 2024 March 31, 2023
Current Ratio (Times) 3.13 2.97 5.43%

82-144
[Current Assets / Current Liabilities excluding Current
Maturity of Long Term Debts]

>>>
Debt Equity Ratio (Times) (Refer Note 1 below) 0.08 0.06 38.52%
[Total Debt / Total Equity]
Debt Service Coverage Ratio (Times) (Refer Note 1 below) 52.82 6.67 691.90%

Standalone Financials
[EBITDA / (Interest Expenses + Repayment of Long-term
Borrowings)
Return on Equity Ratio (%) (Refer Note 3 below) 13.50% 51.08% (73.57%)
[Net profit After Taxes / Average Shareholders Equity]
Inventory Turnover (Times - annualised) (Refer Note 2 7.58 11.08 (31.61%)
below)
[Revenue from Operations / Average Inventory]
Trade Receivables Turnover Ratio (Times - Annualised) 15.09 17.13 (11.91%)

145-212 >>>
[Revenue from Operations / Average Trade Receivables]
Trade Payables Turnover Ratio ( Times - Annualised) 9.30 9.83 (5.42%)
[Net Credit Purchases / Average Trade Payables]
Net Profit Margin (%) 17.67% 22.11% (20.06%)
[PAT / Revenue from Operations]

Consolidated Financials
Return on Capital Employed (%) (Refer Note 3 below) 31.30% 59.91% (47.76%)
[Earning Before Interest & Tax / Capital Employed]
Return on Investment (%) (Refer Note 4 below) 8.83% 5.40% 63.55%
[Earnings from Invested Funds / Average Invested Funds
in Treasury Investments]
Reasons for variances are as follows :
1. Debt Equity ratio & Debt Service Coverage Ratio increased due to increase in debts and lower interest payment
during the year.
2. Inventory Turnover Ratio decreased due to drop in sales volume and consequential increase in total inventory.
3. Return on Equity and Return on Capital Employed Ratios have reduced primarily on account of reduction in sales
whle fixed costs have remained at same level coupled with reduction in margins due to market dynamics.
4. Return on Investment is increase due to increse in investment and profit in sale of investments.
Note 59
In case of one of the subsidiaries, Andhra Paper Ltd (APL), in the year ended March 31, 2017, the Hon’ble High Court
for the State of Telangana and the State of Andhra Pradesh upheld the validity of levy of electricity duty @ 25 paisa
per unit by the State Government on consumption of electricity by captive generating units relating to earlier years.
208 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

The said subsidiary (along with other petitioners) filed a Special Leave Petition in the Hon’ble Supreme Court, which
in the interim, directed the petitioners to pay partial amount without prejudice to the rights and contentions of the
petitioners, pursuant to which APL had paid `,502.05 lakhs under protest in the year ended March 31, 2017. The matter
is pending hearing.
In view of the inherent uncertainty in predicting the final outcome of the above litigation, the Management of APL has,
on grounds of prudence and abundant caution, made a provision amounting to `3,143.24 lakhs (including Rs.785.81
Lakhs on account of business combination during the earlier period) towards the potential liability in the event of
an unfavourable verdict in this matter. Additionally, an amount of `785.81 lakhs has been disclosed as a contingent
liability. On the basis of the legal advice obtained, in the opinion of the Management of APL, no further provision
would be required in relation to this disputed matter.
Note 60
The Group carries a general provision for contingencies towards various disputed matters / claims made against the
Company based on the Management’s assessment. The movement of this provision account is as under:

Particulars As at
March 31, 2024 March 31, 2023
Opening Balance 5,064.83 5,361.97
Provision made during the year due to Fair Valuation - -
Amounts utilized / reversed during the year (1,591.89) (297.14)
Closing Balance 3,472.94 5,064.83

Note 61

Additional Information pursuant to Para 2 to General Information for the Preparation of Consolidated Financial
Statements :

For the year 2023-24 (` in Lakhs)

S. Name of Relation- Net Assets [ Total Assets Share in Profit / (Loss) Share in Other Share in Total
No Entity ship minus Total Liability] for the year Comprehensive Income Comprehensive Income
/ (Loss) for the year / (Loss) for the year
% of Amount % of Amount % of Amount % of Amount
Consolidated Consolidated Consolidated Consolidated
Net Assets Profit Other Total
Comprehensive Comprehensive
Income Income
1 West Coast Parent 56.45% 2,48,045.26 68.58% 47,460.19 56.59% 1,980.18 68.01% 49,440.37
Paper Mills Company
Ltd.
2 Andhra Subsidiary 43.08% 1,89,320.08 31.22% 21,605.66 43.40% 1,518.76 31.81% 23,124.42
Paper Ltd. Indian
3 West Coast Subsidiary 0.15% 652.00 0.28% 195.42 0.01% 0.41 0.27% 195.83
Opticable Indian
Ltd.
4 Wesco Subsidiary 0.02% 101.92 0.00% 1.92 0.00% - 0.00% 1.92
Defence Indian
Systems Ltd.
5 Uniply Subsidiary 0.30% 1,337.97 -0.09% (62.03) 0.00% - -0.09% (62.03)
Décor Ltd. Indian
Sub Total 100.00% 4,39,457.22 100.00% 69,201.16 100.00% 3,499.35 100.00% 72,700.51
Non- - 9,407.36 581.59 9,988.95
Controlling
Interest
Grand Total 4,39,457.22 78,608.52 4,080.94 82,689.46
 Consolidated 209

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.) (` in Lakhs)

01-81
For the year 2022-23
S. Name of Relation- Net Assets [ Total Assets Share in Profit / (Loss) Share in Other Share in Total
No Entity ship minus Total Liability] for the year Comprehensive Comprehensive Income /

>>>
Income / (Loss) for (Loss) for the year
the year
% of Amount % of Amount % of Amount % of Amount

Statutory Reports
Consolidated Consolidated Consolidated Consolidated
Net Assets Profit Other Total
Comprehensive Comprehensive
Income Income
1 West Coast Parent 79.46% 2,05,051.38 62.68% 59,041.51 57.84% (451.35) 62.72% 58,590.16
Paper Mills Company
Ltd.
2 Andhra Subsidiary 20.38% 52,604.25 37.19% 35,035.59 42.18% (329.19) 37.15% 34,706.40
Paper Ltd. Indian

82-144
3 West Coast Subsidiary 0.16% 419.29 0.13% 120.52 (0.02%) 0.14 0.13% 120.66
Opticable Indian
Ltd.
Sub Total 100.00% 2,58,074.92 100.00% 94,197.62 100.00% (780.40) 100.00% 93,417.21

>>>
Non- 48,383.36 14,503.56 (126.50) 14,377.06
Controlling
Interest

Standalone Financials
Grand Total 3,06,458.28 1,08,701.18 (906.90) 1,07,794.27

Note 62 OTHER STATUTORY INFORMATION

a) The Group does not have any benami property, where any proceeding has been initiated or pending against the
Group for holding any benami property.
b) The Group has not traded or invested in Crypto currency or Virtual Currency during the financial year.
c) The Group has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign

145-212 >>>
entities (intermediaries) with the understanding that the intermediary shall;
i. Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Group (ultimate beneficiaries) or
ii. Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
d) The Group has not received any fund from any person(s) or entity(ies), including foreign entities (funding party)
Consolidated Financials
with the understanding (whether recorded in writing or otherwise) that the Group shall;
i. Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the funding party (ultimate beneficiaries) or
ii. Provide any guarantee, security or the like on behalf of the ultimate beneficiaries.
e) The Group does not have any such transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such
as search, survey or any other relevant provisions of the Income Tax Act, 1961)
f) The Group has complied with number of layers prescribed under clause (87) of section 2 of the Act read with the
Companies (Restriction of number of layers) Rules, 2017.
g) None of the Companies in the Group have been declared wilful defaulter by any bank or financial institutions or
lender during the year.
h) The Group does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period.
i) Quarterly returns or statements of current assets filed by the Group with banks and financial institutions are in
agreement with the books of accounts.
210 West Coast Paper Mills Limited Annual Report 2023-24

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.)

j) The Group has not carried out revaluation of items of Property, Plant & Equipment during the year and accordingly
the disclosure as to whether the revaluation is based on the valuation by a registered valuer as defined under Rule
2 of the Companies (Registered Valuers and Valuation) Rules, 2017 is not applicable.
k) The Group has used the borrowings from banks and financial statements for the specific purpose for which it was
obtained.
l) The title deeds of all Immovable Properties (other than immovable properties where the respective Companies is
the lessee, and the lease agreements are duly executed are duly executed in favour of the Company) disclosed in
the financial statements included in Property, Plant and Equipment and Capital Work-in-Progress are held in the
name of the respective Companies of the Group as at the balance sheet date.
m) The Group does not have any transactions with companies which are struck off under Section 288 of the
Companies Act, 2013 or Section 560 of Companies Act, 1956 during the financial year.
Note 63 Acquisition of Uniply Décor Limited :
The Holding Company acquired UDL on successful bidding under Insolvency and Bankruptcy Code, 2016 vide National
Company Law Tribunal (“NCLT”) Division Bench -I, Chennai order dated 20th September, 2023.
Uniply Décor Limited is into the business of manufacturing Plywood and other related products having its
manufacturing units at Chennai and Gandhidham. Presently the same are not operational.
As the above acquisition fulfills the criteria of Business Acquistion as per Ind AS103 - “Business Combinations”, the
transaction has been accounted for accordingly in the Consolidated financial startements. Given below are the details
of Purchase price paid.
(a) Purchase Consideration Paid as per the NCLT Order :

Particulars Amount
` in lakhs
Equity Contribution 1,400.00
Unsecured Loans 1,414.26
Total Consideration Paid 2,814.26
(b) The Equity Contirubtion comprises of 7,00,00,000 Equity shares of UDL with face value of ` 2 each which
forms 100% shareholding of UDL.
(c) The details and fair value of Assets acquired are as under :

Particulars Amount
` in lakhs
Property, Plant and Equipment 1,171.05
Capital Work-in-Progress 21.73
Capital Advances 1,546.86
Inventories 72.81
Other Assets 1.81
Total Assets 2,814.26
(d) Manner of Consolidation:
Business of UDL is consolidated w.e.f. 1st November, 2023 as a Business Acqusition.
(e) Other Items of Financial Statements consolidated for the year ended 31st March 2024 comprises of:

Particulars Amount
` in lakhs
Income from Operations 4.80
Total Expenses (66.83)
Profit / (Loss) After ax (62.03)
 Consolidated 211

Notes to Consolidated Financial Statements

as at and for the year ended March 31, 2024 (Contd.)

01-81
(f) Acquisition Related Costs
Acquition related costs of ` 59.83 lakhs are included in Other Expenses in the Statement of Profit & Loss.

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Note 64 Audit Trial
The accounting software used by the Company, to maintain its Books of account have a feature of recording audit trail

Statutory Reports
(edit log) facility and the same has been operated throughout the year for all transactions recorded in the software.
The Company has an established process of regularly identifying shortcomings, if any, and updating technological
advancements and features including audit trail. The shortcomings identified during the course of audit are being
reviewed and corrective action is being taken wherever required.
Note 65 Exceptional Items :
During the year ended March 31, 2023, one of the subsidiaries, APL, On temporary closure of Andhra Pradesh Gas
Power Corporation Limited (APGPCL), a provision has been created for the valueof investment of `1,538.37 lakhs,

82-144
which was valued as on March 31, 2022 at `1,947.02 lakhs. An amount of `408.65 lakhs has been debited through
Other Comprehensive Income (OCI) and the cost of investment is shown as an exceptional item in P&L account.
Note 66

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Previous year’s figures have been regrouped and reclassified wherever necessary.
Note 67

Standalone Financials
The Consolidated Financial Statements are approved and adopted by Board of Directors of the Company in their
meeting held on May 27, 2024.

The accompanying notes are an integral part of the Consolidated Financial Statements.

As per our Report of even date For and on behalf of the Board
For Singhi & Co.

145-212 >>>
Chartered Accountants
Firm Registration No. 302049E S. K. Bangur Virendraa Bangur
Sudesh Choraria Chairman & Managing Director Joint Managing Director
Partner
M.No. 204936 Rajendra Jain Rajesh Bothra Brajmohan Prasad
Place: Dandeli Executive Director Chief Financial Officer Company Secretary
Date: May 27, 2024

Consolidated Financials
212 West Coast Paper Mills Limited Annual Report 2023-24

Notes
Printed by MANJARI ENTERPRISES ([email protected])