PAKKA LIMITED — Annual Report 2021

Jun 30, 2021

C a s h p a k k a Packaging with a Soul

7/Govt/SE-14 30th June, 2021

BSE Limited

Department of Corporate Service Phiroze Jeejeebhoy Towers, Dalai Street, Mumbai - 400 001 Fax No.(022) 22722061, 41, 39, 37

Scrip Code: 516030

Dear Sir/Madam,

Reg: Outcome of the Board Meeting

The Board of Directors of the Company at its meeting held on today i.e 30th June, 2021 via video conference, inter alia, has taken note and approved the following matters.

The meeting of Board of Directors commenced at 08:30 am and concluded at 01:45 pm.

AUDITED FINANCIAL RESULT:

The Board of Directors of the Company has approved the Audited Financial Results including Segment Reporting, Statement of Assets & Liabilities and Cash Flow Statement for the 4th quarter and year ended 31st March 2021. Accordingly, pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), we enclose the following:

• i) Auditors’ Report on the Audited Financial Results. Enclosed herewith as Annexure - r .

• ii) Statements showing the Audited Financial Results for the quarter and year ended 31st March 2021; enclosed herewith as Annexure - 2’.

In Compliance with Regulation 33(3) (d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2016, vide notification no. SEBI/LAD-NRO/GN/2016- 17/001 dated 25th May, 2016 and Circular no CIR/CFD/CMD/56/2016 dated 27th May, 2016, we hereby state that the Statutory Auditors of the Company C N K & Associates LLP, Chartered Accountants (FRN:

Form erly Yash Papers Limited

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Yash Pakka Limited, Yash Nagar, Ayodhya 224135 (U.P.), India +91-5278-258174 | connect@ yashpakka.com www.yashpakka.com

2nd Floor, 24/57 Birhana Road Kanpur 208001, (U.P.), India CIN: L24231UP1981PLC005294

OfiSH PAKKA Packaging with a Soul

10961W/W100036) have issued an Audit Report with unmodified on the Audited Financial Results of the Company for the Quarter and Year ended 31st March, 2021.

Pursuant to the Circular No.SEBI/HO/CFD/CMD1/CIR/P/2020/48 dated 26th March, 2020 and Circular No.SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated 12th May, 2020 granting relaxation from the provisions of Regulation 47 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 for all the events scheduled till 30th June, 2021 .

Accordingly, the extract of the Audited Financial Results for the quarter and year ended 31st March, 2021 will not be published in the newspapers. However, the same will be available on Company’s website www.vashpakka.com.

DIVIDEND:

Recommended Dividend of Rs.1/- per Share on the face Value of Rs.10/- per Share. The Dividend, if approved by the Shareholders, shall be paid to the Shareholders.

APPROVAL OF “YASH TEAM STOCK OPTION PLAN - 2021” BEING IN COMPLETE SUPERSESSION OF AN EARLIER EMPLOYEE STOCK OPTION SCHEME OF THE COMPANY BY THE NAME OF ‘YASH TEAM STOCK OPTION PLAN - 2019:

The Board members has discussed and deliberated in detail on the Yash Team Stock Options Plan- 2021 with the scheme. The members have suggested to further discussion in the next Board Meeting. Hence, the Board has not considered and approved the Scheme in this meeting.

The meeting commenced at 8:30 am and concluded at 1:45 pm.

May we request you to take the same on your record and inform all your constituents accordingly.

Thanking you,

Yours faithfully, for Yash Pakka Limited

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Bhavna Patel Company Secretary & Compliance Officer Enel: As Above

Form erly Yash Papers Limited

Yash Pakka Limited. Yash Nagar. Ayodhya 224135 (U.P.). India +91-5278-258174 | connect@ yashpakka.com www.yashpakka.com

2nd Floor. 24/57 Birhana Road Kanpur 208001. (U.P.), India CIN: L24231UP1981PLC005294

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INDEPENDENT AUDITOR’S REPORT

TO THE BOARD OF DIRECTORS OF YASH PAKKA LIMITED

Report on the audit of Financiai Results

Opinion

We have audited the accompanying statement of financial results of Yash Pakka Limited (the “company”) for quarter and year ended 31s1 March, 2021 (the "Statement"), being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, the statement:

• i. is presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and

• ii. gives a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian accounting standards and other accounting principles generally accepted in India of the net profit and other comprehensive income and other financial information for the quarter and year ended 31st March, 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those SAs are further described in the "Auditor's Responsibilities for the Audit of the Financial Results" 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 results 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 we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

On account of our inability to conduct a physical verification as on 31st March, 2021 owing to the lockdown restrictions imposed by the Government, we have relied on details as provided by the management and related adjustments to confirm the existence and condition of inventory at the year end.

Our o i' ' "~ed in respect of this matter

Management's Responsibilities for the Financial Results

The Statement has been prepared on the basis of the financial statements. The Company's Board of Directors are responsible for the preparation and presentation of these financial results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. 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 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 financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

in preparing the financial results, the Board of Directors are 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Results

Our objectives are to obtain reasonable assurance about whether the financial results 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 financial results. 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 financial results, 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 through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statements 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 in the financial results made by the Board of Directors.

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• Conclude on the appropriateness of the Board of Directors' 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 results 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 financial results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.

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.

Other Matter

The Statement includes the results for the quarter ended 31st March, 2021 being the balancing figures between the audited figures in respect of full financial year ended 31st March, 2021 and the published unaudited year to date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For C N K & Associates LLP Chartered Accountants Firm Registration No. 101961W /W-100036

Himanshu Kishuadwala Partner Membership No.037391 UD1N: X 1 0 3 1 1 A ftP iftD S 7 ^ 7 3

Place: Mumbai Date: 30"'June, 2021

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VASHPAKKA
f'TOj'SuJicSal
VASH PAXKA LIMITED
»n»d. Office : llnd Floor, 24/57, Blrhan Road, Kanpur - 708 001, Uttar rradesh
Cotp. Office: Yaih Napr, Ayodhya - 224135, Uttar Pradech
ON: U«31UP1981Ptf3J05294 I Tl 91 527B 20S900 /01 I F: 91527 258062
___E. Infogyaihpakka.com I Websita: www.yishpakka.com__
Statem ent of Audited Financial Remits for the quarter and year ended 3 ln March, 2021
(A. |n Ukhsl
5rNo. Particulars » n U sc Il!^ T — H T I 'H 'f ' 'M i 'l l j B T n' liy i|T,lH M T F fcj?> ," lB M
J1.1JJM 0 31M.2TO, ) t^ 2 0 2 Q
Audited R«W w.d Audltad Audltad
1 Income
(a) Revenue from Operations 5.886.75 5,216.59 5.591.71 18,365.09 25,238.68
Jb) Other Income 338.61 592.42 547.73 1.132.87 871.82
Total Income 6,225.36 6,809.01 6,139X4 19,497.96 26,110.50
2 Expanses
(j) Coil of materials consumed 2,045.52 2.045.36 2.335.31 7,009.69 10,175.01
|b; Purchase of kiocl-in-trade (0.01) 0.76 3.87 3.25
|c) Changes In Inventories of finished goods, work in 531.74 84.69 1142.40) 157.37 -59.47
procress and stock-in-trade
|d) l mploycc Benefits expenses 704.18 841.29 858.12 2.794.32 2,667.06
|e) F in ite Costs 297.59 260.45 298.73 1,094.53 1,261.40
() Depreciation and Amortisation expense 239.47 244.32 287.93 965.93 975.95
(iS) Pov^er anti Fuel 653.86 796.38 759.38 2,758.13 4,162.87
(h) Other expenses 886.76 724 76 1.01142 3,421 00 2,970.59
Total expenses 5,359.11 4,997.25 5,207.75 17,204.8 22,156.66
3 Profit/ (Loss) before tax (1 2j 866.25 811.76 931.69 2,293.12 3,953.84
4 !Tax Expense
Currcnl 157.92 143.10 186.15 411.50 714.48
Deferrcc 37.33 99.72 119.34 209.51 477.53
5 | Profit/ (Loss) lor the year 13-4) 671.00j 568.94 626.20 1,672.11 2,761.83
6 Other Comprehensive income
Hems that will nut lie reelass Hied to profit or loss
(«) remeasurements of defined benefit plans 30.02 (0.25) (25.08) 31.91 (62.69)
( i) income tases related to items that will not be (8.74) 0.07 24.83 (9.29) 18.26
reclassified 10 profit or loss
Total Other Comprehensive income 21.28 .......M ? l (0.25) 22.62 (« ■« >
7 Total Comprehensive Income for th e year 156] 692.28 568.76 625.95 1,694.73 2,717X0
8 Paid-up equity share capital (FV per share Rs. 10/- 3,524,00 3.524,00 3,524.00 3,52400 3.524.00
each)
3 Earnings per share (f'V per snare Rs. 10/- each!
la) Basic (Rs) 1.90 1.61 1.78 4.74 7.84
(b) Diluted (Rs) 1.90 1.61 1.78 4.74 7.84
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STATEMENT Of ASSETS AND EQUITY AND LIABILITY AS AT 3 1 tt MARCH, 2021
(Rs. In lakhs)
Sr No. Partial lari As at 3X.0d.2O21 A at 31.03.2020
Asstll
Non-curreni Assets
1 («i) Property. plant jnd equipment 16,775.48 16,678.28
(o) Capital wort in progress 608.20 452.05
(d) Other intangible assets 35.07 38.04
{$) Financial Assets
|ij investments 0.14 0.10
|h) Olhei non-current assets 315.42 217.80
Sub- total 17,734.31 17.396.27
2 Current Assets
la) Inventories 5.984,05 5,605.24
(5| financial Assets
(•} Trade receivables 1541.48 1.775.88
|ii| Cash and cash equivalents 19.86 28.67
{iii) Bant balances other than liii) above 316.08 378.80
(iv) Others 158.89 169.78
It) Current lax assets(net) 17.78
(dl Other current assets 468.45 443.56
5ub- total B.506.S9 8,399.43
Total Assets 26,240.90 25,795.70
Equity and Liabilities
\ Equity
|a) Equity share capital 3,524.00 3.524.00
(b)Otner equity. 9,401.32 8,138.99
Sub- total 13.005.32 11.662.99
Li bill lies
> [Non-currem ImbiHUev]
| j) financial l«iDilit«c>
(i) Borrowings 3,692.46 4,272.16
|ii) Other financial liabilities 270.25 270.25
(b) Deterred tax liabilities (net) 1.203-86 985.06
Id Other non-current liabilities 636.62 1,350. SI
Sub-total 5,801.13 6,877.98
s Currant 1 labilities
l»r financial »»oni.es
(•) Borrowings 4,158.35 3,819.54
iii) Trade payables
(A) Total outstanding dues o t Snsall 183.42 254.64
Enterprises and Micro enterprise
(3) Toui outstanding dues of creditors 570.16 592.59
other than sm»:i enterprises and
micro enterprises.
|iii) Other financial liabilities 1,565.63 1,697.66
(b) Otnc-r current liabilities 605.54 541.67
|r.) Provisions 349.29 348.63
Sub- tout 7,432.39 7,254.73
Total Equity and Liabilities 26,240.90 25,795.70
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[	________ Statem ent_o t_Cash Flows io r the y«ar ended 31st March, 2021
Particulars		Year ended	Year ended
		31st March, 2021	31st March, 2020
	Net Prom belore tan	2,293.12	3,953.84
	Adjustm ents/o r:
	Depreciation and amortization	96S.93	975.95
	toss/(profit) on sate of property, plant and equipment	14.37	3.88
	mif rest ncome	(136.44)	(137.23)
	Financecom	995.60	1,160 29
	Remeasurement of net defined benefit plans	31.91	(62.69)
	Net (gain) / loss on foreign exchange fluctuation
	Net (gam)/ loss on Investments measured at Fair Value through Profit and loss	•0.03	0.02
	Operating profit before working capita! changes	«. 164.46	5,894.06
	Changes in tuorklng copitol:
	Adjustm ent Jor JinaeaseJ/de crease In operating assets
	(increase)/ decrease in trade receivables	232.40	(224.07)
	llncrease)/ decrease in inventories	37881	1.473.39
	(increase)/ decrease In other financial assets	10.39	(11.571
	llncrease)/ decrease in other assets	(2.40)	160.10
	Adjustment Jor Increose/ldecreaseJ In operatidQ liabilities
	Increase/ (decrease) in trade payables	(93.65)	(464.94)
	increase/ (decrease) in other financial liabilities	-13203	184.74
	Increase/ {decrease) in othpr liabilities	(586.77)	-1.036.85
	increase/ {rieerpase) in provisions	066	115*3
	C»«.h generated from operations	3,214.2$	6,090.69
	income taxes refunded/ (paid), net	(473.6S)	(S84.16)
	Will cash gen at kited from operating activities	2,740.60	5,506.54
0.	CASHFLOW FROM INVESTING ACTIVITIES
	Purchase ol properly, plant and equipment, Intangible assets (Including capital work In	(1,364.01)	(1,706.83)
	progress and capital advances)
	Proceeds from sale of property, plant and equipment	4.93	7.83
	interest fptuveil	136.44	137.23
	Other bark balances (margin money)	62.72	(51.24)
	Net cash (used In) / generated from Investing activities	(1,160.52)	(1,61301)
C	CASH HOW FROM FINANCING ACTIVITIES
	Increase/ (decrease) in long-term borrowings	(S79.70)	(1,593.27)
	increase/ (decrease) in short-term borrowings	338.81	(599.61)
	finance cost* paid	(995.60)	(1,160.29)
	Derivatives
	Dividend Paid	(352.40)	(424.84)
	Net cash used in financing activities	(1.583.89)	(3.878.01)
	INCREASE / (DECS EASE) IN CASH AND CASH EQUIVALENTS	-8.81	15.W
	Cash and casn equivalents at the beginning of the year	28.67	13.15
	Cash and cash equivalents at the end of the year (refer note 4(c))	19.86	28.57
	Mole:
	Reconciliation between cash and cash equivalents and cash and bank balances
	(ash and cash equivalents as per cash flow statement	19.86	28.67
	Acid: Margin money deposits not considered as cash and cash equivalents	316.08	378.80
	C3Sh amt bank balances	335.84	407.47

		Segment svise Revenue, Results. Alien and U»bHIH«t	Segment svise Revenue, Results. Alien and U»bHIH«t	Segment svise Revenue, Results. Alien and U»bHIH«t	Segment svise Revenue, Results. Alien and U»bHIH«t	Segment svise Revenue, Results. Alien and U»bHIH«t
Sr tin	Particular!		Quarter ended	Quartet ended	Quarter ended				Year ended	Year ended
					‘	* . >
								'	'
			31.032021	:i 31.12.2020		11-03JQJ0				3i.C B Joio
			Audited	Reviewed	"	Audited	-		Audited ■	■ ■ Audited
	Segment Revenue (Sales and Other income)
	• Paper & Pulp		5,410.56	4,847.43		5,245.21			17,150.84	23,736.76
	- Moulded Products		014.80	961.58		894.23			2.347.12	2,373.74
	Sub-total		6.225.36	5,809.01		6,139.44			19,497.90	26,110.50
	less: Unallocable Revenue
	Total Revenue		6,225.36	5,809.01		6,139.44			19,497.96	26,110.50
2	Sgmnt Remits
	Piolit befor* ta» from each segment
	-Piper & Pulp		771.27	515.71		1,026.30			2,187.97	4,721.73
	Moulded Produce		119.78	337.10	_____1S±»1				215.79	(668.34)
	Sub-total		R91.05	852.Rl		98.1.98			2,403.76	4.053.39
	Less:
	Olhc' utvoliocable expenditure		(24.00)	(41.05)		(30.29)			(110.64)	(99.55)
	Add:
	Otner un-allocabie income
	Profit^ loss Befor T»		866.25	811.76		931.69			2.293.12	3,953.84
3	S eg mem Assets
	Paper & Pulp		21,773.56	20,713.73		21,028.50			21.773.S6	21.028.S0
	- Moulded Products		4,432.11	4.670.81		4.767.20			4,432.11	4,767.20
	Sub-total		26.20S.67	25,384.54		25,795.70			26,205.67	2S,795.70
	Add:
	Un-ail oca Pte assets		35.23	72.31					35.23
	Total Assets		26,240.90	25,456.85		25,795.70			26,240.90	25.795.70
4	Segment Liabilities
	Pape' a Pulp		6,739.49	6,205.20		7,240.73			6,739.49	7,240.73
	Moulded Products		S.050.00	5,408.47		5.6C0.87			5,050.00	5,600.87
	Sub-total		11,789.49	11,613.67		12,841.60			11,789.49	12,841.60
	Add
	Un-ailocable liabilities		1.446.09	1,530.13		1,291,11			1,446.09	1,291.11
	Total liabilities		13,235.58	33,143.80		14,132.71			13,235.58	14,132.71
5	Capital Employed
	Paper ft Pulp		15.014.07	14,508.53		13,767.77			15,034.07	13,787.77
	Moulded Prooucts		(617.89)	(737.66)		1833.67)			(617.89)	(833.67)
	Unallocable assets iess liabilities		(1.410.86)	(1.457.82)		(1.291.11)			(1.410.86)	(1,291.11)
	Capital Employed		13,005.32	12,313.03		11,662.99			13.00SJ2	11,662.99

notes-.

• !l Tne Company is encaged in the following business segments:

• Passer ft Pulp

• Moulded Prooucts

i?j Segments Pave teen identified taking into account the nature of activities and nature of risks and returns. I

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M oles:

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The stove audited financial results nave been reviewed by the Audit Committee in its meeting held on 29th tune, 2021 and approved by the Board of Directors at then meeting held on 30th Jure, 2021

21 The above resu lt have been prepared in accordance with Indian Accounting Standards find AS') notified under Section 133 of the Companies Act, 2013, read togetner with ihc Companies (Indian Accounting Standard) Rules. 201S (as amended).

!i The results for the quarter ended 31st March, 2021 are the balancing figures between Audited results for the whole year end the published nine monthly results unto lis t Ocwmbstt. 2020 which wore subjected to limited review by Auditor _ ____

a | The segment profit ol the moulded segment for the year 2020-21 includes a sum of Rs 6.80 truces (Previous year; Nil) on account of fulfilment of the EPCO

I obligations______

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s) the Company has analysed all uaremeiers associated w ith this risk due to Covtd-19and has assessed that Cov'id-19 and the business changes thereafter will have no imaterial impact on the going concern of the company,______ ___ ,

• 6j The Scheme of merger of Vash Compostabies limited ( "YCL' ) with the Company effective 1st April, 2020 has been approved by the Board of Directors In their meeting on 20th tune, 2020. The same is subject io approval by Shareholders in the General Meeting and subsequent regulatory approvals. In view of the pending approvals Irom various regulatory authorities, no effect of YCl financials are given in the above remits.______ _____ _ 7jThe results 01 the company are available on the company's website vtww.yathpaftka com and on BSC website at wwvi.bsaindla.com.

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