Agio Paper & Industries Limited is a public limited company headquartered in **Kolkata, West Bengal**, and listed on the **BSE Limited (Stock Code: 516020)**. Historically a manufacturer of **Writing & Printing Paper**, the company is currently in a transitional phase characterized by a long-term suspension of manufacturing operations and a strategic re-evaluation of its asset base and future business direction. --- ### **Core Infrastructure & Manufacturing Footprint** The company’s physical operations are concentrated in a single reportable segment—**Writing & Printing Paper**—with its primary infrastructure located in Central India. * **Manufacturing Facility**: Located at Village **Dhenka**, Post **Darrighat**, Masturi, District **Bilaspur, Chhattisgarh - 495 551**. * **Registered Office**: Suite No. **505**, Diamond Prestige, **41 AJC Bose Road, Kolkata - 700 017**. * **Asset Management**: The company adheres to **Schedule II** of the **Companies Act, 2013** for determining the useful life of its **Property, Plant & Equipment (PPE)**. | Asset Group | Useful Life (Years) | | :--- | :--- | | **Buildings** | **30** | | **Plant and Machinery** | **8 - 15** | | **Furniture and Fittings** | **10** | | **Motor Vehicles** | **8** | | **Office Equipments** | **5 - 10** | | **Computers & Data Processing Units** | **3 - 6** | --- ### **Operational Suspension & Strategic Pivot** The company’s core manufacturing capabilities have been severely restricted for over a decade, leading to a fundamental shift in its operational status. * **CPCB Suspension**: The Bilaspur paper factory has been under a **suspension of operations since October 6, 2010**, following orders from the **Central Pollution Control Board (CPCB)** regarding environmental compliance. * **Asset Liquidation**: In response to the prolonged closure, the company has **disposed of its entire plant and machinery** and a significant portion of its **Capital Work-in-Progress (CWIP)**. * **Impairment Charges**: As of **January 2026**, management implemented a **75% impairment** on the remaining book value of its CWIP, amounting to a charge of **₹16.28 crore**, reflecting the estimated recoverable value of the remaining assets. * **Future Roadmap**: Management is currently exploring alternative business models to revitalize the entity. These include the potential establishment of a **new paper mill**, a **power plant**, and a shift toward **renewable energy generation**. --- ### **Capital Structure & Promoter Dynamics** Agio Paper maintains a unique financial position characterized by a lack of traditional bank debt but a heavy reliance on internal promoter funding. * **Debt-Free Status**: The company reports **zero outstanding obligations** to banks or financial institutions. * **Equity & Preference Capital**: While the **Equity Share Capital** has remained stable at **Rs. 16.12 crores**, the company has aggressively utilized **Preference Shares** to fund its ongoing requirements. | Financial Year | Equity Share Capital | Preference Share Capital | Preference Shares Issued | | :--- | :--- | :--- | :--- | | **FY 2023-24** | **Rs. 16.12 crores** | **Rs. 33.45 crores** | **32,650** | | **FY 2022-23** | **Rs. 16.12 crores** | **Rs. 33.13 crores** | **32,000** | * **FY 2023-24 Allotments**: A total of **32,650 Preference Shares** were issued across four tranches (May 2023, August 2023, September 2023, and March 2024). * **Promoter Transfer**: During the **2024-25** period, a significant inter-se transfer occurred where **Mr. Ankit Jalan** acquired **71,95,868** equity shares (**44.62%**) from **Mr. Murari Lal Jalan**. --- ### **Financial Health & "Going Concern" Status** The company’s financial statements are prepared under **Indian Accounting Standards (Ind AS)**. While the **FY 2023-24** audit received an **unmodified opinion**, several critical financial risks persist. * **Net Loss & Dividends**: Due to the lack of operational revenue, the company continues to report a **net loss**. Consequently, **no dividends** were recommended for the financial years ended March 2023, 2024, or 2025. * **Going Concern Uncertainty**: Statutory auditors consistently include an **Emphasis of Matter** regarding the company's ability to continue as a "Going Concern." This status is currently sustained solely by a **comfort letter** from a promoter company pledging continued financial support. * **Solvency Dependency**: The company’s viability is "totally dependent" on the continued **infusion of funds** to meet statutory and operational obligations. --- ### **Risk Profile & Regulatory Compliance** Agio Paper operates under a formal **Risk Management Plan** to monitor threats ranging from legal to environmental factors. * **Leasehold Obligations**: The factory land in Chhattisgarh is held on a **99-year operating lease**. The company has committed to the following future rental payments: * **Within One Year**: **₹0.1 Lakhs** * **1–5 Years**: **₹0.43 Lakhs** * **Beyond 5 Years**: **₹5.75 Lakhs** * **Regulatory & Legal Risks**: * **Delisting**: The company has applied for voluntary delisting from the **Calcutta Stock Exchange (CSE)** while maintaining its BSE listing. * **Social Security Code**: Management is currently evaluating the impact of the **Code on Social Security, 2020**, which may increase employee benefit liabilities once notified. * **Market Vulnerability**: Should operations resume, the company faces risks from **technology obsolescence** and intense competition in the domestic paper market. * **Governance**: The company maintains compliance with **SEBI (LODR) Regulations, 2015**, and **SEBI (Prohibition of Insider Trading) Regulations, 2015**. Share capital audits are conducted quarterly by **M/S A.K Labh & Co.**