Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the Twenty Eighth Annual
Report of the Company together with the Financial Statements for the
year ended 31st March, 2014.
OPERATING RESULTS (Rs. In Lakh)
Particulars For the Year For the Year
ended 31st ended 31st
March,2014 March,2013
Net Sales 4052.25 3089.39
Other Income 17.81 36.26
Total 4070.06 3125.65
Less : Total Expenditure 3533.70 2792.80
Profit before Interest,
Depreciation and Tax 536.36 332.85
Less: Interest 221.55 218.62
Profit before Depreciation
and Taxation 314.81 114.23
Less: Depreciation 71.38 68.87
Profit before Tax 243.43 45.36
PERFORMANCE REVIEW
With the Indian economy decelerating, growth rates dipped as inflation
and interest costs started climbing up. Despite these constraints and
the challenging environment, your Company performed well. During the
year 2013-14, the gross turnover of the Company has increased to
Rs.4422.14 lacs as against Rs. 3402.20 lacs for the previous year ended
31st March, 2013 representing a healthy growth. The Company has
achieved higher profit before tax at Rs. 243.43 lacs compared to Rs.
45.36 lacs, during the previous year.
The Gross Turnover of the two divisions of the Company were as under:
(? In Lakh)
Division 2013-14 2012-13
Paper Sacks Division 3634.62 3131.28
Flexible Packaging Division 782.30 260.60
As reported in the last Board report, the initiatives/various measures
and vigorous marketing undertaken by your company during the year under
review in increasing productivity and efficiency have led to
improvement of the operational performance in terms of production,
sales and profitability, which is visible from the operational
performance for the year under review. Your management will continue
their effort in improving the performance of the company to bring back
on track by expanding market and concentrating more in value added
structure to increase not only volume but also profit margins.
The results of cost reduction initiatives and operational efficiencies
will be further visible in the current financial year 2014-15 as your
company has continued the initiatives to optimize capacity utilization
in both the units.
Paper Sacks Division
During the year under review, the Paper Sacks could achieve growth of
more than 15% resulting in better profitability than previous year.
However, the quantity of paper sacks sold remained same compared to
previous year. Your company has suffered a loss of sale by 50% at
carbon black sector due to recession in the Automobile industry which
has affected the division in terms of business volume.However the loss
has been compensated by sale of higher volume of high value added sacks
in other sectors like Chemical, powder paints and attributed
significantly toward the over all growth of this division.
Flexible Division
During the year under review, the performance of flexible division was
satisfactory and it has achieved higher turnover than previous year.
The turnover of Flexible Packaging Division was almost triple compared
to the previous year. Your Company could add many new customers during
the year under review which has resulted in growth in this segment.
However, this Division could not be operated to its optimum level of
production capacity due to severe competition and flat demand.
FUTURE OUTLOOK
The Company expects that domestic market for paper sacks and flexible
laminate pouches will expand, despite pressure on overall economic
growth. The Company is positioned for the anticipated growth in
business with an appropriate structure, strategy and capabilities. Your
Company is planning to open a representative office in the Baroda,
Gujarat where huge market for our brand of Products exists and will
help the company to approach the potential customers .It is expected
that the turnover of the Company is likely to improve considerably.
The flexible sector has suffered lot due to lesser demand, price
undercut and cut throat competition. Many units have closed their
operation due to severe loss in this segment. However, your company has
focused from volume job at marginal contribution to small but high
priced job. During the current year the company has targeted to move on
along with medium sized volume at better contribution.
In the present business scenario and despite the fragmented nature of
the industry which is dominated by few big players the Company is
expecting 10% to 15% growth in its business. The Company is focusing
more to capture the market of imported paper sacks for achieving better
contribution.
DIVIDEND
Your Directors are pleased to recommend a dividend of 2.5% on the
equity shares of Rs.10/- each of the Company for the financial year
2013-14.The distribution of dividend will result in payout of Rs.
12,40,125/- excluding tax on dividend.
DIRECTORS
Dr. Hemendra Prasad Barooah, Chairman of the Company ceased to be
director of the company due to sad demise on 31st July, 2013. The Board
expresses its profound grief on the sudden demise of Dr. Hemendra
Prasad Barooah founder Chairman of the Company and place on record its
deep appreciation for the valuable contribution made by him in the
Corporate sector and remember his achievements, in the tea and
packaging industry and also the contribution made by him during his
tenure as Chairman and Whole time Director on the Board of the Company.
Mr. Panchkari Banerjee, Director of the Company ceased to be director
of the company due to sad demise on 25th September, 2013. The Board
expresses its deep condolences at the sad demise of Mr. Panchkari
Banerjee and place on record deep appreciation for the service rendered
by him during his tenure as member of the Board.
Mr. Sudipto Sarkar, Director of the Company has resigned from the Board
due to personal reasons w.e.f. 2nd September,2013. The Board placed on
record its high appreciation for the valuable advice rendered by Mr.
Sarkar during his tenure as a director of the Company.
The Board has appointed Mr. Amit Chowdhuri and Mrs. Anuradha Farley as
an Additional Directors of the Company w.e.f. 5th November,2013 and
13th November,2013 respectively. Mrs. Farley has also been nominated as
Chairman of the Company by the Board of Directors on that date.
Pursuant to section 161 of the Companies Act,2013, Mrs. Anuradha Farley
and Mr. Amit Chowdhuri will hold office upto the date of ensuing Annual
General Meeting. The Company has received notice in writing from two
members of the company proposing their appointment as directors of the
Company. Mr. Amit Chowdhuri has been appointed as an ''Independent
Director'' of the Company by the Board of Directors with effect from
23rd May, 2014 pursuant to provision of sections 149, 150 and 152 read
with Schedule IV of the Companies act, 2013 and subject to approval of
the members in the ensuing Annual General Meeting.
Mrs. Gargi Barooah, Director, retire by rotation at the forthcoming
Annual General Meeting and being eligible offer herself for
re-appointment.
As stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges, the relevant details of Directors retiring by rotation and
seeking re-appointment at the ensuing Annual General Meeting are given
in the report of Corporate Governance.
The proposals regarding the appointment/re-appointment of the aforesaid
Directors are placed for your approval.
AUDITORS
M/s. APS Associates, Chartered Accountants, the Statutory Auditors of
the Company will retire at the ensuing Annual General Meeting and are
eligible for re-appointment. The Audit Committee at its meeting dated
23rd May, 2014 has recommended their re-appointment. As required under
the provisions of section 139(1) of Companies Act, 2013 & the Companies
(Audit & Auditors) Rules 2014,your Company has obtained a written
certificate from the Auditors proposed to be re- appointed to the
effect that, if the appointment is made it shall be in accordance with
the conditions as may be prescribed.
FIXED DEPOSITS
Your Company has not invited or accepted any deposits from the public
during the year under review.
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS REPORT
As required by Clause 49 of the Listing Agreement with the Stock
Exchange, a separate report on Corporate Governance and Management
Discussion and Analysis forms part of the Annual Report. A certificate
from the Statutory Auditors of the Company regarding compliance of
conditions of corporate governance is annexed to this report.
DIRECTORS'' RESPONSIBILITY STATEMENT
As required by Section 217 (2AA) of the Companies Act, 1956, your
Directors state that:
- In the preparation of Annual Accounts for the year ended 31st
March, 2014, the applicable accounting standards have been followed and
in case of material departures, proper explanations have been given in
the accounts and notes thereon.
- The accounting policies adopted in the preparation of the annual
accounts have been applied consistently and reasonable and prudent
judgments and estimates have been made so as to give a true and fair
view of the state of affairs of the Company as at 31st March, 2014 and
of the Profit of the Company for the year ended on that date.
- Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the assets of the Company and
detecting fraud and other irregularities.
- The Annual Accounts for the year ended 31st March, 2014 have been
prepared on a going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information as prescribed under Section 217 (1)(e) of the Companies
Act, 1956, read with the Companies (Disclosure of Particulars in the
Report of the Board of Directors) Rules, 1988, is given in Annexure -A
which forms a part of this Report.
ENTERPRISE RESOURCE PLANNING (ERP)
The Company is in the process of upgrading its existing Enterprise
Resources Planning (ERP) system which will help the company more to
integrates the various functions within the organization and presents
in a greater manner with the greater transparency of the transactions.
It will further strengthen internal controls, compliances and will help
in improving the quality and efficiency of the business operations in
future.
The upgraded ERP is expected to put in place strong checks and balances
particularly in financial matters ensuring greater transparency.
ACCOLADES & RECOGNITIONS
During the year under review your Company has received some honours
which reflect company is growing and is in the right direction. Some of
the accolades/recognitions are:
- CRISIL has ranked the Company 22nd position in the East Zone of
India in its Unmatched coverage of rating of 351 companies of packaging
and mentioned it in its Report under CRISIL Industry Insights.
- Received trophy from Indian Institute of Packaging for contribution
in the National Conference of Packaging.
SAFETY, HEALTH AND ENVIRONMENT PROTECTION
Your Company focuses on environmental management not only to comply
with the applicable regulatory regime but also strives to contribute
positively to the communities around its operations. The Paper sacks
and its manufacturing process are both eco friendly and do not generate
pollution. Your Company accords highest priority towards environment
protection, occupational health and safety and is committed for this.
The Company focus on the conservation of natural resources to the
extent possible.
Your Company has received ISO 22000:2005 food grade certificate, ISO
14001- Environment Management System and OHSAS 18001- Occupational
Health & Safety Standard certificates. Your Company is also pursuing
BRC(British Retail Consortium) IOP, the highest form of auditing
process for application in food packaging.
COST AUDIT
The Cost accounts maintained by the company in respect of "Paper
sacks and Flexible packaging" is being audited by a reputed firm of
Cost Accountant, M/s S. B. & Associates, Cost Accountants appointed by
Board of Directors with the approval of the Ministry of Corporate
Affairs. The Cost accounting records for the year ended 31st March,
2014 were maintained as per the Companies (Cost Audit Report) Rules,
2011.
INSURANCE
Your Company has taken adequate insurance cover for properties of the
company including buildings, plant and machineries and stocks against
fire, earthquake and other risks as considered necessary.
OBLIGATION OF COMPANY UNDER THE SEXUAL HARRASMENT OF WOMEN AT
WORKPLACE(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
In order to prevent sexual harassment of women at work place a new act
"The Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013 "has been notified on 9th December, 2013.
Under the said Act every company is required to set up a Committee to
look into complaints relating to sexual harassment at work place of any
women employee. In view of the said Act, the Company has formed
Internal Complaint Committee.
Your Company has not received any complaints relating to sexual
harassment at work place from any women employee, during the year.
PARTICULARS OF EMPLOYEES
None of the employees employed throughout the year or part of the year
was in receipt of remuneration the aggregate of which exceeds the
limits as prescribed under Section 217(2A) of the Companies Act, 1956
read with Companies (Particulars of Employees) Rules, 1975 as amended,
for disclosure in the report of the Board of Directors.
STATUTORY DECLARATION
None of the directors of the Company are disqualified as per the
provisions of section 274(1)(g) of the Companies Act,1956. The
directors have made necessary disclosures as required under the various
provisions of the Act.
ACKNOWLEDGEMENT
Your Directors would like to express their appreciation for the
continuous assistance and co- operation received from Bank, Government
Authorities, customers, vendors and other business associates during
the year under review and thank the Members for the confidence they
have reposed in the Company and its management.
Your Directors place on record their deep appreciation for the
dedicated efforts and contribution of the employees at all levels and
look forward to their continued support in the future as well.
For and on behalf of the Board of Directors
Anuradha Farley
Chairman
Date : 23rd May, 2014
Place: Kolkata
Mar 31, 2013
The Directors have pleasure in presenting the Twenty Seventh Annual
Report of the Company together with the audited accounts for the year
ended 31st March, 2013.
OPERATING RESULTS
(Rs. In Lakh)
Particulars For the Year For the Year
ended 31st ended 31st
March, 2013 March, 2012
Net Sales and Other Income 3125.65 2955.48
Less : Total Expenditure 2792.80 2571.36
Profit before Interest,
Depreciation and Tax 332.85 384.12
Less: Interest 218.62 116.93
Profit before Depreciation
and Taxation 114.23 267.19
Less: Depreciation 68.87 16.33
Profit before Tax 45.36 250.86
PERFORMANCE REVIEW
Paper Sacks Division
During the year under review, the Paper Sacks Division recorded
marginally lower sales compared to last year. The major reasons are
intake of lower volume of Tea Sacks due to change in policy of some of
the major buyers. A shift had been observed from paper sacks to
Polypropylene sack for medium and cheaper tea. The other reason are
recession in the automobile industry, resulted in sale of lower volume
of carbon black sacks.Good growth happened in other sacks segment
specially chemical.
Flexible Packaging Division
Regarding the new Flexible Packaging Unit, the performance during the
year was not encouraging. The unit fell short of its targeted
volume.The Company could not achieve the target since the business did
not stabilize during the year as was anticipated earlier.
Due to ban by the Supreme Court on the Guthka Industry regarding usage
of plastics, the flexible division has had to cut down on their
production volume by 30% to 35%.Big and medium flexible laminate units
have to cut down heavily on costs for survival.
Since the growth possibility in this unit could be phenomenal, we may
have to nurture this for some more time by infusing additional
investment and/or working capital.
FUTURE PROSPECTS
Paper Sacks Division
Effort are being made to increase the volume of sales. The Company has
approached new buyer in South India & Dooars and is also pursuing the
existing major buyers to increase the volume of Tea sacks. Initial
months of the current year are showing positive results for tea sack
sale. Chemical segment to be consolidated further, which your
directors are considering to explore. Initiation has also been taken
for marketing of 2 ply Paper sacks for export to the Kenya Tea
Development Authority.
Flexible Packaging Division
Your Director are constantly monitoring the flexible unit and making
all possible efforts to improve the performance of the Company. We are
negotiating with major Corporate houses for the breakthrough of
business volume and we are expecting positive movement shortly.
We are hopeful that 2014 will be a better year for both this unit.
DIVIDEND
The Dividend recommended by the Directors for the year ended 31.03.2012
was not adopted by the shareholders in the last Annual General Meeting
and thereof no dividend was paid.
In view of smallness of profit and keeping in view the fund requirement
for the new flexible project your directors do not recommend any
dividend for the year ended 31st March,2013.
DIRECTORS
Mr. Vijay Raghuram Shetty has ceased to be director of the Company as
he was not reappointed by members in the last Annual General Meeting.
Mr. Tarun Chandra Dutt ceased to be director of the company due to sad
demise on 2nd March,2013. The Board express their deep condolences at
the sad demise of Mr. Tarun Chandra Dutt and place on record its deep
appreciation for the service rendered by him during his tenure as
member of the Board.
Mr. Ranadurjoy Roy Choudhury, Managing Director of the Company has
resigned from the Board w.e.f. 29th April,2013.
The Board has appointed Mr. Somnath Chatterjee as an Additional
Director of the Company w.e.f. 30th April,2013.Pursuant to section 260
of the Companies Act,1956, Mr. Somnath Chatterjee will hold office upto
the date of ensuing Annual General Meeting. The Company has received
notice in writing from a member of the company proposing his
appointment as director of the company.
Mr. Anjan Ghosh and Mr. Sudipto Sarkar, Directors, retire by rotation
at the forthcoming Annual General Meeting and being eligible offer
themselves for re-appointment.
The proposals regarding the appointment/re-appointment of the aforesaid
Directors are placed for your approval.
CHANGE IN COMPANY SECRETARY
During the year under review Mr. Rajiv Gupta resigned w.e.f 17th July,
2012 and the place was filled by appointment of Mr. Gunjan Kr.
Chaurasia as Company Secretary w.e.f. 1st November, 2012.
AUDITORS
M/s. APS Associates, Chartered Accountants, the Statutory Auditors of
the Company will retire at the ensuing Annual General Meeting and are
eligible for re-appointment. The Audit committee at its meeting dated
28th May, 2013 has recommended their re-appointment and they also
confirm that their re-appointment, if made, would be in conformity with
the limits specified under section 224(1B) of the Companies Act, 1956.
FIXED DEPOSITS
No deposit has been accepted from the public during the year under
review.
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS REPORT
As required by Clause 49 of the Listing Agreement with the Stock
Exchange, a separate report on Corporate Governance and Management
Discussion and Analysis forms part of the Annual Report. A certificate
from the Statutory Auditors of the Company regarding compliance of
conditions of corporate governance is annexed to this report.
DIRECTORS'' RESPONSIBILITY STATEMENT
As required by Section 217 (2AA) of the Companies Act, 1956, your
Directors state that:
In the preparation of Annual Accounts for the year ended 31st March,
2013, the applicable accounting standards issued by The Institute of
Chartered Accountants of India had been followed and in case of
material departures, proper explanations has been given in the accounts
and notes thereon.
The accounting policies adopted in the preparation of the annual
accounts have been applied consistently and reasonable and prudent
judgments and estimates have been made so as to give a true and fair
view of the state of affairs of the Company as on 31st March, 2013 and
of the Profit or Loss on that date.
Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the assets of the Company and
detecting fraud and other irregularities.
The Annual Accounts for the year ended 31st March, 2013 have been
prepared on a going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
A) Conservation of Energy :
Electricity is the only form of energy being used in the existing
production process which is also very minimal. As the whole
manufacturing process is not power intensive, the details required
under Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 are not given. However, continuous efforts are
being put to conserve energy at its maximum possible level. The
Flexible Packaging unit will also be using HSD besides electricity.
Superior quality boiler has been chosen to make most efficient
consumption of fuel.
B) Technology Absorption :
Presently, the company is not engaged in any activity relating to
technology absorption.
C) Foreign Exchange Earnings and outgo:
(Rs. In Lakh)
PARTICULARS 31.03.2013 31.03.2012
Earnings in Foreign Currency 157.78 94.23
Expenditure in Foreign Currency 914.69 1049.65
SAFETY, HEALTH AND ENVIRONMENT PROTECTION
Paper sacks and its manufacturing process are both eco friendly and do
not generate pollution. Your Company accords highest priority towards
environment, occupational health and safety. Recipient of ISO
22,000:2005 food grade certification, your Company is committed towards
highest degree of safety, health and environment protection.
Your Company has received ISO 14001- Environment Management System and
OHSAS 18001- Occupational Health & Safety Standard certificates.
COST AUDIT
The cost accounts maintained by the company in respect of ''Paper sacks
and Flexible packaging'' is audited by a reputed firm of Cost Accountant
appointed by Board of Directors with the approval of the Ministry of
Corporate Affairs.
INSURANCE
Adequate insurance cover has been taken for properties of the company
including buildings, plant and machineries and stocks against fire,
earthquake and other risks as considered necessary.
PARTICULARS OF EMPLOYEES
None of the employees employed throughout the year or part of the year
was in receipt of remuneration the aggregate of which exceeds the
limits as prescribed under Section 217(2A) of the Companies Act, 1956
read with Companies (Particulars of Employees) Rules, 1975 as amended,
for disclosure in the report of the Board of Directors.
STATUTORY DECLARATION
None of the directors of the Company are disqualified as per the
provisions of section 274(1)(g) of the Companies Act,1956. The
directors have made necessary disclosures as required under the various
provisions of the Act.
ACKNOWLEDGEMENT
Your Directors would like to express their appreciation for the
continuous assistance and co- operation received from Bank, Government
Authorities, customers, shareholders, vendors and other business
associates during the year under review.
Your Directors place on record their deep appreciation for the
dedicated efforts and contribution of the employees at all levels and
look forward to their continued support in the future as well.
Your Directors look forward to the future with confidence.
For and on behalf of the Board of Directors
P. Banerjee H. P. Barooah
Director Executive Chairman
Date : 28th May, 2013
Place: Kolkata
Mar 31, 2012
The Directors have pleasure in presenting the Twenty Sixth Annual
Report of the Company together with the audited accounts for the year
ended 31st March, 2012.
OPERATING RESULTS (Rs. In Lakh)
Period ended Period ended
31st March, 2012 31st March, 2011
Particulars consisting of consisting
of 15th
12 months (From months (From
01.04.2011 to
31.3.2012) 1.1.2010 to
31.03.2011)
Net Sales and Other Income 2955.48 2745.34
Less : Total Expenditure 2571.36 2397.32
Profit before Interest,
Depreciation and Tax 384.12 348.02
Less: Interest 116.93 105.42
Profit before Depreciation
and Taxation 267.19 242.60
Less: Depreciation 16.33 19.47
Profit before Tax 250.86 223.13
Less: Current Taxation 78.00 74.10
Tax for earlier Years (5.39) NIL
Deferred Taxation 1.45 3.60
Profit after Tax (PAT) available
for appropriation 176.80 145.43
Proposed Dividend (14.88) NIL
Corporate Dividend Tax (2.41) NIL
Add: Balance of Profit / (Loss)
brought forward 75.72 (69.71)
Balance of Profit carried to
Balance Sheet 235.23 75.72
YEAR IN RETROSPECT
The net sales and other income for the period under review were '
2,955.48 lakhs as against ' 2,745.34 lakhs during the previous
financial year ended 31st March, 2011 comprising of 15 months from
01.01.2010 to 31.03.2011. Profit after tax for the period under review
registered an increase of approximately 22 %.
DIVIDEND
Your Board of Directors are pleased to recommend a dividend of 3% (30
paise) on equity share capital of the Company for the financial year
2011-12. The distribution of dividend will result in payout of ' 14.88
lakh excluding tax on dividend.
DIRECTORS
Mr. Panchkari Banerjee and Mr. Vijay Raghuram Shetty, Directors, retire
by rotation at the forthcoming Annual General Meeting and being
eligible offer themselves for re-appointment.
Mr. Hemendra Prasad Barooah has been re-appointed as the
Chairman-cum-Wholetime Director of the Company, subject to your
approval in the ensuing Annual General Meeting, for a period of five
years commencing 1st November, 2011 to 31st October, 2016.
The proposals regarding the appointment/re-appointment of the aforesaid
Directors are placed for your approval.
CHANGE IN COMPANY SECRETARY
During the year under review Ms. Nabagataa Choudhury resigned w.e.f
15th Feburary, 2012 and the place was filled by appointment of Mr.
Rajiv Gupta as Company Secretary w.e.f 8th May 2012.
AUDITORS
M/s. APS Associates, Chartered Accountants, the Statutory Auditors of
the Company will retire at the ensuing Annual General Meeting and are
eligible for re-appointment. The Audit Committee at its meeting dated
23rd May, 2012 has recommended their re-appointment and they also
confirm that their re-appointment, if made, would be in conformity with
the limits specified under section 224(1B) of the Companies Act, 1956.
FIXED DEPOSITS
No deposit has been accepted from the public during the year under
review.
CHANGE IN FINANCIAL YEAR
The Directors of your Company has decided to change the financial year
of your Company to commence from the month of April every year and end
on March of the succeeding year.
Accordingly, in order to give effect to the change, the previous period
for comparing is of 15 months commencing from 1st January 2010 and
ending on 31st March 2011.
CORPORATE GOVERNANCE
As required by Clause 49 of the Listing Agreement with the Stock
Exchange, a separate report on Corporate Governance forms part of the
Annual Report. A certificate from the Statutory Auditors of the Company
regarding compliance of conditions of corporate governance is annexed
to this report.
NEW PROJECT
2200 MT Flexible Packaging project has been taken in hand and is well
on its way towards completion. The plant has been commissioned from 1st
April 2012.
The plant is expected to reach 70% of its rated capacity by 2013
leading to an additional turnover of ' 25 Cr.
QUALITY SYSTEMS CERTIFICATION
Your Company is recipient of ISO 9001:2008 Quality System
Certification. Additionally the Company has also achieved certification
to ISO 22000:2005, standard for Food Safety Management. Your Company's
focus on sustainable development will continue to be reinforced by
improving standards of safety and environmental protection. Various
proactive measures have been adopted and implemented which inter alia
include conservation of resources, adoption of cleaner technology,
training of employees and others.
DIRECTORS' RESPONSIBILITY STATEMENT
As required by Section 217 (2AA) of the Companies Act, 1956, your
Directors state that:
- In the preparation of Annual Accounts for the year ended 31st
March, 2012, the applicable accounting standards issued by The
Institute of Chartered Accountants of India had been followed and in
case of material departures, proper explanations has been given in the
accounts and notes thereon.
- The accounting policies adopted in the preparation of the annual
accounts have been applied consistently and reasonable and prudent
judgements and estimates have been made so as to give a true and fair
view of the state of affairs of the Company as on 31st March, 2012 and
of the Profit or Loss on that date.
- Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the assets of the Company and
detecting fraud and other irregularities.
- The Annual Accounts for the year ended 31st March, 2012 have been
prepared on a going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
A) Conservation of Energy
Electricity is the only form of energy being used in the existing
production process which is also very minimal. As the whole
manufacturing process is not power intensive, the details required
under Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 are not given. However, continuous efforts are
being put to conserve energy at its maximum possible level. The
Flexible Packaging unit will also be using HSD besides electricity.
Superior quality boiler has been chosen to make most efficient
consumption of fuel.
SAFETY, HEALTH AND ENVIRONMENT PROTECTION
Paper sacks and its manufacturing process are both eco friendly and do
not generate pollution. Your Company accords highest priority towards
environment, occupational health and safety. Recipient of ISO
22,000:2005 food grade certification, your Company is committed towards
highest degree of safety, health and environment protection.
To maintain our safety leadership so as to help our customers for
export to European countries the Company is also in the process of
implementing OHSAS 18001- Occupational Health & Safety Standard and ISO
14001- Environment Management System Certification.
PARTICULARS OF EMPLOYEES
None of the employees employed throughout the year or part of the year
was in receipt of remuneration the aggregate of which exceeds the
limits as prescribed under Section 217(2A) of the Companies Act, 1956
read with Companies (Particulars of Employees) Rules, 1975 as amended,
for disclosure in the report of the Board of Directors.
ACKNOWLEDGEMENT
Your Directors would like to express their appreciation for the
continuous assistance and co-operation received from Bank, Government
Authorities, Customers, Shareholders, Vendors and other business
associates during the year under review.
Your Directors place on record their deep appreciation for the
dedicated efforts and contribution of the employees at all levels and
look forward to their continued support in the future as well.
Your Directors look forward to the future with confidence.
For and on behalf of the Board of Directors
P. Banerjee R. Roy Choudhury
Director Managing Director
Place: Kolkata
Date : 23rd May, 2012
Mar 31, 2011
Dear Members,
The Directors have pleasure in presenting the Twenty Fifth Annual
Report of the Company together with the audited accounts for the
fifteen months period ended 31st March, 2011.
OPERATING RESULTS
(Rs In Lakh)
Period ended Period ended
31st March, 31st December,
2011 2009
Particulars consisting of 15 consisting of 12
months (From months (From
1.1.2010 to 1.1.2009 to
31.3.2011) 31.12.2009)
Net Sales and Other Income 2745.34 1,875.56
Less : Total Expenditure 2397.32 1,586.41
Profit before Interest,
Depreciation and Tax 348.02 289.15
Less: Interest 105.42 122.43
Profit before Depreciation
and Taxation 242.60 166.72
Less: Depreciation 19.47 40.63
Profit before Tax 223.13 126.09
Less: Current Taxation
including FBT 74.10 43.59
Deferred Taxation 3.60 21.25
Profit after Tax (PAT) 145.43 61.25
Less: Income Tax for
earlier years NIL NIL
Prior period adjustment NIL NIL
Profit available for
appropriation 145.43 61.25
Add: Balance of loss
brought forward (69.71) (130.96)
Balance of loss
carried to Balance Sheet 75.72 (69.71)
YEAR IN RETROSPECT
The net sales and other income for the period under review were Rs
2745.34 lakhs as against 1,875.56 lakhs during the previous financial
year ended 31st December, 2009 comprising of 12 months from 01.01.2009
to 31.12.2009, booking an increase of approximately 46% which is quite
optimistic. Profit after tax for the fifteen months period ended
31.03.2011 registered an encouraging increase of approximately 137%.
CHANGE OF COMPANY'S NAME
The name of your Company has been changed from "B & A Multiwall
Packaging Limited" to "B & A Packaging India Limited" with effect from
8th July, 2010. A fresh Certificate of Incorpora- tion has been issued
by the Registrar of Companies, Orissa to this effect.
DIRECTORS
Mrs. Gargi Barooah and Mr. Tarun Chandra Dutt, Directors, retire by
rotation at the forthcoming Annual General Meeting and being eligible
offer themselves for re-appointment.
Mr. Sudipto Sarkar who was appointed by the Board of Directors of your
Company in its meeting held on 4th February, 2011 as an Additional
Director in terms of Article 89 of the Articles of Association of your
Company hold office up to the date of ensuing Annual General Meeting.
Your Company has received notice under Section 257 of the Companies
Act, 1956 proposing Mr. Sudipto Sarkar for the Office of Director to be
elected by the members in the ensuing Annual General Meeting.
Mr. Ranadurjoy Roy Choudhury has been re-appointed as the Managing
Director of the Company, subject to your approval in the ensuing Annual
General Meeting, for a period of three years w.e.f. 1st September,
2010.
The proposals regarding the appointment/re-appointment of the aforesaid
Directors are placed for your approval.
AUDITORS
M/s. APS Associates, the Statutory Auditors of the Company will retire
at the ensuing Annual General Meeting and are eligible for
re-appointment. The Audit committee at its meeting dated 21st May, 2011
has recommended their re-appointment and they also confirm that their
re- appointment, if made, would be in conformity with the limits
specified under section 224(1B) of the Companies Act, 1956.
FIXED DEPOSITS
No deposit has been accepted from the public during the period under
review.
CHANGE IN FINANCIAL YEAR
The Directors of your Company has decided to change the financial year
of your Company to commence from the month of April every year and end
on March of the succeeding year.
Accordingly, in order to give effect to the change, the period under
review is of 15 months commencing from 1st January 2010 and ending on
31st March 2011.
CORPORATE GOVERNANCE
As required by Clause 49 of the Listing Agreement with the Stock
Exchange, a separate report on Corporate Governance forms part of the
Annual Report. A certificate from the Statutory Auditor of the Company
regarding compliance of conditions of corporate governance is annexed
to this report.
NEW PROJECT
1800 MT Flexible Packaging project has been taken in hand and is well
on its way towards completion. The plant is expected to be commissioned
by October, 2011.
The plant is expected to reach 70% of its rated capacity by 2013
leading to an additional turnover of 36 Cr.
QUALITY SYSTEMS CERTIFICATION
Your Company is recipient of ISO 9001:2008-Quality System
Certification. Additionally the Company has also achieved certification
to ISO 22000:2005, standard for Food Safety Management. Your Company's
focus on sustainable development will continue to be reinforced by
improving standards of safety and environmental protection. Various
proactive measures have been adopted and implemented which inter alia
include conservation of resources, adoption of cleaner technology,
training of employees and others.
DIRECTORSÃ RESPONSIBILITY STATEMENT
As required by Section 217 (2AA) of the Companies Act, 1956, your
Directors state that:
- In the preparation of annual accounts for the fifteen months period
ended 31st March 2011, the applicable accounting standards have been
followed and in case of material departures, proper explanations have
been given in the accounts and notes thereon ;
- The accounting policies adopted in the preparation of the annual
accounts have been applied consistently and reasonable and prudent
judgments and estimates have been made so as to give a true and fair
view of the state of affairs of the Company as on 31st March, 2011 and
of the Profit or Loss on that date ;
- Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities ; and
- The accounts for the fifteen months period ended 31st March, 2011
have been prepared on a going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
A) Conservation of Energy
Electricity is the only form of energy being used in the existing
production process which is also very minimal. As the whole
manufacturing process is not power intensive, the details required
under Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 are not given. However, continuous efforts are
being put to conserve energy at its maximum possible level.
B) Foreign Exchange Earnings and Outgo:
(Rs In Lakh)
Particulars 31.03.2011 31.12.2009
Earnings in Foreign Currency 7.82 48.64
Expenditure in Foreign Currency 1,033.69 553.81
SAFETY, HEALTH AND ENVIRONMENT PROTECTION
Paper sacks and its manufacturing process are both echo friendly and do
not generate pollution. Your Company accords highest priority towards
environment, occupational health and safety. Recipient of ISO
22000:2005 food grade certification, your Company is committed towards
high- est degree of safety, health and environment protection.
To maintain our safety leadership so as to help our customers for
export to Eropean countries the Company is also in the process of
implementing OHSAS 18001 Ã Occupational Health & Safety Standard and
ISO 14001 - Environment Management System Certification.
PARTICULARS OF EMPLOYEES
During the period under review none of the employees was in receipt of
remuneration the aggregate of which exceeds the limits as prescribed
under Section 217(2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975 as amended, for disclosure in
the report of the Board of Directors.
ACKNOWLEDGEMENT
Your Directors would like to express their appreciation for the
continuous assistance and co- operation received from Bank, Government
Authorities, customers, shareholders, vendors and other business
associates during the period under review.
Your Directors place on record their deep appreciation for the
dedicated efforts and contribution of the employees at all levels and
look forward to their continued support in the future as well.
Your Directors look forward to the future with confidence.
For and on behalf of the Board of Directors
P. Banerjee R. Roy Choudhury
Director Managing Director
Place: Kolkata
Date : 21st May, 2011
Dec 31, 2009
The Directors have pleasure in presenting the Twenty Fourth Annual
Report of the Company together with the audited accounts for the year
ended 31st December, 2009.
OPERATING RESULTS (Rs. In Lakh)
Particulars 31.12.2009 31.12.2008
Net Sales and Other Income 1,875.56 2,055.76
Less: Total Expenditure 1,586.41 1,778.84
Profit before Interest,Depreciation & Tax 289.15 276.92
Less: Interest 122.43 116.89
Profit before Depreciation and Taxation 166.72 160.03
Less: Depreciation 40.63 56.94
Profit before Tax 126.09 103.09
Less: Current Taxation including FBT 43.59 13.52
Deferred Taxation 21.25 28.20
Profit after Tax (PAT) 61.25 61.37
Less: Income Tax for earlier years NIL NIL
Prior period adjustment NIL NIL
Profit available for appropriation 61.25 61.37
Add: Balance of loss brought forward (130.96) (192.33)
Balance of loss carried to Balance Sheet (69.71) (130.96)
YEAR IN RETROSPECT
The net sales and other income for the year under review were Rs
1,875.56 lakh as against Rs.2,055.76 lakh for the previous financial
year booking a decline of approximately 8.77%. The profit after tax for
the year under review was Rs. 61.25 lakh in comparison to Rs.61.37 lakh
in previous fiscal, which also registered a marginal decline of 0.19%
in profitability.
DIRECTORS
Mr. Panchkari Banerjee and Mr. Vijay Raghuran Shetty, Directors will
retire by rotation at the forthcoming Annual General Meeting and being
eligible offer themselves for re-appointment.
AUDITORS
M/s. APS Associates, Chartered Accountants, the Statutory Auditors of
the Company will retire at the ensuing Annual General Meeting and are
eligible for re-appointment. The Audit committee at its meeting dated
28th January, 2010 has recommended their re-appointment and they also
confirm that their re-appointment, if made, would be in conformity with
the limits specified under section 224(1B) of the Companies Act, 1956.
FIXED DEPOSITS
No deposit has been accepted from the public during the year under
review.
CORPORATE GOVERNANCE
As required by clause 49 of the Listing Agreement with Stock Exchange,
a separate report on Corporate Governance froms part of the Annual
Report. A certificate from the Statutory Auditors of the Company
regarding compliance of condition of Corporate Governance is annexed to
this report.
NEW PROJECT
After successful completion of the Extrusion Lamination project, the
Company has taken in hand a major diversification project in the area
of Flexible Packaging Material. These find their usage in
- Food items like biscuits, tea, edible oils, cereals, etc.
- Spices
- Personal care products like hair oil, shampoo, soap, etc.
- Detergents
A study of the market shows that the domestic consumption in this field
is growing at more than 15% annually and demand far outstrips supply in
the eastern region. Feasibility report has been prepared and submitted
to the Bank for their approval.
QUALITY SYSTEMS CERTIFICATION
Your Company is already certified to ISO 9001:2000 -Quality System.
Additionally the Company has also achieved certification to ISO
22000:2005, standard for Food Safety Management. This will not only
ensure that tea producers are offered packaging material conforming to
food safety system, but also this should stand the Company in good
stead for the new project of flexible packaging materials involving
food product packaging.
DIRECTORS RESPONSIBILITY STATEMENT
As required by Section 217 (2AA) of the Companies Act, 1956, your
Directors state that:
i) In the preparation of Annual Accounts for the year ended 31st
December, 2009, the applicable accounting standards issued by The
Institute of Chartered Accountants of India had been followed and in
case of material departures, proper explanations has been given in the
accounts and notes thereon.
ii) The accounting policies adopted in the preparation of the annual
accounts have been applied consistently and reasonable and prudent
judgements and estimates have been made so as to give a true and fair
view of the state of affairs of the Company as on 31st December, 2009
and of the Profit or Loss on that date.
iii) Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the assets of the Company and
detecting frauds and other irregularities.
iv) The Annual Accounts for the year ended 31st December, 2009 have
been prepared on a going concern basis.
CONSERVATION OF ENERGY,TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
A) Conservation of Energy
Electricity is the only form of energy being used in the existing
production process which is also very minimal. As the whole production
process is not power based, the details required under companies
(Disclosure of particulars in the Report of Board of Directors) Rules,
1988 are not given. However, continues efforts are being put to
conserve energy at its maximum possible level.
SAFETY, HEALTH AND ENVIRONMENT PROTECTION
Paper sacks and its manufacturing process are both echo-friendly and do
not generate pollution. Moreover, after getting ISO 22,000:2005 food
grade certification, your company is endeavouring to achieve highest
degree of safety, health and environment protection.
PARTICULARS OF EMPLOYEES
There was no employee who received remuneration of Rs.24,00,000/- or
more per annum or at a rate of Rs.2,00,000/- or more per month during
the financial year under review. Therefore, the disclosure pursuant to
the provisions of Section 217(2A) of the Companies Act, 1956 read with
Companies (Particulars of Employees) Rules, 1975 as amended, are not
given.
ACKNOWLEDGEMENT
Your Directors would like to express their appreciation for assistance
and co-operation received from Bank, Government Authorities, customers
and vendors during the year under review. Your Directors also wish to
place on record their deep sense of appreciation for the committed
services by the executives, staffs and workers of the Company.
For and on behalf of the Board of Directors
P. Banerjee R. Roy Choudhury
Director Managing Director
Place: Kolkata
Date: 28th January, 2010
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