Mar 31, 2014
Dear members,
1. Presentation
The directors have pleasure in presenting the 39th Annual Report
together with the Audited Accounts for the year ended on 31st March,
2014.
2. Financial Results
The financial results of the operation for the year under review are
as follows:
Rs. In Lakhs
Particulars 2013-14 2012-13
Sales 2051.10 1899.19
Profit before exceptional and
extraordinary items and tax (76.60) 382.10
Less-Exceptional Items
Profit before extraordinary
items and tax (76.60) 382.10
Less- Extraordinary items - -
Profit/(Loss) Before Tax (76.60) 382.10
Less: Tax Expenses
Current Tax -- 17.48
Deferred Tax Expenses/ (Income) 24.85 256.18
Profit/(Loss) after tax for the year (51.74) 108.44
Profit/(Loss) carried forward to Balance Sheet (51.74) 108.44
Basis and Diluted EPS (In Rs) (2.59) 5.42
3. Review of Operations
During the year under review, the Company has posted a sales of Rs.
2051.10 lakhs as against Rs. 1899.19 Lakhs during the previous year.
The Company has been able to maintain the sales volumes; but, profit
after current tax has declined from Rs. 108.44 lakhs to a loss of Rs.
51.74 lakhs, primarily, due to increase in raw material prices.
4. Public Deposits
During the period under review, your Company has not accepted any
deposits within the meaning of Section 58A of the Companies Act, 1956
and the rules made there under
5. Dividend
Your Directors do not recommend any dividend for the year 2013-2014.
6. Safety and Pollution Control
The Company continues to give top priority to safety and pollution
control aspects. It has strictly been following the requisite
guidelines as received from Pollution Control Board from time to time.
7. Particulars of Energy Conservation, Technology Absorption and
Foreign Exchange Earnings & Outgo
Information in accordance with the provisions of section 217(1) (e) of
the Companies Act, 1956, read with the Companies (Disclosure of
particulars in the Report of Board of Directors) Rules, 1988,
regarding Energy Conservation, Technology Absorption and Foreign
Exchange Earnings & Outgo is given in "Annexure A" forming part of
this Report.
8. Particulars of Employees
During the year under review, there were no employees drawing
remuneration in excess of the prescribed limits and whose particulars
are required to be given in compliance with the provisions contained
in Section 217(2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975.
9. Directors'' Responsibility Statement
The Directors affirm (a) that in the preparation of annual accounts,
the applicable accounting standards have been followed along with
proper explanations relating to material departures; (b) that the
directors have selected such accounting policies and applied them
consistently and made judgments and estimates that are 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 and
loss of the company for that period; (c) that the directors have taken
proper and sufficient care 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 (d) that the directors
have prepared the annual accounts on a going concern basis.
10. Directors
During the period under review, there has been a change in the
constitution of Board of Directors of the Company. With effect from
1st October 2013, Shri Sudhir Goenka has been elevated as Managing
Director of the Company; Shri Chandraprakash Goenka and Shri Sandeep
Goenka have resigned from directorship; and Shri Bandhooram
Balchandraram Prasad and Shri Purushottam Laxman Patil have been
inducted into the Board. Shri Purushottam Patil (DIN: 06679479), who
is liable to retire by rotation at the ensuing Annual General Meeting
has not opted for the re-appointment as director and accordingly, not
being re-appointed as director of the Company.
11. Appointment of Statutory Auditors
Members are requested to appoint auditors for the current year. The
retiring auditors M/s R. S Bhattad & Associates, Chartered
Accountants, are eligible for reappointment. The Company has received
letter from them to the effect that their reappointment, if made,
would be within the prescribed limits under Section 139 of the
Companies Act, 2013. The Board recommends their re-appointment.
12. Listing of Shares
The equity shares of the company are listed on The Bombay Stock
Exchange Limited, Mumbai. They are also dematerialized and made live
in the CDSL and NSDL systems. M/s. Bigshare Services Private Limited
have been appointed as the R & T Agent of the company. Shareholders
may contact them at " E-2/3, Ansa Industrial Estate , Sakivihar
Road, Saki Naka, Andheri (E), Mumbai-400072" regarding transfer,
dematerialization, etc., of shares.
13. Secretarial Compliance Certificate
Pursuant to section 383A of the Companies Act, 1956, a Secretarial
Compliance Certificate issued by Mr. Sunil Zore, Practicing Company
Secretary is furnished as "Annexure B" forming part of this
Report.
14. Acknowledgements
Your Directors express their gratitude to the Government of India,
Government of Maharashtra, Bankers and Valued Customers for their
continuing goodwill and support to the Company. Your Directors wish to
place on record their deep appreciation for the dedication and loyalty
shown by the officers, staff members and workers of the Company. Your
Directors sincerely acknowledge the continued trust and confidence
you, the shareholders, have placed in the Company.
For and on behalf of the Board
Place: Nagpur Sd/- Sd/-
Date: 28.11.2014. Sudhir Goenka Bandhooram Prasad
Managing Director Director
Mar 31, 2013
The Directors hereby present the 38th Annual Report along with the
Audited Balance Sheet of your Company as at 31st March, 2013 and the
statement of Profit and Loss for the year ended on that date. The
summarized financial results for the year are as follows:
Particulars 2012-13(Rs) 2011-12 (Rs)
Sales/Revenue 18,04,85,661 23,78,65,679
Other Operating Income 15,36,69,385 49,59,345
Profit/(Loss) Before Interest,
Depreciation, Extraordinary
Items and Taxes 5,07,25,668 (1,14,59,045)
Less: Interest 13,20,097 36,69,145
Depreciation 1,11,94,705 1,29,17,701
Profit/(Loss) Before
Extraordinary Items and
Taxes 3,82,10,866 (2,80,45,891)
Less: Extraordinary item
Profit/(Loss) Before Tax 3,82,10,866 (2,80,45,891)
Less: Tax Expenses
Current Tax 17,48,324
Deferred Tax Expenses/(Income) 2,56,18,523 (42,74,073)
Profit/(Loss) after tax
for the year 1,08,44,019 (2,37,71,8187
Add: Excess provision of
earlier years written
back -
Profit/(Loss) carried
forward to Balance Sheet 1,08,44,019 (2,37,71,818)
"Basis and Diluted EPS (In Rs) 5.421 (11.89)
REVIEW OF OPERATION
During the year under review, the Company has posted sales turnover of
Rs. 1804.86 lacs as against Rs. 2378.66 lacs during the previous year.
The paper plant division production was down at 6,101 MT as compared to
previous financial year 2011-2012 for 7,968.00 tons. The Company is
confident of increasing its production of paper and reducing downtime
thereby increasing the efficiency and also to generate revenue by
utilizing the best capacity available with the Company.
PUBLIC DEPOSITS
During the period under review, your Company has not accepted any
deposits within the meaning of Section 58A of the Companies Act, 1956
and the rules made there under
DIVIDEND
Your Directors feel that it is prudent to plough back the profit and
conserve the resources for the future operation and growth of the
Company and therefore Board of Directors do not recommend any dividend
for the year 2012-2013.
SAFETY AND POLLUTION CONTROL
The Company continues to give top priority to safety and pollution
control aspects. It has strictly been following the requisite
guidelines as received from Pollution Control Board from time to time.
PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS & OUTGO
Information in accordance with the provisions of section 217(1) (e) of
the Companies Act, 1956, read with the Companies (Disclosure of
particulars in the Report of Board of Directors) Rules, 1988, regarding
Energy Conservation, Technology Absorption and Foreign Exchange
Earnings & Outgo is given in "Annexure A" forming part of this Report.
Ellora Paper Mills Limited
PERSONNEL
During the year under review, there were no employees drawing
remuneration in excess of the prescribed limits and whose particulars
are required to be given in compliance with the provisions contained in
Section 217(2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975. Hence the same statement has
not been attached.
DIRECTORS'' RESPONSIBILITY STATEMENT
As required under Section 217 (2AA) of the Companies Act, 1956, the
Board of Directors of the Company hereby state and confirm that:
(a) In the preparation of the accounts for the financial year ended
31st March, 2013, the applicable accounting standards have been
followed.
(b) Appropriate accounting policies have been selected and applied
consistently and have made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company for the year under review.
(c) 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.
(d) The annual accounts have been prepared on a going concern basis.
DIRECTORS
Shri Sunil Goenka, Director of the Company is retired in the 37th
Annual General Meeting of the Company held on 29th September, 2012.
Shri Sudhir Goenka, Executive Director of the Company who is liable to
retire by rotation in the ensuing 38** Annual General Meeting, being
eligible offered himself for re-appointment.
AUDITORS'' REPORT
Auditors'' Report for the year ended 31st March, 2013 is attached
hereunder which is self explanatory.
APPOINTMENT OF STATUTORY AUDITORS
M/s Bhattad Rathi & Co., Chartered Accountants, Nagpur, Statutory
Auditors of the Company retires at the ensuing Annual General )meeting
and have not offered himself for reappointment as Statutory Auditors of
Company for the financial year 2013-14.
The board proposed to appoint M/s R.S Bhattad and Associates, Chartered
Accountants, Nagpur, to appoint as Statutory Auditors of the company in
the ensuing Annual General Meeting for financial year 2013-14 who shall
hold office of Statutory Auditors till the conclusion of the next
Annual General Meeting.
M/s R.S Bhattad and Associates, Chartered Accountants, Nagpur, have
confirmed that they are eligible for the appointment and their
appointment, if confirmed, shall be within the specified limits as
stipulated under Section 224(1 B) of the Companies Act, 1956. The
Members are requested to appoint M/s R.S Bhattad and Associates,
Chartered Accountants, Nagpur, as the Statutory Auditors of the Company
COST AUDIT
The Cost Audit of the Cost Accounts of the Company for the year ended
on 31st March, 2013, is being carried out by M/S G. R. Paliwal & Co,
Cost Accountants, Nagpur. They will submit their report on completion
of the audit to the Central Government as required under the relevant
rules.
Ellora Paper Mills Limited LISTING OF SHARES
The equity shares of the company are listed on The Bombay Stock
Exchange Limited, Mumbai. They are also dematerialized and made live in
the CDSL and NSDL systems. M/s. Bigshare Services Private Limited have
been appointed as the R & T Agent of the company. Shareholders may
contact them at" E-2/3, Ansa Industrial Estate , Sakivihar Road, Saki
Naka, Andheri (E), Mumbai400072" regarding transfer, dematerialization,
etc., of shares.
SECRETARIAL COMPLIANCE CERTIFICATE:
Pursuant to section 383A of the Companies Act, 1956, a secretarial
compliance certificate issued by Mr. Sunil Zore, Practicing Company
Secretary is furnished as "Annexure B" forming part of this Report.
ACKNOWLEDGEMENTS:
Your Directors express their gratitude to the Government of India,
Government of Maharashtra, Bankers and Valued Customers for t heir
continuing goodwill and support to the Company.
Your Directors wish to place on record their deep appreciation for the
dedication and loyalty shown by the officers, staff members and workers
of the Company. Your Directors sincerely acknowledge the continued
trust and confidence you, the shareholders, have placed in the Company.
By order of the Board
For ELLORA PAPER MILLS LIMITED
NAGPUR Sudhir Goenka
2nd September, 2013 EXECUTIVE DIRECTOR
Mar 31, 2010
1. Presentation
The Directors have pleasure in presenting the Annual Report for
2009-10 together with the Audited Accounts fortheyear ended 31" March,
2010.
2. Financial Results
The financial results of the operations for the year under review are
as follows:
Rs in lacs
Particulars 2009-10 (Rs) 2008-09 (Rs)
Sales 4845.46 5610.33
Profit Before Interest Depreciation
and Tax 290.42 176.13
Less: Interest 149.29 122.81
Depreciation 118.36 117.70
Loss/Profit Before Tax 22.77 (64.38)
Less: Provision for Taxation
- Current [Including tax 3.52 2.66
for earlier Year Rs.NIL/- (P.Y. Rs Nil)
Profit After Current Tax 19.25 (67.04)
Deduct: Deferred Tax Liability (10.26) (29.91)
Add: Profit brought forward from
previous year 718.24 755.37
Profit Available for Appropriation 727.23 718.24
Deduct: Proposed Dividend
Dividend Tax
Transfer to General Reserve
Profit carried forward to
Balance Sheet 727.23 718.24
3. Review of Operations
During the year under review, the Company posted sales turnover of Rs.
4,845.46 lakhs as against Rs. 5,610.33 lakhs during the pervious year.
Even though the company has not be able to maintain the sales volumes;
it has improve the performance significantly as posted a profit after
tax of Rs. 19.25 lakhs during the year 2009-10.
4. Fire Accident
Your Directors are constrained to report that a major fire broke out in
the factory premises at Tumsar on 06* July 2010 and caused substantial
damage in the paper section of the plant. All these assets are coverad
by an appropriate insurance policy. The plant remains shut for the
present and is expected to restart within a couple of months.
5. Sale of Rice Unit
The Rice Unit of the Company has not been able to achieve its targeted
results because of many a factor. The situation has worsened subsequent
to the fire accident. Taking into account the overall situation, your
directors propose to sell the rice plant and infuse the resultant funds
to revive the paper unit. In order to implement the proposal, the
requisite mandatory procedure has already been initiated and the postal
ballot papers have been dispatched on 18* August, 2010. Appropriate
decision will be taken after receiving the ballot results from the
scrutinizer.
6. Fixed Deposits
The Company has accepted fixed deposits from the public during the year
ended on 31a March 2010 and complied with the relevant provisions of
the Companies Act, 1956.
7. Safety and pollution Control
The Company continues to give top priority to safety and pollution
control aspects. It has strictly been following the requisite
guidelines as received from Pollution Control Board from time to time.
8. Particulars of Energy Conservation, Technology Absorption and
Foreign Exchange Earnings & Outgo
Information in accordance with the provisions of section 217(1) (e) of
the Companies Act, 1956, read with the Companies (Disclosure of
particulars in the Report of Board of Directors) Rules, 1988, regarding
Energy Conservation, Technology Absorption and Foreign Exchange
Earnings & Outgo is given in "AnnexureA" forming part of this Report.
9. Particulars of Employees
The Company has no employees covered under section 217(2A) of the
Companies Act, 1956 read with Companies (Particulars of Employees)
Rules, 1975.
10.DirectorsResponsibility Statement
The Directors affirm (a)that in the preparation of annual accounts,the
applicable accounting standards have been followed along with proper
explanation relating to material departures;(b)that the directors had
selected such accounting policies and applied them consistently and made
judgments and estimates that are 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 and loss of the company for that
period;(c)that the directors have taken proper and sufficient care 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 (d)that the directors have prepared the annual accounts on a going
concern basis.
U.ShriV.Dixit
With a heavy heart your directors report that Shri V.Dixit,our revered
Chairman,expired c n 14rh October 2009.Your directors place on record
their sincere gratitude to the commendable stewardship provided by
Shri Dixit through out the years.
12.Directors
Mr.Sunil Goenka retires by rotation and being eligible offers himself
for reappointment.
13.Auditors
Members are requested to appoint auditors for the current year.The
retiring auditors M/s Bhattad Rathi &Co.,Chartered Accountants,are
eligible for reappointment.As required under section 224 of the
Companies Act,1 956,certificate has been received from M/s Bhattad Rathi
&Co.,to the effect that their appointment,if made will be in accordance
with the limits specified in section 224 (1 B)of the Companies Act,1956.
As required under section 224 A of the Companies Act,1 956,a Special
resolution is being placed for consideration of the members for their
appointment.
14.Cost Audit
The Cost Audit of the Cost Accounts of the Company for the year ended on
31 st March,2010,is being carried out by M/S G.R.Paliwal &Co,Cost Accounta
-nts,Nagpur.They will be submitting their report on completion of the audit
to the Company Law Board as required under the relevant rules.
15.Listing of Shares
The Equity Shares of the Company are listed on The Bombay Stock Exchange
Limited,Mumbai.They are also dematerialised and made live in the CDSL NSDL
systems.M/s Bigshare Services Private Limited have been appointed as the
R&T Agent of the Company.Shareholders may contact them at"E-2/3,Ansa
Industrial Estate,SakiviharRoad,Saki Naka,Andheri (E),Mumbai -400 072"
regarding transfer,dematerialization,etc.of shares.
16.Secretarial Compliance Certificate
Pursuant to section 383A of the Companies Act,1 956,a secretarial compliance
certificate is furnished as "Annexure B"forming part of this Report.
17.Acknowledgements
Your Directors express their gratitude to the Government of India,Government
of Mahararhtra,Bankers and Valued Customers for their continuing goodwill
and support to the Company.
Your Directors wish to place on record their deep appreciation for the
dedication and loyalty shown by the officers,staff members and workers of
the Company.Your Directors sincerely acknowledge the continued trust and
confidence you,the shareholders,have placed in the Company.
By order of the Board
For ELLORA PAPER MILLS LIMITED
Place:NAGPUR Sudhir Goenka
Date:06.09.10 EXECUTIVE DIRECTOR
Mar 31, 2009
1. Presentation
The directors have pleasure in presenting the Annual Report for
2008-09 together with the Audited Accounts for the year ended on 31st
March, 2009.
2. Financial Results
The financial results of the "operations for the year under review are
as follows:
Rs. in lakhs
Particulars 2008-09 2007-08
Sales 5610.33 3755.52
Profit Before Interest
Depreciation and Tax 176.13 286.66
Less: Interest 122.81 77.43
Depreciation 117.70 91.82
Loss/Profit Before Tax (64.38) 117.41
Less : Provision for Taxation -
Current [Including 2.66 26.67
tax for earlier Year
RsNlL/-(P.Y. Rs 867199]
Profit After Current Tax (67.04) 90.74
Deduct: Deferred Tax Liability
(Asset) (29.91) 6.31
ADD / (Deduct): Prior Period
Adjustments
Add: Profit brought forward from
previous year 755.37 703.64
Profit Available for
Appropriation 718.24 788.07
Deduct: Proposed Dividend - 19.94
Dividend Tax - 2.82
Transfer to General Reserve - 9.94
Profit carried forward to
Balance Sheet 718.24 755.37
3. REVIEW OF OPERATIONS
During the year under review, the Company posted sales turnover of
Rs.5610.33 lakhs as against Rs.3755,52 lakhs during the previous year.
The Company has been able to maintain the sales volumes. But, suffered
Loss ofRs. 64.38 Lakhs in 2008- 09, primarily, due to increase in raw
material prices and a depressed market for paper unit and gestation
period for rice unit.
4. Fixed Deposits
The Company has accepted fixed deposits from the public during the year
ended on 31st March 2009 and complied with the relevant provisions of
the Companies Act, 1956.
5. Safety and pollution Control
The Company continues to give top priority to safety and pollution
control aspects. It has strictly been following the requisite
guidelines as received from Pollution Control Board from time to time.
6. Particulars of Energy Conservation, Technology Absorption and
Foreign Exchange Earnings & Outgo
Information in accordance with the provisions of section 217(1) (e) of
the Companies Act, 1956, read with the Companies (Disclosure of
particulars in the Report of Board of Directors) Rules, 1988, regarding
Energy Conservation, Technology Absorption and Foreign Exchange
Earnings & Outgo is given in "Annexure A" forming part of this Report.
7. Particulars of Employees
The Company has no employees covered under section 217(2A) of the
Companies Act, 1956 read with Companies (Particulars of Employees)
Rules, 1975.
8. Directors Responsibility Statement
The Directors affirm (a) that in the preparation of annual accounts,
the applicable accounting standards have been followed along with
proper explanation relating to material departures; (b) that the
directors had selected such accounting policies and applied them
consistently.and made judgements and estimates that are 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 and loss
of the company for that period; (c) that the directors have taken
proper and sufficient care 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 (d) that the directors
have prepared the annual accounts on a going concern basis.
9. Directors
Mr.Sandeep Goenka retires by rotation and being eligible offers himself
for reappointment.
10. Auditors
Members are requested to appoint auditors for the current year. The
retiring auditors M/s Bhattad Rathi & Co., Chartered Accountants, are
eligible for reappointment. As required under section 224 of the
Companies Act, 1956, certificate has been received from M/s Bhattad
Rathi & Co.,to the effect that their appointment, if made will be in
accordance with the limits specified in section 224 (IB) of the
Companies Act, 1956. As required under section 224 A of the Companies
Act, 1956, a Special resolution is being placed for consideration of
the members for their appointment.
11. Cost Audit
The Cost Audit of the Cost Accounts of the Company for the year ended
on 31st March, 2009, is being carried out by M/S G.R.Paliwal & Co, Cost
Accountants, Nagpur. They will be submitting their report on completion
of the audit to the Company Law Board as required under the relevant
rules.
12. Listing of Shares
The Equity Shares of the Company are listed on The Bombay Stock
Exchange Limited, Mumbai. They are also dematerialised and made live in
the CDSL NSDL systems. M/s Bigshare Services Private Limited have been
appointed as the R&T Agent of the Company. Shareholders may contact
them at "E-2/3, Ansa Industrial Estate, Sakivihar Road, Saki Naka,
Andheri (E), Mumbai - 400 072" regarding transfer, dematerialization,
etc. of shares.
13. Secretarial Compliance Certificate
Pursuant to section 383 A of the Companies Act, 1956, a secretarial
compliance certificate is furnished as "Annexure B" forming part of
this Report.
14. Acknowledgements
Your Directors express their gratitude to the Government of India,
Government of Maharashtra, Bankers and*Valued Customers for their
continuing goodwill and support to the Company.
Your Directors wish to place on record their deep appreciation for the
dedication and loyalty shown by the officers, staff members and workers
of the Company. Your Directors sincerely acknowledge the continued
trust and confidence you, the shareholders, have placed in the Company.
For, and on behalf of the Board
Nagpur V.Dixit
10th July,2009 Chairman