Mar 31, 2018
Directorsâ Report For the Year 2017-18
Dear Members,
The Directors of the Company have pleasure in presenting the 61st Annual Report and Audited Financial Statements of the Company for the year ended 31st March, 2018.
Financial Results
The financial results, in brief, for the year ended 31st March, 2018 are as under:
(Rs. in Lacs) |
||
31.03.2018 |
31.03.2017 |
|
Total Income (net of excise duty) |
10295.96 |
10117.25 |
Profit After Tax |
83.94 |
4.03 |
Retained Earnings |
2999.19 |
2937.31 |
Dividend
Your Directors have recommended to the Members a dividend of Rs. 0.60 per share (previous year Rs. 0.60 per share) amounting to Rs. 22.11 Lacs, including dividend tax thereon for the financial year ended 31st March, 2018.
Operations & Future Outlook
During the year under review, the current economic scenario in general & the paper industry scenario in particular, continued to affect the Company. The Company closed the Financial Year with a nominal increase in turnover. The PAT has improved.
Your Company continues to maintain its leadership in Technical Textiles due to continued thrust on new product development and technology up-gradation. A number of steps taken to reduce costs and increase market penetration will lead to improved performance in the coming years. The current economic scenario may however continue to affect the results of the Company in the short term. With economic improvement, the Indian Paper Industry is expected to grow at a higher rate than the GDP growth, especially in the packaging segment. Your company is ready with capacity, technology & products for the same.
Directors
In accordance with the provisions of the Companies Act and the Articles of Association of the Company, Ms. Pranika Khaitan, Director of the Company will retire by rotation at the ensuing Annual General Meeting and being eligible, offer herself for reappointment. The Board recommends her re-appointment. Profile of Ms. Pranika Khaitan, is given in the Notice of the Annual General Meeting.
Auditors
M/s S. K. Agrawal & Co., Chartered Accountants, (Firm Regn No. 306033E) Auditors of the Company, retire at the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment. The Board recommends their reappointment for the term of five years, from the conclusion of the forthcoming 61st Annual General Meeting till the conclusion of 66th Annual General Meeting of the Company. There are no qualifications, reservations, adverse remarks or disclaimer in the Statutory Audit Report.
The Secretarial Audit was carried out by Mr. B. N. Khandelwal, Practicing Company Secretary (Certificate of Practice No. 1148) for the financial year ended 31st March, 2018. In terms of provisions of the Companies Act, on recommendation of the Audit Committee, the Board at its meeting held on 30th May 2017 had appointed Mr. B. N. Khandelwal, Practicing Company Secretary (Certificate of Practice No.1148) as the Secretarial Auditor for the financial year ending 31st March 2018. The Secretarial Auditorsâ Report for the financial year ending 31st March 2018 is annexed herewith. There are no qualifications, reservations, adverse remarks or disclaimer in the Secretarial Audit Report.
Informationâs
Informationâs / statements as per the applicable provisions of the Companies Act & rules made thereunder, the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Secretarial Standard 1 & 2, and other applicable statutory provisions are annexed.
Acknowledgement
The Directors wish to place on record their gratitude to the Customers, Investors, Banks, Suppliers, Government agencies and all other business associates for their valuable assistance, continued support and confidence in the Company. The Directors also place on record their deep appreciation to all employees of the Company for their continued & unstinted efforts during the year.
For and on behalf of the Board
K.K. Khaitan M. Khaitan
Jaipur Chairman cum Managing Director Managing Director
30th May, 2018 DIN: 00514864 DIN: 00459612
Mar 31, 2016
Dear Members,
The Directors of the Company have pleasure in presenting the S9th Annual Report and Audited Financial Statements of the Company for the year ended 31st March, 2016.
Financial Results
The financial results, in brief, for the year ended 31st March, 2016 are as under:
(Rs. in Lacs)
31.03.2016 |
31.03.2015 |
|
Total Income |
10,836.94 |
10,804.03 |
Profit Before Tax |
12S.93 |
347.77 |
Profit After Tax |
141.64 |
378.S9 |
Disposable Surplus |
3,031.81 |
2,979.70 |
(Including earlier years balance) |
||
Transfer to General Reserves |
2S.00 |
2S.00 |
Other Appropriations |
- |
64.S3 |
Balance Carried Forward |
3,006.81 |
2,890.17 |
(Retained in Profit & Loss Account) |
Dividend
Your Directors have recommended to the Members a dividend of Rs.1.80 per share (previous year Rs. 1.80 per share) amounting to Rs. 66.21 Lacs, including dividend tax thereon for the financial year ended 31st March, 2016.
Operations & Future Outlook
During the year under review, the current economic scenario affected the Company seriously. The Company closed the Financial Year with a nominal increase in turnover. Profits came under pressure mainly due to lower than projected increase in turnover and increase in costs. The Modernization and Expansion Projects are expected to be completed in the F-Y 2016-17.
Your Company continues to maintain its leadership in Technical Textiles due to continued thrust on new product development and technical up-gradation. A number of steps taken to reduce costs and increase market penetration, will lead to improved performance in the coming years. The current economic scenario may however continue to affect the results of the Company in the short term. With economic improvement, the Indian Paper Industry is expected to grow at a higher rate than the GDP growth, especially in the packaging segment. The expected completion of Modernization and Expansion Projects together with our strong thrust on exports, will enable your Company to become more competitive and enter new markets.
Directors
Mr. Kishan Kumar Khaitan, Managing Director of the Company was appointed as the Chairman of the Board w.e.f 31st October, 201S and was re-designated as Chairman cum Managing Director. Mr. Vinod Kumar Ladia, an Independent Director of the Company, tendered his resignation due to personal reasons, vide Letter dated 13th August, 201S, which was subsequently approved and accepted by Board of Directors in its Meeting held on 31st October, 201S. The Board placed on records its appreciation for the valuable guidance provided by Mr. Vinod Kumar Ladia, during his association with the Company.
In accordance with the provisions of the Companies Act and the Articles of Association of the Company, Mr. Devesh Khaitan Director of the Company retire by rotation at the ensuing Annual General Meeting and being eligible, offer himself for reappointment. The Board recommends his re-appointment. Profile of Mr. Khaitan, is given in the Notice of the Annual General Meeting.
Auditors
M/s S. S. Kothari & Co., Chartered Accountants, (Firm Regn No. 302034E) Auditors of the Company, retire at the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment. The Board recommends their reappointment. There are no qualifications, reservations, adverse remarks or disclaimer in the Report.
The Secretarial Audit was carried out by Mr. B. N. Khandelwal, Practicing Company Secretary (Certificate of Practice No. 1148) for the financial year ended 31st March, 2016. In terms of Provisions of the Companies Act, on recommendation of the Audit Committee, the Board at its meeting held on 27th May 201S had appointed Mr. B. N. Khandelwal, Practicing Company Secretary (Certificate of Practice No.1148) as the Secretarial Auditor for the financial year ending 31st March 2016. The Secretarial Auditorsâ Report for the financial year ending 31st March 2016 is annexed herewith. There are no qualifications, reservations, adverse remarks or disclaimer in the Report.
Informationâs
Informationâs / statements as per the applicable Provisions of the Companies Act & rules made there under, the Listing Agreement, SEBI Regulations and other applicable statutory provisions is annexed.
Acknowledgement
The Directors wish to place on record their gratitude to the Customers, Investors, Banks, Suppliers, Government Agencies and all other business associates for their valuable assistance, continued support and confidence in the Company. The Directors also place on record their deep appreciation to all employees of the Company for their unstinted efforts during the year.
For and on behalf of the Board
Jaipur K.K. Khaitan M. K. Khaitan
2Sth May, 2016 Chairman cum Managing Director Managing Director
A. CONSERVATION OF ENERGY
1. Steps taken or impact on Conservation of Energy
The Company continues to remain conscious of conserving energy resources and takes various measures to rationalize the consumption of energy.
2. Steps taken by the Company for utilizing Alternate Sources of Energy
Wheeling arrangement for self consumption has been made from one of the Companyâs Wind Power Plant established at Jaisalmer, Rajasthan.
3. Capital Investment on Energy Conservation Equipments
The Company continues to identify and modernize equipments & processes for Energy Conservation.
B. TECHNOLOGY ABSORPTION
1. Efforts made towards Technology absorption
a. Training of personnel
b. Absorption/adaptation of technology to suit indigenous requirements.
c. Analysis and feedback to improve products/ processes/equipment.
d. Strengthening of R & D.
e. Participation in conferences, seminars and exhibitions.
2. Benefits derived
a. New / improved products / processes / equipments etc.
b. Indigenization.
c. Strengthening of technological base.
3. Imported Technology (Imported during last 3 Years)
a. Details of Technology Imported: Paper Machine Clothing
b. Year of Import: 2012
c. Whether the technology been fully absorbed: Yes
d. If Not, reasons: Not Applicable
4. Expenditure Incurred on Research and Development
(Rs. in Lacs)
(a) Capital : 4.62
(b) Revenue : 268.63
(c) Total : 273.2S
(d) Total R & D Expenditure : 2.53%
(as a % of total turnover)
Mar 31, 2015
Dear Members,
The Directors of the Company have pleasure in presenting the S8th
Annual Report and Audited Financial Statements of the Company for the
year ended 31st March, 201S.
Financial Results
The financial results, in brief, for the year ended 31st March, 201S
are as under:
(Rs. in Lacs)
31.03.2015 31.03.2014
Total Income 10,804.03 10,0S9.29
Profit Before Tax 347.77 30S.19
Profit After Tax 378.59 299.23
Disposable Surplus 2,979.70 2,743.56
(Including earlieryears balance)
Transfer to General Reserves 25.00 25.00
Other Appropriations 64.53 64.36
Balance Carried Forward 2,890.17 2,654.20
(Retained in Profit & Loss Account)
Dividend
Your Directors have recommended to the Members a dividend of Rs.1.80
per share (previous year Rs. 1.80 per share) amounting to Rs. 64.S3
Lacs, including dividend tax thereon for the financial year ended 31st
March, 201S.
Operations & Future Outlook
During the year under review, your Company continued to perform well
both in terms of Sales as well as the Profits. To an extent it was
possible due to the benefits accrued from the ongoing Company's
Modernisation project. The remaining work on the Modernisation is
expected to be completed in the Financial Year 201S-16.
Your Company continues to maintain its leadership in Technical Textiles
due to continued thrust on new product development and technical
up-gradation. A number of steps taken to reduce costs and increase
market penetration will lead to improved performance in the coming
years. The current economic scenario may however continue to affect the
results of the Company in the short term. With economic improvement,
the Indian Paper Industry is expected to grow at a higher rate than the
GDP growth, especially in the packaging segment. With our strong thrust
on exports, the modernisation once completed, will enable your Company
to become more competitive and enter new markets.
Directors
Mr. Basant Kumar Khaitan, Ex-Chairman cum Managing Director of the
Company who had been on the Board since 28th December, 1972 and had
been subsequently appointed as the Managing Director with effect from
1st October, 1984 and the Chairman of the Board with effect from 12th
August, 2012, tendered his resignation with effect from 31st August,
2014, due to personal reasons. The Board placed on records its
appreciation for the valuable guidance & services rendered by Mr.
Basant Kumar Khaitan, during his long association with the Company.
Mr. Saroj Khemka has been appointed as Additional Director in
Independent category under Section 161 of the Companies Act, 2013
w.e.f. Sth February, 201S.
Further, pursuant to the requirement of Section 149 of the Companies
Act, 2013 and Clause 49 of the Listing Agreement, the Board has also
appointed Ms. Pranika Khaitan as Additional Director (Non Executive,
Non Independent) under Section 161 of the Companies Act, 2013 w.e.f.
Sth February, 201S.
As Additional Directors, Mr. Khemka and Ms. Khaitan shall hold office
upto the date of the ensuing Annual General Meeting. The Company has
received the notices as per the provisions of Section 160(1) of the
Companies Act, 2013, from the members of the Company proposing their
appointments as Directors. The Board of Directors recommends their
appointment. Appropriate resolutions seeking their appointment are
appearing in the Notice convening the Annual General Meeting of the
Company. Profile of Mr. Khemka and Ms. Khaitan, as required under
Clause 49 of the Listing Agreement, is given in the Notice of the
Annual General Meeting.
Further, the existing Independent Directors of the Company namely Mr.
Satish Ajmera, Mr. Mohan Lal Bhagat, Mr. Dinkarray Durgashankar
Trivedi, Mr. Vinod Kumar Ladia and Mr. Subrata Kumar Mitra were
appointed as Independent Directors under Section 149(6) of the
Companies Act, 2013 for a term of S years, with effect from 30th March,
201S, whose period of office would not be liable to retirement by
rotation. The Company has received the notices as per the provisions of
section 160(1) of the Companies Act, 2013, from the members of the
Company proposing their appointments as Independent Directors. The
Board of Directors recommends their appointment. Appropriate
resolutions seeking their appointment are appearing in the Notice
convening the Annual General Meeting of the Company. Profile of Mr.
Ajmera, Mr. Bhagat, Mr. Trivedi, Mr. Ladia and Mr. Mitra, as required
under Clause 49 of the Listing Agreement, is given in the Notice of the
Annual General Meeting.
In accordance with the provisions of Section 1S2(6) of the Companies
Act, 2013 and the Articles of Association of the Company, Mr. Mahendra
Kumar Khaitan Director of the Company retire by rotation at the ensuing
Annual General Meeting and being eligible, offer himself for
re-appointment. The Board recommends his re-appointment. Profile of Mr.
Khaitan, as required under Clause 49 of the Listing Agreement, is given
in the Notice of the Annual General Meeting.
Auditors
M/s S. S. Kothari & Co., Chartered Accountants, (Firm Regn No. 302034E)
Auditors of the Company, retire at the ensuing Annual General Meeting
and being eligible, offer themselves for re-appointment. The Board
recommends their re- appointment.
The provisions of Section 204 read with Section 134(3) of the Companies
Act, 2013 mandates Secretarial Audit of the Company to be done from the
financial year commencing on or after 1st April 2014 by a Company
Secretary in Practice. The Board at its meeting held on 17th May 2014
has therefore appointed Mr. B. N. Khandelwal, Practicing Company
Secretary (Certificate of Practice No.1148) as the Secretarial Auditor
for the financial year ending 31st March 201S. The Secretarial
Auditors' Report for the financial year ending 31st March 201S is
annexed herewith as Annexure 4.
Information's
Information's / statements as per the applicable Provisions of the
Companies Act, 2013 & rules made thereunder, the Listing Agreement and
other applicable statutory provisions is annexed as per Annexure A.
Acknowledgement
The Directors wish to place on record their gratitude to the Customers,
Banks, Investors, Suppliers, Government agencies and all other business
associates for their valuable assistance, continued support and
confidence in the Company. The Directors also place on record their
deep appreciation to all employees of the Company for their unstinted
efforts during the year.
For and on behalf of the Board
Jaipur Saroj Khemka M. K. Khaitan
Dated, the 27th day of May, 2015 Director Jt. Managing Director
Mar 31, 2014
Dear Members,
The Directors of the Company have pleasure in presenting the 57th
Annual Report and Audited Financial Statements of the Company for the
year ended 31st March, 2014.
Financial Results
The financial results, in brief, for the year ended 31st March, 2014
are as under:
The Directors of the Company have pleasure in presenting the 57th
Annual Report and Audited Financial Statements of the Company for the
year ended 31st March, 2014.
(Rs. in Lacs)
31.03.2014 31.03.2013
Total Income 100S9.29 9136.63
Profit Before Tax 305.19 170.18
Profit After Tax 299.23 161.66
Disposable Surplus 2743.56 2476.33
(Including earlier years balance)
Appropriations 89.36 88.94
Balance Carried Forward 2654.20 2387.39
Dividend
Your directors have recommended to the Members a dividend of Rs.1.80
per share (previous year Rs. 1.80 per share) amounting to Rs. 64.36
Lacs, including dividend tax thereon for the financial year ended 31st
March, 2014.
Operations & Future Outlook
During the year under review, your company crossed the Rupees Hundred
Crores mark in turnover as all time high, with a good increase in
profitability over the previous year.
Your Company continues to maintain its leadership in Technical Textiles
due to continued thrust on new product development and technical
up-gradation. A number of steps taken to reduce costs and increase
market penetration will lead to improved performance in the coming
years. The current economic scenario may however continue to affect the
results of the Company in the short term. With economic improvement,
the Indian Paper Industry is expected to grow at a higher rate than the
GDP growth, specially in the packaging segment. With our strong thrust
on exports, the modernisation once completed, will enable your Company
to become more competitive and enter new markets.
Directors
Mr. V. K. Ladia and Mr. S. K. Mitra were appointed as Additional
Directors w.e.f. 9th November, 2013. Mr. Devesh Khaitan was appointed
as an Additional Executive Director w.e.f. 27th June, 2014.
Mr. O. P Khaitan was appointed as an Additional Directors w.e.f. 9th
November, 2013 and resigned from the post of Additional Director w.e.f
20th June, 2014.
Mr. Kishan Kumar Khaitan Jt. Managing Director of the Company was
elevated and redesignated as the Managing Director of the Company
w.e.f. 27th June, 2014.
Mr. Mahendra Kumar Khaitan Executive Director of the Company was
elevated and redesignated as the Jt. Managing Director of the Company
w.e.f. 27th June, 2014.
Mr. D. D. Trivedi and Mr. S.Ajmera, Directors of the Company retire by
rotation at the ensuing Annual General Meeting and being eligible,
offer themselves for re-appointment. The Board recommends their
re-appointment.
Auditors
M/s S. S. Kothari & Co., Chartered Accountants, Auditors of the
Company, retire at the ensuing Annual General Meeting and being
eligible, offer themselves for re-appointment. The Board recommends
their re-appointment.
Directors'' Responsibility Statement & Other Information''s
Pursuant to Section 217 (2AA) of the Companies Act, 1956, it is hereby
confirmed:
* That in the preparation of the accounts for the financial year ended
31st March, 2014, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
* That the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit of
the Company for the year under review;
* 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;
* That the Directors have prepared the accounts for the financial year
ended 31st March, 2014 on a going concern basis.
Information pursuant to Section 217(1)(e) of the Companies Act, 19S6
read with the Companies (Disclosure of Particulars in the Report of
Board of Directors) Rules, 1988, forms a part of this report.
The statement of particulars, required pursuant to Section 217(2A) of
the Companies Act, 19S6 read with Companies (Particulars of Employees)
(Amendment) Rules, 2002, forms a part of this report.
However, as permitted by the Companies Act, 19S6, the Report and
Accounts are being sent to all Members and other entitled persons
excluding the above statements. Those interested in obtaining a copy of
the said statements, may write to the Company at its Registered Office
and the same will be sent by post. The statements are also available
for inspection at the Registered Office, during working hours upto the
date of the Annual General Meeting.
Corporate Governance & Management Discussion & Analysis Report
In accordance with Clause 49 of the Listing Agreement, the Management
Discussion & Analysis Report together with the Report on Corporate
Governance and the certificate, in respect of compliance with the
conditions of corporate governance, is annexed herewith.
Acknowledgement
The directors wish to place on record their gratitude to the Customers,
Banks, Investors, Suppliers, Government agencies and all other business
associates for their valuable assistance, continued support and
confidence in the Company. The Directors also place on record their
deep appreciation to all employees of the Company for their unstinted
efforts during the year.
For and on behalf of the Board
Jaipur B. K. Khaitan K. K. Khaitan
Dated, the 27th day of Chairman cum Managing
June, 2014 Managing Director Director
Mar 31, 2013
Dear Members,
The Directors of the Company have pleasure in presenting the 56,h
Annual Report and Audited Financial Statements of the Company for the
year ended 31st March, 2013.
FINANCIAL RESULTS
The financial results, in brief, for the year ended 31st March, 2013
are as under:
(Rs. in Lacs)
31.03.2013 31.03.2012
Total Income 9,136.63 8,860.14
Profit Before Tax 170.18 638.05
Profit After Tax 161.66 506.38
Disposable Surplus 2,476.33 2,351.85
(Including earlier years balance)
Appropriations 78.94 138.81
Balance Carried Forward 2,397.39 2,213.04
DIVIDEND
Your directors have recommended to the Members a dividend of Rs.1.80
per share (previous year Rs. 1.80 per share) amounting to Rs. 63.94
Lacs, including dividend tax thereon for the financial year ended 31st
March, 2013.
OPERATIONS & FUTURE OUTLOOK
During the year under review, the current economic scenario affected
the company seriously. The company closed the financial year with a
marginal increase in turn over. Profits came under pressure mainly due
to lower than projected increase in turnover and increase in costs.
However, your company continues to maintain its leadership due to
continued thrust on new product development and technical up-gradation.
A number of steps taken to reduce costs and increase market penetration
will lead to improved performance in the coming years. The current
economic scenario may however continue to affect the results of the
Company in the short term. With economic improvement, the Indian Paper
Industry is expected to grow at a higher rate than the GDP growth,
specially in the packaging segment. Additionally, with renewed thrust
on exports, the expansion cum modernisation once completed, will enable
your Company to enter new markets.
DIRECTORS
Mr. M. L. Bhagat and Mr. M. K. Khaitan, Directors of the Company retire
by rotation at the ensuing Annual General Meeting and being eligible,
offer themselves for re- appointment. The Board recommends their
re-appointment.
AUDITORS
M/s S. S. Kothari & Co., Chartered Accountants, Auditors of the
Company, retire at the ensuing Annual General Meeting and being
eligible, offer themselves for re-appointment. The Board recommends
their re-appointment.
DIRECTORS'' RESPONSIBILITY STATEMENT & OTHER INFORMATIONS
Pursuant to Section 217 (2AA) of the Companies Act, 1956, it is hereby
confirmed:
- That in the preparation of the accounts for the financial year ended
31st March, 2013, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
- That the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit of
the Company for the year under review;
- 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;
- That the Directors have prepared the accounts for the financial
yearended 31st March, 2013 on a going concern basis.
Information pursuant to 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, forms a part of this report.
The statement of particulars, required pursuant to Section 217(2A) of
the Companies Act, 1956 read with Companies (Particulars of Employees)
(Amendment) Rules, 2002, forms a part of this report.
However, as permitted by the Companies Act, 1956, the Report and
Accounts are being sent to all Members and other entitled persons
excluding the above statements. Those interested in obtaining a copy of
the said statements, may write to the Company at its Registered Office
and the same will be sent by post. The statements are also available
for inspection at the Registered Office, during working hours upto the
date of the Annual General Meeting.
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORT
In accordance with Clause 49 of the Listing Agreement, the Management
Discussion & Analysis Report together with the Report on Corporate
Governance and the certificate, in respect of compliance with the
conditions of corporate governance, is annexed herewith.
ACKNOWLEDGEMENT
The directors wish to place on record their gratitude to the Customers,
Banks, Investors, Suppliers, Government agencies and all other business
associates for their valuable assistance, continued support and
confidence in the Company. The Directors also place on record their
deep appreciation to all employees of the Company for their unstinted
efforts during the year.
For and on behalf of the Board
Kolkata B. K. Khaitan K. K. Khaitan
Dated, the 30,h day of
May, 2013 Chairman cum
Managing Director Jt. Managing Director
Mar 31, 2012
The Directors of the Company have pleasure in presenting the 55th
Annual Report and Audited Financial Statements of the Company for the
year ended 31st March, 2012.
FINANCIAL RESULTS
The financial results, in brief, for the year ended 31st March, 2012
are as under:
(Rs. in Lacs)
31.03.2012 31.03.2011
Total Income 8860.14 8116.89
Profit Before Tax 638.0S 6S4.S6
Profit After Tax S06.38 43S.17
Disposable Surplus 23S1.8S 1944.82
(Including earlier years
balance)
Appropriations 138.81 99.3S
Balance Carried Forward 2213.04 184S.47
DIVIDEND
Your directors have recommended to the Members a dividend of Rs.1.80
per share (previous year Rs. 1.80 per share) amounting to Rs. 63.94
Lacs, including dividend tax thereon for the financial year ended 31st
March, 2012.
OPERATIONS & FUTURE OUTLOOK
During the year under review, the Company performed well in all
sections of its operations. The Company has maintained its leadership,
due to continuous thrust on Research, Development and Technology
up-gradation and is expected to further improve its performance in the
forthcoming years. The current economic scenario may however affect
the results of the company in short term.
From ten million tons production in 2010, the Indian Paper industry is
expected to double its capacity by 2020. At nearly 90 million
tons/year, China is today the largest paper & Board producer in the
world. Easy availability of raw material and good infrastructure can
catapult the growth of the Indian paper industry. A buoyant consumer
market and a good export growth can increase demand for packaging paper
phenomenally. Major expansions continue to be planned and implemented
by the large mills in India. Since the last three years, exports of our
products have been growing well. Expecting this to continue, we are
preparing to add capacity through a new expansion cum modernisation
initiative. For our new line of SSB Forming fabrics, we continue to
seek assistance from our on-going collaborators M/s Albany
International Corp., U.S.A. To maintain its leadership position, your
Company is pursuing TPM activities very seriously and expects to gain
TPM compliance soon.
DIRECTORS
With a heavy heart, we have to inform that during the year, your Board
lost two senior members of its team. Our Chairman Mr M. P Jatia left
for his heavenly abode on 2Sth May 2012 and our Director Mr. K. K.
Khemka on 1Sth October 2011. Their contribution in growth of the
Company was enormous. Their experience & advice will be missed by the
Board.
The Chairman's chair being vacant the Board appointed Mr. B. K.
Khaitan as Chairman of the Company. He will hence forth be Chairman cum
Managing Director (CMD) of the Company. The Board welcomes him in the
new position.
Mr. Mr. D.D. Trivedi and Mr. S. Ajmera, Directors of the Company retire
by rotation at the ensuing Annual General Meeting and being eligible,
offer themselves for re- appointment. The Board recommends their
re-appointment.
AUDITORS
M/s S. S. Kothari & Co., Chartered Accountants, Auditors of the
Company, retire at the ensuing Annual General Meeting and being
eligible, offer themselves for re-appointment. The Board recommends
their re-appointment.
DIRECTORS' RESPONSIBILITY STATEMENT & OTHER INFORMATION'S
Pursuant to Section 217 (2AA) of the Companies Act, 19S6, it is hereby
confirmed:
That in the preparation of the accounts for the financial year ended
31st March, 2012, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
That the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit of
the Company for the year under review;
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, 19S6 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
That the Directors have prepared the accounts for the financial year
ended 31st March, 2012 on a going concern basis.
Information pursuant to Section 217(1)(e) of the Companies Act, 19S6
read with the Companies (Disclosure of Particulars in the Report of
Board of Directors) Rules, 1988, forms a part of this report.
The statement of particulars, required pursuant to Section 217(2A) of
the Companies Act, 19S6 read with Companies (Particulars of Employees)
(Amendment) Rules, 2002, forms a part of this report.
However, as permitted by the Companies Act, 1956, the Report and
Accounts are being sent to all Members and other entitled persons
excluding the above statements. Those interested in obtaining a copy of
the said statements, may write to the Company at its Registered Office
and the same will be sent by post. The statements are also available
for inspection at the Registered Office, during working hours upto the
date of the Annual General Meeting.
CORPORATE GOVERNANCE & MANAGEMENT DISCUSSION & ANALYSIS REPORT
In accordance with Clause 49 of the Listing Agreement, the Management
Discussion & Analysis Report together with the Report on Corporate
Governance and the certificate, in respect of compliance with the
conditions of corporate governance, is annexed herewith.
ACKNOWLEDGEMENT
The directors wish to place on record their gratitude to the Customers,
Banks, Investors, Suppliers, Government agencies and all other business
associates for their valuable assistance, continued support and
confidence in the Company. The Directors also place on record their
deep appreciation to all employees of the Company for their unstinted
efforts during the year.
For and on behalf of the Board
Kolkata B. K. Khaitan K. K. Khaitan
Dated, the 9th day of
August, 2012 Chairman cum
Managing Director Jt. Managing Director
Mar 31, 2011
Dear Members,
The Directors of the Company have pleasure in presenting the 54th
Annual Report and Audited Accounts of the Company for the year ended
31st March, 2011.
FINANCIAL RESULTS
The financial results, in brief, for the year ended 31st March, 2011
are as under:
(Rs. in Lacs)
31.03.2011 31.03.2010
Total Income 8124.60 6677.57
Profit Before Tax 654.56 515.84
Profit After Tax 433.38 346.29
Disposable Surplus 1944.82 1581.72
(including earlier years balance)
Appropriations 99.35 72.07
Balance Carried Forward 1845.46 1509.65
DIVIDEND
Your directors have recommended to the Members a dividend of Rs.1.80
per share (previous year Rs.1.50 per share) amounting to Rs. 63.94
Lacs, including dividend tax thereon for the financial year ended 31st
March, 2011.
OPERATIONS & FUTURE OUTLOOK
During the year under review, the Company performed well with a growth
of more than 20% in Sales and more than 26% in Profit Before Tax. To an
extent, this was possible due to the benefits accrued from recently
concluded expansion cum modernisation project.
From 10 million tons production in 2010, the Indian Paper industry is
expected to touch 20 million tons by 2020. To maintain the current
market leadership and take full advantage of this growth, your company
has taken an important step in technology upgradation. The company has
a technical collaboration with the world leader in paper machine
clothing, Albany International Corp., U.S.A. Under this agreement,
Albany will enhance the competence of your company in modern SSB
forming fabrics manufacturing, application and technical service to
world class levels. Worldwide, over 50% of the paper industry today
uses SSB designs of forming fabrics. With the recent completion of
expansion cum modernisation, coupled now with the technical
collaboration, we foresee an increased market share in the existing and
new - large and modern paper machines. The Company has maintained its
leadership, due to continuous thrust on research, development and
technology upgradation and expect to further improve its performance in
the forthcoming years.
DIRECTORS
Mr. M. L. Bhagat and Mr. M. K. Khaitan, Directors of the Company retire
by rotation at the ensuing Annual General Meeting and being eligible,
offer themselves for re- appointment. The Board recommends their
re-appointment.
AUDITORS
M/s. S. S. Kothari & Co.. Chartered Accountants. Auditors of the
Company, retire at the ensuing Annual General Meeting and being
eligible, offer themselves for re-appointment. The Board recommends
their re-appointment.
DIRECTORS' RESPONSIBILITY STATEMENT & OTHER INFORMATION'S
Pursuant to Section 217 (2AA) of the Companies Act, 1956, it is hereby
confirmed:
-That in the preparation of the accounts for the financial year ended
31st March, 2011, the applicable accounting standards have been
followed along with proper explanation relating to material departures:
-That the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit of
the Company for the year under review; 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;
-That the Directors have prepared the accounts for the financial year
ended 31st March, 2011 on a going concern basis.
Information pursuant to 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 forms a part of this report.
The statement of particulars, required pursuant to Section 217(2A) of
the Companies Act, 1956 read with Companies (Particulars of Employees)
(Amendment) Rules, 2002, forms a part of this report.
However, as permitted by the Companies Act, 1956, the Report and
Accounts are being sent to all Members and other entitled persons
excluding the above statements. Those interested in obtaining a copy of
the said statements, may write to the Company at its Registered Office
and the same will be sent by post. The statements are also available
for inspection at the Registered Office, during working hours upto the
date of the Annual General Meeting.
During the financial year, Mr. Anil Kumar Sethi, Chief Financial
Officer (CFO) resigned from the services of the Company.
The Board places on record its appreciation for the valuable services
rendered by him during his tenure The Company has since appointed Mr.
Rajesh Patni as CFO of the Company with effect from 19th March, 2011.
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORT
In accordance with Clause 49 of the Listing Agreement, the Management
Discussion & Analysis Report together with the Report on Corporate
Governance and the certificate, in respect of compliance with the
conditions of corporate governance, is annexed herewith.
GROUP FOR INTER SE TRANSFER OF SHARES
As required under Clause 3(1) (e) of the Securities and Exchange Board
of India (substantial Acquisitions of Shares and Takeovers) Regulation,
1997, persons constituting "Group" (within the meaning as defined in
the Monopolies and Restrictive Trade Practices Act, 1969) for the
purpose of availing exemption from applicability of the provisions of
Regulation 10 to 12 of the aforesaid regulations, are given in the
separate annexure attached herewith and forms part of this Annual
Report.
ACKNOWLEDGEMENT
The directors wish to place on record their gratitude to the Customers,
Banks, Investors, Suppliers, Government agencies and all other business
associates for their valuable assistance, continued support and
confidence in the Company. The Directors also place on record their
deep appreciation to all employees of the Company for their unstinted
efforts during the year.
For and on behalf of the Board
M. K. Khaitan K. K. Khaitan
Executive Director Jt. Managing Director
Kolkata
Dated, the 27th day of May, 2011
Mar 31, 2010
The Directors of the Company have pleasure in presenting the 53rd
Annual Report and Audited Accounts of the Company for the year ended
31st March, 2010.
FINANCIAL RESULTS
The financial results, in brief, for the year ended 31st March, 2010
are as under:
(Rs. in Lacs)
31.03.2010 31.03.2009
Total Income 6677.57 5615.96
Profit Before Tax 515.84 432.81
Profit After Tax 346.29 254.63
Disposable Surplus 1581.72 1236.78
(including earlier years balance)
Appropriations 72.07 68.63
Balance Carried Forward 1509.65 1168.15
DIVIDEND
In view of ongoing major modernisation cum expansion project, the Board
has decided to keep the rate of dividend unchanged as per previous year
and accordingly, has recommended to the Members a dividend of Rs. 1.50
per share, amounting to Rs. 53.46 Lacs, including dividend tax thereon
for the financial year ended 31st March, 2010.
OPERATIONS & FUTURE OUTLOOK
During the year under review, the Company performed well with a growth
of 18.46% in Sales and 19.18% in Profits. To an extent, this was
possible due to the benefits accrued from completion of the major
portion of the companys expansion cum modernization project. The
balance work is expected to be completed in this financial year.
From 10 million tons production in 2009, the Indian Paper industry is
expected to touch 25 million tons by 2020. To maintain the current
market leadership and take full advantage of this growth, your company
has taken an important step in technology upgradation. The company has
entered into a Technical Collaboration with the World Leader in Paper
Machine Clothing, Albany International Corp., U.S.A. Under this
agreement, Albany will enhance the competence of your company in modern
SSB Forming Fabrics manufacturing, application and technical service to
World Class levels. Worldwide, over 50% of the paper industry today
uses SSB designs of forming fabrics. With the recent expansion cum
modernisation, coupled now with the technical collaboration, we foresee
an increased market share in the existing and new - large and modern
paper machines.
DIRECTORS
Mr. S. Ajmera and Mr. K. K. Khemka Directors of the Company retire by
rotation at the ensuing Annual General Meeting and being eligible,
offer themselves for re-appointment. The Board recommends their
re-appointment.
AUDITORS
M/s S. S. Kothari & Co., Chartered Accountants, Auditors of the
Company, retire at the ensuing Annual General Meeting and being
eligible, offer themselves for re-appointment. The Board recommends
their re-appointment.
DIRECTORS RESPONSIBILITY STATEMENT & OTHER INFORMATIONS
Pursuant to Section 217 (2AA) of the Companies Act, 1956, it is hereby
confirmed :
- That in the preparation of the accounts for the financial year ended
31st March, 2010, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
- That the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit of
the Company for the year under review;
- 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;
- That the Directors have prepared the accounts for the financial year
ended 31st March, 2010 on a going concern basis.
Information pursuant to Section 217(l)(e) of the Companies Act, 1956
read with the Companies (Disclosure of Particulars in the Report of
Board of Directors) Rules, 1988 forms a part of this Report.
The statement of particulars, required pursuant to Section 217(2A)of
the Companies Act, 1956 read with the Companies (Particulars of
Employees) (Amendment) Rules, 2002, forms a part of this Report.
However, as permitted by the Companies Act, 1956, the Report and
Accounts are being sent to all Members and other entitled persons
excluding the above statements. Those interested in obtaining a copy of
the said statements, may write to the Company at its Registered Office
and the same will be sent by post. The statements are also available
for inspection at the Registered Office, during working hours upto
the date of the Annual General meeting.
CORPORATE GOVERNANCE and MANAGEMENT DISCUSSION & ANALYSIS REPORT
In accordance with Clause 49 of the Listing Agreement, the Management
Discussion & Analysis Report together with the Report on Corporate
Governance and the certificate, in respect of compliance with the
conditions of corporate governance, is annexed herewith.
GROUP FOR INTER SE TRANSFER OF SHARES
As required under Clause 3(1) (e) of the Securities and Exchange Board
of India (Substantial Acquisitions of Shares and Takeovers) Regulation,
1997, persons constituting "Group"
(within the meaning as defined in the Monopolies and Restrictive Trade
Practices Act, 1969) for the pupose of availing exemption from
applicability of the provisions of Regulation 10 to 12 of the aforesaid
regulations, are given in the separate annexure attached herewith and
forms part of this Annual Report.
ACKNOWLEDGEMENT
The directors wish to place on record their gratitude to the Customers,
Banks, Investors, Suppliers, Government agencies and all other business
associates for their valuable assistance, continued support and
confidence in the Company. The Directors also place on record their
deep appreciation to all employees c;f the Company for their unstinted
efforts during the year.
For and on behalf of the Board
B. K. Khaitan K. K. Khaitan
Managing
Director Jt. Managing
Director
Kolkata
Dated, the 27th day of May, 2010