Mar 31, 2015
The Directors are pleased to present their 30th Report along with the
Audited Accounts for the year ended 31st March, 2015.
Corporate overview
Rama Paper Mills Limited ("Your Company") is a leading Indian
Newsprint, Duplex Board, Tissue manufacturing Company.
Overview of The Economy
As per the latest GDP growth estimates, Indian economy grew by 7.4% in
FY15 compared to 6.9% in FY14, mostly driven by improved economic
fundamentals and revision of GDP methodology calculation. Even
inflation showed signs of moderation, a welcome sign  wholesale price
and consumer price inflation declined to 4.2% and 7.4% respectively,
compared with last year's 6.3% and10.1%. Reduced inflation falling
crude oil prices, stable Rupee, Improved purchasing power and consumer
spending, hogher capital inflows supported by the Government policy
reforms have already put India on an accelerating growth track and
improved the business outlook.
The Government envisages GDP growth to accelerate to 8% in FY16 driven
by strengthening macroeconomics fundamentals and implementation of
policy reforms recently announced. Reforms like e- auction of coal
mines and telecom, FDI hike in insurance, speedier regulatory approvals
etc. will be critical growth enablers to de-bottleneck stalled
projects, improve the investment outlook and the ease of doing business
in the country. Reforms currently underway such as GST implementation,
Amendments on Land acquisition bill, Labour reforms, etc, are expected
to provide the requisite thrust for growth in the medium- term.
Financial Results
(In Lacs)
Particulars 2014-15 2013-14
Turnover 12348.02 17795.48
Profit before Financial Charges &
Depreciation 2224.11 1622.46
Less: Financial Charges 903.67 873.16
Less: Depreciation 313.13 666.04
Profit before Tax 1007.31 83.26
Add/Less: Deferred Tax Liability/
Asset 180.95 111.20
Less: Provision for Tax (MAT) 0.00 0.00
Add: MAT Credit Entitlement 0.00 0.00
Profit After Tax -826.36 -27.94
Operations
During the year under review, your Company has suffered the Net Loss of
Rs. 826.36 Lacs against the Net Loss of Rs.27.94 Lacs in the previous
year, though the turnover has reduced to Rs. 12348.02 Crore against the
previous year turnover of Rs. 177.95 Crore. The loss has resulted
mainly due to depressed market conditions in paper industry, coupled
with increase in raw material cost. Moreover the increased capacity
also could not be fully utilized.
Dividend
Since the Company incurred Net Loss during the financial year, your
Directors regret their inability to recommend any dividend.
Directors
Shri Gyanveer Singh will retire by rotation and being eligible, offers
himself for re-appointment. During the year under review, the Directors
of your Company proposes the appointment of Smt. Amarjeet Sandhu as
independent director of the Company pursuant to the provisions of
Sections 149, 150 and 152 of the Companies Act, 2013. The Directors of
your Company feels that her continued support in the Board of the
Company would be in the best interest of the Company as well as its
stakeholders and therefore recommend her appointment as the Independent
Director of the Company. They have also given the certificate of
independence as required under the Section 149(7) of the Companies Act,
2013. During the year under review, Smt. Amarjeet Sandhu was also
appointed as the additional director on the Board of Directors of the
Company and offers himself for re-appointment.
Board Evaluation
Pursuant to provisions of the Companies Act, 2013 and Clause 49 of the
Listing Agreement, a structured questionnaire was prepared after taking
into consideration of the various aspects of the Board's functioning,
composition of the Board and its committees, culture, execution and
performance of specific duties, obligations and governance.
The performance evaluation of the independent Directors was completed.
The performance evaluation of the Chairman and non independent
Directors was carried out by the independent Directors. The Board of
Directors expressed their satisfaction with the evaluation process.
Number of Board Meetings
The details of the number of meetings of the Board held during the
Financial Year 2014-15 forms part of the Corporate Governance Report.
Particulars of Loan Guarantees Or Investments by Company
Details of Loans, Guarantees and Investments covered under the
provisions of Section 186 of the companies Act, 2013 are given in the
notes of financial statements.
POLICIES &DISCLOSURES
VIGIL MECHANISM
The Vigil Mechanism/Whistle blower Policy of the company provides that
protected disclosures can be made by a whistle blower through an email
to the Chairman of the audit committee. The Whistle Blower Policy can
be accessed on the Company's Website (www.ramapaper.com). This
dosclosure also forms part of the Corporate Governance Report under
Clause 49 of the Listing Agreement.
Remuneration and Nomination policy
The nomination and remuneration committee has recommended to the Board:
a) A policy which lays down a framework in relation to remuneration of
Directors, Key Managerial Personnel and Senior Management of the
Company. .The details of this policy are attached as Annexure tp this
report and
b) Further, Policy for selection criteria of Directors and Senior
Management and Criteria for determining qualifications, positive
attributes and director independence is also attached as Annexure to
this Report. The Remuneration and Nomination Policy have also been
posted on the website of the Company (www.ramapaper.com).
CORPORATE SOCIAL RESPONSIBILITY
Pursuant to Section 135 of the Companies Act, 2013 and rules made there
under, every company having net worth of Rupees five hundred crore or
more, or turnover of rupees one thousand crore or more or a net profit
of rupees five crore or more during any financial year shall constitute
a Corporate Social Responsibility Committee of the Board.
However, it is not applicable in case of your Company. Hence there is
no need to form Corporate Social Responsibility Committee and Corporate
Social Responsibility Policy for the company as per the requirement of
the Companies Act, 2013.
FAMILIARIZATION PROGRAMME AND TRAINING OF INDEPENDENT DIRECTORS
The details of programmes for familiarization of Independent Directors
with the company, their roles and responsibilities in the company,
business model of the company and other related matter are updated on
the website of the Company (www.ramapaper.com).
To familiarize the new inductees as independent director with the
strategy, operations and functions of our Company, the executive
directors make presentations to the inductees about the Company's
organization structure, finance, human resources, facilities and risk
management.
Further, at the time of appointment of an independent director, the
Company issues a formal letter of appointment outlining his/her role,
function, duties and responsibilities as a director. The Formal format
of the letter of appointment is available on our website.
Particulars of Employees and related disclosures
In terms of the provisions of Section 197(12) of the Act read with
Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, there is no employee in the company,
which draws the remuneration in excess of the limits set out in the
said rules.
Disclosures pertaining to remuneration and other details of directors &
KMP as required under Section 197(12) of the Act read with Rule 5(1) of
the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 are enclosed as Annexure to this Report.
Related Party Transaction
All transactions entered with Related parties for the year under review
were on arm's length basis and pursuant to Section 188 of the Companies
Act 2013, thus disclosure in Form AOC 2 is annexed with Annual Report.
The Company has developed a Related Party transactions framework
through standard operating procedure for the purpose of identification
and monitoring of such transaction.
All Related party transactions are placed before the Audit Committee as
also to the Board for approval. None of the Directors has any pecuniary
relationship or transactions vis-aÂvis the Company. The policy on
Related Party Transactions as approved by the Board of Directors has
been uploaded on the website of the Company (www.ramapaper.com).
Significant and Material Order Passed By the Regulators or Court
There are no Significant and material orders passed by the
Regulator/Courts that would impact going concern status of the company
and its future operations.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and outgo Particulars relating to energy conservation,
technology absorption, foreign exchange earnings and outgo, as required
to be disclosed under Section 134 (3) (m) of the Companies Act, 2013
read with the Rule 8(3) of the Companies (Accounts) Rules, 2014 are
given hereunder:
Conservation of Energy
i.) Steps taken or impact on conservation of energy: Energy
conservation efforts are ongoing activities. During the year under
review further efforts were made to ensure optimum utilization of
electricity.
ii) Steps taken by the company for utilizing alternate sources of
energy: The Company has shifted its energy generation from husk basis
to pet coke basis, which has resultant effect in the Cost of Energy.
iii) The Capital investment on energy conservation equipments: During
the year under review, the Company has made an capex of Rs. 50 Lacs for
shifting the husk based power plant to pet coke basis.
Technology Absorption, Adaption & Innovation and Research & Development
No research & development or technical absorption or adaption &
innovation taken place in the company during the Financial Year 2014 Â
2015, the details as per rule 8(3) of The companies (Accounts) Rules
2014 are as follows:
i) Efforts made towards technology absorption: - Nil
ii) Benefits derived like product improvement, cost reduction, product
development or import substitution: Nil
iii) In case of imported technology (imported during the last 3 years
reckoned from the beginning of the financial year)- a) Details of
technology imported: Nil
b) Year of Import: Nil
c) Whether the technology been fully absorbed: Nil
d) Areas where absorption has not taken place and the reasons there of:
Nil
iv) Expenditure incurred on Research and Development: Nil
Foreign Exchange Earnings and Outgo
As your Company does not deal in Foreign Exchange, therefore the
particulars relating to Foreign Exchange Earnings and Outgo are not
applicable to your Company.
Foreign Exchange Earnings: Nil
Foreign Exchange Outgo : Nil
Corporate Governance and Management Discussion and Analysis Reports
The Corporate Governance and Management Discussion and Analysis
Reports, which form an integral part of this report, are set out as
separate annexure to this report together with the Certificate from the
Auditors of the Company confirming compliance of the conditions of
Corporate Governance as stipulated in Clause 49 of the listing
agreement with the Stock Exchange.
Directors Responsibility Statement
To the Best knowledge and belief and accordingly to the information and
explanation obtained by them, your Directors make the following
statement Pursuant to Section 134(3)(c) of the Companies Act, 2013, it
is hereby confirmed that:
a) In the preparation of the Annual Accounts for the year ended 31st
March, 2015 the applicable accounting standards have been followed
along with proper explanations relating to material departure.
b) Appropriate accounting policies have been selected and applied
consistently and judgments and estimates have been made that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company as at 31st March, 2015 and of the Profit of
the Company for the year ended 31st March, 2015.
c) Proper and sufficient care has been taken for the maintenance of
accounting records in accordance with the Provisions of the Companies
Act, 2013 for safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities.
d) The financial statements have been prepared on a going concern
basis.
e) That the Director had laid down internal financial controls to be
followed by Company and such internal Controls are adequate and were
operating effectively; and
f) That the Directors had devised proper system to ensure compliance
with the provisions of all applicable laws and that such system were
adequate and operating effectively.
Statutory Auditors and Auditors' Report
M/S Shiam & Co., Chartered Accountants, Statutory Auditors of your
Company, retire at the forthcoming Annual General Meeting and are
eligible for reappointment. They have confirmed their eligibility for
reappointment under the provisions of Section 139(1) of the Companies
Act, 2013. The Boards recommend their appointment.
The report of the Auditors is self -explanatory, therefore does not
require any specific comments.
Cost Audit
As per requirement of Central Government and pursuant to section148 of
Companies Act 2013 read with the Companies (Cost records and Audit)
Rules, 2014 as amended from time to time, your Company has been
carrying out audit of Cost records relating to the Company.
The Board of Directors on the recommendation of the Audit Committee has
appointed M/S. Jain Sharma and Associates, Cost Accountants, as the
Cost Auditor of the Company for the Financial Year 2015-16. As requires
under the Companies Act 2013, a resolution seeking member's approval
for the remuneration payable to the Cost Auditor forms part of the
Notice convening Annual General Meeting.
Secretarial Audit
Pursuant to the provisions of the Section 204 of the Companies act 2013
and rules made there under, the Company has appointed M/s. S.Jha &
Associates, Company Secretaries to undertake the secretarial Audit of
the Company. The secretarial Audit Report is included as Annexure and
form an integral part of this report.
Internal Control System And Their Adequacy
Your Company has an effective internal Control and risk mitigation
system, which are constantly assessed risk mitigation system, which are
constantly assessed and strengthened with new/revised standards
operating procedures. The Company's internal Control System is
commensurate with its size, scale and complexities of its operations.
The Audit Committee of the Board of directors actively reviews the
adequacy and effectiveness of the internal control system and suggests
improvements to the strengthen the same. The company has a robust
Management information system, which is an integral part of the control
mechanism.
The Audit Committee of the Board of Directors, Statuary Auditors and
the Business heads are periodically apprised of the internal Audit
findings and Corrective actions taken. Audit plays a key role in
providing assurance to the Board of Directors. Significant Audit
observation and corrective actions taken by the management are
presented to Audit Committee of the Board. To maintain its objectivity
and independence, the internal Audit function reports to the Chairman
of the Audit Committee.
Risk Management
During the year under review, the senior officials of the Company
performs the task of risk management to identify and evaluate elements
of business risk. Consequently a revised robust Business Risk
Management framework is in place. The risk management framework defines
the risk management approach of the Company and includes periodic
review of such risk and also documentation, mitigation control and
reporting mechanism of such Risk.
Material Changes and Commitments after the date of close of Financial
Year 2014 Â 15
There is no material changes and commitment affecting the financial
position of company after the close of financial year 2014-2015 till
the date of report.
DETAILS OF SUBSIDIARY COMPANIES, JOINT VENTURES AND ASSOCIATE
COMPANIES, AND THEIR FINANCIAL POSITION
There is no subsidiary, Associate and joint venture of the company and
further there are no companies, which have become or ceased to be the
subsidiary and joint venture of the company during the year.
EXTRACT OF ANNUAL RETURN
The details forming part of the extract of the Annual Return in Form
MGT-9, as required under Section 92 of Companies Act, 2013 are included
in this report as Annexure and forms an integral part of this report.
ACKNOWLEDGEMENT
Your Directors take this opportunity to place on record their
appreciation for the shareholders, bankers and other business
associates for their forbearance, understanding and support to the
Company. They also wish to place on record their great appreciation of
the commitment, sense of involvement and dedication exhibited by each
staff member in the overall development, growth and prosperity of the
company.
Date : 13th August, 2015
Place: Kiratpur FOR AND ON BEHALF OF THE BOARD OF
RAMA PAPER MILLS LTD.
Sd/- Sd/-
ARUN GOEL PRAMOD AGARWAL
EXECUTIVE DIRECTOR MANAGING DIRECTOR
Mar 31, 2014
The Members,
The Directors are pleased to present their 29th Report along with the
Audited Accounts for the year ended 31st March, 2014
Financial Results
(RS.in Lacs)
Particulars 2013-14 2012-13
Turnover 17795.48 15492.63
Profit before Financial Charges &
Depreciation 1622.46 977.25
Less: Financial Charges 873 16 904 76
Less: Depreciation 666.04 664.31
Profit before Tax 83.26 -591.82
Add/Less: Deferred Tax Liability/Asset 111 20 184 92
Less: Provision for Tax (MAT) 0 00 0 00
Add: MAT Credit Entitlement 0 00 0 00
Profit After Tax -27.94 -406.90
Operations
During the year under review, your Company has suffered the Net Loss of
Rs. 27.94 Lacs against the Net Loss of Rs.406.90 Lacs in the previous
year, though the turnover has increased to Rs.177.95 Crores against the
previous year turnover of Rs.154.92 Crores. The loss has resulted
mainly due to depressed market conditions in paper industry, coupled
with increase in raw material cost. Moreover the increased capacity
also could not be fully utilized.
Dividend
Since the Company incurred Net Loss during the financial year, your
Directors regret their inability to recommend any dividend.
Directors
Shri Manish Garg will retire by rotation and being eligible, offers
himself for re-appointment. During the year under review, The Directors
of your Company proposes the appointment of Sh. Manish Garg (the
retiring director at the ensuing general meeting), Sh. Prabhat Kumar
and Sh. H S Bhimrao as independent directors of the Company pursuant to
the provisions of Sections 149, 150 and 152 of the Companies Act, 2013.
The Directors of your Company feels that their continued support in the
Board of the Company would be in the best interest of the Company as
well as its stakeholders and therefore recommend their appointment as
the Independent Directors of the Company. They has also given the
certificate of independence as required under the Section 149(7) of the
Companies Act, 2013. During the year under review, Sh. Gyanveer Singh
was appointed as the additional director on the Board of Directors of
the Company and offers himself for re- appointment.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and outgo The information as required 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 with
respect to these matters forms part of this report and is annexed
hereto as Annexure A.
Corporate Governance and Management Discussion and Analysis Reports
The Corporate Governance and Management Discussion and Analysis
Reports, which form an integral part of
this report, are set out as separate annexure to this report together
with the Certificate from the Auditors of
the Company confirming compliance of the conditions of Corporate
Governance as stipulated in Clause 49 of the listing agreement with the
Stock Exchange.
Statutory Auditors and Auditors'' Report
M/S Shiam & Co., Chartered Accountants, Statutory Auditors of your
Company, retire at the forthcoming Annual General Meeting and are
eligible for reappointment. They have confirmed their eligibility for
reappointment under the provisions of Section 139(1) of the Companies
Act, 2013.
The Boards recommend their appointment.
The report of the Auditors is self -explanatory, therefore does not
require any specific comments.
Directors Responsibility Statement
Pursuant to Section 217 (2AA) of the Companies Act, 1956, it is hereby
confirmed that:
a) In the preparation of the Annual Accounts for the year ended 31st
March, 2014 the applicable accounting standards have been followed
along with proper explanations relating to material departure.
b) Appropriate accounting policies have been selected and applied
consistently and judgments and estimates have been made that are
reasonable and prudent 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 31st March, 2014.
c) Proper and sufficient care has been taken for the maintenance of
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 financial statements have been prepared on a going concern
basis.
Particulars of Employees
There is no employee covered under the provisions of Section 217 (2A)
of the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975.
Fixed Deposits
Your Company has not accepted any deposits within the meaning of
section 58A of the Companies Act 1956.
INSURANCE
All properties and insurable assets of the Company, including Building,
Plant & Machinery and Stocks have been adequately insured, wherever
necessary
Industrial Relations
During the year under review, the industrial relations in the company
continued to be cordial and peaceful.
THE INFORMATION TO BE TAKEN ON RECORD
The Board of Directors of the Company for the purpose of increasing the
capitalization of assets, intends to execute an agreement to sell, of
the land of the Company situated at Khasra No. 27, 24, 25, 26 and 18
admeasuring 0.165 Hec, 0.455 Hec, 0.187 Hec, 0.378 and 0.202 Hec
respectively and the Land & Building situated at the Rama Vihar Colony
admeasuring 7, 400 sq. mt (approx) situated at the Najibabad Road,
Kiratpur, Distt. Bijnor by exercising the powers vested under the Board
of Directors of the Company under Section 179 and 180 of the Companies
Act, 2013.
The Board of Directors of the Company wish to inform the shareholders
of the Company and the same may be taken on record.
Acknowledgements
Your Directors wish to place on record their appreciation for the
assistance and co- operation that your company has received from the
Govt. of India, Govt. of U.P., Bankers, Stakeholders and all others,
whose continued support has been a source of strength to the company.
Your Directors also wish to place on record their sincere appreciation
to the devotion and commitment of every employee of the Company.
Date: 14th August, 2014
Place: Kiratpur FOR AND ON BEHALF OF THE BOARD OF
RAMA PAPER MILLS LTD.
Sd/-
PRAMOD AGARWAL
CHAIRMAN & MANAGING DIRECTOR
Mar 31, 2013
To The Members,
The Directors are pleased to present their 28th Report alongwith the
Audited Accounts for the year ended 31st March, 2013
Financial Results (Rs.in Lacs)
Particulars 2012-13 2011-12
Turnover 15492.63 13815.71
Profi t before Financial
Charges & Depreciation 977.25 976.78
Less: Financial Charges 904.76 829.66
Less: Depreciation 664.31 662.43
Profi t before Tax -591.82 -515.31
Add/Less: Deferred Tax Liability/Asset 184.92 52.48
Less: Provision for Tax (MAT) 0.00 0.00
Add: MAT Credit Entitlement 0.00 0.00
Profi t After Tax -406.90 -462.83
Operations
During the year under review, your Company has suffered the Net Loss of
Rs. 406.90 Lacs against the Net Loss of Rs.462.83 Lacs in the previous
year, though the turnover has increased to Rs.154.92 Crores against the
previous year turnover of Rs.138.15 Crores. The loss has resulted
mainly due to depressed market conditions in paper industry, coupled
with increase in raw material cost. Moreover the increased capacity
also could not be fully utilized.
Dividend
Since the Company incurred Net Loss during the fi nancial year, your
Directors regret their inability to recommend any dividend.
Directors
Shri H.S Bhimrao will retire by rotation and being eligible, offers
himself for re-appointment. During the year under review, Shri Manish
Garg was appointed as an Additional Director at the meeting of Board
held on February 14th 2013. Further Smt Sunita Agarwal was also
appointed as additional director on April 01, 2013.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and outgo
The information as required 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 with respect to these
matters forms part of this report and is annexed hereto as Annexure A.
Corporate Governance and Management Discussion and Analysis Reports
The Corporate Governance and Management Discussion and Analysis
Reports, which form an integral part of this report, are set out as
separate annexure to this report together with the Certifi cate from
the Auditors of the Company confi rming compliance of the conditions of
Corporate Governance as stipulated in Clause 49 of the listing
agreement with the Stock Exchange.
Statutory Auditors and Auditors'' Report
M/S Shiam & Co., Chartered Accountants, Statutory Auditors of your
Company, retire at the forthcoming Annual General Meeting and are
eligible for reappointment. They have confi rmed their eligibility for
reappointment under the provisions of Section 224(1B) of the Companies
Act, 1956.
The Boards recommend their appointment.
The report of the Auditors is self -explanatory, therefore does not
require any specifi c comments.
Directors Responsibility Statement
Pursuant to Section 217 (2AA) of the Companies Act, 1956, it is hereby
confi rmed that:
a) In the preparation of the Annual Accounts for the year ended 31st
March, 2013 the applicable accounting standards have been followed
along with proper explanations relating to material departure.
b) Appropriate accounting policies have been selected and applied
consistently and judgments and estimates have been made that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company as at 31st March, 2013 and of the Profi t of
the Company for the year ended 31st March, 2013.
c) Proper and suffi cient care has been taken for the maintenance of
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 fi nancial statements have been prepared on a going concern
basis.
Particulars of Employees
There is no employee covered under the provisions of Section 217 (2A)
of the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975.
Fixed Deposits
Your Company has not accepted any deposits within the meaning of
section 58A of the Companies Act 1956.
INSURANCE
All properties and insurable assets of the Company, including Building,
Plant & Machinery and Stocks have been adequately insured, wherever
necessary
Industrial Relations
During the year under review, the industrial relations in the company
continued to be cordial and peaceful.
Acknowledgements
Your Directors wish to place on record their appreciation for the
assistance and co- operation that your company has received from the
Govt. of India, Govt. of U.P., Bankers, Stakeholders and all others,
whose continued support has been a source of strength to the company.
Your Directors also wish to place on record their sincere appreciation
to the devotion and commitment of every employee of the Company.
Date: 14th August, 2013
Place: Kiratpur For and on behalf of the Board of
RAMA PAPER MILLS LTD.
Sd/-
PRAMOD AGARWAL CHAIRMAN &
MANAGING DIRECTOR
Mar 31, 2012
The Directors are pleased to present their 27th Report alongwith the
Audited Accounts for the year ended 31st March 2012
Financial Results (Rs. in Lacs)
Particulars 2011-12 2010-11
Turnover 13815.71 12577.89
Profit before Financial Charges &
Depreciation 976.78 555.46
Less: Financial Charges 829.66 989.84
Less Depreciation 662.43 632.21
Profit before Tax -515.31 1066.59
Add/Less: Deferred Tax Liability 52.48 305.86
Less: Provision for Tax (MAT) 0.00 0.00
Add: MAT Credit Entitlement 0.00 0.00
Profit After Tax -462.83 -760.73
Profit/Loss brought forward from
previous year 655.49 1416.22
Balance carried to Balance Sheet 192.66 655.49
Operations
During the year under review, your Company has suffered the Net Loss of
Rs. 462.83 lacs against the Net Loss of Rs. 760.73 lacs in the previous
year, though the turnover has increased to Rs.138.16 Crore against the
previous year turnover of Rs. 125.78 Crore. The loss was resulted
mainly due to depressed market conditions in paper industry, coupled
with increase in raw material cost. Moreover the increased capacity
also could not be fully utilized.
The Management is also pleased to inform that your Company has been
issued 28484 CERs on 20th July' 2012 (IIIrd Issuance) and further
Monitoring Report for the period 01st August 2011 to 31st March 2012
for issue of 16125 has now been web hosted.
Dividend
Since the Company incurred Net Loss during the financial year, your
Directors regret their inability to recommend any dividend.
Directors
Shri Prabhat Agarwal will retire by rotation and being eligible, offers
himself for re-appointment. During the year under review, Mr. Amar
Mittal resigned from the Board of Directors of the Company and the
Board was pleased to appoint Shri Manish Garg as an Additional Director
at its meeting held on November 4th 2011. A notice under section 257 of
the Companies Act' 1956 has been received from a member of the company
proposing his candidature for office of Director, liable to retire by
rotation and now put before the members for their approval.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and outgo
The information as required 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 with respect to these
matters forms part of this report and is annexed hereto as Annexure A.
Corporate Governance and Management Discussion and Analysis Reports
The Corporate Governance and Management Discussion and Analysis
Reports, which form an integral part of this report are set out as
separate Annexure to this report together with the Certificate from the
Auditors of the Company confirming compliance of the conditions of
Corporate Governance as stipulated in Clause 49 of the listing
agreement with the Stock Exchange.
Statutory Auditors and Auditors' Report
M/S Shiam & Co., Chartered Accountants, Statutory Auditors of your
Company, retire at the forthcoming Annual General Meeting and are
eligible for reappointment. They have confirmed their eligibility for
reappointment under the provisions of Section 224(1B) of the Companies
Act, 1956.
The Boards recommend their appointment.
The report of the Auditors is self -explanatory, therefore does not
require any specific comments.
Directors Responsibility Statement
Pursuant to Section 217 (2AA) of the Companies Act, 1956, it is hereby
confirmed that:
a) In the preparation of the Annual Accounts for the year ended 31st
March, 2012 the applicable accounting standards have been followed
along with proper explanations relating to material departure.
b) Appropriate accounting policies have been selected and applied
consistently and judgments and estimates have been made that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company as at 31st March, 2012 and of the Profit of
the Company for the year ended 31st March, 2012.
c) Proper and sufficient care has been taken for the maintenance of
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 financial statements have been prepared on a going concern
basis.
Particulars of Employees
There is no employee covered under the provisions of Section 217 (2A)
of the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975.
Fixed Deposits
Your Company has not accepted any deposits within the meaning of
section 58A of the Companies Act 1956.
INSURANCE
All properties and insurable assets of the Company, including Building,
Plant & Machinery and Stocks have been adequately insured, wherever
necessary
Industrial Relations
During the year under review, the industrial relations in the company
continued to be cordial and peaceful
Acknowledgements
Your Directors wish to place on record their appreciation for the
assistance and co-operation that your company has received from the
Govt, of India, Govt, of U.P., Bankers, Stakeholders and all others,
whose continued support has been a source of strength to the company.
Your Directors also wish to place on record their sincere appreciation
to the devotion and commitment of every employee of the Company.
For and on behalf of the Board of
RAMA PAPER MILLS LIMITED
Sd/
PRAMOD AGARWAL
CHAIRMAN &. MANAGING DIRECTOR
Dated: 14-08-2012
Place: Kiratpur
Mar 31, 2011
The Members,
The Directors are pleased to present their 26th Report alongwlth the
Audited Accounts for the year ended 31st March, 2011
Financial Results Rs, in lacs
Particulars 2010-11 2009-10
Turnover 12577.89 10971.72
Profit before Financial Charges
& Depreciation 555.46 1187.59
less; Financial Charges 989.84 673.42
less: Depredation 632.21 506.96
Profit before Tax -1066.59 7.21
Add/Less: Deferred Tax Liability -305.86 6.18
Less: Provision for Tax (MAT) -760.73 1.11
Add: MAT Credit Entitlement 0.00 1.11
Profit After Tax -760.73 1.03
Profit: / Loss brought forward
from previous year 1416.22 1415.17
Balance carried to Balance Sheet 655.49 1416.22
Operations
During the year under review, your Company has suffered the Not toss of
Rs.760,73 lacs against the marginal profit of Rs.1.03 lacs in the
previous- year though the turnover has increased to Rs. 125.78 Crore
against the previous year turnover of Rs. l09.71 Crores: The loss has
resulted mainly due to sharp hike In raw material cost not
corresponingly re- imbursed from the selling price increase. The cost
of raw materia! increased fey 30% over the previous year, whereas the
selling price was increased by 11% only over the previous yeac Moreover
the Increased capacity also could not be fully operational,
The Management is also pleased to inform that your Company's Monitoring
Report for the period 01st January 2009 to 31st Nay 2010 requesting
issuance Of 34439 CERs has now been under Information & Reporting Check
with UNFOCC.
Dividend
Since the Company incurred Net Loss during the financial year, your
Directors regret their inability to recommend any dividend.
Directors
Shri H.S. Bhimrao will retire by rotation and being eligible, offers
himself for re-appointment.
Conservation of Energy Technology Absorption and Foreign Exchange
Earnings and outgo
The information as required 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 with
respect to these matters forms part of this report and is annexed
hereto as Annexure A.
Corporate Governance and Management Discussion and Analysis Reports
The Corporate Governance and Management Discussion and Analysis
Reports, which form an integral part of this report, are set out as
separate annexure to this report together with the Certificate from toe
Auditors of the Company confirming compliance of the conditions of
Corporate Governance as stipulated in Clause 49 of the listing
agreement with the Stock Exchange
Statutory Auditors and Auditors' Report
M/S Shiam & Co., Chartered Accountants, Statutory Auditors of your
Company, retire at the forthcoming Annual General Meeting and are
eligible for reappointment, They have confirmed their eligibility for
reappointment under the provisions of Section 224(18) of toe Companies
Act, 1956.
The Boards recommend their appointment.
The report of the Auditors is self -explanatory, therefore does not
require any specific comments.
Directors Responsibility Statement
Pursuant to Section 217 (2AA) of the Companies Act, 1056, it is hereby
confirmed mat:
a) in the preparation of the Annual Accounts for the year ended 31st
March, 2011 the applicable accounting standards have been) followed
along with proper explanations relating to material departure,
b) Appropriate accounting policies have been selected and applied
consistently and Judgments and estimates have been made that are
reasonable and prudent so as to give a due and fair view of the state
of affairs of the Company as at 31st March, 2011 and of the Profit of
the Company for the year ended 31st March, 2011,
c) Proper and sufficient care has been taken for the maintenance of
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 financial statements have been prepared on a going concern
basis.
Particulars of Employees
There is no employee covered under the provisions, of Section 217 (2A)
of the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975,
Fixed Deposits
Your Company has not accepted any deposits within the meaning of
section 58A of the Companies Act 1958.
INSURANCE
All properties and insurable assets of the Company, including Building,
Plant St Machinery and Stocks have been adequately insured, wherever
necessary,
Industrial Relations
During the year under review, the industrial relations in the company
continued to be cordial and peaceful.
Acknowledgements
Your Directors wish to place on record their appreciation for the
assistance and co-operation that your company has received from the
Govt of India, Govt of U.P Bankers, Stakeholders and all otters, whose
continued support has been a source of strength to the company. Your
Directors also to wish to place on record their sincere appreciation to
the devotion and commitment of every employee of the Company.
For and on behalf of the Board of
RAHA PAPER. MILLS LIMITED
Sd/
Dated: 14-08-2011 PRAMOD AGARWAl
Place: Kiratpur CHAIRMAN St. MANAGING DIRECTOR
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